Banking Jobs / Investment Banking Jobs / Banking Careers

Career Guide to Banking

Are you good with numbers? Do you like working with money? While you may only think of bank tellers when you think of the banking industry, there are actually a variety of different career choices available within the banking world. Of course, probably the most obvious is the bank teller, who deals with cash and customers. You may also want to consider a career as a customer service representative or a new accounts clerk in a bank as well, which involves opening and closing accounts, answering customer questions, and dealing with any customer concerns.

Another side of the banking industry includes those who deal with the loan process. There are loan clerks, loan officers, and loan processors that deal with various parts of loan processes within a bank. There are also banking jobs available in collections, accounting, and support areas like office managers, secretaries, and data entry.

The careers that many people have in their sights when they think about banking are management positions. There are many different management careers in the banking industry, including bank managers, financial managers, investment managers, and trust officers. While these types of positions may be better paying, they also require a great deal more work as well.

If this sounds like something your interested in, then a career in Banking might be for you!

Almost every firm, government agency, and other type of organization has one or more financial managers. Financial managers oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. Managers also develop strategies and implement the long-term goals of their organization.

The duties of financial managers vary with their specific titles, which include controller, treasurer or finance officer, credit manager, cash manager, risk and insurance manager, and manager of international banking. Controllers direct the preparation of financial reports, such as income statements, balance sheets, and analyses of future earnings or expenses, that summarize and forecast the organization’s financial position. Controllers also are in charge of preparing special reports required by regulatory authorities. Often, controllers oversee the accounting, audit, and budget departments. Treasurers and finance officers direct the organization’s budgets to meet its financial goals. They oversee the investment of funds, manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm’s expansion, and deal with mergers and acquisitions. Credit managers oversee the firm’s issuance of credit, establishing credit-rating criteria, determining credit ceilings, and monitoring the collections of past-due accounts.

Working in comfortable offices, often close to top managers and to departments that develop the financial data those managers need, financial managers typically have direct access to state-of-the-art computer systems and information services. They commonly work long hours, often up to 50 or 60 per week. Financial managers generally are required to attend meetings of financial and economic associations and may travel to visit subsidiary firms or to meet customers.

What Education/Certifications do you need for:

Banking Jobs / Investment Banking Jobs / Banking Careers

A bachelor’s degree in finance, accounting, economics, or business administration is the minimum academic preparation for financial managers. However, many employers now seek graduates with a master’s degree, preferably in business administration, economics, finance, or risk management. These academic programs develop analytical skills and teach the latest financial analysis methods and technology.

Experience may be more important than formal education for some financial manager positions—most notably, branch managers in banks. Banks typically fill branch manager positions by promoting experienced loan officers and other professionals who excel at their jobs. Other financial managers may enter the profession through formal management training programs offered by the company. The American Institute of Banking, which is affiliated with the American Bankers Association, sponsors educational and training programs for bank officers at banking schools and educational conferences.

Current & Future Job Outlook for:
Banking Jobs / Investment Banking Jobs / Banking Careers

As with other managerial occupations, jobseekers are likely to face competition because the number of job openings is expected to be less than the number of applicants. Candidates with expertise in accounting and finance—particularly those with a master’s degree and or certification—should enjoy the best job prospects. Strong computer skills and knowledge of international finance are important; as are excellent communication skills because financial management involves working on strategic planning teams.

Employment change. Employment of financial managers over the 2006-16 decade is expected to grow by 13 percent, which is about as fast as the average for all occupations. Regulatory reforms and the expansion and globalization of the economy will increase the need for financial expertise and drive job growth. As the economy expands, both the growth of established companies and the creation of new businesses will spur demand for financial managers. Employment of bank branch managers is expected to increase because banks are refocusing on the importance of their existing branches and are creating new branches to service a growing population. However, mergers, acquisitions, and corporate downsizing are likely to restrict the employment growth of financial managers to some extent.

The long-run prospects for financial managers in the securities and commodities industry should be favorable, because more people will be needed to handle increasingly complex financial transactions and manage a growing amount of investments. Financial managers also will be needed to handle mergers and acquisitions, raise capital, and assess global financial transactions. Risk managers, who assess risks for insurance and investment purposes, also will be in demand.

Some companies may hire financial managers on a temporary basis, to see the organization through a short-term crisis or to offer suggestions for boosting profits. Other companies may contract out all accounting and financial operations. Even in these cases, however, financial managers may be needed to oversee the contracts.