Job Qualifications

A guide to careers and jobs.

Banking Jobs

The purpose of banking is to act as a financial institution that acts as an agent for payments as well as for borrowing and lending money. Banking has been around for centuries and has been at the core of commerce and finance. Banks serve many functions. They are important players in financial markets and offer financial services such as investment funds, mortgages, management of trust funds, personal and business accounts, and loans.

Jobs within the banking industry are highly sought after. When choosing a job in the industry, you need to know the difference in the types of banks.

• A Commercial or Community Bank is an institution that deals in personal and small business loans and accounts.
• A Banker’s Bank is a type of bank that provides financial services to other banks.
• Credit Unions are cooperative institutions that are controlled by its members and provides credit and other services to its members.
• A Mortgage Bank is responsible for lending and servicing money for mortgage loans.
• Mutual Savings Banks are chartered through the federal government to provide a secure place for savings and investments in loans, bonds, and securities.
• Savings and Loans Associations are institutions whose members have voting rights and have a say in the direction of the institution.

Banking is a highly regulated field and is subject to federal laws. There are several such regulatory agencies and each one has its own set of rules that banks must adhere to.

Banking Job Qualifications

To work within the banking industry, you will need a college degree in business, economics, and finance. A bachelor’s degree is usually sufficient for most entry-level jobs. A college internship at a financial institution is a great way to network and get some experience.

Most professional in the banking industry must be certified and adhere to a strict ethics code. To become certified you will have to attend courses and workshops before taking a final test. Depending on any specializations, such as investments or real estate finance, you may have to take further courses and undergo more testing.

Candidates for banking jobs should have a sound understanding of math and accounting as well as attention to organization.

Banking Job Descriptions

With all of the services that the banking industry performs, there is a wide spectrum of possible jobs to choose from. You could work for a large mortgage bank or a small country bank. All banks and their positions fall into two categories: Commercial bank and Investment bank. A commercial bank handles loans, accounts, and savings. An Investment bank handles individual and corporate investments and the flow of capital related to those investments. Below are some of the most common job titles within the industry.

Bank Teller – This is the person who sits at the window either at the inside counter or a drive-thru window. They log deposits and withdrawals into different customer accounts.

Loan Officer – This position is responsible for approving and servicing loans processed by their bank for personal or business use.

Investment Banker – An investment banker works for an institution that deals with investments in stocks, bonds, and other capital-generating sources.

Bank Manager – The duty of a bank manager is to oversee the running of a bank. They coordinate other bank officers, control the direction of the bank to make sure it meets client satisfaction, and makes sure that the bank is financially responsible.

Clerical Worker – This position is definitely in the trenches of the banking industry. They deal with the day-to-day processing of accounts, paperwork, and other financial information.