Banking Employment

Banking employment remains strong throughout the US, despite recent negative economic cycles. By 2012, the banking employment rate is expected to increase by 18.8% for bank managers, branch managers, tellers, asset managers, credit card managers, risk analysts, loan officers, processors, and underwriters due to anticipated demographic and economic changes. Evolving technologies may improve the employment outlook as skilled and knowledgeable bankers are required in the banking process.

Banking employment statistics for 2002 reveal that loan officers held about 218,470 jobs. Compensation for banking employment varied significantly depending upon the size and nature of the employer, its geographic location, and economic conditions. In 2002, most loan officers earned between $32,360 and $62,160. The lowest 10 percent of the profession earned less than $25,790, and the highest 10 percent earned more than $88,450. Most tellers earned between $17,510 and $23,270, with the lowest 10 percent of the profession earning less than $15,420, and the highest 10 percent earning more than $27,460.

There are several types of banking institutions available, so candidates entering the field have many options to consider when searching for banking employment.  Services offered by these facilities may range from protecting client cash or other valuables to credit, loan, or payment services, with most profits being received from the interest rates imposed on loans.  The most common facilities are commercial banks, which may be small or large, but offer a full range of services.  Credit Unions are organizations established by members with a common bond who pool their money together.  These funds may be borrowed by members as needed, and they often offer lower interest rates than regular banks.  The second most common type of banks are the savings and savings and loan banks, which are associations utilized mostly for mortgage transactions, in addition to savings and loan services.  The final type of banking facility is the Federal Reserve Bank which is responsible for setting numerous standards for financial organizations, providing banking services to the federal government, and to loan money to other banking establishments.

There are multiple types of positions within a bank.  Entry level occupations may include a number of administrative support or teller positions.  Tellers deal directly with customers and handle check cashing, withdrawal, depository, or other transactions.  Candidates in these occupations must have the ability to do a number of math related tasks, as well as maintain a variety of computer systems. 

Associates working in collections maintain customer accounts and ensure payments are received in a timely manner.  They must follow both company and legal procedures in the event that accounts become delinquent.  They also prepare the proper correspondences and generate the necessary paperwork to gain agreed upon amounts.  Collections specialists are also responsible for creating, running, organizing, and delivering reports to showcase payments, amount of time necessary to receive delinquent accounts, and any other variables that may delay payment. 

Loan officers, originators, processors, underwriters, and other associates work together to analyze an applicant’s credit, financial, and employment records, determine eligibility, and approve or deny loan requests.  These professionals must determine if applicants wishing to borrow will have the ability to pay back funds as agreed upon.  They also run a number of reports, keep track of interest rates, and prepare documents in order to obtain enough information to make an educated and well-weighted decision. 

In 2004, approximately 1.8 million professionals were employed in the banking industry.  Despite these negative changes, positions including tellers, administrative support, computer specialists, financial analysts, sales professionals, and personal financial advisors will experience encouraging prospects.  Teller and administrative positions are expecting openings due to the large size of the field, in addition to the turnover rate associated with these positions.  While technological advances are expected to increase the efficiency of banking professionals, they will also increase the need of computer specialists, but decrease the need for entry level duties of professionals. 

All banking careers offer candidates relatively similar conditions and environments.  Offices are commonly comfortable, well lit, and offer necessary amenities.  Despite common misconceptions, banking occupations are relatively safe, and may experience declines, but not as drastic as other industries.  Scheduled hours for employees vary by occupation and facility, with many administrative assistant and teller jobs offering part or full time shifts.  While salary and wage candidates average approximately 35 hours per week, managers and supervisors are expected to work more hours.  Schedules may vary, but typically facilities are open during daytime hours.  Evening, night, or weekend shifts may be necessary for banking facilities found in supermarkets, malls, or other locations.    

Training for a career in banking varies by each specific occupation, but many candidates are attracted to the entry level occupations that generally require no more than a high school education such as administrative support or teller jobs.  Professionals in these occupations often choose to expand their education so that upon achieving adequate on the job experience, they may move into more advanced careers.  Candidates interested in managerial or supervisory positions are often required to achieve a bachelors or masters education.  Those interested in obtaining occupations related to loan processing, approval, or closing are commonly required to obtain additional education or licensing, but specific conditions vary by location.  Professionals wishing to advance in the banking industry tend to do so more quickly upon achieving necessary education as well as on the job experience.

For more information on finding employment in the banking industry, please visit the following sites:

• Misys Banking Systems
• American Credit Union Mortgage Association
• Banks.com
• Investionary.com
• Louisiana State University

If you are searching for a career within the banking field, or are a financial institution looking to hire banking professionals, please visit iHireBanking.  We are a niche job board focusing only in banking positions and candidates.