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Types of Banking Jobs (With Salary Expectations)

October 4, 2021

Whether you're an experienced finance professional or someone looking for entry-level banking experience, there are a variety of job opportunities at each level of expertise. Banking jobs aim to uphold customer services and maintain internal financial procedures. By researching the banking job opportunities that match your salary needs and experience level, you can narrow down your employment search and start applying for jobs in banking.

What are banking jobs?

Banking jobs are those within the financial service sector. These jobs typically involve working in conjunction with, or for, banks at the local, state or national level. These jobs can range in experience level and purpose, whether it be direct client services, bank security or insurance/loan-related services.

Related: Banking Interview Questions (With Example Answers)

Types of banking jobs

Here are 15 types of banking jobs along with typical responsibilities and salary expectations for each:

National average salary: $29,328 per year

Primary duties: A bank teller works in a bank and is responsible for helping members cash checks, withdraw money, move transactions to different accounts, create checking and savings accounts, and provide checks to customers. Bank tellers should have ethical standards and practice confidentiality to uphold member account information. They should also have good problem-solving skills and be able to communicate verbally. Typically, bank teller candidates need at least a high school diploma or GED to qualify for a position.

Related: How to Become a Bank Teller: Education and Career Requirements

National average salary: $40,526 per year

Primary duties: A banker works at a bank or financial institution. They are responsible for meeting with bank members (both individuals or companies) and helping them acquire loans through the bank. By doing this, they aim to help the bank earn money by applying fees and interest rates to those loans. Bankers can also meet with clients for a paid consultation to advise them on financial matters such as investments and capital resources.

Banker candidates need to have a bachelor's degree in either business, finance, accounting or economics to qualify for a position. They also need verbal and written communication skills, problem-solving skills, risk analysis knowledge and should be technological savvy.

National average salary: $49,031 per year

Primary duties: A loan processor works for a financial institution, using their knowledge of risk analysis and financial statements to review loan applications and approve or deny applicants for the loans they apply for. Their main duty is to protect the financial institution and its monetary assets by only approving candidates who have a good financial history. To become a loan processor, candidates typically need a bachelor's degree in accounting, finance or business administration and previous work experience in the loan and insurance specialty.

National average salary: $55,326 per year

Primary duties: Mortgage consultants usually work in freelance positions or as sole-business proprietors. Their job is to help companies or individuals identify their mortgage needs, assess their financial history and determine the type of mortgage they could afford. Further, they help their clients determine which lending institutions would be most likely to give them a loan based on their financial history.

Mortgage consultants who want to help clients with personal finances only need a high school diploma and extensive knowledge in their field. For those wanting to pursue commercial real estate or corporate clientele, it is preferred that they have a bachelor's degree in finance, real estate or a related area.

National average salary: $57,101 per year

Primary duties: An investment representative is a professional who works at an investment firm, bank or another financial institution. Their job is to provide clients with financial advice regarding investments, typically for a fee. They are also obligated to perform sales-related duties to market their institution's financial products and services. To become an investment representative, you need to earn a bachelor's degree in accounting, business administration, economics or finance. You may also need to obtain a license with the Financial Industry Regulatory Authority (FINRA).

National average salary: $57,258 per year

Primary duties: A credit analyst can work for an investment bank, an investment firm, credit card companies and any other institution where lending money is involved. They are responsible for reviewing an applicant's financial history and credit score. The main difference between a credit analyst and other professions like a loan processor is that they can only provide a recommendation as to whether or not an applicant should be approved. Credit analysts usually have a Bachelor's Degree in Finance or Economics and extensive knowledge of statistics, financial statements and ratio analysis.

National average salary: $65,518 per year

Primary duties: An investment banker is a specialized role, but it has many different areas of focus. Investment bankers can provide financial advice to clients relating to investment opportunities, but they can also help instrument the process by overseeing the liquidation of assets to reduce debt and other factors. Investment bankers should have a bachelor's degree at the entry-level, with more senior roles requiring a master's degree.

Related: What Is Investment Management?

National average salary: $68,665 per year

Primary duties: A relationship manager works for a bank or financial institution and acts as the point of communication between members and the institution itself. Their main job duty includes maintaining customer loyalty by checking in with them by email or phone. They are also responsible for fostering relationships with new customers by helping them gain bank membership and create a checking or savings accountant. Relationship managers should have a bachelor's degree in communications, finance or business administration and should be excellent communicators.

National average salary: $69,093 per year

Primary duties: A financial advisor works as part of a financial institution to help clients determine their financial goals and the best means to achieve them. This entails trading for them in the stock markets, reviewing their financial history and providing them with advice for the best decisions they can make for their finances. Financial advisor candidates need to have at least a bachelor's degree in an area like economics, statistics, finance or business. They should also have a few years of experience in a finance-related role, like an investment specialist/banker or credit analyst.

National average salary: $74,446 per year

Primary duties: A financial analyst is responsible for monitoring market trends across industries and using their expertise to guide businesses and clients on when, where and how to invest. Financial analysts typically work for major corporations, financial institutions, insurance companies and banks. To become a financial analyst, you should have at least a bachelor's degree in economics, finance or accounting. For senior positions, most employers prefer that you have a master's degree in a specialty area like statistics.

Related: How to Become a Financial Analyst

National average salary: $77,379 per year

Primary duties: An asset manager works for individual clients as a sole-proprietor or as a part of a bank or financial institution. They are responsible for reviewing their client's financial portfolio and monitoring the stock market to determine the best investment decisions for their client. They also help them invest in stock and other assets and predict what will give them financial growth.

This job entails a lot of time and research to make informed decisions about potential investment opportunities on behalf of the client. Asset managers usually have a bachelor's degree in economics, finance, accounting or business, but a master's degree is more appealing to some employers.

National average salary: $79,351 per year

Primary duties: An underwriter is responsible for reviewing a loan application and assessing whether or not the applicant can afford to pay off the loan. Further, they draft up a contract for approved borrowers that outlines the loan amount, and payment rates expected by their company. Underwriters may work at insurance companies, financial institutions, banks and other lending companies. Prospective underwriters should obtain a bachelor's degree in finance, economics, business or mathematics.

National average salary: $82,913 per year

Primary duties: Internal auditors for banks have a responsibility to complete routine assessments of the bank's internal procedures, loan and spending habits, employment expenses and other risk management factors. Their main goal is to determine whether the bank complies with laws and regulations and if they are financially stable. Internal auditor candidates should have at least a bachelor's degree in management, accounting, business administration or finance. A master's degree may be preferred for more senior roles.

Related: 8 Common Internal Auditor Interview Questions

National average salary: $113,383 per year

Primary duties: An investment banking analyst works as a liason between business owners and potential investors to help businesses confirm their financial health. These professionals also help businesses increase investor relationships by helping them manage their finances in a smart way. To become an investment banking analyst, you need to obtain a bachelor's degree in finance, economics business or accounting. You may also consider a master's degree to enhance your credibility.

National average salary: $124,333 per year

Primary duties: A loan officer works for a financial institution, bank or lending company. They are responsible for gaining expert knowledge of all the loan options that their employer offers to borrowers. They also meet with clients, both businesses and individuals, to determine their eligibility by reviewing their financial statements. From this information, they can give clients quotes on loan rates and sums available to them.

Loan officers should have a Bachelor's Degree in Finance, Business, Accounting or a related area. They should also have previous work experience in the loan or insurance field and obtain licensure.


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