Banks are essential to the U.S. Economy and to most economies internationally as well. Banking is a core function of the financial services industry, so it only makes sense that banks are among the leading employers in finance.
But exactly what jobs and careers are available in this field? Here's a list of the major job categories in banking and the employers in those categories.
Types of banking jobs
Before you start looking for a banking job, it's important to know what types of jobs are available and what qualifications you need. You should also understand the distinction between commercial banking and retail banking.
Retail banks serve families and small businesses. Commercial banks offer services to larger companies and corporations.
Bank teller jobs
Bank officers are the face of the industry for many consumers. And for many job seekers, becoming a bank teller is a great introduction to banking.
Good communication skills are key, and it helps to be a "people person". A high school diploma usually provides sufficient education. Computer skills are important, and passing a background check is often required.
Loan officer jobs
Loan officers are important employees of both commercial and retail banks, as well as other lending institutions. Top talent in this area is in pretty constant demand.
A loan officer helps customers and clients apply for loans and oversees the process, including determining the extent to which a customer qualifies to lend. It acts as a contact point and intermediary between the institution and the customer.
Private banking jobs
Private banking serves the needs of wealthy clients with financial assets of $10 million or more. A career in this field requires at least a bachelor's degree and extensive industry experience.
Investment banking jobs
Investment bankers raise funds for companies by structuring the issuance of securities such as stocks and bonds. They also advise companies that are thinking about mergers and acquisitions. Many of the largest commercial banks also have investment banking divisions. This field is fast paced and very high paying.
Login information for bank jobs
Note the types of credentials that are either required by institutions or that can improve your chances of getting the banking job you want, even if they are only optional.
Financial planning designations always look great on a resume, even in the context of retirement planning, and a background in investment management can also be helpful.
Bank of america, JP morgan chase, citigroup, barclays and many others top the lists of leading banking institutions. Do your research and find out if one of these great companies is a good fit for you.
Lenders without a bank account
These institutions are not banks, but they originate loans, securitize bank loans, or otherwise play a role in extending long-term or short-term credit. These include quicken loans, new american funding and loandepot.
Investment banking companies
Leading players in investment banking include merrill lynch, goldman sachs, morgan stanley wealth management, deutsche bank, UBS, JP morgan, wells fargo and others.
Banking is a highly regulated industry, and employment opportunities with the various government regulatory agencies are often overlooked.
Sometimes starting a career with banking regulators can open doors to attract banking jobs in the private sector and vice versa. Familiarize yourself with the leading regulatory agencies and what they do.