Suppose you are in search of a job opportunity in a commercial bank. In that case, there are a ton of job positions from which you can choose, provided you have the working experience, educational qualifications and skills required to earn a job position in a commercial bank.
The job positions available in commercial banks are – Internal auditor, personal banker, bank teller, underwriter, financial sales trader, trust officer, branch manager, financial consultant, credit analyst, mortgage banking agent, loan administrator, and account manager, making it a total of 12 jobs positions which are available.
Most of these jobs are contracted and do not exist within the banking sector. A total of 6 of these 12 jobs are stable and consistent jobs available in commercial banks. This article will describe 6 of the available job positions you can find in commercial banks.
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What Jobs Are Available In Commercial Banks
1. A Branch Manager
It is essential for a commercial bank to have a branch manager as they play a very important role in the commercial bank achieving success on a day-to-day basis.
As “Branch Manager” is one of the available jobs in commercial banks, you may consider applying for a job as a branch manager.
However, you should keep in mind that employers will require several individual qualities, educational qualifications and job responsibilities from you.
Qualifications Required Of A Bank Manager
The important qualifications required of an individual before he or she can attain the job position of a bank manager in the commercial banking sector include the possession of the following:
- A bachelor’s degree in business administration, business management, or any other related field.
- Proof of working experience in a commercial bank as a branch manager.
- An ability to follow up with the business strategies of the bank you work for.
- Ability to grow your branch’s revenues professionally and provide excellent customer service.
2. A Financial Consultant
This is another important job sector in commercial banks. Commercial banks are known to provide skilled professionals to represent their firm as financial advisors to only clients who have savings, current and investment accounts at their bank.
As a financial consultant, you will be responsible for providing your services to clients who have a strong relationship with the commercial bank you work for.
You will help these clients to make financial decisions, give them investment ideas, and assist a client by drawing out an investment budget blueprint which will help him or her to achieve financial goals.
You will also advise clients on best tax and saving strategies and will also communicate with clients when you feel like a certain investment will bring about financial risk.
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Qualifications Required Of A Financial Consultant
The important qualifications required of an individual before he or she can attain the job position of a financial consultant in the commercial banking sector include the possession of the following:
- A bachelor’s degree in financial accounting, commerce or economics.
- Proven work experience as a financial advisor in your former place of work.
- A CFA or a CFP certification is also an asset.
3. A Credit Analyst
Commercial banks in various locations have vacancies available for the credit analyst position. Still, before you send out a job application letter, you must be well-learned on the requirements to attain the job.
One of the requirements is your responsibilities as a credit analyst, some of which are to professionally analyze the possibility of a client being creditworthy or being a potential debtor, record the data of bank loan collectors and follow them up until the time for payment is due, and to approve or deny loan requests from customers.
Qualifications Required Of A Credit Analyst
The vital qualifications required to attain the job position of a credit analyst in commercial banks include the possession of the following:
- A bachelor’s degree in banking and finance, financial accounting, or economics
- Written and verbal communication abilities.
- Project and time management skills.
4. Mortgage Banking Agent
These professionals in the commercial banking sector implement, service and support the mortgage loans of a commercial bank.
They make the loans possible by providing their personal funds or borrowing funds from any distinguished investor or a willing lender they are familiar with.
Mortgage banking is one of the available job positions in a commercial bank and is financially rewarding. You will ideally work in the loan sector of a bank to provide mortgage loans and receive instalment payments from clients when the payment is due.
Qualifications Required Of A Mortgage Banking Agent
The essential qualifications required for attaining the job position of a Mortgage Banking Agent in the commercial banking sector include the possession of the following:
- A mortgage agent needs a bachelor’s degree in business administration, business management, banking and finance or financial accounting.
- You have to possess an NMLS license from your state of residence.
- Proficiency in computer science and mathematics is needed.
- An ability to increase revenues, provide customer service and work with an analytical mindset.
5. Loan Administrator
All commercial banks provide a loan administrator for customers with savings, fixed, investment or current accounts.
If you are looking to take up a course in banking and finance, you can rest assured that the job of a loan administrator is among the numerous job positions in commercial banks.
A loan administrator accepts customer loan requests depending on the customer’s ability to pay on time. The loan administrator can also deny loan requests if the customer shows any form of financial incompetence.
Qualifications Required Of A Loan Administrator
The essential qualifications required for attaining the job position of a loan administrator in the commercial banking segment include the possession of the following:
- A certified proof of work experience or internship as a loan administrator in a financial institution.
- Computer and software/banking application expertise
- A firm understanding of what it takes to successfully manage a loan administration role.
- A bachelor’s degree in financial accounting, economics, commerce, banking, and finance.
6. Commercial Account Manager
The account manager of a commercial bank is assigned to dedicatedly take appropriate care of the bank accounts of clients that open an account in their name.
The account manager is the person a client calls when he or she has issues such as failed transactions, suspicious withdrawals, bank network failures, failure to receive alerts and when he or she needs to make a loan request.
Qualifications Required Of A Commercial Account Manager
The essential qualifications required for attaining the job position of an account manager in the commercial banking segment include the possession of the following:
- A bachelor’s degree in business administration or marketing.
- Certified Proof of working experience in a financial institution.
- Completion of an internship training program for account management.
Education Requirement
- Different commercial bank jobs have specific educational requirements.
- Aspirants should have a bachelor’s degree in business, business administration or finance.
- A degree in marketing may be acceptable for certain jobs that involve developing business strategies.
- A master’s degree in business administration. Ensure your overall educational goals focus on finance, accounting and administration.
- For authenticity, consider becoming a Certified Public Accountant (CPA) or getting licensed as a Mortgage Lender (MLO).
Job Outlook
Due to the diverse occupations in commercial banks, it is difficult to make authentic job opportunity assertions.
Commercial banking encompasses various occupations, from direct customer service in branches to lending, compliance and back-office support.
Career opportunities across industries, including securities, commodities and related occupations, are expected to grow for all careers through 2026, according to a report by the US Department of Labor (DOL).
And as postwar generations enter retirement, many will turn to brokers or financial advisors for help managing their retirement nest eggs, potentially fueling demand for personal bankers and stockbrokers.
Job seekers looking to start their careers in the banking industry should take note of the above available jobs and educate themselves more about economics and financial markets.
FAQ
How Many Bank Positions Are There?
There are investment bankers, equity analysts, loan officers, bank tellers, financial accountants, and chartered public accountants, to name a few.
What Are The Works Of Commercial Banks?
They provide basic banking services and products to the general public, individual consumers, and small and medium-sized enterprises. These include checking accounts, loans and mortgages, and basic investment services.
What Are The Top Commercial Banking Salaries?
Commercial Banker Salary. $104,500 is the 25th percentile, and salaries below this threshold are outliers. $170,500 is the 75th percentile.
What Is The Lowest Position In A Bank?
Bank tellers are usually entry-level positions in banks that directly interact with and provide customer services. You might require at least a high school diploma, but advancement will often require a bachelor’s degree.
Where Do Commercial Banks Make The Most Money From?
Commercial banks make money by providing and paying interest on loans. Customer deposits provide capital for banks to make these loans. Money earned in the form of interest from loans traditionally accounts for up to 65% of banks’ income model.
What Is The Main And Biggest Source Of Commercial Bank Earnings?
Interest income is the main way most commercial banks make money, and it is completed by withdrawing money from depositors. Depositors are then compensated with a certain interest rate and security of their funds.
Which Course Can I Study To Become A Banker?
Relevant university degrees for banking jobs include business, finance and economics. Some universities also offer business or finance degrees with a banking focus. These programs include courses such as risk management, accounting, corporate finance, compliance and financial regulations.
What Is The Professional Exam For Bankers?
The professional exam consists of three stages: diploma, intermediate, and chartered banker exam. Completing the three stages of the examination will lead to awarding the Associateship of the Chartered Institute of Bankers (ACIB) certificate.
Conclusion
Suppose you want to acquire a banking and finance certification after your high school education. In that case, you can rest assured that various lucrative career opportunities will lie in wait for you.
Also, if you are already a certified banker looking for a career change, we hope this article has broadened your knowledge of the many jobs available in commercial banks.
Best wishes on your career search.