Thursday, April 12, 2007

Essential Information About a Career in Banking

Careers in banking and related fields are hot careers today, but before you decide on your career path, you may want to learn a bit more about the banking field and what it has to offer you. This particular field offers a great deal of diversity and is well paid as well, but the field is not for everyone. Read on to find out the essential information about careers in banking and decide whether or not a career in banking is the right choice for you.

Career Choices in the Banking Industry

While you may only think of bank tellers when you think of the banking industry, there are actually a variety of different career choices available within the banking world. Of course, probably the most obvious is the bank teller, who deals with cash and customers. You may also want to consider a career as a customer service representative or a new accounts clerk in a bank as well, which involves opening and closing accounts, answering customer questions, and dealing with any customer concerns.

Another side of the banking industry includes those who deal with the loan process. There are loan clerks, loan officers, and loan processors that deal with various parts of loan processes within a bank. There are also banking jobs available in collections, accounting, and support areas like office managers, secretaries, and data entry.

The careers that many people have in their sights when they think about banking are management positions. There are many different management careers in the banking industry, including bank managers, financial managers, investment managers, and trust officers. While these types of positions may be better paying, they also require a great deal more work as well.

Education Needed

The education that you will need for a career in banking will highly depend on which particular career you are planning on pursuing. Some jobs, such as bank tellers or customer service managers only require that you have a high school diploma or a GED. Other jobs, such as loan officers, and investment officers, will require that you become certified within your state to sell special products such as IRA's and Annuities. Some careers in this field may require that you have a degree in business or another similar type degree as well. The great thing about a career in banking, is that once you start out in this field, many times the bank you work with will help you get the education you need to advance in your career, which can save you a great deal of money and make you an extremely valuable employee.

What You Can Expect to Earn

The earnings that you can expect in this field are quite diverse, and depend on your specific job within the field. Tellers are generally the lowest paid people in the banking industry, but still they usually will make between $8-11 per hour, and sometimes more if they have been with the same company for a long time. Clerks and secretaries can expect to make between $10-12 an hour, while customer service reps and bookkeepers will make $11-13 per hour. If you are able to climb the ladder to become an executive secretary or even an administrative assistant, you will see a significant rise in pay and will probably make between $15-17 per hour. Loan officers and financial managers usually make the most in this field, with loan officers making around $20 per hour and financial managers making about $30 per hour.

Quality Companies

If you decide that you would like to pursue a career in the banking industry, you will want to be sure that you find a job with a quality company that will pay you a competitive salary and offer you quality benefits, such as health insurance, vacation days, and 401K as well. If you are looking for jobs in banking in the United States, several companies to consider are Wachovia, SunTrust, Chase Bank, Morgan and Stanly, and Bank of America. In the event that you are looking for a banking job in Canada, some companies you may want to check into include The People Bank, Bank of Canada, and the National Bank. Once you find a quality company to work for, you can start working on advancing your career in banking and working your way up towards success.

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