In general, we mean commercial banks by banks. With the passage of time, there has been a lot of modernization and specialization in the commercial banking system. It is a profit-oriented financial institution. From this post, you will get a clear idea of how many jobs are available in commercial banks. Before jumping into the main topic let us know some basics.
Commercial banks usually collect money in excess of public needs and lend it to customers. And it is an important part of the American Economy is the commercial banking sector. And in the fastest growing sectors, it is going to be one. A person who wants a stable job is a good option for them because this sector provides jobs for many people.
Financial institutions which are classified as commercial banks offer a variety of financial services. To individuals and businesses, Commercial banking managers provide loans, payments, and credit services through their banks. Also, commercial bank managers provide Brokerage services and Financial planning jobs. This sector is something in which they must be well versed. Because here they manage different types of financial operations for small and large companies and individuals and businesses both rely on them.
So, if you want to involve yourself in this sector as a commercial banker, you must know the availability of jobs in this sector and what you need to do to gain a successful career in it. Hard work and skills are the keys to success, so if you are ready to Hard work and learn new skills then it will be best for you. So, let’s know, a basic about Commercial Banking, how many jobs are available in commercial banks, and what requires skill and qualifications.
What Are Commercial Banking?
Commercial banking is the function of a commercial bank. Commercial banks are formed according to the company and banking laws of the country. It is a type of financial institution that provide products and services to businesses and consumers. This bank accepts deposits from people through various accounts. The bank also acts as a member of the country’s currency market.
Commercial banks are private, public, and public-private owned. A country may have more than one commercial bank and may open branches abroad. Subject to the permission of the Central Bank, this bank also participates in foreign trade. It assists the central bank in managing the clearing house. Such banks have to compulsorily submit account statements to the central bank.
The Outlook for Commercial Banking Jobs.
For commercial banking jobs, the outlook is positive. To businesses and customers, it offers a vital service. So, as the economy grows the demand for talented commercial bankers will grow.
The main responsibilities of commercial bankers are lending money and providing other financial services to businesses and individuals.
So, a solid understanding of the economy and financial markets is essential for them to determine how to invest their client money and which loans to approve.
Jobs in Commercial Banks.
According to best-cash-cow, with more than 4,000 FDIC-insured commercial banks, commercial banks employ more than 1.95 million people in full-time positions.
However, while commercial banking as an industry continues to grow with a massive market size of $963.4 billion in 2022, this does not necessarily translate into an increase in the number of jobs available in commercial banks. More and more customers are turning to online banking services instead of personal banks. Many commercial banks are investing heavily in digital services, according to Accenture’s Top Trends in Commercial Banking 2022.
There are always new jobs in commercial banking, usually because people are switching jobs or retiring from different industries, and certain job types have more jobs than others. For example, the number of jobs available for bank tellers has decreased, but financial managers are seeing huge growth with a 17% increase in the number of jobs available.
Commercial Banks in the United States.
According to Statista, In the United States, there are 4,236 FDIC-insured commercial banks. This number is projected to increase slightly over the next few years as smaller banks seek to enter the market.
Most of these banks are located in large metropolitan areas, although a few smaller regional banks are scattered across the country.
Types of Jobs Available in Commercial Banks.
According to the types of positions, Commercial banks have various job positions and mainly there are three positions, Such as-
- Customer service positions (Bank Teller),
- Midmanagement positions (internal auditor, data processing officer, etc.),
- Executive-level positions (loan officer, branch manager, etc.).
These all are the key positions in Commercial banks and they can be found in any bank’s organizational structure. Let’s know a brief about all Types of Jobs Available in Commercial Banks them.
1. Bank Manager:
Bank Manager means – Principal, Director, Executive, Officer, Manager, Ruler, etc. But here the word Manager is used in the sense of manager or branch head. In a terminological sense – the person who performs the function of management is called the manager.
The definition of manager in the Oxford Dictionary of a person responsible for controlling or administering an organization or group of staff, a person regarded in terms of their skill. i.e. a person responsible for the control or administration of an organization or group of staff, considered in terms of their competence.
Responsibilities of a Bank Manager:
A bank manager’s responsibilities may vary slightly depending on the branch or bank regulations, but in all cases the following responsibilities are common.
The first quality of a good bank manager is to ensure the work of everyone working in his bank. Through this, maximum work can be done. Maintaining rapport with everyone on the team is essential.
Note that it is the responsibility of the bank manager to ensure the training of all those working in his bank branch. A daily follow-up is recommended to ensure that everyone in the team is working properly. The bank manager’s decision is final in any party matter.
The core of any bank’s existence is its customers, and therefore customer service is one of the most special aspects. Customer service involves creating new bank accounts, re-creating old or closed bank accounts, changing information, etc.
Note that it is the responsibility of the bank manager to take any complaint or opinion of the customers and take appropriate action.
Each branch of the bank specifies a monthly target. In this target, the main profit (net profit) and lending are important. The bank manager, therefore, has to follow up on the achievement of these targets on a daily basis. It is the responsibility of the bank manager to encourage the employees in this regard if necessary and to plan accordingly.
The report in the Central Office-
The bank manager has to make a monthly report in the central office regarding the achievement of his monthly targets, evaluation of the performance of the bank employees, and future plans. 100% honesty is required in this report.
There is no substitute for a campaign to increase the transaction of any branch bank. Therefore, it is the responsibility of the bank manager to ensure proper promotion of the branch. In this case, it is necessary to give proper direction to the employees and complete the work accordingly. If any branch is not properly campaigned, the manager of that branch of the bank will be held responsible.
Therefore, acquiring skills in marketing and ensuring its full reflection is very necessary for the bank manager.
2. Relationship Manager:
Relationship management includes managing the relationship between a retail bank and a corporate bank. A retail relationship manager’s primary responsibility is to introduce customers to the range of products and services the bank offered.
A relationship manager role focuses mostly on customer relations, requiring candidates with outstanding communication skills. To give proper advice to customers, they must have adequate knowledge of the financial sector. Also, employers generally look for candidates who have a thorough knowledge of banking products and services, excellent analytical skills, and a clear understanding of how to present complex information.
A corporate relationship manager deals with large organizations or SMEs. Meanwhile, a business development manager works with small to medium-sized enterprises.
3. Budget Analyst:
If you are an economics student or you’re good at math and enjoy crunching numbers. Then you’ll love this job. Most of the work involves applying mathematical and statistical methods to budgeting. You will evaluate funding requests & proposals, and monitor expenditures.
A review of budget change proposals presented by management often requires an analysis of the cost-benefit potential consequences of budget changes by budget analysts.
A budget analyst plans the bank’s future expenditures as well as determines whether it has any financial needs. To reflect the changes, Every moment then they update the budget. For a bank to be cost-efficient, its budget analyst plays an important role. Budgets are kept on track and expenses are accounted for.
4. Bank Teller:
Teller refers to the employee of the bank who sits at the counter and collects or gives money. Teller service means cash counter deposit or withdrawal service. For a Bank, the first line of advertising is Bank tellers. Bank tellers must be friendly with a service attitude.
The responsibilities of a teller are for basic account transactions such as servicing savings and checking accounts and providing account inquiries to customers.
5. Bank Marketing Representative:
A bank marketing representative is a person whose role is to provide information about banking products or services to customers. They play an important role to increase the sales of the bank to make it profitable, maintaining its brand value and identity among prospective customers and taking care of advertising and social media.
Their other responsibilities are to handle any queries and resolve customer complaints. Also responsible for understanding the strategic plan for marketing various products and implementing the plan for any branch banks assigned to the bank or bank holding company.
6. Branch Manager:
The role of a branch manager in a commercial bank in the United States is to oversee all day-to-day operations of the branch and maintain relationships with clients. They are appointed by middle or executive management to oversee branch operations or drive-thru bank operations.
Their major responsibility is to ensure that all banking activities within the branch are carried out following regulations and that all client accounts are accurately maintained. In simple words, they prepare branch work schedules for staff, provide a budget to executive management regarding resources and ensure that bank policies are followed at the branch level.
Many branch managers are also known by the title “Vice President of Operations” in their job descriptions. They may work from the main bank and may have more than one branch bank assigned under their supervision.
7. Investment Banker:
An investment banker plays an important role in the bank, often works as part of a financial institution, and is primarily concerned with raising capital for companies, governments, or other organizations. They also work at investment banks including Morgan Stanley (MS), Goldman Sachs (GS), JPMorgan Chase (JPM), and Deutsche Bank (DB).
An investment banker whether associated with this type of business or not, he/she will assist with large, complex financial transactions. This may include forming an acquisition, merger, or sale to a company or client party. Issuance of shares is also a key function as a means of raising capital.
This includes developing comprehensive Securities and Exchange Commission (SEC) documents, which are required for a business to go public.
The investment bank would then sell the company’s shares in the public market, acting on behalf of the company going public, creating immediate liquidity.
8. Internal Auditor:
This position is considered a mid-level management position that ensures that the bank is following agreement and regulatory laws related to the bank’s operations and procedures. In the case of a banking firm, the internal auditors work to determine whether the internal control framework is efficient. The internal auditor is the person, responsible for developing the audit program for all areas of operations.
The positions under the scope of an internal auditor are Information Systems Auditor and Financial Auditor. Information Systems Auditor monitors data security, data processing, and disaster recovery strategies for the bank.
In auditing internal processes, controls, and systems, they assess bank risks and how they are being managed. Its value-added solutions not only reduce risk but also ensure agreement by collecting and proving all records of the organization.
After completion of the audit, the audit report is presented to the management. It is not the responsibility of the internal auditors to implement the proposed changes.
9. Foreign Exchange Trader:
Foreign exchange traders observe various factors affecting the local economy and exchange rates and then take advantage of currency misevaluations by buying and selling in various foreign exchange markets.
Foreign exchange trader is also known as forex. High rates of forex price fluctuations can make a forex trader’s day stressful. Selling and buying currencies in the forex market brings huge profits for forex traders by analyzing the exchange rates and the factors that affect the economy.
In addition to reading reports, analyzing the press, managing accounts, and spending a lot of time on the phone, a forex trader analyzes reports and reads the press of many countries.
10. Asset Manager:
An asset manager is a person who is responsible for managing a client’s financial assets. A financial asset can include real estate, stocks, and bonds, among others and Asset managers know how to identify investment risks and maximize the return on separate investments while keeping their portfolios within specified limits.
The best wealth managers have excellent analytical skills and are highly detail-oriented. Thus, a manager has the chance to carefully tested each asset in the client’s portfolio. An investor should know how the investment markets work well enough so that he can predict upcoming trends affecting the offer price and make informed decisions.
Also, the asset manager should be aware of all the rules and standards governing trading and investing to ensure that all transactions are complied with by the clients.
11. Investment Manager:
The major responsibility of an investment manager is maintaining a balance between risk and return. There have different fields in which they can specialize. Among these, there are two well-known sectors, such as:
- Physical Asset Management
- Enterprise Asset Management
12. Loan Officer:
In the United States, a loan officer in a commercial bank is an important part of the lending process. The post of a loan officer is usually found in banks or insurance-based institutions. In the case of banks, the loan-related work has to be completed by a loan officer.
In most cases, a loan officer has to perform several other duties in addition to the duties of a loan officer. A loan officer may also be assigned to various client-based organizations including insurance. Basically, a loan officer is responsible for coordinating the relationship and communication with the client or service recipient. In some cases, a loan officer is also referred to as a loan officer.
Also, a loan officer has to complete the task of coordinating the needs and communication of the borrowers in various service-based institutions. Some institutions may assign a loan officer or manager to coordinate communication with buyers.
13. Data Processing Officer:
The Data Processing Officer in short DPO is a person who is responsible for the operation, maintenance, and security of the Bank’s information systems and offline terminals or devices not connected to the system.
The major responsibility of a DPO is at the end of a daily processing cycle, to ensure that the general ledger account is balanced. And also ensures that daily transaction exception reports are generated for management review. Another major responsibility of the DPO is to create security profiles for employees.
14. Financial Sales Agents & Traders:
There have many different types of jobs available in different industries for financial sales agents & traders. Generally, most sales agents and traders work for investment banks or individual companies. But there has a scope to work for commercial banks as well.
The major responsibilities of financial sales agents and traders are buying and selling stocks, bonds, and other commodities both from individual clients and on behalf of the firm itself making this a very fast-paced and high-stress job.
15. Financial Manager:
Top executives in the corporate world earn the most and there are many high-paying economics jobs in financial management. A financial manager is one of the highest-paid and fastest-growing professions in commercial banking.
Generally, these jobs require a bachelor’s degree as well as 5 years of experience in another financial or business role. And According to the United States Bureau of Labor Statistics (BLS) reports the median salary of financial managers was $131,710 in 2021.
Even, Financial managers are facing huge increases, with the Bureau of Labor and Statistics estimating a 17% increase in the overall job outlook. If you are someone who is looking for more responsibility then a job as a financial manager may be right for you.
The major responsibilities of a Financial Manager are Producing accurate financial reports and information, Developing cash flow statements, Projecting profit, Managing credit, Providing advice in making financial decisions, Directing investments, Making financial forecasts, and Budgeting.
16. Financial Advisor:
A financial advisor is someone who provides guidance on how, where, and when to invest. Also provides expert advice on financial planning, investments, and personal and business taxation. They can also work for commercial banks, investment firms, or insurance companies. They may be self-employed. Financial advisors help their clients save money and make money.
A financial advisor’s main responsibility is to understand a client’s financial goals and then help develop strategies to achieve them. Hence, financial advisors must be able to analyze and understand market trends and provide accurate financial advice based on various financial indicators.
17. Trust Officer:
Trust officers are professionals who are responsible for managing their clients’ trust account portfolios. They assist clients to create and administer trusts and provide financial advice on trust and estate planning.
They are also with tax laws and regulations governing trusts and estates and banking procedures. They must communicate effectively with clients both orally and in writing.
18. Credit Analyst:
Credit analysis is a responsibility that comes with many responsibilities. Generally, a credit analyst is responsible for evaluating the creditworthiness of a loan applicant. Credit analysts are typically employed by commercial and investment banks, credit card issuers, credit rating agencies, and investment companies.
A credit analyst is responsible for collecting and analyzing clients’ financial information. After collecting the information, a credit analyst evaluates the information and suggests an action plan for the customer.
For example, a credit analyst who works with a bank or organization that has credit card problems pays customers who have defaulted on their payments. After analyzing the data, the analyst may recommend closing the card or reducing the credit line. Credit analysts are not limited to clients who default in paying them.
A credit analyst may be responsible for prospective customers seeking new credit or customers who are being considered for credit line extensions.
19. Equity Analyst:
An equity analyst is a person who works in the financial sector, usually as an internal employee of a corporation or brokerage firm. As an equity analyst, they study and analyze financial trends.
Traders estimate a company’s performance by analyzing its balance sheet, annual reports, and general market trends.
To become an equity analyst, you not only need an MBA in finance, but you also need a solid track record and certifications related to the banking and finance industry.
20. Mortgage Banker:
A mortgage banker is a person who works at a commercial bank, originating, funding, and sometimes servicing mortgage loans.
To make sure all the paperwork is in order and the mortgage is approved they also work with bank underwriters. They are responsible for helping customers obtain mortgages and working with other bank professionals to ensure the mortgage process runs smoothly.
Mortgage bankers usually have a lot of experience in the mortgage industry and can help customers find the best mortgage products for their needs. They also work with bank underwriters to make sure all the paperwork is in order and the mortgage is approved.
Jobs & Salary of a Commercial Banker
Nowadays banking sector is one of the most competitive industries in all industries. According to the US BUREAU OF LABOR STATISTICS As of September 2022, 750,800 jobs are available in business and financial occupations in the USA.
With so many open positions, candidates must have a well-rounded portfolio that demonstrates their skills and abilities. To stand out among the competition and get a place in a commercial bank, it is important to have experience in customer service, banking, corporate finance, financial analysis, and risk management.
Due to the number of jobs and the salary they can earn commercial bankers are in high demand. This is a profession where professionals are responsible for a variety of tasks, such as managing investments, assisting clients with financial planning, and lending money to Customers and businesses.
According to salary-dot-com a Commercial Banker’s average salary in the United States is $96,143 as of September 26, 2022. Mostly the range of salary typically falls between $83,150 and $111,697. In addition, they also receive the benefit of health insurance.
How Many Jobs are Available in Commercial Banks in the US
There are up to 10 thousand jobs available in commercial banking in the United States. And another 1.8 million Americans currently work in this industry. The source is Zippa.
Some most common jobs available in commercial banking:
Frequently Asked Questions:
Is commercial banking a good career choice?
Commercial banking provides opportunities for career advancement and attractive pay, so it can be a good career path.
Do commercial banking jobs require additional education?
Every specific job type has a specific requirement. For example, The bank teller position only requires a high school diploma and offers on-the-job training. On the other hand, financial managers’ positions require both education and additional experience.
Does commercial banking pay well?
The salary depends on the specific role you’re applying for, your location, and the experience you have. The truth is some jobs pay better than others, for example, according to salary-dot-com, the average salary of a Bank Teller is $63,346 in the United States as of September 26, 2022. And the range of most popular Bank teller positions typically falls between $26,972 and $99,721.
What qualification is Needed for Commercial Banker’s Career?
Commercial bankers must have better knowledge to understand complex financial data and strong math skills. Also, able to build relationships with clients which requires good communication and interpersonal skill.
Generally, the commercial banker position requires a four-year degree in Business or Economics. But nowadays, many banks want a Master’s degree in business administration or a related field for a Commercial Banker position and also want experience in the industry.
Recommended to Read:
A commercial bank held both Personal and Business accounts. The banks provide many services like checking and savings accounts, payment and transaction processing, loan and mortgage option, and line of credit for businesses.
For every country, Commercial banking is a vital industry and it grows continuously which means it will be demand for these jobs in the future.