Around 8.56 million people were employed in the financial services industry as of May 2021. According to the Bureau of Labor Statistics, around 6.4 million people were employed in the banking services industry in 2019. The major share of jobs in the banking and finance sector was financial managers, tellers, and credit counselors. In terms of job postings, a total of 84,653 job vacancies were recorded in the United States in October 2022. In this article, we take a closer look at various career opportunities in the banking and finance sectors.
Government Jobs With Banking Experience
There are many opportunities for individuals with banking experience in federal as well as local governments. Vacancies include jobs such as financial analysts, accountants, tax examiners, and financial analysts. The pay scales for government jobs vary depending on the area of specialization and educational qualifications.Apart from the typical pay grade offered in most federal government departments, there are agencies, such as the Securities and Exchange Commission and Government Accountability Office, that could net you a higher pay grade. This may not be on the level as someone in investment banking, but there is a higher level of stability in a public sector job.
Some government jobs available to anyone with experience in banking include:
- Budget analyst—This kind of analyst is involved in analyzing and organizing finances for the government. The job profile includes preparation of budgets and the monitoring of institutional spending, among other tasks.
- Actuary—An actuary applies statistics and financial theory to make an analysis of various scenarios that are of high risk and uncertain, and, consequently, develops appropriate government policies to respond to these scenarios.
- Financial institution examiner—The job description involves ensuring the compliance of laws that govern financial institutions and transactions. Other responsibilities include evaluating risk level for loans, reviewing balance sheets, and making an assessment of bank administration.
- Loan officer—This person is responsible for evaluation, authorization, or recommendation of loan applications on behalf of the government.
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List of Careers in Banking and Financegettyimages
Which Is the Highest Paying Job in the Banking Sector?
Getting entry into the banking sector is not hard, provided you have the right qualifications. Many of the entry-level jobs in the finance sector also pay reasonably well in the first couple of years. However, to get to the tier of extremely lucrative positions, one is required to continuously improve themselves, update skill sets on a regular basis, and have patience.Some of the highest-paying jobs in the banking sector are:
Mergers and acquisitions (M&A) investment banker
Banking professionals specialized in this segment provide valuable advice to a company’s top management when they are looking at the possibilities of a merger or when they need to acquire another company. An M&A banker fundamentally applies financial modeling to provide clients with an assessment of a potential merger or acquisition of a company. Excellent communication skills and exhaustive knowledge of markets are some of the key characteristics that make them excel at what they do. As of May 2022, the salary range for an M&A specialist is between $63,000 and $248,000.Underwriter—Investment banking professionals from this segment mostly transact directly with clients to determine the capital needs of a company and to find out the best options to acquire this capital so that it meets the company’s goals. These specialists generally have to be extremely knowledgeable about a specific industry, and share a good rapport with traders and security salespeople. The typical salary for an underwriter would range from $59,000 to $127,000.
Venture capitalist—As a venture capitalist, you are in a position to invest in companies that are trying to sell innovative products and services which could potentially dominate the market. Venture capitalists need to be updated on the latest market trends, and need to be aware of emerging technologies and disruptive concepts in industries known to be developing rapidly. They need to make decisions on which company to make their investment in and know how to make lucrative deals while ensuring substantial returns from the deals. The salary range for a venture capitalist is between $143,000 and $238,200
Bank Job Positions and Salaries
Every bank follows a basic model with variations depending on what kind of banking it specializes in, and its geographical location. The basic functionalities are executed by the following people:- Bank teller—The teller is basically the first point of interaction for the bank. Apart from processing transactions for the customer such as deposits and cash dispensing, the teller needs to answer queries about various products of the bank and explain any newly implemented schemes or offers to customers. The mean annual salary for a bank teller comes to around $33,000.
- Loan officer—Although loan officers are technically only required to have a high school diploma, most reputed banks hire candidates with at least a bachelor’s degree. They generally receive on-the-job training, and need to be familiar with the various loan and credit products offered by the institution. Their prime responsibility is to review and process loan applications. According to reports, the median annual salary for a loan officer could be anywhere from $60,000 to $211,000, depending on experience and employer.
- Financial analyst—A financial analyst provides services by advising clients on the best investment plans. They are exhaustively knowledgeable about the markets, and are capable of providing curated plans for clients by helping them build resilient portfolios that are protected from all worst-case scenarios. The median annual salary for financial analysts is reported to be anywhere from $70,000 to $80,000.
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List of Careers in Banking and Financegettyimages
What Other Jobs Can I Do With Banking Experience?
A career in banking can be monotonous, and, over time, it’s natural to think of alternate career choices. In such a scenario, there are multiple choices available that a person with some banking experience can try out, including, for example:- Personal finance advisor—A personal finance advisor sets up a sound financial plan for their clients. They would be required to provide personal advice to manage money, make investments, and create a monthly budget. Since this is basically a freelance job, it’s important to be organized and have strong communication and people skills. A personal finance advisor needs to have advanced problem-solving skills. The median annual salary comes to around $60,000, as of September 2021.
- Bank compliance officer—The main responsibility of a bank compliance officer is to ensure that banks are compliant with existing laws and regulations. The job profile involves monitoring the administration and operational processes of a bank, analyzing it, identifying high-risk zones, and improving the process, if required. The officer will also make an assessment of any policies or procedures that the bank wishes to implement. As a person experienced in the banking process, this would be a suitable option. Other desired characteristics would include fairly good IT skills and attention to detail. The median salary comes to nearly $71,500.
- Fraud examiner—As the name implies, the prime responsibility of a fraud examiner would be to investigate fraud allegations and verify their legitimacy. For a person with banking experience, this is a lucrative and exciting career choice. As part of the job profile, the fraud examiner needs to find evidence, report their findings with clarity, and question parties involved in the incident. Private companies may hire fraud examiners to develop fraud prevention and identification rules. The profile requires one to have exhaustive knowledge about government regulations specific to various states, be organized, and have exemplary record maintenance skills. The median salary comes to around $61,500.
