Pros and Cons of a Bank Career
There are many different kinds and levels of bank careers for you to choose from; the three common choices are bank teller, loan officer and investment banker. Here's some quick information about these professions:
| Bank teller | Loan officer | Investment banker | |
|---|---|---|---|
| Career Overview | Bank tellers are in charge of day-to-day transactions at banks and sometimes credit unions. | Loan officers evaluate and process loan applications for companies, organizations, businesses and individuals. | Investment bankers are essentially the middlemen between businesses and financial investors. |
| Education Requirements | At least a high school diploma or a GED | At least a high school diploma or a GED | At least a bachelors' degree, sometimes more |
| Program Length | 1-2 years for an associate's degree | 1-2 years for an associate's degree | 3-5 years for a bachelor's and about two more years for a master's degree |
| Certification and Licensing | Licensing is rarely required | Licensing is sometimes required | Licensing is sometimes required |
| Work Experience | None is usually required for entry-level positions, although there are exceptions | Varies widely | Varies widely |
| Job Outlook for 2012-22 | Little or no change (1%) compared to all occupations* | Average growth (8%) compared to all occupations* | Average growth (11%) compared to all occupations - includes securities, commodities and financial services sales agents* |
| Mean Salary (2014) | About $27,000* | About $74,000* | About $103,000 (includes securities, commodities and financial services sales agents)* |
Sources: *U.S. Bureau of Labor Statistics
Bank Teller
As a bank teller, you'll be responsible for daily transactions at a bank or credit union. You'll typically need to count and keep track of a large amount of cash and checks going in and out of the bank every day. You'll sell traveler's checks, issue debit cards, transfer money between accounts, make currency exchanges and complete a wide variety of other standard daily banking tasks. This is usually a very customer-service oriented position, so employers often encourage developing strong communication skills.
Requirements
Typically, a high school diploma or GED is enough to become a bank teller at the entry-level. On-the-job training is common and you can often work your way up to higher positions as you gain job experience. For many higher banking positions, however, further education will be needed.
The following are a few job listings posted online by employers in November of 2012:
- An Arizona bank was seeking a teller to report to a branch manager or supervisor. Applicants were required to have previous cash handling and experience in customer service, but no college education was necessary.
- Another bank in Arizona was looking for a part-time teller with previous experience in the field and a high school diploma or a GED.
- In Pennsylvania, a bank was looking for a teller with strong interpersonal skills and knowledge of 'debits equal credits', a basic concept of banking.
Standing Out
Staying abreast of the latest banking technology and maintaining at least an intermediate level of computer literacy can help you stand out as a bank teller. It can be important to know how to work with a variety of devices like copy machines, computers, printers, scanners, copy machines, fax machines and phone systems with multiple lines. In addition to this, gaining skills with database entry and maintenance, alphanumeric data entry and software like Microsoft Office for Business may be useful.
Loan Officer
Typically, loan officers go over, evaluate, process, approve or disapprove loan applications from businesses, companies, organizations and individuals. Although loan officers don't work for commercial banks exclusively, banks employ many and all work directly within the banking system. Many loan officers work for mortgage companies, credit unions and other financial institutions with the power to legally loan money.
Requirements
Although many employers ask that loan officers only have a high school diploma or a GED, you may be required to earn a bachelor's degree in finance, banking, accounting or a similar field. The number of years of experience required depends on the employer. If you choose specifically to become a mortgage loan officer, you must earn your Mortgage Loan Originator (MLO) license from the Nationwide Mortgage Licensing System & Registry (NMLS). This can be accomplished by taking a two-part exam with a national and state component.
In the fall of 2012, employers posted the following job opportunities for loan officers on the Internet:
- A direct mortgage lender that was owned by a nationally chartered bank sought a loan officer for a position in Newark, NJ. Candidates would need at least two years of experience in sales or lending, as well as at least a high school diploma, although a college degree was preferable.
- In Pennsylvania, a bank was seeking a loan officer with a 4-year college degree and at least three years of experience in lending and banking.
- A bank in Oklahoma required that candidates for the loan officer position have a bachelor's degree in finance or business. Skills in customer service and at least two years of experience at a financial institution or consumer loan department of a company were also required.
Standing Out
There are many measures that you can take to stand out from other loan officers when applying for jobs. For example, you could earn licensure from the American Banking Association (ABA). The ABA offers licensure specifically designed for different types of banking professionals, including loan officers. Becoming an official Certified Lender Business Banker (CLBB) may be just what your resume needs to help you obtain the position you want.
Investment Banker
In most cases, investment bankers connect businesses or individuals who need money with potential financers and investors. The process of doing this is referred to as 'underwriting'. As an investment banker, you may also provide services such as handling acquisitions, mergers and initial public offerings (IPOs), the process by which companies make their stock public. It's typically a large part of the job to advise and act as a consultant through processes such as these.
Requirements
At least a bachelor's and often a master's degree is required in order to become an investment banker. The amount of experience in the field you'll need depends largely on the requirements of an employer. On-the-job training is commonplace. For example, many investment firms may train you on their own specific strategies, standards and practices.
In November of 2012, employers listed the following investment banker positions online:
- A boutique investment bank in New York City was looking for an investment banker who can focus on equity and debt. Candidates must have a minimum of a million dollars in annual gross production, a portfolio and at least five years of experience.
- Although candidates with a bachelor's degree in business or finance would be considered, an MBA was preferred by a national bank seeking public finance investment bankers. Also, 3-5 years of experience was preferred.
- A full-time senior investment banker in the telecommunications and media department was sought by another boutique investment bank in New York City. The employer required that candidates have an undergraduate degree in business or finance and at least four years experience in management consulting, investment banking or private equity.
Standing Out
Finding ways to stand out as an investment banker can be mandatory when trying to get ahead. With the required bachelor's degree and four years of financial and banking experience, you can earn the Chartered Financial Analyst (CFA) certification from the CFA Institute. In order to do so, you'll need to pass three distinct exams. According to the BLS, employers recommend earning this certification to bolster your standing as a professional investment banker.
