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Yes, commercial banking offers many good career paths. It’s this variety that is one of the reasons it’s such a great choice.
Most people who choose a career in commercial banking enjoy working with numbers and, more specifically, with money. It’s a very diverse business with different pathways and career options. There are jobs for people who really enjoy working with others and jobs for those who’d rather “crunch numbers” than deal with other people.
One great thing about deciding to pursue a job in commercial banking is that there is job security. Banking is never going to go away. The way people deal with money and the increased use of credit or even cryptocurrencies will no doubt change over time, but there will constantly be a need for bankers.
Here are 13 great jobs with Commercial Banks:
5 Best Paying Jobs in Commercial Banking
Commercial banking jobs require complete confidentiality and trustworthiness. You’re dealing with very sensitive information on a daily basis and often handling large sums of money. The reward for being great at your job can be quite large, meaning there are some very high salaries attached to the following commercial banking jobs.
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Commercial Banking Manager/President
Average Annual Salary: N/A
At the very top rung in the commercial banking world is the bank’s manager or the president. You oversee all bank operations and divisions, mainly staying in contact with the branch or regional managers to ensure their offices are running smoothly.
In addition to serving as the head of the business, your job will also require you to sell your institution to large businesses and companies and then maintain the relationships you have with existing customers.
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Average Annual Salary: $72,000
The bank account manager handles new and existing customers, answering questions about the products and services the bank offers and guiding customers to the right options for their situation. There is a lot of responsibility in this role because you’re expected to know all of the ins and outs of your bank’s offerings.
Many account managers start small with individuals and then work into managing the accounts of businesses or high-wealth individuals. This position has room to grow both in responsibility and income.
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Average Annual Salary: $44,000
Loan officers evaluate, approve, and authorize loans to individuals, groups, and businesses. This job requires a thorough knowledge of the bank’s loan offerings, credit reports, the current market for real estate and vehicles, as well as federal and state laws. There’s a lot involved with this position, and it can be very complex.
Most loan officers are expected to have a bachelor’s degree and at least three years of banking experience. Since a large part of their job is staying within legal guidelines, they need to continue learning, so they are always up to date on the law and changes in the market.
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Software or Banking Systems Specialist
Average Annual Salary: N/A
Like many fields today, the technical side of the industry is where a lot of the money is. Banking is no exception, with the position of software or banking systems specialist being one of the highest-paying jobs.
This individual is responsible for installing, maintaining, troubleshooting, informing, and updating computer programs that are used within the bank. There will likely be a lot of technical support required of them.
If this is something that really interests you, moving beyond a local bank into the corporate offices allows you the potential to be on the creative side of software systems, earning even more money while having the responsibility of creating new banking software programs and website experiences.
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Average Annual Salary: $37,000
A mortgage banker is a little bit like a loan officer, but they specialize in mortgages and nothing else. The home buying and selling businesses are so busy that most banks have one, if not several, individuals who specialize in mortgages. It’s a tricky industry with a lot of requirements and laws.
Banks like to invest in mortgages because that gives them a reliable base of income from borrowers, but they only want to do it if they believe the borrower is likely to pay back that loan. This is why a mortgage banker is so important.
10 Entry Level Jobs at Commercial Banks
Finance is a very competitive field, and the realm of commercial banking falls smack dab in the center of finance. There are a few entry-level jobs that don’t require a bachelor’s degree, and they can be used to get your foot in the door and begin making connections, but if you’re thinking about rising up the ranks, or starting with many of these positions, then you’ll want a college degree.
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Average Annual Salary: $29,000
Most receptionists in commercial banks have a high school diploma, but it’s not necessary to have any additional education. Your job is to welcome guests into the bank and determine who they need to see. Some of them will have appointments, while others will just be coming in off the street and looking for information.
Your primary responsibility is to be welcoming and make them feel at home so they decide to do business with your employer.
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Average Annual Salary: $36,000
Some administrative assistants do have advanced degrees, but they’re not always required. These individuals help management or executives handle day-to-day tasks, prepare reports, manage appointments, maintain office supplies, and other duties that keep the entire bank or their department running smoothly.
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Average Annual Salary: $30,000
There are a lot of valuables in most banks. It’s not just about cash, but security deposit boxes can be filled with important documents, jewels, heirlooms, and more.
Security guards are a key part of most banks, whether they’re visible to the public or behind the scenes monitoring surveillance equipment. They might also be required to accompany key personnel on some off-site tasks.
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Average Annual Salary: $31,000
A bank teller is another one of the few positions you might be able to get in a commercial bank with just a high school diploma. You’ll be trusted with confidential information and handling money on a regular basis. You’re also expected to be friendly and well-informed since you’ll be dealing with customers regularly.
This is a great job for people looking to get into the industry and test it out or work part-time while earning a college degree.
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Average Annual Salary: $44,000
An assistant manager is going to need to have a degree, and usually, they come to the position with some management experience. Since you’re helping the manager, this is considered an entry-level position, and it can be a great stepping stone to furthering your career in finance and management.
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Average Annual Salary: $31,000
A personal banker is a financial professional who typically has a bachelor’s degree and is just starting out. They can help existing and new customers looking to set up basic checking and savings accounts, money markets, retirement accounts, and other financial vehicles.
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Average Annual Salary: $61,000
Some very large banks have people who serve as the notary public. This job requires someone who is certified by the government to be a witness to the execution of legal documents. Smaller banks will roll this responsibility into many different positions within their walls.
There is no education required, but you’ll need to meet your state’s requirements, pass an exam, and purchase a surety bond.
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Average Annual Salary: $36,000
Underwriters process loan applications. Their primary job is to make sure the individual or business applying for the loan has the sufficient means to make payments and that they have a history of being good with their payments – i.e., a good credit record.
The paperwork and research involved in underwriting often fall to the assistant underwriter. This is a great entry-level position as it gives key insight into what’s involved in underwriting and opens the doors to future work.
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Customer Service Representative
Average Annual Salary: $30,000
A customer service representative needs to quickly become very familiar with their commercial banking institution’s offerings, both products, and services. It is their job to guide customers toward financial options that will benefit both customers and the bank. They might also do tasks such as processing payments, refunds, managing exchanges, etc.
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Average Annual Salary: $37,000
A loan assistant’s job is to support the loan officer and do many of the same tasks that the officer does. Most of your work will involve paperwork, research, and staying abreast of laws in the loan business.
Confidentiality is key in most banking positions, especially those involving loans – personal and business. This is a great job to have if you want to advance in banking. It allows you to learn the ropes and prove yourself to be a trustworthy and diligent employee.
Why Choose a Career in Commercial Banking
If you’re starting a list of pros for the commercial banking industry, there are certainly many reasons why it’s a good career choice.
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Wide variety of jobs. From working security to managing other people, there are more career paths within the banking industry than most people realize. It’s not always just about money and numbers.
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You’ll meet a lot of people. Many of the people in banking work directly with customers all day long. If this is something that appeals to you, then you can easily find a position within the commercial banking industry that lets you flex your interpersonal skills.
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You can use your math abilities. While some people say they never use advanced math after high school, people in the banking profession use it regularly. If you like this idea, then banking is a great field for you because you get to show off those skills and get lost in numbers.
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Opportunity for advancement is great. If you’re interested in climbing the corporate ladder and earning a high salary, the banking industry has plenty of opportunities for you to grow and earn. Find a branch that appeals to you and start proving yourself today; entry-level jobs are available.
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You’ll become better at your own banking. With all the knowledge you gain while working in this industry, you’ll become better equipped to handle your own finances and make wise choices about your future investments.
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Job security is high. While some industries are on the decline, banking is one that never will be. There may be shifts in how people approach banking and finances, but they will always need the security of a bank, which means you’ll always have a job.
Education and Certification Requirements for a Career in a Commercial Bank
Most commercial banking jobs require at least a bachelor’s degree, and many require further degrees or certifications, such as a Certified Financial Planner (CFP) or Certified Fund Specialist (CFS). But there are some entry-level jobs that can help you find a starting place, with a degree or without, and give you contacts you’ll need and critical experience to find the right banking job for you.
If you know that banking is where you want to be, the following degrees are options to consider.
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High School Diploma. There are only a few jobs in the banking sector that you can get without a bachelor’s degree, but even those will expect you to have a high school diploma.
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Bachelor’s Degree. There are a few different areas you can specialize in with a bachelor’s degree that work well in commercial banking. Consider majoring in finance, accounting, business, or banking.
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Master’s Degree. To advance in banking, then you may need to get a master’s degree. The Master of Business Administration (MBA) is often considered the ultimate in the world of banking, but it is by no means the only option. You can get a master’s in finance, economics, financial technology, accounting, mathematics, statistics, and several other fields.
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Certifications. There are many, many different certifications you can get once you’re in the field of banking, and they are all pretty specialized. That means you’ll want to go down the path that most closely aligns with your career trajectory. Some possible certifications include:
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Certified Financial Planner (CFP)
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Certified Fund Specialist (CFS)
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Certified Public Accountant (CPA)
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Certified Management Accountant (CMA)
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Chartered Financial Analyst (CFA)
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Chartered Investment Counselor (CIA)
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Chartered Financial Consultant (CFC)
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Financial Risk Manager
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What Do People Working In Commercial Banking Do?
Commercial banking jobs offer a lot of different possibilities and paths. There are entry-level positions that don’t require additional experience or education, and there are top-tier corporate jobs that require years of experience and education.
Most people have some experience with commercial banking from a customer perspective. Commercial banks are financial institutions that offer savings and checking services, make loans for homes, vehicles, and businesses, and have various other options for handling your money.
Commercial banks make money from the interest they charge on loans. They get their capital for loans from the deposits made by customers. It’s an interesting circle that can be fun to see from the inside as a commercial banking professional.
- Finance
- Energy
- Commodities
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- Consumer
- Pharma
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- Retail
Author
Kristin Kizer is an award-winning writer, television and documentary producer, and content specialist who has worked on a wide variety of written, broadcast, and electronic publications. A former writer/producer for The Discovery Channel, she is now a freelance writer and delighted to be sharing her talents and time with the wonderful Zippia audience.
