Find a Job You Really Want In
Yes, savings institutions is a great career path. Savings institutions are similar to banks and might be called savings and loans or trust banks. They usually specialize in real estate financing instead of general banking activities.
Pay attention to the letters after their name; they will have an SSB if they’re a state savings bank and an FSB if it’s a federal savings bank. A state bank will follow state rules, and a federal one will have some federal protections.
While a savings institution may focus on real estate loans, they can diversify and handle other types of transactions as well. If you’re interested in working in finance, there are many different types of financial institutions that you can explore; a savings institution is a fine option.
The 5 Best-Paying Jobs in Savings Institutions
Savings Institutions often require a degree for advancement in the field. If you’re willing to put in the work to earn a bachelor’s degree and beyond, then you can work your way into one of the following five best-paying jobs in the Savings Institutions business.
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Savings Institution President
Average Annual Salary: N/A
As president of the savings institution, you’re in charge of just about everything, and your paycheck will reflect this responsibility load. Expect to earn a master’s degree if this is your career goal. You’ll also have to spend several years in finance, getting experience and working your way up the ladder.
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President of Commercial Loans
Average Annual Salary: N/A
You’ll oversee the handling of all commercial loans in this position. You may also be responsible for very important clients and handle their loans yourself. Otherwise, your job is all about management and staying on top of the industry trends and regulations so you can pass the information on to your team.
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Average Annual Salary: $131,000
The chief information officer, or CIO, oversees everything and everyone involved with a company’s information technology or IT. It’s a big job with a lot of responsibility, and it comes with a large paycheck too. You’re going to need an advanced degree to earn this position in most situations.
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Special Assets Officer
Average Annual Salary: N/A
The special assets officer will be managing classified loans with an eye on minimizing delinquency and charge-offs to attain performance metrics. These will be complex loans, so having an education beyond high school is required, and a solid understanding of financial rules, regulations, and laws is critical.
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Portfolio Compliance Specialist
Average Annual Salary: N/A
A portfolio compliance specialist is an expert in finance and has a bachelor’s degree at the very least; many have additional training and education. With this job, you’re responsible for analyzing account transactions and looking for any violations. You’ll also be responsible for making sure the overall portfolio is compliant with all laws and regulations.
10 Entry-Level Jobs in Savings Institutions
Most jobs in the financial industry are going to require some education, usually a bachelor’s degree. That means that even some entry-level positions require a bachelor’s degree. This can be a great career with a very decent salary, even for entry-level jobs, but you’ll have to put in the time and work to earn it.
The following jobs can be entry-level or starting jobs for someone with the right education in finance or accounting and willing to put in the time and effort to prove themselves in the business.
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Entry-Level Mortgage Sales
Average Annual Salary: N/A
This is a common job in a savings institution, and it begins as entry-level, but they’re grooming you to move out of that position pretty quickly.
You’re going to have to be comfortable with selling to do well in this field because there are a lot of cold sales involved and constantly finding customers. You’ll also need to be computer savvy and probably have a two-year associate’s degree at the least.
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Customer Services Representative
Average Annual Salary: $30,000
This job is basically a customer service job, but you’ll need to know quite a bit about real estate and the associated banking services that your institution offers. You’ll need to be a great customer service person with the ability to show empathy and communicate well. Education beyond high school isn’t necessary, and having a background in retail can be a big boost.
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Average Annual Salary: $29,000
This position might be similar to a customer service representative, but the questions will often be less involved, and you’ll be tasked with sorting questions and connecting customers and clients with appropriate staff. There might be phone duties, and you may also be responsible for online chat queries.
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Average Annual Salary: $35,000
Many times, an associate’s degree in human resources is a minimum requirement for this position. Most of your tasks will include helping the human resources director and team with data entry and paperwork, following up on new employee background checks, and answering employee questions about benefits and payroll.
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Average Annual Salary: $31,000
Some savings institutions will prefer that their tellers have some outside customer service experience, while others are willing to train their tellers. A teller in a savings institution will take payments and deposits, cash checks, issue savings withdrawals, and balance their transactions.
It’s similar to a regular bank teller position but some specific real estate knowledge will be necessary.
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Average Annual Salary: $25,000
A loan clerk will need a high school diploma or the equivalent and might be required to take some additional classes in finance. They’ll be responsible for maintaining paperwork, recording and creating loan documents, and following up with customers regarding late payments or potential refinance options.
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Average Annual Salary: $51,000
This job sometimes can be available if you have a high school diploma, but more often, you’ll find that you’ll need an associate’s degree or even a bachelor’s degree.
Entry-level marketing specialists help develop advertising, social media strategies and optimize the website experience. There will be other duties, but you’ll be helping out senior marketers, so they’re there to guide you.
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Average Annual Salary: $34,000
Whenever money is loaned to someone, there’s a chance that they won’t pay it back. In the savings institution business, the loans can be quite substantial, so collection for non-payment is an important job. This can be an entry-level job, and if you’re good at it, it might be something you enjoy doing for your entire career.
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Average Annual Salary: $30,000
As with other financial and banking institutions, security is ever-present. This is truly an entry-level job in this industry, and you won’t need education to do the job. What you will need is to pass a background check, and you might have to undergo some security training.
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Office Support/Administrative Assistant
Average Annual Salary: $36,000
Another entry-level position at a savings institution is that of office support. These people work to help process paperwork, do data entry, keep track of schedules, arrange meetings, and any other jobs that are required to keep their boss(es) days running smoothly. No degree in finance is required, but some computer skills are necessary.
Why Choose a Career in a Savings Institution
If you’ve decided that the savings and trust business might be the right field for you, then you probably already have an interest in the field of real estate or finance. This is definitely a number-crunching business with a lot of human interaction and communication thrown in.
The following are some reasons why you might want to choose a career in savings institutions.
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It’s a passion. If you’re interested in this field and have a desire to work in banking, then you’ll understand why it’s the right job. Some people were just born to be in banking.
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High earning potential. This industry is one where you may be required to have your master’s degree to succeed, but when you do, you can write your own ticket. There’s a lot of responsibility that comes with working with this much money, and with that comes a large paycheck.
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Exciting. If you thrive in a fast-paced environment and want to constantly be learning and becoming better at your job, then banking and finance are good fields for you to work in.
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Dealing with people. Many people in the banking industry enjoy getting to communicate with other people on a regular basis. You’re helping others, and you are the expert, which can be very rewarding.
Education and Certification Requirements for a Career in Savings Institutions
Working in the banking industry involves a well-rounded knowledge base that has a heavy emphasis on mathematics. It is also a field for people who are lifetime learners. There are constant changes to banking and tax laws and regulations, and you’ll need to stay on top of them.
All of this means that you’re going to need a lot of education. In fact, you might find that you’re constantly learning and earning certificates.
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High School Diploma or Equivalent. This is considered a must in the finance industry; you’ll most likely find that even the entry-level jobs that require no experience will still require a high school diploma.
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Bachelor’s Degree. Just about every job in finance requires a bachelor’s degree, especially once you move out of an entry-level position.
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Internship. An internship when you’re earning your bachelor’s or at the end of your college education is a great way to solidify your knowledge in the industry and get your foot in the door of a company.
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Master’s Degree. An MBA or Master of Business Administration is going to be a definite bonus in this field, especially if you’re looking to move up the ranks and earn the big bucks.
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Real Estate Knowledge. Because savings institutions primarily deal with real estate loans, knowing something about this field is essential. In fact, it’s expected. You’ll need to understand your local market, both commercial and residential real estate, and be somewhat of an expert to do this job well.
What Do People Working in Savings Institutions Do?
People working in saving institutions usually specialize in real estate financing instead of general banking activities. While this industry had a huge hiccup in the 1980s with the crash of many savings institutions, lessons were learned, and there is more diversification today and more safeguards. It’s still a strong industry that can lead to a great career.
Working in a savings institution comes with a level of prestige that is quite appealing to many. You’ll typically find a lot of respect from others because they trust and rely on your opinion and your knowledge, and that can make your busy days and long hours worth it. With a high level of commitment to the business, you’ll also find a high paycheck for compensation.
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.
