What are the jobs at Banks and Financial Institutions?
Finance is all about money- growth, investment, development, management, and balance. Everyone is fascinated with money but managing it requires skill and experience. If one cherishes working on the management and growth of money, then the banking jobs are the right ones. There are various jobs at banks and financial institutions that one can get enrolled in if one loves balancing checkbooks, creating budgeting spreadsheets, or analyzing budgets or investment scenarios.
So let’s dig into some of the jobs at banks and financial institutions. We will discuss some of the jobs popular at banks and financial institutions shortly here.
Jobs at Banks and Financial Institutions
Customer service is one of the most important services of banking and financial institutions as the outflow and inflow of money is the main function here. Such jobs are termed as one of the highest-paying jobs all around the world. The job opportunities may range in experience level or entry-level.
1. Bank Teller/Teller
The entry-level position in banking and financial institutions is the bank teller. He/she is responsible for assisting the clients in the withdrawal of money, creating the accounts, providing checks, and moving the transactions from one account to another per need.
He/she should have good problem-solving skills with good communication skills. He/she should be committed to confidentiality about the clients’ information. A diploma is a must to apply for this position, for example, a bachelor's degree in business, finance, accounting, or economics.
2. Loan Processor
As the name suggests, he/she should be liable to protect the organization and the monetary assets of an organization. The loans are provided to the clients from the institutions as providing loans is one of the major functions of such institutions. Hence, he/she should have knowledge of risk analysis and financial statements as their prime duties include reviewing loan applications and providing statements of approval or denial.
One should have a bachelor’s degree in accounting, finance, or business administration. Previous work experience in the loan or insurance sector is also prioritized for such positions.
3. Relationship Manager
The ultimate responsibility of the relationship manager is to work as the point of communication between the clients and the institution. He/she works as the main point of contact for enhancing relationships with the clients creating new accounts and fostering new members. He/she contacts different individuals and institutions through email or phone.
The relationship manager should have a bachelor’s degree in finance or business administration. And communication skill is a must for them along with the proper knowledge of the institution and the products.
4. Loan Officer
Accepting deposits and providing loans are two of the major functions of banks and financial institutions. The responsibilities of the loan officer include meeting with clients who require loans, determining their eligibility, reviewing their financial statements, and more. He/she should know about all the loan options that their institutions provide to borrowers.
He/she should have a Bachelor’s degree in Finance, Business, Accounting, or a related area. Work experience in the related field should also be on a priority list.
5. Asset Manager
The assets manager is mainly responsible for overseeing the financial performance of the client's assets that the clients have trusted in the institution. Per the clients’ investments, he/she is responsible for maintaining the balance between the risks and returns of their portfolio including shares, bonds, real estate, etc.
He/she should have in-depth knowledge of investment, market, analytics, and more. A Master’s degree in relevant fields and work experience are a must for such positions.
6. Equity Analyst
The equity analyst does a depth study, research, and analysis of the financial trends and information, industry, market, and other economic factors. The prime duty of the equity analyst is to scrutinize the balance sheets, annual reports, and market trends that may directly or indirectly impact the institution.
Work experience in the related field is needed for the position along with expertise in the banking and finance industry and an MBA degree is preferable.
7. Bank/Branch Manager
As the name suggests, he/she is responsible for overlooking the whole branch of that financial institution. There are many branches of a financial institution in different parts. For example, there are several branches of NMB bank. And each branch manager is appointed in each branch. He/she manages all the branch functions such as loan supervision, approval of LoCs, fostering customer relations, marketing, and more.
He/she should have extensive knowledge of the banking and finance industry and must hold a degree in business, accounting, or finance with strong leadership experience and communication and customer service skills.
The auditor is responsible for reviewing the accounting records, auditing all the internal processes, and ensuring accuracy and compliance with regulations and laws. He/she also provides solutions to minimize company risks. He/she evaluates the institutions’ internal control structure.
A Master’s degree in finance or accounting along with professional certification is a must for this position whereas the work experience adds up better.
An accountant is responsible to maintain all the financial records and accounts of the organization. They do the planning, analysis, and evaluation of the institutional expenses and income and maintain the records of all such particulars. Their daily activities include maintaining each transaction’s records properly and simultaneously.
Bachelor’s degree or master’s degree in accounting or finance is a must for this position.
The treasurer is one of the most important positions in banking and financial institutions. He/she manages the whole organizational finances including the institutional budget. He/she oversees all the investment strategies and major expenditures of the organization. The treasurer is responsible for managing such finances and looks upon the organizational goals and objectives if the finances are maintained in such a way or not.
He/she must obtain an advanced MBA degree with professional experience. Expertise of the finance sector along with investment strategies is a must for this position.
Apart from this, one can find numerous positions in banks and financial institutions as the functioning of such institutions is very huge. One can get enrolled per their educational credentials and interest. Good Luck!