Taking Your Career to the Bank

  *Career job information for job seekers and find good employment job

If you live in growing metropolitan areas, it may seem that branch banks and credit unions are springing up everywhere -- on street corners, in shopping malls and in grocery stores. Continued low interest rates are keeping mortgage and lending institutions busier than ever. All of these offices need staff, which is likely why CareerBuilder.com, one of the nation’s leading online job sites, has seen a 53 percent increase in job postings for accounting and finance positions since January 2003. Additionally, a recent Manpower Inc. survey showed that nearly 20 percent of finance, insurance and real estate companies intended to increase hiring in the 4th quarter 2003; the most positive showing since early 2001.

While more financial transactions are performed electronically via on-line or direct deposits and withdrawals and automatic teller machines now do many of the tasks typically associated with bank personnel, a recent Gallup poll found that more than half of respondents still visited their banks’ branches one to three times a month. Nearly 30 percent said they went to their local branches four or more times a month.

Other changes in the banking industry are creating new opportunities. With deregulation, banks are now allowed to offer a range of insurance and financial products. These new products and services are creating a need for securities and financial services sales representatives, financial analysts, and personal financial advisors. Demand for “personal bankers” and trust officers to manage the assets of clients who have money to invest, also will grow, according to Bureau of Labor Statistics (BLS).

These are all signs that the big cuts and right-sizing of the banking and finance industry are now over and the sector is beginning to rebuild staff in customer-contact and revenue generating positions. That means increased job opportunities for bank tellers, first-line branch managers, mortgage processors, schedulers and closing agents. While many of these positions are entry level, there are some excellent reasons to consider this field.

1. Typically, only a high school education is required to work as a teller or mortgage agent. The starting pay is comparable to many other jobs for high school graduates, but the work environment can be vastly preferable to other positions that might be available. Applicants who relate well with people and have good math skills could find themselves helping customers in a pleasant, professional environment. Most people will find counting tens and twenties in an air-conditioned bank more appealing than pressing shirts in a steamy laundry, for example.

2. Banking jobs also can fit with plans to continue one’s education while working. The regular hours offered by banks allow for night school, and many local branches are willing to schedule around morning or afternoon classes. While typical “banker’s hours” no longer exist as banks stay open to accommodate working families, the hours are much more regular than those available in other customer contact and retail jobs.

3. A position with a well-known financial institution will look good on a résumé if you decide to complete your education and move on to another career choice. Your experience in a professional finance-related environment could give you an edge in future job interviews.

4. According to the BLS, most tellers and clerks do move on to other career choices, but there are opportunities to obtain additional training and move into better paying jobs within the institution. Banks are also training front-line employees in sales techniques to promote ancillary products like insurance and investment services. The American Institute of Banking (AIB) and the Institute of Financial Education (IFE) offer banking related courses through their chapters in most cities. Many banks will pay for employees to receive training at these facilities or at community colleges. Job seekers wanting to enter and advance in this field may consider taking some of these courses on their own.

5. As banks and mortgage companies seek to reduce turnover of front-line staff, they are offering employees pay and advancement incentives. One regional organization with 97 offices, call their tellers “customer service representatives” and give them significant marketing responsibilities. Frontline employees are encouraged to attract deposits and refer mortgage and small-business loan prospects. These representatives can earn incentives worth as much as 75 percent of their base pay. Increased pay opportunities also exist in the mortgage and loan areas. According to the recently released 2004 Salary Guide from Robert Half Finance & Accounting and Accountemps, loan administrators can expect the largest percentage increase in base compensation of any accounting and finance category. Average starting salaries in this area are projected to rise 9.1 percent.

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