List of banking and finance careers

About 8.56 million people were employed in the financial services industry in May 2021. According to the Bureau of Labor Statistics, about 6.4 million people were employed in the banking services industry in 2019. The bulk of jobs in the banking and financial sector was financial managers, tellers and credit advisers. In terms of job vacancies, a total of 84,653 job vacancies were registered in the United States in October 2022. In this article, we take a closer look at different career opportunities in the banking and finance industries. finance.

Government jobs with banking experience

There are many opportunities for people with banking experience in federal and local governments. Vacancies include jobs such as financial analysts, accountants, tax auditors and financial analysts. Salary ranges for government jobs vary depending on the area of ​​specialization and degrees.

In addition to the typical level of pay offered in most federal departments, there are agencies, such as the Securities and Exchange Commission and the Government Accountability Office, that may earn you a higher level of pay. It may not be at the level of someone in investment banking, but there is a higher level of stability in a public sector job.

Some government jobs available to anyone with banking experience include:

  • Budget Analyst-This type of analyst is involved in the analysis and organization of government finances. The job profile includes preparing budgets and tracking institutional expenditures, among other duties.
  • Actuary-An actuary applies statistics and financial theory to analyze various high-risk and uncertain scenarios and, therefore, develops appropriate government policies to respond to these scenarios.
  • Financial Institutions Examiner—The job description is to ensure compliance with the laws that govern financial institutions and transactions. Other responsibilities include assessing the risk level of loans, reviewing balance sheets and assessing bank administration.
  • Loan officer-This person is responsible for evaluating, authorizing or recommending loan applications on behalf of the government.

What is the highest paying job in banking?

Getting into banking is not difficult, provided you have the right qualifications. Many entry-level finance jobs also pay reasonably well in the first two years. However, getting to the level of extremely lucrative positions requires continuous improvement, regular updating of skills, and patience.

Some of the highest paying banking jobs are:

  • Mergers and Acquisitions (M&A) Investment Banker—Banking professionals specializing in this segment provide valuable advice to a company’s top management when considering the possibilities of a merger or when acquiring another company. A mergers and acquisitions banker basically applies financial modeling to provide clients with an assessment of a potential merger or acquisition of a business. Excellent communication skills and in-depth knowledge of the markets are some of the main characteristics that make them excel in what they do. As of May 2022, the salary range for a mergers and acquisitions specialist is between $63,000 and $248,000.
  • Subscriber-Investment banking professionals in this segment primarily deal directly with clients to determine a company’s capital needs and to find the best options for acquiring that capital so that it meets company objectives. These specialists should generally be extremely knowledgeable about a specific industry and share good rapport with traders and security vendors. The typical salary for an underwriter would be between $59,000 and $127,000.
  • Venture capitalist—As a venture capitalist, you are able to invest in companies that are trying to sell innovative products and services that have the potential to dominate the market. Venture capitalists must be updated on the latest market trends and must be aware of emerging technologies and disruptive concepts in industries known to develop rapidly. They need to make decisions about which business to invest in and know how to close lucrative deals while securing substantial returns from those deals. The salary range for a venture capitalist is between $143,000 and $238,200

Positions and salaries in the Bank

Each bank follows a basic model with variations depending on the type of bank they specialize in and their geographic location. Core functionality is performed by the following people:

  • teller—The teller is essentially the first point of interaction for the bank. Besides processing transactions for the customer such as deposits and dispensing cash, the teller must answer questions about various bank products and explain any newly implemented programs or offers to customers. The average annual salary for a bank teller is around $33,000.
  • Loan officer-Although loan officers are technically only required to have a high school diploma, most reputable banks hire applicants with at least a bachelor’s degree. They generally receive on-the-job training and must familiarize themselves with the various loan and credit products offered by the institution. Their primary responsibility is to review and process loan applications. According to reports, the median annual salary for a loan officer could range from $60,000 to $211,000, depending on experience and employer.
  • Financial Analyst-A financial analyst provides services by advising clients on the best investment plans. They know the markets inside out and are able to provide curated plans to clients helping them build resilient portfolios that are protected from all worst case scenarios. The median annual salary for financial analysts is said to be between $70,000 and $80,000.

What other jobs can I do with banking experience?

A career in banking can be monotonous and over time it is natural to think about other career choices. In such a scenario, there are several choices available that someone with some banking experience can try, including, for example:

  • Personal Finance Advisor—A personal finance advisor builds a solid financial plan for their clients. They would be required to provide personal advice for managing money, making investments, and creating a monthly budget. Since this is essentially a freelance job, it is important to be organized and have strong communication and people skills. A personal finance advisor must have advanced problem-solving skills. The median annual salary is around $60,000, as of September 2021.
  • Head of Banking Compliance—The main responsibility of a bank compliance officer is to ensure that banks comply with applicable laws and regulations. The job profile consists of monitoring the administrative and operational processes of a bank, analyzing them, identifying risk areas and improving processes, if necessary. The officer will also conduct an assessment of any policies or procedures the bank wishes to implement. As someone experienced in the banking process, this would be a suitable option. Other desired characteristics would include fairly good computer skills and attention to detail. The median salary is nearly $71,500.
  • Fraud Examiner—As the name suggests, the primary responsibility of a fraud examiner would be to investigate allegations of fraud and verify their legitimacy. For someone with banking experience, this is a lucrative and exciting career choice. As part of the job profile, the fraud examiner must find evidence, report findings clearly, and interview parties involved in the incident. Private companies can hire fraud examiners to develop rules for preventing and identifying fraud. The profile requires having a thorough knowledge of various state-specific government regulations, being organized, and having exemplary record-keeping skills. The median salary is around $61,500.
Naveen Athrappully

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Naveen Athrappully is a reporter and covers world affairs and events at The Epoch Times.

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