Financial institutions categorized as commercial banks provide a wide variety of financial services. Commercial Banking Managers offer loans, payment, and credit services to individuals and businesses through their banks. Financial planning and brokerage services jobs are also provided by Commercial Bank Managers. The financial world is something they should be well versed in. They manage the financial operations of small and large companies, and both individuals and small businesses rely on them. Let us see How Many Jobs are Available in Commercial Bank?
From 2016 to 2021, there was a decline of -0.7% in employment in the US Commercial Banking sector. There are 1,839,897 employees on average in Commercial Banking in the US. The Commercial Banking sector in the US has been losing revenue per employee over the last five years. Nevertheless, the US Commercial Bank Sector is providing many jobs to the citizens.
Jobs Type in Commercial Bank
Investment Banker
Since we’ve discussed investment banking so far, let’s move ahead to jobs in commercial bank. In addition to providing various services to clients, an investment banker’s main responsibility is to raise capital by selling debt or equity securities. Analysts in investment banking assess stocks and bonds’ performance and value them based on it to generate capital. Thus, they must be able to handle complex financial models well, and have impeccable quantitative skills.
Investment bankers have to fulfill a number of responsibilities at the same time as performing on-spot valuations due to the fast-paced nature of modern investment banking.
Investment bankers use aggressive sales tactics to communicate with their networks. Investment bankers should provide investors with facts to help them make wise decisions as well as persuade them.
Investment banks recruit from the best schools in the same manner as Wall Street does. Ivy League graduates are in high demand in the United States.
If you wish to work in investment banking, you should earn a college degree, preferably in finance or economics. A financial institution internship will allow you to gain corporate experience, on-the-job training, and expand your network. To give yourself an edge over your competitors, obtain an MBA (finance) or another advanced degree in finance.
Finally, never underestimate the importance of being ready for a job opportunity. From the very beginning, focus on growing your network. Your college career center, industry groups, professors, the company you intern for, and even fellow seniors can provide great advice. People who studied with batch mates and later joined top organizations are usually the ones to provide each other with references.
Foreign Exchange Trader
The high rate of fluctuation in the value of foreign currencies can make a foreign exchange trader’s day stressful. The sale and purchase of currencies in foreign exchange markets make massive profits for foreign exchange traders by analyzing the factors that impact exchange rates and economies. In addition to reading reports, analyzing press, managing accounts, and spending a lot of time on the phone, a foreign exchange trader analyses reports, reads the press from many countries.
The job isn’t for weak-hearted people, to be honest. A decision involving millions of dollars can be made in a few seconds when taking advantage of valuation differences. It’s a job that requires strong decision-making ability, good contacts, and accurate information. With experience, intuition most often develops into gains.
Forex traders are born, not made, and no advanced degree shall make them better traders. Apart from entry-level employees, little higher education is available to employees.
The course does not require an undergraduate degree in mathematics, statistics, or economics. Foreign language skills, exposure to international affairs, and foreign education are attributes employers often value. To become an account manager, instead of a trader, one must have effective interpersonal skills.
Asset Manager
Managing a client’s financial assets is the responsibility of an asset manager. The investment manager is in charge of maintaining a balance between risk and return. A financial asset could include stocks, bonds, and real estate, among others. Asset managers know how to identify investment risks and maximize the return on individual investments while keeping their portfolios within specified limits. Portfolios should aim to increase their overall value.
The best asset managers possess excellent analytical skills, and they are highly detail-oriented. Thus, a manager has the opportunity to carefully examine each asset in the client’s portfolio. An investor should know how investment markets operate well enough so that he can anticipate upcoming trends affecting portfolio value and make informed decisions. As well, the asset manager should be aware of all the regulations and standards that govern trading and investing in order to ensure that all transactions by clients are in compliance.
Investment managers can specialize in a variety of areas. There are two well-known sectors among these:
- Physical Asset Management
- Enterprise Asset Management
Equity Analyst
In a financial institution or industry, equity analysts study and analyze financial trends. Traders analyze a company’s balance sheets, annual reports, and general market trends to predict its performance.
In order to become an equity analyst, you not only need an MBA in finance, but you also need a solid track record and certifications linked to the banking and finance industry.
Bank Manager
Branches of banks and financial companies are managed by bank managers, also called branch managers or branch managers. A branch manager manages all branch functions including applying for and approving loans and Lines of Credit (LOCs), developing customer relations, creating a reputation in the community to attract more customers, marketing, monitoring branch goals, and ensuring the branch meets its objectives.
A degree in business, finance, or accounting will not be sufficient for becoming a bank manager. The selection process may still consider applicants who do not possess this degree but have a master’s degree in finance.
To be accepted for the position, candidates must also possess both previous financial and leadership experience. In addition to demonstrating value addition in customer attraction in their previous banking experiences, candidates should possess extensive knowledge of banking rules.
Communication and customer service skills are key for branch managers so they can maintain good relationships with customers and employees. The challenges facing branches have to be managed by branch managers who are capable of dealing with them on a daily basis.
Management is a high-level responsibility and branch managers are expected to run their business as if it were their own. It’s true that bank managers have tremendous authority, but they still need to be able to accomplish the goals assigned to their branches.
Relationship Manager
Managing the relationship between a retail bank and a corporate bank is included in relationship management. The primary responsibility of a retail relationship manager is to introduce customers to the range of products and services that the bank offers. A corporate relationship manager deals with bigger organizations or SMEs; meanwhile, a business development manager works with small to medium-sized enterprises.
The role of a relationship manager focuses mostly on customer relationships, requiring candidates who have outstanding communication skills. To give customers sound advice, they must have adequate knowledge about the financial sector. In addition, employers typically seek candidates who possess a thorough knowledge of banking products and services, excellent analytical skills, and a clear sense of how to present complex information.
To hire relationship managers, standardized assessments have become commonplace, beyond undergraduate business or finance degrees. Candidates are tested to determine their potential success as relationship managers in banking institutions. As a relationship manager, aspects like English comprehension and quantitative ability are important indicators of success.
Internal Auditor
In a banking firm, internal auditors determine whether the internal control framework is efficient. In auditing internal processes, systems, and controls, they assess bank risks and how they are being managed. Its value-added solutions not only minimize risks but also ensure compliance by collecting and scrutinizing all records of the organization.
Audit reports are presented to directors after the audit is completed. Implementing proposed changes is not the responsibility of internal auditors. The CEO consults with the board before making a decision.
As the number of businesses seeking internal audit services continues to grow, job prospects for this position are positive. The advent of digitalization and the rise of cybercrimes will only increase the demand for internal auditors as regulations become more rigid.
Become an internal auditor by getting a finance or accounting degree. If you want to be more competitive, you’ll need to earn an advanced degree or earn a professional certification in the field. It is often necessary for this position to have work experience.
Budget Analyst
You will love this job if you are good at math and enjoy crunching numbers. A budget analyst plans the bank’s future expenditures as well as determines if it has any financial needs. Every now and then, they update budgets to reflect changes. In order for a bank’s spending to be more efficient, its budget analyst plays a crucial role. Budgets are kept on track and expenditures are accounted for.
Analysis of cost-benefit potential outcomes of budget changes by budget analysts is often required for the review of budget change proposals presented by management.
Additionally, most other banking jobs require a bachelor’s degree in accounting, economics, finance, or public administration. In many cases, candidates are also required to hold a master’s degree.
In addition to taking courses such as financial management, organizational management, and equity markets, you can obtain the budget analyst certification. Budget analysts learn budgeting on the job through experience and work through whole budget cycles, so these are the basic entry-level requirements.
Credit Analyst
In banks, entry-level positions like these are common. In analyzing loan applications, credit analysts are supposed to use credit scores. Clients seeking loans are analyzed for financial information in order to determine whether they are financially capable of repaying loans on time.
Bachelor’s degree candidates for this role should possess extensive knowledge of finance, accounting, or business. The credit analyst is expected to have extensive experience in accounts receivable, credit application processing, and accounting.
The candidate can complete a credit analysis certification although it isn’t necessary. Credit analysts can differentiate themselves from the competition by being certified rather than non-certified.
Loan Officer
They attract customers to lend to them by acting as salespeople. As a loan company, they may encounter many people who do not need a loan but do not have the creditworthiness to obtain one. In order to acquire and convert the best leads, a loan officer should be at the right place at the right time.
To convert qualified leads, loan officers must not only possess a thorough understanding of banking but also have decent selling skills. Sales commissions compensate for the challenges involved, attracting many applicants.
A loan officer can be a commercial loan officer, a mortgage loan officer, a consumer loan officer, or a loan collection officer. To be eligible for application for any of these positions, you need a bachelor’s degree in finance or business. As a commercial loan officer, you need strong financial statement analysis skills and a firm understanding of business accounting.
Bank Teller
Among all the jobs in the banking industry, this is the simplest. Representatives of the bank, as well as bank tellers, perform daily transactions. Customers can deposit money, transfer funds, withdraw funds, and check their cash. These employees usually count the cash, answer telephones, resolve customer concerns, collect payments, and fill out deposit slips.
Besides the preparation of traveler’s checks, money orders, or savings bonds, the bank tellers also exchange foreign currencies. Therefore, they should be familiar with the systems and policies of their bank.
For security reasons, tellers must be extra vigilant while providing the best customer service. Customers must be verified as being who they claim to be. The customer’s account must also have enough funds to process the transaction. Tellers at banks must be cautious because of this. Their daily activities involve handling millions of dollars in cash, so they have high integrity.
For a position as a bank teller, you need a high school diploma or another equivalent degree. An undergraduate degree isn’t required. Normally, the training takes about a month, and most new tellers are on-the-job trained. A teller’s career may progress toward being appointed as a head teller, whose responsibilities include supervising other tellers, establishing work schedules, and training newly hired tellers. Once they have more experience, they may qualify for sales positions or loan officer positions, earning high wages with every promotion.
By using online and mobile banking services, you will no longer need to go to your bank. Automated teller machines and video kiosks will further reduce bank teller roles in the future.
Some other jobs in Commercial Bank
Careers or Jobs in Commercial Bank
Credit Analyst. General Manager. Managing Director, Business Development. Branch Manager. Loan Officers.
Are There Any Jobs Prospect in Commercial Bank Sector?
You have the main responsibility as a commercial banker to provide financial services to your clients. Like the tasks of a credit analyst and loan officer include helping clients to grow their businesses, purchase new equipment, fund working capital, and deal with day-to-day banking.
Conclusion
Business and personal bank accounts are both commonly held in commercial banks. In some cases, people turn to them when applying for loans or managing their finances. Among the services they offer are checking and savings accounts, payment and transaction processing, lines of credit for businesses, and loan and mortgage options. As compared to other forms of lending, credit unions offer more advantages.
Frequently Asked Questions
- Is commercial banking a good career choice?
Some people enjoy the work-life balance provided by a career in commercial banking. Perhaps you should consider moving into corporate banking, private equity, or investment management as your career progresses.
- In what ways do commercial bank jobs have advantages and disadvantages?
Advantages & Disadvantages of a Commercial Bank jobs
- There are discounts in commercial banks. They are also able to provide low prices.
- Sacrificed personal service. Many thousands of deals are closed each day by commercial banks.
- Products to be offered in the future.
- Finding credit is difficult.
