Currently, there are 27,000 available jobs in the major banks job market in the United States. These jobs include personal finance adviser, financial analyst, relationship manager, accountant, credit analyst, and investment representative. The number is increasing and it will create space for people who want to build a career in major banks.
The U.S. Bureau of Labor Statistics (BLS) reports the major banks employment rate grew by 1.2% from 2020 to 2021. Tens of thousands of jobs are going to be available in the major banks’ sector in the nearest future. The industry has a growth outlook of 2.19% from 2023 to 2025.
What are Commercial or Major Banks?
Wikipedia defines commercial or major banks as financial institutions that take financial deposits from the public and gives loans. They do this as an investment procedure to make a profit. Commercial or major banks also deal with large and middle-sized businesses to differentiate their retail and investment banks.
Overview of the Major Banks Job Market
The major banks job market deals with monetary transactions, cash storage, and investments. Thus, the sector plays an important role in economic growth. The industry is stable and has a demand for professionals in digital banking, data analysis, and compliance.
Automation and digitalization make the major banks job market a good career path for IT and accounting professionals. Additionally, the rise of fintech and digital banking leads to the development of new jobs such as data scientists. Other new roles include digital product managers, front and backend developers designers, and cybersecurity experts.
10 Most Common and Available Jobs in Major Banks
The banking sector is one of the strongest pillars of the society and economy. They offer many financial services to enterprises and individuals and you can find high-paying jobs in the major banks. If you’re looking forward to exploring the major banks industry, then, knowing the most common jobs is a great step.
Here are the 10 most common and available jobs in major banks.
1. Personal Financial Adviser
Average Annual Salary: $89,160
Personal financial advisors provide financial advice and services to customers by discussing their financial goals. Their jobs entail advising clients on financial plans using knowledge of tax, insurance, investment strategies, securities, and pension plans.
A personal finance advisor possess wealth management and analytical thinking skills and specialized knowledge of tax laws and investment strategies.
Employees require a bachelor’s degree in business, economics, accounting, or any related field. According to the Bureau of Labor Statistics, this role will produce 50,900 jobs every year. It also has a growth outlook of 15% from 2021 to 2031.
2. Financial Analyst
Average Annual Salary: $83,660
Financial analysts evaluate investments and guide businesses and individuals in making investment decisions. They also assess the performance of stocks, bonds, and other types of investments.
To be a financial analyst, you must have good quantitative skills, expert problem-solving abilities, and knowledge of corporate finance. Many companies require financial analysts to hold a bachelor’s degree in any field related to finance or accounting.
This is one of the most important jobs in the bank market sector. BLS, predicts a 9.3% growth between 2021 and 2031. It will also produce 77,200 jobs per year.
3. Relationship Manager
Average Annual Salary: $83,761
Relationship managers maintain relationships with clients and provide financial advice. They also promote their bank’s products and services. This job is important to this sector because they retain old customers and bring in new ones, which positively influences the bank’s profits.
A relationship manager possess skills to explain complex information clearly, and good interpersonal, customer service, and analytical skills. Employers require a bachelor’s degree in finance or any related field for this position.
The job outlook for relationship managers is positive with a growth of 15% in the next 10 years. It will provide many job opportunities in the future. There are 27,000 job vacancies in the US for this role.
Average Annual Salary: $77,250
Accountants manage the financial records of their banks and ensure compliance with regulations. They also analyze financial data for businesses and their banks to make decisions. Accountants are high in demand because they ensure that the bank’s finances are accurate. This is crucial for maintaining trust with customers and other stakeholders.
An accountant must possess analytical, communication, organizational, negotiation, influencing, and critical thinking skills.
You need a bachelor’s degree in accounting or finance to get this role. The United States BLS predicts the accountants’ role will grow by 7% between 2020 and 2030. It will also produce employment of 76,000 jobs.
5. Credit Analyst
Average Annual Salary: $71,340
Credit analysts gather and review information about loan applicants to assess their creditworthiness. They analyze their payment patterns, earnings and savings, and spending habits to determine whether a loan should be approved or denied. Their job is important because they assist their establishments in making sound lending decisions.
To be an excellent credit analyst, you need financial analysis, due diligence, multitasking, active learning, and problem-solving skills. Employers require a bachelor’s degree in finance, economics, accounting, mathematics, or physics. Others require a master’s degree in these fields.
According to BLS, the job outlook for credit analysts forecasts a growth of 9% from 2021 to 2031. This role will produce 32,000 jobs every year.
6. Investment Representative
Average Annual Salary: $65,361
Investment representatives provide financial advice and guidance on various investment products. Additionally, they help customers make decisions on investments by analyzing market trends and checking the risk involved. This role is important because they work with bank clients to grow their wealth and ensure investment practices are sound.
An investment representative must possess research, wealth management, analytical thinking, detail orientation, interpersonal, sales, coordination, and monitoring skills.
78% of investment representatives hold a bachelor’s degree and 11% hold an associate degree. Some employers also require relevant years of experience. The growth outlook for investment representatives is positive with a rate of 15% from 2021 to 2031. It will produce 50,900 jobs in the future.
Average Annual Salary: $63,717
Bankers are responsible for managing client bank accounts and this includes opening and closing accounts, and monitoring transactions. They work on monetary transactions, authorize and evaluate overdrafts and loans, and write cashier checks when necessary. A banker also discuss new financial services available in the banks and help customers resolve issues. These duties make their job an important one.
They must have analytical skills, commercial awareness, attention to detail, determination, work ethic, and relationship-management abilities. Employers require a bachelor’s degree in business, finance, or accounting for mid-level roles. Some upper-level banking jobs require a master’s degree.
The job outlook for bankers is positive with a growth rate of 9% from 2021 to 2031. This shows that more jobs will be available in the major banks sector in the future.
8. Loan Processor
Average Annual Salary: $51,420
Loan processors in major banks gather the paperwork and documentation for people who need a loan. They help customers fill out loan applications by interviewing them while giving them information on the process. Employees in this position also review remote mortgages and analyze income documents for loan requests and lender requirements. Loan processors are important to the bank job market.
A loan processor need innovation, time management, detail orientation, loan closing, and communication skills. Employers require a minimum of a high school diploma or GED in English and maths.
The Bureau of Labor Statistics forecasts an 8% increase in the United States from 2018 to 2028. It will also produce 29,400 jobs in the next 10 years.
9. Mortgage Consultant
Average Annual Salary: $38,934
Mortgage consultants help clients secure home loans by giving them advice and guiding them throughout the mortgage application process. They analyze their client’s financial status, assess the available mortgage options, and choose the best services for their needs. This role is important because they assist people in making their homeownership a reality.
A mortgage consultant know about compliance and mortgage loans. They must possess documentation, maths, attention to detail, decision-making, and sales skills.
Employers require a bachelor’s degree in business or computer science. The growth rate outlook for mortgage consultants is positive with a growth rate of 4% from 2020 to 2030. It will produce 29,400 jobs every year.
10. Bank Teller
Average Annual Salary: $32,960
A bank teller processes transactions at a bank, such as deposits and withdrawals. They are the first person you see when you enter a bank establishment. Thus making their job important. Bank tellers support customers and ensure that clients’ transactions are processed correctly and fast.
To be a bank teller you must possess communication, customer service, and documentation skills and experience working with numbers.
Bank tellers require a minimum of a high school diploma or GED. Some employers require candidates with a bachelor’s degree in finance, business, or a related field.
The US Bureau of Labor Statistics, predicts a 12% reduction in the employment of bank tellers from 2018 to 2028. BLS also shows that only a few jobs will be available in this field.
Other jobs available in commercial or major banks
The jobs above are some available and common jobs in major banks. Other jobs available in commercial or major banks include:
- Trader- (Average Annual Salary: $80,000)
- Risk Manager- (Average Annual Salary: $80,000)
- Auditor- (Average Annual Salary: $60,000)
- Compliance officer- (Average Annual Salary: $60,00)
- Customers service- (Average Annual Salary: $47,000)
Most Common and Available Entry-Level Jobs in Major Banks
Many banks offer entry-level jobs that do not require a degree or diploma or any other educational qualifications. These banks provide opportunities for individuals to start a career in the industry.
5 common and available entry-level jobs in major banks include:
1- Operations Clerk
Average Annual Salary: $43,000
Operations clerks administer clerical tasks to support their banks. They also sort mail, liaise with customers, manage office equipment, order office supplies, and do data entry work.
Their job is important to the banking market to ensure the smooth running of day-to-day activities in a company.
An operation clerk require clerical, communication, data entry, record-keeping, and computer skills. The minimum educational requirement for an operations clerk is a high school diploma.
The US Bureau of Labor Statistics predicts a 9% job growth rate from 2016 to 2026. This role will produce 325,400 openings for general office clerks every year from 2020 to 2030.
2. Personal Banker
Average Annual Salary: $40,593
Personal bankers help customers with their banking needs, like opening accounts, processing transactions, and providing financial advice. They sometimes work in community banks, where they do financial planning and mortgage banking.
A personal banker must have knowledge of computers, best practices, and regulations involving personal banking.
A high school diploma or GED is the minimum educational requirement for personal bankers Some employers require they pass the financial industry regulatory exams.
The job outlook for personal bankers is positive with a growth rate of 7% from 2020 to 2030. This role will produce many jobs in the coming years.
3. Bank Security Guard
Average Annual Salary: $37,834
Bank security guards protect bank property people from various hazards like waste, unsafe worker behavior, criminal activity, and more. They receive the necessary training to handle any security-related threats.
The most relevant skills a bank security guard are surveillance skills, attention to detail, physical fitness, and knowledge of public safety.
Employers require security guards to only have a few years of experience and a gun license. The job outlook for this role is positive with a growth rate of 3% from 2021 to 2031. It will produce about 155,900 jobs by 2029.
4. Bank Courier
Average Annual Salary: $32,795
Bank couriers transport important documents, checks, money, and other things between banks and their clients and other banks. They drive armored cars and work with security agents. partner. Bank couriers sometimes carry weapons and have self-defense training because they transport valuables. Their role is important because handle highly valuable packages for their banks.
A bank courier must have management and organizational skills, attention to detail, and the ability to monitor their environment.
Employers require a high school diploma. Some do not require any educational qualifications. You must have a valid driver’s license for this position. The growth outlook for this job is 2% from 2018 to 2028. It will also produce 48,400 jobs by 2029.
Average Annual Salary: $28,497
Receptionists greet customers, answer phone calls, schedule appointments, and direct customers to the right session for their needs. They are important in the bank job market because they are the first point of contact for clients and visitors.
To be a receptionist, you must possess excellent communication skills, customer service orientation, attention to detail, and the ability to multitask.
Employers prefer candidates with post-secondary education or training in business administration or related fields. The Bureau of Labor Statistics predicts 142,000 openings in this sector every year. The job growth outlook is 0.4% from 2021 to 2031.
What is the Job Description of a Banking Professional?
The job description of a banking professional varies depending on the specific role and level of seniority. Below are some common responsibilities banking professionals perform.
5 major job activities carried out of banking professionals.
Banking adheres to regulatory policies like Know Your Customer (KYC) Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). They also ensure that all bank transactions comply with banking regulations.
2. Sales and business development
They sell financial products and services to their clients. This involves analyzing customer needs and recommending the best-fitting products and services for their needs.
Banking experts are responsible for analyzing financial data to understand market trends. They also evaluate risk and make informed decisions about loans and investment activities.
4. Operations and administration
They run the operations of the banking institution. Their duties are management of transactions, monitoring account activity, and ensuring compliance with regulatory requirements.
As new technology keeps coming out, bankers get familiar with the latest banking technology and tools. They work with online platforms, mobile applications, and other digital channels. Bankers adapt to new technologies and provide support to clients who need help with these tools.
How to Apply for a Job in Major Banks?
Getting a job in major banks is always competitive and challenging because many talented people are struggling for job openings too. To stand out from the crowd, you must know the necessary steps to take before applying.
Here are the 5 actionable steps you can follow to apply for a job in major banks
1. Get an education
Know the role you want and find out the educational qualifications. You should have a minimum of a high school diploma or GED. If you don’t have one, enroll in a school, pursue your education, and get a certificate. Employers will find you attractive and it will increase your job prospects.
2. Obtain a degree
Make sure you acquire a degree relevant to your job description. If you want to work in the IT department, you can obtain a degree in computer science or data analysis. Go for a relevant major. Many employers require a degree for most job openings.
3. Gain experience
There are many opportunities to gain experience in the consumer non-durables industry. Take up internships, entry-level positions, or volunteer work. These will help you boost your resume and give you valuable experience.
4. Research job openings
Check the bank’s website and other relevant job listing sites to find vacancies. You can also reach out to recruiters who specialize in the banking industry.
5. Submit your application
Once you’ve gotten your degree and done the necessary research, you can apply for the vacant positions in the banks. Make sure you follow the information and provide accurate information.
How to get an entry-level job in major banks?
Getting an entry-level job in major banks is easy if you know the right steps to take. There are several paths you can take to increase your chances of landing a position.
Here are 5 basic steps that will increase your chances of getting an entry-level job in major banks
1. Be flexible and open to different roles
Even though they might not be your ideal job, keep an open mind about other alternatives within the bank. It can be helpful to accept a position in a different division or sector of the bank because it can give you experience and open up prospects.
2. Use your network to your advantage
Reaching out to people you know will make your job search faster. Try and talk to your friends, family, community members, and colleagues who work in the banking industry. Ask for advice and referrals. They can connect you with someone who can help you land a job or offer valuable insights into the industry.
3. Build relevant skills
Analytical, good communication and teamwork abilities are necessary for many entry-level positions in banking. Enrol in programs and work toward experience in fields like finance, accounting, or customer service. You can also build skills in relevant areas.
4. Apply for internships
You can build connections in the banking job market through internships. It is also a faster way to gain more knowledge of the industry and get hired. Many banks offer summer internships for college students. You should take one and make the most out of it.
5. Apply for entry-level positions in major banks
You can get entry-level opportunities by visiting corporate websites and job boards. Put the job position you are looking for in the search box and filter it to fit your desire. Make sure your cover letter and CV/resume are ready before you move over to apply.
Additional tips for finding available jobs in major banks
In addition to the tips listed above, there are other strategies you can employ to get your career started.
Here are additional 3 tips for finding available jobs in major banks
1. Keep learning
Technology and globalization make the banking sector revolve constantly. Continuous learning is necessary if you want to stay relevant in the industry. Ask questions, take new classes, and get your certificates. This will get you committed to the sector.
2. Stay up-to-date with industry news
Always try to stay updated by listening to industry news and monitoring trends. You can stay updated by reading news related to the sector. It will educate you more and keep you informed on recent changes in the field.
3. Get recommendations
You can easily get an entry-level job if you have worked in any banking or related field. Ask for recommendations from your previous bosses or supervisors. A positive recommendation will make you stand out from other candidates.
What are the Educational Requirements and Training for Major Banking Jobs?
Many people believe that work in major banks, you must have the highest degree from a higher institution. Educational requirements and training for the banking sector jobs vary depending on the banks. Each bank has its criteria for different roles. You should read the job description to have an idea of what the recruiter is looking for.
Here are 3 common educational requirements to land a role with major banks
1. High School Diploma
Many jobs in the banking sector require a high school diploma. You can easily land a job in the bank with it. However, people who have a high school diploma do not get the same pay rates as others with higher qualifications.
2. Associate’s Degree
Candidates with associate’s degrees in information technology or data analysis are easily hired by employers in the banking industry. You can boost your chances of getting a job by adding other certificates to your associate degree.
3. Bachelor’s Degree
A bachelor’s degree from an accredited university is required for major positions in the banking sector. Additionally, a university degree is necessary for highly specialized positions like online banking experts, cyber security specialists, and data scientists. Many employers require a master’s degree in some cases.
Training and Certification
Training and certifications are important for many roles in the banking job market. Certifications show that you are an expert committed to the banking industry.
7 trainings and certifications that will boost your chances of landing a job in major banks
1. Certified Treasury Professional (CTP)
This training and certification focus on the management of valuables. People who undergo this training learn how to handle cash, liquidity, and risk management. If you want to be highly valuable in the banking sector, this certificate will complement your already existing degree.
2. Chartered Financial Analyst (CFA)
Individuals who go for CFA training master a wide range of financial topics. They include investment analysis and portfolio management. This training is very relevant and people who are certified in it are highly valued in the banking job market.
3. Certified Fintech Professional (CFP)
Many financial institutions are rising with models different from the traditional banking system. The CFP certification focus teach skills and knowledge which are relevant to understanding and implementing fintech solutions in the banking sector.
4. Certified Blockchain Professional (CBP)
Decentralized technology is making waves in the banking market. Many banks are not looking into the blockchain and certified experts on it are in high demand. This training guides banking experts on the implementation and management of different blockchain projects.
5. Certified Anti-Money Laundering Specialist (CAMS)
Money laundry and fraud are challenges the banking industry face. Experts who are professionals in it are valuable. The CAMS certification focuses on the skills and knowledge the banking sector needs to identify and prevent money laundering activities.
6. Certified Financial Planner (CFP)
This certification focuses on making financial and retirement plans, and investments. This knowledge is relevant in the banking industry.
7. Certified Information Systems Auditor (CISA)
Information technology is important in the banking industry. This training and certification focus on information auditing and security. People who have this skill are highly sort after.
Where Do I Find Major Banks Jobs?
There are many places where you can find job openings in the major banks industry. It is also important to do your research and find the right role for your skills and interests.
Here are 5 relevant platforms to find major banks jobs
This job board has many job postings for the major banks sector. If you are searching for a job, use this platform to find any role. There are various jobs from entry-level to high-level.
CareerBuilder has many jobs listed on its platform, but it has a section for the major banks sector. You can find both remote and on-site jobs on this platform. Use the filter section to find jobs that suit your career goals.
This platform has many employment opportunities for the major banks sector. It has high-paying and executive-level positions. There are many entry-level jobs listed there too. This is a good platform for a job search.
Glassdoor is popular for known for giving reviews and insights into companies and their hiring processes. This platform has a job listing section for major banks jobs.
This platform has many job openings in the major banks sector from across the world. They also have openings for small banks and credit unions. If you are looking for a job board with a wide variety of employment opportunities, Bankingjobs is perfect.
What are the Skills Needed to Get a Job in Major Banks?
Before you can get a job in a major bank, you must have or acquire skills set that are relevant in the banking industry. It will increase your chances of getting employed.
5 essential skills you need to get a job in major banks
1. Numeracy skills
Workers in the major banks industry must have numerical skills. They must know how to work with numbers. Additionally, they must know how to perform calculations, canvass data, and interpret financial statements.
2. Analytical skills
The banking industry needs individuals who can analyze complex data, and identify trends. They must also know how to make decisions based on their findings from their analysis. They are important to the banking sector.
3. Compliance knowledge abilities
Employers want people who know regulatory requirements and compliance standards. Non-compliance leads to legal and financial problems. This is why this skill is important in the banking sector.
4. Risk management skills
Many banking institutions employ people who can manage risks effectively. Risk managers are a plus to the banking sector. They identify potential risks and develop strategies to manage the risk.
5. Technology skills
The banking industry is having a lot of technological evolution. Banks need employees who know how to use software and technology to do their jobs.
What are the Factors Affecting the Availability of Jobs in Major Banks?
The major banks industry is very big in the global economy and it provides many jobs and development. However, many factors affect the availability of jobs in major banks.
5 major factors that influence the availability of jobs in the major banks’ industry
1. Merging and acquisitions
Merging and acquisition of banks impact the availability of jobs in major banks. When two banks merge, many roles will have duplicates and cause job losses. Additionally, if a bank buys another bank, it may increase its workforce to birth new positions. But mergers and acquisitions cause more job losses.
2. Advent of online banking
Customers prefer to do major of their banking transactions online. This affects the availability of jobs in major banks. As more bank users prefer to use digital platforms for their banking needs, banks start reducing their branch network. They hire more staff with digital skills to support online and mobile banking.
3. Regulatory environment
Regulations in the environment in which the bank is located can impact the availability of jobs in major banks. The banking industry hires more compliance staff to meet regulatory requirements. It can also make them reduce their workforce if regulatory changes make them lose some money.
4. Business strategy
The bank’s business strategy can affect the availability of jobs. When major banks decide to expand their products and services, they might hire more staff with specialized skills to support the new strategies. Additionally, if a bank decides to focus on cutting measures, it might reduce the workforce.
5. Economic condition
Economic changes can affect job opportunities available in the banking industry. When the economy is thriving, banks increase their activities and create more jobs. However, when there is a recession, banks reduce their workforce to cut costs.
How many job positions are there in a bank?
There are many job positions available in the major banks, ranging from entry-level to high-level. According to the US Bureau of Labor Statistics, 1.8 million jobs are available in the American commercial bank sector.
What is the most common job in major banks?
The most common jobs in major banks are customer service representatives, loan officers, financial analysts, marketing specialists, accountants, and IT professionals.
What is the highest position in a bank?
The highest position in a bank is the Managing Director. They are responsible for the day-to-day activities in the bank and report to the Chief Financial Officer (CFO) and other stakeholders. Managing directors earn an average salary of $432,591 annually.
What is the lowest position in the bank?
The lowest position in the bank is a bank teller or clerk. These roles don’t usually require any educational requirements. Their average salary is $34,972.
Can I get a job at the bank without an exam?
Yes, you can get a job at a bank without exams, depending on the position and the bank’s requirements.
Which bank job is easy to get?
It’s generally easy to get a bank job. However, getting a job depends on the bank’s requirements. If you have just a high school diploma and apply for jobs with a degree requirement, you will face difficulties.
What is the hardest banking job to get?
The investment banker is the hardest banking job to get. Wall Street considers the job the hardest because they work under high pressure and tight deadlines.
Are major banks jobs easy?
Major bank jobs are generally easy. However, some roles require long work hours, high levels of stress, and dealing with customers.
Conclusion: How Many Jobs are Available in Major Banks?
Major banks offer numerous job opportunities in sectors, such as marketing, customer service, IT, and others. With the increasing demand for financial services, major banks will continue to make jobs available for people with relevant skill sets and interests.