If you’re into accounting or finance, you may be considering a career in the banking industry. It is very lucrative for those who have a good educational background or experience in the industry already.
Banking jobs can be very different from one another, and that’s why we’ve made a list going over the most common jobs in the banking industry and what each of them entails. It’s important to read up on each job and the specific qualifications that are required for it so you know if it’s worth pursuing.
Financial Advisor
Financial advisors give their clients relevant information and help in making financial decisions. Financial advisors can help individuals manage their financial assets like choosing what to invest in or assisting them in making large financial decisions.
In addition to advising individuals, financial advisors like this banker can also work for companies to advise them on deals and help manage the assets of the company. A great example of a financial advisor who works for a company can be found.
As a financial advisor, you will have to be very knowledgeable on the stock markets and how to properly manage finances. This will require an educational background in most cases, and years of experience in the banking industry prior to becoming a financial advisor.
The median salary for this job is $88,000 per year.
Accountant
Accountants are responsible for correctly organizing and stating a company’s economic transactional history. Basically, they’re responsible for recording things the company has bought, sold, rented, etc.
To many peoples’ surprise, financial accounting does not require a lot of background in mathematics. The math that most accountants do is fairly simple, it’s just a matter of knowing what math to do – and when to do it.
Most accountants will take the receipts of all transactions for a company and then correctly interpret them into a financial report that follows G.A.A.P (Generally accepted accounting principles).
The median salary for this job is $71,550.
Auditor
If financial accountants are the restaurant cooks, then auditors are the health inspectors. The primary job of an auditor is to examine a company’s financial reportings to insure they are up to G.A.A.P rules and to make sure the company isn’t trying to hide anything by incorrectly reporting something.
All public companies must be audited by a firm recognized by the SEC (Securities and Exchange Commission), so there will always be a need for more auditors as more businesses open up with time.
The median salary for this job is also $71,550.
The 3 Types of Banking
Lastly, we want to go over the three different types of banking areas you could be working in. There is retail banking, commercial banking, and institutional banking. Each of these banking areas employ all the different types of jobs, but their work is just a bit different from how it would be in another area of banking.
Financial advisors for example, under retail banking would offer their services to individuals wishing financial advice for their income. Institutional banking financial advisors on the other hand work for large corporations, and need to be knowledgeable in other areas than a financial advisor working in retail banking.
Institutional banking is geared toward the larger corporations, institutions, and companies. Working for a large institution is going to mean a higher level of complexity when it comes to managing finances. There’s now mergers, acquisitions, billion dollar deals, and more.
Commercial banking is a step down from institutional banking in orders of magnitude, but it is still a complex area to go into as a financial advisor as you still are helping companies manage their assets – just more along the lines of locally owned businesses rather than being an advisor for JP Morgan Chase.
Speaking of actual banks, retail banking is the area where many personal financial advisors offer their services. Many individuals want financial advice on how to invest and properly budget the money they make, and go to their bank for that.
Key Takeaways
In this article, we went over some popular jobs found in the banking industry. We went over what it means to be a financial advisor, a financial accountant, and an auditor. In addition to that, we also covered the three main areas of banking – Institutional, Commercial, and Retail.
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