Banking Careers Overview
When it comes to banking careers, two types of banking jobs are the most common: tellers and loan officers. Bank tellers are the ones who process customers transactions such as deposits and withdrawals, cashing checks, posting loan payments and creating cashier s checks. Loan officers take loan applications for customers for personal and business loans. They analyze the borrowers information and evaluate whether the loan should be approved or not.
Teller banking jobs typically require only a high school diploma, so that can be a good place to start with a banking career. You may receive up to one month of training, but it s typically on the job training, earn as you learn. Loan officer jobs require at least a bachelor s degree, preferably in finance or at least in business. The Bureau of Labor Statistics (BLS) reports that mortgage loan officers are required to be licensed.
Banking Job Market
If you have your sights set on banking careers, you may want to shoot for a loan officer position. A slow-down in bank branch growth is projected over the next 10 years and, coupled with mobile and online banking capabilities, is expected to decrease the demand for teller employment. A very modest one percent increase is the BLS s projection between 2012 and 2022, up to only 551,000 from 545,300. A recovery in the economy and an escalation in granting loans is what s expected to build the need for loan officers, projected to go up eight percent from 296,900 in 2012 to 319,800 loan officer jobs by 2022.
Both loan officers and tellers work full time, although some banks have part-time teller positions. The average annual income for a full-time teller is just under $25,000. Loan officers average over twice that amount each year, with the median wage at around $59,800. The compensation is calculated differently for the two jobs, however. While tellers are hourly wage earners, loan officers are often on commission or paid a fixed salary, and sometimes they re paid commission on top of a base salary.
Climb the Banking Ladder