Commercial banking provides services to customers with businesses or commercial interests. This might include checking and savings accounts, credit cards, loan options and more. Commercial is an attractive career choice for anyone who is interested in business, finance and money management. While many big banks offer commercial banking services, you might be wondering whether or not commercial banking is a good career path for you. There are many different types of jobs available in commercial banks.
Jobs In Commercial Banks
There are over 1.95 million people working in full-time positions in commercial banks.
However, while commercial banking as an industry continues to grow with a massive market size of $963.4 billion in 2022 that doesn’t necessarily translate to an increase in the number of jobs available in commercial banks. More and more customers are turning to online banking services instead of in-person banks. According to Accenture’s report on Commercial Banking Top Trends in 2022 many commercial banks are investing heavily in digital services.
There are always new jobs available in commercial banking, usually because people are switching to jobs in different industries or retiring, and certain job types have more jobs available than others. For example, there’s a decline in the number of jobs available for bank tellers, but financial managers are seeing massive growth with a 17% increase in the number of jobs available.
What Are the types of jobs in commercial banks?
While many big banks offer commercial banking services, you might be wondering whether or not commercial banking is a good career path for you. There are many different types of jobs available in commercial banks. Some might require more training or experience, have a better job outlook than others, or offer a higher salary, but we’ve included several of the most common jobs below so you can do some research on which job might be right for you.
Most of us are familiar with bank tellers, as they’re a staple job available in most commercial and retail banks around the country. Bank tellers typically only require a high school diploma, and most banks provide on-the-job training with a median salary of $36,310.
However, while bank tellers do provide an important job working directly with customers to handle transactions the job outlook for bank tellers isn’t as good as other types of jobs in commercial banking. Due to the rising popularity of online banking, many people are turning to online services to handle these types of transactions. As a result, the Bureau of Labor and Statistics estimates a 17% decline in the number of bank teller jobs available by 2030.
The number of jobs available in finance can vary widely based on location and market conditions, but roles include financial analysts, accountants, investment bankers, and risk managers, among others.
Another popular type of job available at most commercial banks? The loan officer. Loan officers are responsible for reviewing and authorizing loan applications at banks, and they’re found at all types of banks commercial banks, credit unions, and more. While loan officers typically require a bachelor’s degree, they have a much higher median salary than bank tellers approximately $63,380 per year and have a better job outlook.
The Bureau of Labor and Statistics estimates there will be around 25,000 job openings for loan officers each year, so you might want to consider this job if you’re interested in a position that offers both customer service and sales components as you will be responsible for reviewing business and commercial loan applications.
Financial Sales Agents & Traders
When it comes to financial sales agents and traders, there are many different types of jobs available in multiple industries. Most sales agents and traders typically work for individual companies or investment banks, but they can sometimes work for commercial banks as well. Usually, financial sales agents and traders are responsible for buying and selling stocks, bonds, and other commodities both from individual clients and on behalf of the firm itself making this a very fast-paced and high stress job. To work as a sales agent or trader, you’ll need a bachelor’s degree or higher, and they offer a median salary of $62,910.
While there are jobs available as financial sales agents and traders, with 42,500 openings estimated by the Bureau of Labor and Statistics each year, they’re typically going to be found at investment banks and private companies not just commercial banks.
Financial managers are one of the highest-paid and fastest-growing occupations within commercial banking. These jobs typically require a bachelor’s degree as well as 5 years of experience in another financial or business role but they offer a median salary of $131,710.
Even better? Financial managers are experiencing massive growth, with the Bureau of Labor and Statistics estimating a 17% increase in the overall job outlook. If you’re someone who is looking for more responsibility then a job as a financial manager might be right for you. Honestly, it depends. There are certainly jobs within commercial banking that pay well above average like financial managers but those jobs typically require more education and experience. However, many large commercial banks, like JPMorgan Chase, offer apprenticeship and internship programs to help students and recent graduates gain experience.
Frequently Asked Questions:
Now that you know how many jobs are available in commercial banks, you can start looking at different roles and opportunities that might be available to you. Some types of jobs have more openings than others, but that doesn’t mean you’re out of luck! Commercial banking is a vital industry that continues to grow, which means there will always be a demand for these jobs in the future. If you’re ready to start applying for jobs in commercial banking, try Teal’s free Job Tracker to help make your job search a breeze. You can use it to bookmark jobs you’re interested in, review keywords to help you create a customized resume, and even manage follow-ups to make your job search simple and stress-free.