12 Banking Careers (With Salaries and Primary Duties)
By Indeed Editorial Team
Published 16 May 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Many careers in the banking industry can have varying responsibilities, salaries and employment requirements. Some careers focus on financial processes, such as budgeting and analysis, while others are responsible for customer service and administrative tasks. If you're hoping to change careers, you can review several banking jobs to review their duties and average salaries. In this article, we define banking careers, discuss 12 jobs in the banking industry and list the typical skills that can assist these professionals.
What are banking careers?
Banking careers are jobs in the banking industry that manage funds, advise clients, organise budgets and provide customer service. These careers usually gain employment in banks but may also serve as third-party consultants. Depending on the banking job, it might require extensive employment requirements, such as work experience, technical skills, industry knowledge and qualifications. The careers with extensive employment requirements usually provide professionals with a competitive salary. Management roles in the banking industry might also provide a higher salary than similar roles without management responsibilities.
12 banking careers
Below, you can explore 12 careers in the banking industry, along with their primary duties and national average salaries:
1. Bank clerk
National average salary: $53,802 per year
Primary duties: A bank clerk is an individual who works in a bank and conducts administrative responsibilities regarding customer accounts. They usually maintain financial documents, update customer accounts, enter data into a digital management system and organise bank records. A bank clerk may also have customer service responsibilities, such as answering customer questions, providing instructions and referring customers to other banking professionals.
2. Loan officer
National average salary: $63,259 per year
Primary duties: A loan officer analyses loan requests, determines loan risks and advises customers. If a customer requires information about a bank loan and the processes required to gain approval, they may communicate with a loan officer. The loan officer typically evaluates customers' financial circumstances and helps them choose a loan appropriate for their banking needs. They assess the risk of customers' loan requests and may advise the bank to approve or deny the requests.
National average salary: $36.10 per hour
Primary duties: A teller is a very similar role to a bank clerk. In some banking environments, they might actually share the same title. There are some slight differences, though. A teller usually conducts a wider range of responsibilities involving customer service rather than administration. They typically operate at service desks in banks and assist customers who want to exchange, withdraw, deposit and transfer cash. A teller usually verifies customer identities before providing assistance.
National average salary: $79,084 per year
Primary duties: A relationship banker, also known as a personal banker, is a professional who advises bank members. They're essentially financial advisors who offer their services specifically to the bank's customers. A relationship banker may advise members on many financial aspects, from budgets to interest rates. They usually have excellent knowledge of the bank's policies and may suggest appropriate accounts for customers based on their financial needs.
National average salary: $83,923 per year
Primary duties: A broker is a finance professional who helps customers engage with financial institutes. A broker in the banking industry is usually a mortgage broker. They analyse bank policies, interest rates and finance options to identify which bank is most appropriate for the client's needs. Brokers have exceptional knowledge of loans and financing procedures.
Related: How To Become a Finance Broker
National average salary: $85,717 per year
Primary duties: A banker is essentially a broker for a bank. They seek clients, arrange loans, provide financing options and attempt to maximise profits for the bank. A banker calculates interest rates for loans and identifies the level of risk associated with approving a loan. They may also provide general banking assistance to banking members, such as creating accounts, approving transfers and providing financial advice.
National average salary: $90,017 per year
Primary duties: An auditor is a professional who analyses internal financial controls, financial statements and tax forms to identify discrepancies or evidence of falsifying information. An auditor may gain employment with a variety of institutes, such as government agencies, auditing firms, banks and private companies. An auditor who gains employment in a bank usually reviews the bank's records and financial statements to ensure they're accurate and in compliance with local and federal legislation.
National average salary: $97,652 per year
Primary duties: A branch manager is a professional who oversees a banking branch. Large banks typically have several branches in varying states, regions and cities. A branch manager is usually in an executive position and makes business decisions to improve the performance, efficiency and professionalism of a bank branch. They may review bank policies, advise bankers, coordinate banking clerks and oversee the general administration of customer accounts.
National average salary: $99,813 per year
Primary duties: A budget analyst role isn't necessarily a banking career, as they may gain employment with a variety of companies and organisations that require budgeting services. When working for a bank, a budget analyst reviews the bank's budget, spending habits, costs and financial statements to identify areas that can improve. A budget analyst may advise banks on appropriate policies and strategies that can allow for a flexible budget. They typically monitor the bank's expenditure and make recommendations to improve the budget.
National average salary: $108,337 per year
Primary duties: A financial analyst is a professional who utilises market data to identify trends, relationships and anomalies in the finance industry. They use this data to advise companies, individuals and organisations about profitable investment opportunities and business decisions. They may also analyse the risks associated with these opportunities and decisions. When providing services to a bank, they typically evaluate investment outcomes and determine risk levels.
National average salary: $131,795 per year
Primary duties: An investment banker is a specialist in the securities market. They often have an excellent understanding of market movements, global economic performances and typical investment outcomes. An investment banker who operates in a bank usually advises bank executives on opportunities in the stock exchange. They may suggest purchase opportunities or detail appropriate prices for selling securities.
National average salary: $132,490 per year
Primary duties: A banking associate has a variety of responsibilities that might vary between organisations. They might have analytical, risk analysis, customer service, business development and project management responsibilities. They may review an analyst's data, liaise with potential investors, receive instructions from executives and set long-term investment goals or strategies.
Typical banking career skills
Below, you can explore a list of typical skills that can benefit a banking professional when conducting their duties:
Attention to detail
Professionals in the banking industry regularly manage, invest, exchange and transfer large quantities of funds. Making errors during these responsibilities can usually have consequences. Attention to detail can help banking professionals review their work and identify any errors they might have made. When entering data into management software, a single incorrect digit can cause multiple errors. If a banking professional has excellent attention to detail, they can identify these minor mistakes.
Communication is usually the ability to comprehend discussions and provide clear information. Many careers across varying industries may utilise this skill, as it can be important for working in a team environment and interacting with customers. A banking professional can utilise their communication skills when liaising with investors, advising banking members and reporting to bank executives. Communication can help them explain banking processes with clarity and accuracy.
Customer service can be a crucial skill for bank professionals to possess, particularly for a bank clerk, teller, relationship banker and broker. Customer service can help these professionals communicate with customers, identify their needs and foster professional relationships. This skill can be important in the banking industry because banks typically require excellent customer service to retain and gain new bank members.
Integrity usually refers to honesty and exceptional moral principles. This can be an important skill for banking professionals because they regularly manage bank members' funds. If a banking professional has integrity, they can provide genuine advice to clients, follow the correct protocol for managing funds and enter true data into banking systems.
Risk analysis can be a primary skill for several banking jobs. It can help loan officers and bankers assess the risk of approving loans to banking customers. It can also assist investment bankers, banking associates and financial analysts when identifying the associated risk of investment opportunities.
Salary figures reflect data listed on Indeed Salaries at the time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
Explore more articles
- A Guide on How to Write a Thank You Letter to Your Customer
- Soft Systems Methodology (Definition, Steps and Benefits)
- How to Manage Change Within an Organisation (And Benefits)
- 25 Marketing Terms and Definitions: A Comprehensive Guide
- 19 Effective Note-Taking Apps to Help With Organisation
- What's Relationship Marketing? (With Benefits and Examples)
- Net Promoter Score For Employees (Define and Calculate)
- What Is a Target Market? (With Steps to Define One)
- 7 Tips for Collaborating with Your Team (with Examples)
- Guide to Workplace Diversity: Meaning, Benefits and Tips
- 8 Types of Modelling (With Definitions and Career Tips)
- What Is Financial Reporting and What Are Its Uses?