How Many Jobs Are Available in Commercial Banks

Contrary to traditional banks, commercial banks offer services. Individuals are the focus of service providers Possible options include credit cards, loans, checking, and savings accounts.. A career in commercial may appeal to anybody with an interest in business, finance, or managing money.

Jobs in Commercial Banks

Approximately 1.8 million people are now working full-time for one of the over 5,000 FDIC-insured commercial banks. Although the commercial banking sector is projected to be worth $960 billion by 2022, this expansion does not always translate to an increase in available employment in the industry.

Consumers prefer online banking over traditional banking. According to Accenture’s Top Trends in Commercial Banking for 2022, several commercial banks are making significant investments in digital services.

Because of staff attrition, retraining, and departures, the commercial banking industry is constantly churning out new hires, with certain job classifications seeing more vacancies than others. The number of available employment for bank tellers, for example, has decreased, but the number of financial management roles has increased by 18%, indicating significant growth in this industry.

What types of jobs are in Commercial Banks?

Although many large banks provide commercial banking services, you may be unsure whether this is the right career route for you. Commercial banks provide several jobs We’ve included some popular jobs so you can decide which is ideal for you. Some need more education or experience, have greater job prospects, or pay more.

Bank Teller

Since bank tellers are a common position at both commercial and retail banks around the nation, most of us are acquainted with them. Most banks provide on-the-job training for bank tellers, who normally just need a high school education and earn a median income of $36,000.

Although dealing directly with clients to conduct transactions is a crucial task performed by bank tellers, their employment prospects are not as favorable as that of other commercial banking positions. Many consumers are turning to internet platforms to manage these sorts of transactions as online banking becomes more and more prevalent. As a result, the number of jobs available for bank tellers is expected to decline by 18% by the year 2030, as reported by the Bureau of Labor and Statistics. ‍

Loan Officer

‍Another well-liked position that most commercial banks offer? The loan officer. All sorts of banks—commercial banks, credit unions, and others—have to loan officers who are in charge of examining and approving loan applications. Even while loan officers normally need a bachelor’s degree, they earn around $63,380 a year on average more than bank tellers and have a better outlook on employment.

Reviewing applications for business and commercial loans is a combination of customer service and sales, so anyone interested in both fields should give serious consideration to this position. According to data compiled by the BLS, there will be approximately 25,000 job openings for loan officers each year.

Financial Sales Agents & Traders

There are several work opportunities for financial sales agents and traders across numerous sectors. Sales representatives and traders may work for commercial banks, although they mainly work for private businesses or investment banks.

 

Financial sales agents and traders often handle the buying and selling of stocks, bonds, and other commodities on behalf of the company as well as from individual customers, making it an extremely stressful and time-consuming work. You must have a bachelor’s degree or more to work as a sales agent or trader, and their typical annual compensation is $62,000. 

The Bureau of Labor and Statistics estimates that there are 42,500 job opportunities for financial sales agents and traders each year; however, these positions are more likely to be found in private enterprises and investment banks than commercial banks. ‍

Financial Manager

One of the highest-paying and fastest-growing professions in commercial banking is that of financial managers. These professions pay an average of $1300,000 per year and need a bachelor’s degree and five years of financial or commercial expertise. Better still? According to the Bureau of Labor and Statistics, the employment outlook for financial managers is expected to improve by 17% overall. A position as a finance manager may be ideal for you if you’re seeking greater responsibility. 

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Does Commercial Banking Pay Well?

It depends. Commercial bank financial managers get above-average salaries. These jobs need additional education and experience. To assist students and fresh graduates obtain experience, several big commercial banks, including JPMorgan Chase, provide apprenticeship and internship programs.

‍Final Thoughts

You may start considering various positions and chances that could be open to you now that you are aware of the number of employment that are accessible in commercial banks. Although certain employment categories have more opportunities than others, it doesn’t always mean you’re out of luck. There will always be a need for these professions since commercial banking is a crucial sector that is expanding. 

Frequently Asked Questions (FAQs)

Do commercial banking jobs require additional education? 

According to the particular job type. A high school education is all that is needed for certain positions, such as bank tellers, which also provide on-the-job training. Others, like financial managers, need both formal education and more work experience.

Does commercial banking pay well? 

Similar to most sectors, the average compensation is influenced by the particular position you’re looking for, your area, and your level of expertise. The average wage for a bank teller is around $36,000, while the average compensation for a financial manager is $130,000. Some positions are more lucrative than others.

Is commercial banking a good career path? 

Commercial banking can be a good match for you if you love working with finance and have an interest in dealing with companies. Although certain job categories have a better employment outlook than others, the sector continues to develop year after year and is typically a secure and stable career path.

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