When it comes to looking for a job in the financial and banking area, it can be pretty challenging. This sector is one of the most profitable in the industry, which is why jobs in major banks are high in demand, and there are always people applying for it.
Of course, having one of these jobs can be stressful and time-consuming, but the reward is pretty amusing. It is an incentive for people to work hard because, with time, you could get a promotion and gain even more. But for now, your main focus needs to be obtaining one and making the most out of it.
That is why we are presenting a list of some lucrative jobs you could get in banks. Also, we will show you the primordial requirements you need to apply for each of them, and a little explanation of what to expect.
Eight High-Income jobs in Banks
Keep in mind that the data for the median annual wage are from the year 2020, and it is according to the U.S. Bureau of Labor Statistics. You will find more about the jobs on their website, as well as more jobs listed in the Occupational Outlook Handbook regarding the banking sector.
1. Financial Managers
- Median annual wage: $134,180
- Requirements: a bachelor’s degree in finance or economics, and 5 years or more of experience in another business or financial occupation
These are common jobs in banks but complicated to get. Their primary purpose is to take care of the organization’s finances by preparing reports and financial statements. Financial managers also try to improve the organization by looking for opportunities of expanding, while keeping track that the legal requirements are met.
2. Financial Analyst
- Median annual wage: $83,660
- Requirements: a bachelor’s degree, preferably in business. Although, employers prefer people with a master’s degree.
Taking care of investments is important in the business, and for that, the organization needs a financial analyst. If the industry is going through a rough situation, they must know how to handle carefully their capital.
These jobs require attention and great analysis on how to spend the money in a way that gives profits to the company. In general, they assess you on how to invest, and in the future, they might become fund managers of the company’s portfolio.
3. Accountants and Auditors
- Median annual wage: $73,560
- Requirements: a bachelor’s degree in accounting or a related field.
These are similar jobs in banks to the two already mentioned. They look into the finances of the bank and highlight whether they are losing money or making a profit. As a matter of fact, they also stay in touch with taxes by preparing tax returns and making sure that are paid in time.
Other tasks that they do are administrating financial records and preparing reports of their analysis. It is an extensive job, with most banks having lots of accountants and auditors to ensure that, in the worst-case scenario, no theft and erroneous transactions are being made.
4. Loan Officers
- Median annual wage: $63,960
- Requirements: a bachelor’s degree in business or finance, and on-the-job training
Loan officers, or consultants, help you with your doubts about loans and mortgages. You can find these jobs in most banks, but also you can work in mortgage companies or savings institutions.
Your main task is to assess and offer loans to people or businesses; however, you will have to check if they can even qualify for one. Great customer support is essential to this job, as it can get troublesome explaining the process of getting a loan or the agreements to the one seeking it.
5. Property Appraisers and Assessors
- Median annual wage: $58,650
- Requirements: A bachelor’s degree in business, social science, and psychology. Some of these jobs in banks accept with a high school diploma. You must also have your state license or certification, meaning that this varies depending on where you reside
These workers are mainly known for providing a monetary value to different properties and real estate. They normally do a lot of investigation around the property to estimate a reasonable amount of money. Of course, this result comes with analyzing the condition of it, comparing it to others in the market, and providing reports.
6. Budget Analysts
- Median annual wage: $78,970
- Requirements: a bachelor’s degree in fields such as business, social science, psychology, or mathematics. Although, employers prefer people with a master’s degree.
Analysts of this kind are the ones to prepare and plan the finances for public and private organizations. The majority of banks want to offer these jobs because the employees devise plans to show how to improve on cost improvements. Providing also annual reports, budget analysts show people the way to spend money efficiently.
Not only that but they can also be of great support to financial analysts and managers. Providing options that other branches cannot see can always change the result to a better one.
7. Financial Services Sales Agents
- Median annual wage: $64,770
- Requirements: a bachelor’s degree in business.
These jobs are specially required in banks as they connect buyers and sellers in financial trades. Part of this branch is investment bankers, where they normally look for a company with the needs of capital and make contact with an investor willing to fund the company.
They also constantly check the trade market for any trend going on that can benefit the company. On top of that, if the funding is not enough, the investment bankers recommend mergers or acquisitions with another company.
8. Financial Clerks
- Median annual wage: $41,520
- Requirements: a high school diploma or equivalent
There are a lot of openings for these jobs in major banks. Financial clerks are the ones that work in different areas, normally keeping records and helping people with money transactions. This is a great customer support job and the is a large variety of financial clerks types available.
Comparing the jobs listed above, this might sound like an easy one. However, they also work for long periods of hours since they have to pay attention to their client’s needs at any moment of the day.