The U.S. economy would be unable to function without the commercial banking industry. Because of this, it remains one of the most rapidly expanding industries. In this industry, many individuals find work, and it’s a fantastic alternative for those looking for a long-term career. To everybody, This is for everyone’s benefit. You should know how many jobs are available in commercial banks before you decide to pursue them.
Along with the number of jobs available, you should also know the best paying jobs available in commercial banks that you can choose according to your education and skills.
What Are Commercial Banks?
As part of the banking industry, commercial banking is an essential part of it.
A commercial bank’s primary focus is on the financial needs of businesses and the people who work for them.
Banks like this offer a wide range of products and services to their customers, including savings accounts and checking accounts, investment services, loans, and many other things.
The fees that they charge for providing these services will then allow them to turn a profit.
Is Commercial Banks A Good Career Path?
Commercial banking is an excellent career choice because of the many benefits that come with working in the banking business. When you put in the time and effort, you’ll be able to reach new heights in your job.
There are many similarities between banking and working in the private sector. In addition, banking is a popular career choice because of its quick advancement and success.
People should choose a profession in banking for the following reasons.
A profession in banking provides excellent pay and benefits, including excellent healthcare and insurance plans.
Despite the fact that there are many different work positions in banking, there is only one primary employment role: that of a banker.
As a banking professional, you’ll have a steady work schedule with regular hours and a predictable salary.
There are several prospects for quick growth and promotion in banking.
Entry-level positions as well as those in customer service and veterinary medicine are all available.
How Many Jobs Are Available In Commercial Banks?
The commercial banking industry in the United States is one of the most dynamic.
You might be wondering if this industry has any openings. There are more than 1,838,918 people working in commercial banking in the United States as of the year 2022.
There are many job search website that has more than 30,000 commercial banking positions that you can apply to.
What Types Of Jobs Are Available In Commercial Banks?
A commercial bank is a company that provides a wide range of products and services to its clients. These services include lending money, offering banking goods and services, and serving as a financial middleman. The majority of commercial banks have many locations around the country. The investment banking services of several commercial banks are also available to the general public.
A bank’s size and location both influence the sorts of employment it offers. However, the vast majority of bank jobs include dealing directly with clients and completing a variety of bank-related duties. Roles in finance or accounting may be more frequent at bigger commercial banks, whereas positions in customer service or marketing are more likely to be found at smaller financial institutions.
Commercial bankers are compensated with a basic salary and commissions based on their productivity and abilities. Health insurance, pension schemes, and paid time off are all possibilities. After earning their bachelor’s degree, many commercial bankers decide to continue their education in order to get more knowledge or experience in a particular field of banking.
How Many Commercial Banks Are In The USA?
There are around 5,000 commercial banks in the United States. Over the next several years, the number of small banks in the market is expected to increase somewhat. Only a handful of these institutions are located outside of big cities, although they’re not entirely absent.
What Is The Average Salary Of Workers In Commercial Banks?
If you’re a commercial banker, anticipate a good salary. The typical yearly pay for a commercial banker is $88,286. This can rise to as much as $110,385 but is normally determined by a variety of factors, including your level of education and training, your job duties and responsibilities, and your salary history.
Commercial bankers with less experience or who are new in this field may still make roughly $51,000 a year, which is comparable to other jobs in the field.
You may expect to make $60,000 a year in your first two years as a commercial banker.
In 3-4 years, you may expect to make $95,000-$120,000 per year if you’ve built a solid portfolio and mastered the art of selling bank services.
From here, you might expect to earn considerably more money ($250,000+) if you secure a leadership role.
Best Paying Jobs In Commercial Banks
Below is a list of some of the greatest professions in commercial banking that you might want to consider. Let’s have a look at what they have to offer!
1. Credit Analyst
This is a low-level position, yet there is a lot of demand for it. Before accepting a business or individual loan, every commercial bank must verify the borrower’s creditworthiness. Credit analysts are tasked with conducting a comprehensive review of a borrower’s finances and verifying all paperwork before distribution. The credit analyst is responsible for determining whether or not a loan application will be approved or rejected.
Financial statements, yearly reports, and credit ratings must all be examined. When preparing a comprehensive report, you must also take into account potential hazards, such as stock market volatility and regulatory changes. Over 72,090 people work in this field in the United States, and the average yearly salary is $74,970, according to the US Bureau of Labor Statistics.
2- Branch Manager
Branch managers, often known as general managers, are responsible for overseeing the day-to-day operations of a certain branch of a commercial bank. As a result, you will be responsible for hiring, onboarding, training, and ensuring that your employees are competent in their roles. With this position, you’ll also serve as an intermediary for high management and staff. This means that you’ll be providing the bank with the information it needs to run smoothly and achieve its business goals.
Financial and accounting degrees are required for positions such as branch manager. A master’s degree will give you an edge over other applicants. On top of that, there are stock incentives and commissions for branch managers. The average yearly pay is $68,355.
3- Loan Officer
Loan officers are in great demand in the commercial banking industry since they provide such a vital duty. Commercial banks have loan officers who are responsible for arranging loans on behalf of the institution. When compared to the other jobs listed, this one has a narrower scope.
In this position, your primary responsibility is to help both individual and business clients with the loan process. You’ll need to talk about the advantages and disadvantages of various kinds of loans, as well as possible solutions. In general, loan officers make $56,885 a year on average, but those with more experience and expertise can make significantly more.
4- Account Manager
It is the responsibility of the account manager both to aggressively seek out new clients and to maintain good working relationships with existing ones. Your job as a commercial bank business representative will need you to engage in one-on-one and personal interactions with customers on a regular basis. New and returning clients should be able to get answers to all of their queries. You will, in reality, be the primary point of contact between the bank and the consumer.
You’re responsible for responding to all of the customer’s concerns and offering solutions. In other words, you need to keep all of your customers happy in order to make money. Depending on your experience and talents, you can anticipate an average yearly compensation of $51,000 to $71,648 as an account manager for commercial banks in the United States.
5- Quality Assurance Specialist
A commercial bank’s everyday activities would be incomplete without quality assurance. As a quality assurance professional, it is your job to ensure that all aspects of the business satisfy the quality standards. In addition to this, you are responsible for evaluating the many aspects that play a role in the achievement of the goals set for the company or the project. As a result, you’ll be accountable for ensuring that the company’s policies and regulations are followed. There are a number of things you need to accomplish before you can perform a thorough audit. You can anticipate an annual compensation of between $50,285 and $61,920 if you work in this industry.
6- Software or Banking Systems Specialist
The technological side of the sector, like many others today, is where much of the money is. One of the highest-paying positions in banking is that of software or banking systems professionals.
Individuals in this position are responsible for ensuring that the bank’s computer systems are up to date and running smoothly. They’ll have to deal with a lot of technological issues.
For those who are truly interested in banking software, a move from a local bank to a corporate one offers the opportunity to be involved in the design and development of new banking software programs and websites, earning even more money while doing so.
Banking Systems Specialists in the United States may expect a salary of between $97,057 and $142,173.
7- Mortgage Banker
In some ways, a mortgage banker is similar to a loan officer, except their focus is only on mortgages. Because of the high demand for mortgages, nearly every bank has at least one or two mortgage specialists on staff. With a number of rules and regulations, it might be difficult to get started.
Mortgages provide financial institutions with a stable source of revenue from borrowers, which is why banks enjoy investing in them. However, financial institutions will only engage in this practice if they are confident that the borrower will be able to repay the loan. As a result, the role of a mortgage banker is critical.
Earnings: $37,000 on average each year
Many people’s lifelong ambition is to make their way up to the ranks of a bank’s executive committee. That’s why thoroughness in planning, client relations, and hiring of the best employees are all essential.
The annual remuneration for senior bank executives and leaders is in the $100,000s.
An organization’s treasurer is responsible for managing the organization’s finances.
A corporate treasurer’s primary responsibilities include overseeing the company’s cash and liquidity, risk management, and financial planning.
An organization’s financial affairs may be the responsibility of the Treasurer.
In many cases, this entails routine responsibilities like selecting a bank, checking account balances, and overseeing the flow of funds. In certain organizations, the Treasurer is also responsible for ensuring that the group’s funds are invested in a lawful manner.
In addition, treasurers are in charge of overseeing the financial well-being and achievement of the organization’s objectives.
This group is tasked with maintaining track of the organization’s finances and making sure that no money is going to waste.
The majority of positions for treasurers require a master’s degree or above. Additionally, obtaining extra degrees in banking and finance might be advantageous.
A treasurer’s annual salary is $86,955.
10- Business Development Manager
One of the highest-paying occupations in commercial banks is that of a business development manager.
Keeping current clients happy and acquiring new ones so that they may earn more commissions are the company’s primary goals. This person is responsible for facilitating credit, debit, and loan applications.
Banks need business development managers since they are the ones that introduce new customers to them. A master’s degree in banking and finance, a master’s degree in business administration (MBA), a certified public accountant (CPA), or a certified financial analyst (CFA) are the preferred credentials for business development managers.
US Business Development Managers earn an average annual pay of $83,119.
In order to conduct an audit, a corporation will engage either an individual or a business.
Accreditation by the accounting and auditing regulatory authority is required before one may practice as an auditor.
To ensure that financial records are accurate and that firms are following tax regulations, an auditor is a member of the team.
In order to keep organizations safe from fraud, their major objective is to bring out any flaws in the accounting process.
Auditing normally requires a bachelor’s degree as a prerequisite for employment. A four-part multiple choice test is required to become a Certified Bank Auditor (CBA).
The typical annual wage is $74,337.
Frequently Asked Questions (FAQs)
How to apply for a job in a commercial bank?
First, you’ll need to put up a resume that showcases your relevant abilities and expertise. Submitting an application online or on the bank’s website is next. If you are selected for further consideration, you will be required to attend an interview.
What are the educational requirements To Get a job in a commercial bank?
What is the selection process for a job in commercial banks?
Candidate qualifications and experience are often scrutinized throughout the screening process. Candidate interviews are conducted by members of the bank’s management team in order to establish whether or not they are a suitable match for the position in question. An individual is employed based on the results of an interview and other factors.
How Is The Work Environment In The Commercial Bank Sector?
Is there any scope for personal growth in a commercial bank?
Which Commercial Banks Pay The Most?
In second place is Capital One, their VPs earn a yearly salary of $165,514.
Last but not least, there’s American Express, where VPs make an average of $163,908 a year in pay (excluding their bonuses).
It’s becoming more and more common for commercial banks to hire new employees. One of the best and most smart ways to break into the financial services industry is to apply to commercial banks.