Available commercial banking jobs allow you to work for a number of banking businesses. For example, you could work for large corporate banks or even local banking institutes. There are many different career options available to you if you choose to become a commercial banker. Your job opportunities include becoming an investment product specialist or a banking teller. No matter what your job is, there is no doubt that you will need experience and talent if you want bigger opportunities.
As you may already know, you will earn more money when you have more responsibilities. The amount of experience that you have, how long you have worked for your bank, and the size of the bank are all factors that will play an important part in how much you make each year. For example, if you have a Bachelor’s degree, you will make around $48,000 a year. If you have a Bachelor’s degree and more than three years of experience, you will make around $60,000 a year. If you only have five to seven years of experience, you will make around $100,000 a year. If you have ten or more years of experience, you will make around $115,000 a year.*
*According to the BLS, http://www.bls.gov/oco/
As you can tell, the amount of years that you have worked plays a large part in how much you will earn. However, if you try to become a commercial banker with no degree, you will not make as much as you thought you would. For example, if you only have one year of experience you will make around forty thousand dollars. In fact, if you have between one and three years of experience, you will still only make around forty thousand dollars a year. However, if you have more than three years of experience you will make around fifty eight thousand dollars a year.
Job Description and Outlook
As a commercial banker, you will likely have many responsibilities. For example, you will be responsible for leading loan advisors and financial advisors. Leadership plays an important part in your career. In addition, you will need to create relationships between your staff and each individual department.
You will also need to identify any new profitable commercial banking customers and credit customers. Once you have identified these customers, it is your job to win the business of the customers. You need to provide financing services as well. These services may include providing help in matters that deal with capital projects, capital markets, and lines of credit.
Even though it is your job to bring in customers, it is also your job to monitor the quality of your loans book and your credit accounts. You need to offer services to a wide range of clients without taking too much risk. In other words, it is a good idea to take the right amount of risk. This is because you obtain a higher level of interest income when you take on more risk. If you are not getting enough customers, it is a good idea to create a business development program that can help you gain more customers who are interested in loans or lines of credit.
There are currently a high number of local branches. This number is constantly increasing and the number is expected to continue to grow. Because of this, there will be an increase in commercial banking job opportunities. Commercial bankers normally obtain bonuses, commissions, and other compensation forms. The compensation is added to the annual salary.*
*According to the BLS, http://www.bls.gov/oco/
Training and Education Requirements
If you plan to obtain an office job or an administrative job, all you will need is a high school education. However, you will need good math skills, communication skills, and customer services skills.
If you plan to obtain a management job in the commercial banking area, you will at least need a college degree. It helps if you obtain a Bachelor’s degree in business administration. You can also obtain a liberal arts degree with other business administration courses. In addition, it is possible for you to obtain a Bachelor’s degree in any other field. This is possible as long as you obtain a Master’s degree in business administration.
Once you have obtained your job in commercial banking, you will probably be given on the job training and classes that will help you learn the rules and regulations of the bank.
If your job entitles you to sell insurance, securities, or bonds, you will need to register with the National Association of Securities Dealers. If your job does not require you to do this, you are not entitled to have a license or certificate. However, you could obtain a CBT with the ABA Institute of Certified Bankers. There are also many more certificates available from this institute. Other certificates require knowledge of risk management and commercial lending. There are also other certificates available from the Mortgage Bankers Association.
The following professional associations offer certificates for commercial bankers:
- Banking Administration Institute
- Mortgage Bankers Association
- National Association of Securities Dealers
- ABA Institute of Certified Bankers
Most popular business careers:
- Business Administration
- Business Manager
- Claims Adjuster
- Human Resources
- Project Manager
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