According to research conducted by ibisworld that it is believed that the Commercial Banking industry in the US is ranked 3rd in the Finance and Insurance industry by market size. It is also the 8th largest industry in the United States.
When deciding on a path to a future career in the banking sector for commercial purposes it is vital to know the various positions open at commercial banks as and the steps you have to take to ensure success in the field.
This guide will explain the following aspects:
- How do commercial banks work?
- How many positions are there in the major banks?
- What job opportunities are there within commercial banking institutions?
- How do I get a job as a commercial banking
- The prospects for jobs in commercial banking and many more
What Are Commercial Banks?
Wikipedia defines a commercial bank as a bank that takes deposits of the general public and offers loans to finance investing and consumption to earn profits.
They provide services and products to customers and businesses. They are also controlled by federal banking regulatory bodies like The Federal Reserve System.
Commercial banks play a crucial function of financing both businesses and households within the U.S. economy. This is because they have many more assets than liabilities. This means that more money is available for lending.
Alongside offering advice and financial planning to their clients, additional products and services provided by these commercial banks include deposits, loans, and credit cards.
Commercial Banks in the United States
The United States currently accommodate an about 55,000 commercial banks. In the meantime, as smaller banks gain shares in the market, the amount of banks with commercial operations is expected to slow in the next few years.
While the majority of commercial banks are located in the large US States, a few smaller regional banks are found all over the nation.
How Many Jobs Are Available in Commercial Banks / Major Banks?
To answer the question “how many jobs are available in major banks?”
The data from the Bureau of Labor Statistics stated that, as in November 2022, 750,800 jobs are open in the finance and business jobs within the U.S.
According To Indeed, there’s over 17,137 jobs available at commercial banks in the U.S as well as a total to 1.8 million Americans currently employed in the field of commercial banking in positions such as customer service marketing, finance and human resources.
From lending to conducting internal audits commercial banking provides a variety of job opportunities for those who are interested in finance.
What Jobs Are Available in Commercial Banks?
Commercial banks play an important role within America’s economy. US economy, providing an array of employment alternatives from customer service Tellers to loan officers.
With a variety of subjects you can concentrate on, jobs in the banking industry for commercial purposes can be extremely rewarding, but however, they can be demanding to work in.
It is important to choose a bank that has the kind of job that will match your interests.
Peruse below for a selection of the positions you’ll identify in the main banking industry.
1. Branch Manager
Branch managers manage the day-today operation of a branch within commercial banks. The role of the branch manager is managing staff and resources in establishing and achieving sales goals, providing customers with serviceand increasing the revenue of the branch.
In order to be successful as a branch supervisor in the commercial banking industry applicants must show an approach that is hands-on and committed to the growth and development of the company.
The most important requirements to be able to take on the job of a branch manager for the commercial banking industry is having:
- Experience in branch management in the Bank Manager role or in a similar position
- A good understanding of the latest management techniques and the best methods of management
- Capability to reach sales goals and production targets
- BS in Business Administration or related field
2. Financial Consultants
Financial consultants working in commercial banks have the task of providing commercial and commercial advice regarding major strategic investment, proposals price changes, launch of new products by constructing clearly-defined business cases.
Financial consultants predict revenues and costs, conduct risk analyses for financial plans and analyze alternatives for capital expansion (e.g. funding and loans.)
The most important requirements to be able to take on the job of a financial consultant within the commercial banking industry are the following:
- Work experience in the past as Financial Consultant, Financial Adviser, or similar position
- Practical experience with statistical software and accounting software
- A good understanding of fiscal policies
- BS degree in Accounting, Finance Economics, Finance or a related fields
- A second certification (e.g. CFP, CFP or CFA) is a benefit
3. Credit Analyst
A Credit Analyst or Credit Risk Analysts in commercial banks is responsible for studying the creditworthiness of their customers or potential lenders.
Their main duties are gathering and reviewing financial data of applicants for loans, evaluating the capacity of an applicant to pay back a loan, and recommending loans that should be granted or rejected.
Essential requirements for obtaining the job that of credit analyst the commercial banking industry include having:
- Excellent communication skills (written as well as verbal)
- Excellent analytical, organizational, and time-management abilities
- A bachelor’s degree in finance or accounting, or a related area
4. Loan Officer
Commercial banks have loan officers who are responsible for of assisting customers in applying for loans.
They usually determine the ability for loans to be granted and determine whether or not an individual is in light of their past and present financial standing prior to recommending loans for approval.
The most important requirements to be able to get the job of a loan officer in the commercial banking industry include the following:
- Professionally proven experience as an Officer of Loans
- Familiarity with computers and banking applications/software
- A solid understanding of direct and indirect lending products and the practices
- BS degree in economics, finance or any related area
5. Mortgage Banker
Commercial bank mortgage bankers are the ones who issuing, funding and, sometimes, provides mortgage loans. These professionals make use of their money or the funds of warehouse lenders to fund the loans.
They could hold the loan in their possession as collateral or offer it for sale to an investor. Mortgage bankers create real estate loans and finance them.
Essential requirements for obtaining the job of a mortgage banker within the commercial banking industry is having:
- A bachelor’s degree in an appropriate area
- State NMLS license
- Customer service, sales and analytical abilities
- Math and computer proficiency
- Attention to detail
6. Bank Trust Officer
Trust officers from commercial banks generally assist customers with the establishment of trust accounts. They also offer advice on trust types and arrangements best appropriate for the specific scenario.
The experts work with clients’ attorney to prepare legal documents that specify the trust or estate’s provisions, their duration and other issues.
The most important requirements to be able to take on the job of a Trust Officer within the banking industry include:
- Excellent writing and oral communication abilities
- An in-depth knowledge of tax law, financial planning, investments and financial ethics
- Able to discern the most appropriate solutions for clients in terms of liquidation and investment
- Bachelor’s degree in Banking Accounting, Finance, or similar field required. Master’s degrees strongly recommended
- Minimum three years’ experience working with an investment bank, firm, law firm or stock brokerage
How Do I Become a Commercial Banker?
The general well-being of the United States economy is majorly dependent on the work of commercial bankers, as they play an important job in helping businesses expand and opening up new jobs.
In order to be a commercial banker, one must have an education in accounting or business as well as a wealth of years of experience in the banking industry.
In addition, having the right certificates in the same field could provide you with an advantage in the market.
The Outlook for Commercial Banking Jobs
With the variety of jobs in the field of commercial banking, it’s difficult to forecast jobs that will be available across the entire sector.
Commercial banking is an array of jobs including front-line customer service at branch offices to production of loans as well as regulatory compliance and back-office support.
The report from the U.S. Department of Labor (DOL) declared that the number of opportunities for career advancement across the sector, such as commodities, securities, and related professions are expected to expand approximately at the same rate as the average of all professions up to 2026.
And as Baby Boomers reach their retirement years, they will seek out financial advisors or brokers to assistance with managing their retirement eggs, thereby increasing the need for personal bankers as well as brokers for securities.
The prospects for jobs in commercial banking is favorable.
Banks are now hiring more bankers for commercial banking than ever before, meaning there are lots of opportunities to advance your career.
Job seekers who want to start their careers in the field should look into the different kinds of jobs that are available in this field , and also educate themselves further on the financial and economic markets as well.
What to Know Before Choosing Commercial Banking as a Career
The fact is that the field of commercial banking is an excellent option for those looking to pursue a career in finance and business sectors.
It is nonetheless vital to have specific information in your possession prior to deciding on a career in this field.
Here are some things to think about:
1. Commercial bankers provide advice on business and financial issues to those who lend money
2. The completion of a bachelor’s degree in finance, business or economics is a requirement to work in this field.
3. The banking industry for commercial clients is a fast-paced and demanding industry. It is expected that you be on the job for long hours.
4. Salary is great, but it could be excellent for experienced commercial bankers who earn six-figure salary.
5. If you are just beginning the field of commercial banking you have many commercial banks that you can pick from. It is vital to do your research thoroughly to help you make the best decision.
Average Salary of Commercial Bankers
Based on data from comparable commercial bankers, the average Commercial Banker in the US earns $104,981.
Commercial Bankers earn the highest on the job in San Francisco at $157,632, the average total compensation is 50% higher over what is the US average.
The general rule is that pay is good for those who possess the necessary skills to be successful in this industry.
Training and Education Required for Commercial Bankers
Different roles in commercial banks have distinct academic requirements.
In general, applicants who want to take on an employment in this field must have a bachelor’s degree in businessmanagement,, or finance.
A degree in marketing could be a good choice for some jobs which involve the creation of business plans.
Many recruiters will be more inclined to take on applicants with an MBA degree. Make sure that your educational goals are focused on administration, finance and accounting.
Additionally, there are various certifications and licenses that will give you an edge over your competitors.
You might consider getting certified as a public accountant (CPA) or obtaining an mortgage loan originator (MLO) license.
Be aware that every state and the specific region of commercial banking might have different requirements for licensing.
Anyone who is going to deal with securities and financial analysis, as well as insurance generally need an accreditation or license in the field in order to be able to work professionally in the field.
Frequently Asked Questions (FAQs)
What are the number of jobs at hand in the big banks?
As per Indeed, there’s at present more than 17,137 open positions at commercial banks in the United States.
Does commercial banking make money?
In July 2022, the average commercial banker employed in the U.S. earned a median annual salary of $88,506 according to PayScale.
As with all industries, the average salary is dependent on the particular job you’re seeking, your place of work and the amount of experience you’ve gained. For instance, the average salary of bank teller is approximately $36,000, while the median salary for financial managers is $131,000.
Is commercial banking a great job?
If you’re a lover of working in the finance industry and enjoy reading about commercial banking, it could be the ideal career path for you.
This sector continues to set record-breaking growth with every year. Certain jobs have a better outlook than others nevertheless, it’s generally a secure and stable career track.
We’re confident that you’re now armed with the information about what jobs are open at commercial banking institutions.
It is time to start thinking about the different opportunities and roles that are available to you.
Certain positions have more openings than others however it doesn’t mean you’re not a candidate!
Commercial banking is an important sector that is thriving. This means that the demand for work in this field will continue to rise in the coming years.