Best paying jobs in Commercial banks – The truth is that there are several jobs available in commercial banks, but we will show you the one that pays more today.
This industry is one of the largest employers of labor across the globe. We say this because you could practically see a bank on every street corner in most cities in various countries.
The fact that there is so much dependence on people in this sector makes it expected that the staff power would be on the rise. You may want to take advantage of this but maybe stop because of the uncertainty of which position earns more than the rest.
In this article, we shall explain all you need to know by showing you the various available positions and the respective salaries attached to every job opportunity in the commercial bank.
What are Commercial Banks?
Commercial banks are financial institution that has the responsibility of accepting cash or other deposits from members of the public. Such members of the public include private individuals, government, and corporations.
They do not just accept deposits from customers; they also readily make them available to the customers for withdrawal of the money that they have deposited in the bank.
Furthermore, they are not just concerned with deposits and withdrawals; they also give out loans to interested applicants based on interests set by the bank or banking policy based on the current market and economic status.
They gain profit through the interest generated from the loan or other businesses, which they can engage in to boost the revenue or profit of the institution.
Not all commercial banks are saddled with accepting and giving out deposits. Some banks are focused on other things, like retail banks, investment banks, etc.
Is Commercial Bank A Good Career Path?
Yes, venturing into commercial banks will be a good career choice for young and old adults as there are a series of benefits, including personal benefits, public purpose, and many others.
Below, we shall look at a few of the best reasons you should choose a career in commercial banking.
Availability of varieties of jobs – You get to see various available options for jobs. With these options, choosing a position is easy.
Ability to socialize – In this line of work, you meet many people who could end up instrumental to your advancement when you do a good job. They also help you with proper networking.
Your math abilities would come in handy. Have a thing for math? This job allows you to explore that ability to bring your skills to life, which will help you do a great job here.
Other benefits here could include:
- High chance of career advancement
- Exceptional personal banking skills
- High rate of job security
Best Paying Jobs in Commercial Banks
As we stated earlier, the good thing about this industry is that the jobs are more than enough. However, this could also pose a problem for applicants seeking the most enticing positions.
Do not be alarmed by this, as we will show you the best 10 jobs available in commercial banks. This list of jobs has been well curated, as we have successfully accessed all the available positions to get this one to you.
1. Software Banking Specialist
With the advance in science and technology, coupled with the growth of the internet, it is no secret that many companies or corporations are going into tech.
Surprisingly, there is more money here than any other aspect, including the ease of doing the job, which some of the equipment and software help you to achieve.
As is expected, the banking world has also taken advantage of this innovation, leveraging its attributes to increase customer banking experience and create efficiency for workers in various units in this industry.
As a software specialist in commercial banks, your job is critical to the success or failure of the company, and it has come to rely on tech, your sole responsibility is ensuring nothing goes wrong.
To start with, you are charged with the responsibility of installing and maintaining the software or other computer programs used in the cause of the banking business within the bank. You are also tasked with troubleshooting the software at first sight of problems to find out what the issue is and consequently fix them.
You are also required to upgrade the programs used here to ensure that they are updated with the most recent features for better efficiency and productivity.
If you find yourself somewhere, that is not a local bank in a more prominent commercial bank. You could end up in the creative team of the bank and, someday, begin to design banking software.
To qualify for this position, you need a degree in software engineering and design. Depending on how good you are, you could be employed straight out of college in a big commercial bank, or you could still be employed here if you have years of experience working in a local bank.
If this is not the case, you could start your career in a local bank and work to the top. As one of the best-paying jobs in commercial banks, employees in this position earn as much as $35,825 per year.
2. Commercial Banking Manager
The commercial banking manager is the top employee in the commercial banking industry. The fact that we did not mention it first makes no difference in its relevance in this industry, which is overwhelming.
Also known as president in some cases, the commercial banking manager, as we stated earlier, is at the top of the rung in the commercial banking industry. They are saddled with the responsibility of overseeing the banking operations in the bank, and other branches in the case of a bank are large enough to have branches in various places.
However, a commercial banking manager can be regarded as the manager of the managers, ensuring that the other managers of the branches are doing their jobs properly while ensuring that the right decisions are taken regarding the running of the respective branches.
As the head of business, this position allows you to make the necessary critical business decisions as it would reflect the proper running of the bank, bearing in mind that the success or failure of the bank lies in your ability to make the right decision.
If a company is ‘closing shop’ or willing to sell off to another business, you are to ensure that this happens effectively until this is finalized, the relationship that the bank shares with its customers is not marred.
To qualify for this position, you need a bachelor’s degree in a relevant field like banking, business administration, business management, etc.
You would also need more certifications. Though this is not always important or mandatory, it allows you to improve yourself further. Above all, you need years and a wealth of experience, especially in this position.
As the highest-paying job in commercial banks, given the work and pressure, it comes with, you could earn from $181,849 to $252,916 on average annually.
3. Account Manager
The account manager is one of the essential jobs in commercial banks, as it is vital that either doing it well or not could be instrumental to the growth or failure of the business.
The business of a commercial bank exists because of the customers, who could be individuals, corporations, or states. Through their various deposits or other commercial interests, these customers help the industry function.
That is why accounts are created for these customers, and these accounts help them to be able to carry out their respective transactions based on the unique identity created by the bank through these accounts.
The bank tracks the transaction of the customers through these accounts and is responsible for its protection, monitoring, etc.
When these accounts are created, they are managed by the accounts manager, who ensures that every customer is well attended to concerning any product or service of the bank in which they might be interested.
Technically, since the respective customers own the accounts, the account manager manages the options of the customers concerning any of the bank’s products, ensuring that the customers are on the right track with whatever they may need.
In bigger commercial banks, account managers are assigned to individual accounts of high-profile customers. That is, they attend to the accounts they are stipulated to manage.
A bachelor’s degree in banking or any related field is required for this job placement. You could start climbing the ladder from local banks, but to handle more prominent clients, you need years of experience.
As one of the roles with immense responsibility, it is also one of the best-paying jobs in commercial banks, with an average salary of $60,000 per year.
4. Loan Officer
As we stated earlier, not only does the bank engage in the business of deposit and withdrawal, but it also extends to the issuance of loans, among other things.
While some people may have reservations about going to the bank to obtain loans, it is one of the safest and most secure places to obtain loans, owing to the fact there are measures in place to ensure everything goes well for both parties.
As one of the best paying jobs in commercial banks, you are saddled with the responsibility of evaluating loan applications, approving and reviewing, as the case may be.
You have to be sure that you have, at all times, ample knowledge of the bank’s loan offerings, the credit report from the applicant and the bank, the current market value, as well as the respective laws and regulations that guide the transaction.
You will need a degree in banking, plus at least three years of experience for this job. It could be tasking, as you need to continue learning a lot of things as regards the job, it is also one of the best paying jobs with a salary of $44,000 to $100,000 per year.
5. Mortgage Banker
Morgage bankers work similar to the position of a loan officer; however, they only focuses on mortgages and nothing more. The business of buying and selling is also one of the things a bank can engage in.
Depending on how big the business is for the bank, most banks have more people working in this unit than any other unit. If selling and buying is your thing, you can always thrive in this field.
To qualify for this position, you need a bachelor’s degree in a finance-related field, like banking. You need good knowledge of the mortgage market and so on. You can earn as much as $90,000 annually on an average scale.
6. Notary Public
The notary public is a job that allows you to stand as a witness to the signing of a document. It is a government-certified position that allows you to witness the execution of legal documents.
As you may have guessed, there are no special educational requirements here, except that you have to meet your state’s requirements, which could include passing an exam, purchasing a surety bond, and so on. You could earn as much as $61,000 per year on an average scale for a job such as this.
7. Assistant Manager
Usually, it requires a degree for you to apply for this position. However, it is considered an entry-level position. It is an avenue to ascend in your career, as you are helping the manager.
The managers, as we noted above, have a lot of responsibilities on their shoulders. For instance, an account manager saddled with the responsibility cannot do everything incidental to his job of managing accounts.
Also, a commercial banking manager whose job or workload could be cumbersome will need assistance in some matters, especially trivial ones which are incidental to his job.
Depending on the instructions, the job could be trivial or critical, which is why they must have degrees in banking or other financial or managerial fields. To perform the manager’s job, you have to have the same qualifications as they do. And since they have degrees, you will need a degree to assume this position.
As one of the best-paying jobs in commercial banks, it pays an average salary of $67,000 annually.
8. Administrative Assistant
You may have guessed that you do not need a degree to apply for this job. What is required of you is to have the tenacity to do the job, which is to manage the schedule of executives, maintain office supplies, and so on.
Executive employees usually require administrative assistants who help them, among other things, to properly manage their meetings, appointments, and other activities, including personal ones, which are incidental to their work.
They usually work around the clock to assist the top-tier employee they are attached to. It all depends on the contract agreement. As we stated earlier, you do not need a college or university degree to undertake this position.
Aside from your high school diploma, you need soft skills like organizational skills. For this position, you earn as much as $36,000 per year.
9. Underwriting Assistant
Underwriting assistant work with loan officers, and they have to ensure that the individual or anyone applying for the loan has the means of paying back, and they also have good credit scores for repayment of loans.
It is no secret that many people would seize the slightest opportunity to default on loans, making it difficult for financial institutions to recover them even after the due date.
An underwriting assistant is employed to go through every required protocol and procedure, ensuring that the applicant not only qualifies for the position but also tends to pay back the loan.
The career path requires a degree holder, but in some cases, it could require a high school diploma holder. However, you must show that you have had a great position working in that capacity. The job pays, on average, an amount of $44,000 to $55,000 per year.
The receptionist helps to welcome guests into the bank, and most persons in this position are high school graduates. All you need to do in this position is to ensure that the guests see who they need to see.
When people walk into a building, especially an official one, they tend to miss their way or go into the wrong office. To save themselves from this, a company such as a commercial bank would need a receptionist to direct these potential customers to the right places.
To work in this position, you need a good knowledge of the various offices available in the company and the functions these offices perform.
For people looking for specific things, you have to direct them to the correct office or the right person who will attend to them. On average, the amount payable in this position is $36,000 per year.
If you have a degree or certificate in accounting, banking, corporate finance, or other related fields, you can be sure to find a job here.
Thank you for reviewing this article on the best-paying jobs in commercial banks. Commercial banking is one of the most lucrative career areas you can venture into, and we hope you have learned from this article.