Banking Careers and Workplace Skills

Section 1 – Executive Careers

SECTION 1 – EXECUTIVE CAREERS

Chief Executive Officer (CEO)• Appointed by a corporate board of directors• Accountable to the corporation’s shareholders, the public it

serves, and legal authorities for the actions of the bank• Responsible for setting up the strategic vision of the bank• Answers to the board of directors (if there is one) and may

also be the board chairperson• Usually has at least 10 years of high level leadership

experience as well as a bachelor degree in accounting or finance to be considered

• Those serving usually have a Master of Business Administration (MBA) and strong background in technology

Chief Operating Officer (COO)• Responsible for the banks daily operations • Has the ultimate responsibility for the bank’s operations and

performance and is responsible for the bank’s success or failure

• Reports to the CEO…critical information that helps the CEO make policy decisions

• Department managers report to the COO…uses that information to track the departments’ progress and ensuring

• Requires Bachelor degree and MBA and strong interpersonal skills to be successful

Chief Financial Officer (CFO)

• Responsible for financial planning, control, and record keeping for the bank

• CFOs supervise all accounting tasks, including preparing and monitoring the bank’s budget

• Reports to the CEO• Bachelor and master degrees are required along

with technical, legal, and technological knowledge• Must also be a Certified Public Accountant (CPA)

Chief Technology Officer (CTO)

• CTOs are responsible for developing new technology for use by the bank, which have become central to banks as Internet and mobile banking have spread

• Requires a great deal of technical knowledge as well as being able to interact with different banking departments– Most have more than 10 years of experience– In most cases an MBA is required with a concentration

in systems management

SECTION 2 – BANKING ADMINISTRATION CAREERS

Compliance Officer

• The person who must ensure the bank follows all state and federal laws and regulations

• Establishes how the bank will implement strategies for complying with laws and regulations and for completing necessary reporting

• Ensures all bank employees understand their roles in complying

• A often an attorney with a degree in finance or other business field

• Must be highly ethical and honest

Trust Officer• Responsible for providing customers with financial products

and trust services– Trusts – established to help with the distribution of a person’s

assets after his or her death• Also provides financial advice to customers• Needs to have general business knowledge• Must also know about investing, estate planning, and tax

codes and laws, especial probate laws (that pertain to settling the financial affairs after death)

• Must have strong communication and interpersonal skills as well as a bachelor degree in finance related field

Lending Officer• Sometimes called the loan officer, is involved with

evaluating applications for loans or lines of credit for businesses or individuals

• Must have general business knowledge and strong sales skills

• Some travel outside the office• Only a high school diploma is required and then on the job

training is provided• Some banks require a bachelor degree in finance,

economics, or a related field for commercial lending officer

Mortgage Banker

• Similar to lending officer but he or she only deals with mortgages (may be individual or business)

• Spends a lot of time talking with real estate professionals, so a lot of time is spent outside the office

• Bachelor degree in finance, economics, or related field is usually required

• Federal law requires mortgage banks to be licensed and continuing education credits must be earned to maintain license

Underwriter

• Reviews the loan application and approves or denies the loan (decision is based on the creditworthiness of the applicant and software is usually used to help with the decision)

• Work in office, but in some instances may need to travel

• Most banks require a bachelor degree in finance, economics, or a related field

SECTION 3: MANAGERIAL CAREERS

Branch Manager• Over sees day-to-day activities of one branch of the bank…

ensuring activities of the bank are completed• Must also develop a relationship with existing and potential

customers• Started out as a teller or customer service representative• Must have good communication and interpersonal skills,

attention to detail, and ability to organize and plan• Office environment; hours reflect the hours of operation of

the bank…Saturdays too depending on the bank• Usually must have a bachelor degree in finance or related

field

Information Technology Manager• Implements the policies and procedures set by the chief technology

officer…if the bank doesn’t have a CTO, the IT manager sets the policies and procedures for technology the bank uses

• Directs the work of IT technicians• Must have technical expertise in computer systems as well as the

ability to set schedules and direct others • Longs hours may be required to meet deadlines or to correct

technical problems (computer issues)• Bachelor degree in computer related field is usually required and

some banks may require a master degree• Also, certification in specific computer technologies may be

preferred or required

Public Relations Manager• Responsible for creating a positive image of the bank…face of the bank

– Designing and implementing promotions– Coordinating the bank’s sponsorships of charitable activities– Providing information to journalists

• Depending on the size of the bank…may one or more in the department• Excellent communication skills are required and being able to remain

positive even when discussing problems• Long hours and sometimes weekends• Bachelor degree in public relations or journalism is preferred…master

degree may be required• Courses in advertising, public speaking, creative writing, technical

writing, and business administration would be helpful

Accounting Manager

• Responsible for the functions of the accountants and auditors of the bank…making sure the bank’s financial information is recorded correctly

• General works 40 hours per week, but during certain times like tax season additional hours may be required

• Usually a minimum of a bachelor degree in accounting is required, but many banks require a master degree in accounting or business administration with a concentration in accounting

• CPA (certified public accountant) may also be required

Human Resources Manager (HR)

• Involved in employee relations for the bank…– Recruiting new employees– Ensuring employees receive proper training– Enforcing the bank’s employment policies

• Works in an office setting, 40 hours per week; may travel to career fairs or for professional training

• Typically a bachelor degree in human resources management or similar is required

SECTION 4: OPERATIONAL SUPPORT CAREERS

Loan Origination

• Loans must have credit analysts and loan processors– Credit analyst – looks at the credit worthiness of

loan applicants• Usually 40 hours per week; Typically in an office but

may have to visit businesses to help determine credit worthiness; A lot of time is spent on the phone investigating the loan applicant; Bachelor degree in accounting is often required and additional on the job training is provided

Loan Origination Continued• Loan processor – works with the lending officer to collect

all the required information for a loan…verifying information on the application and performing a credit check– Once all the information is collected and verified, the loan

processor forwards the it to the underwriter, who approves or denies the loan

– Much time is spent completing paper work and communicating with loan applicants

– Usually 40 hours per week; high school diploma is required (some banks require more) and a certificate program after high school is often recommended; some states require loan processors to be licensed and some banks require the loan processor to be bonded

Loan Servicing• After the funds of loan are dispersed…it doesn’t end there

– Bill and Account Collectors are responsible for getting customers to make overdue payments

– Repossession agents are people who take possession of property when payments have not been made for a period of time

– Spend a lot of time communicating with customers…can be stressful…evening and weekend hours may be required to contact customers

– Minimum of high school diploma is required and some banks prefer some college and banks will provide on the job training to ensure compliance with the Fair Debt Collection Practices Act and state laws• Experience in a call center is helpful

Loan Servicing Continued– Debt Counselor – provides advice to a client on how to

manage and reduce debt; may also help clients develop financial plans for remaining debt free in the future

– Must always be pleasant due to the stressful situation the client may be in

– Spends time researching the client’s financial situation and resources that will assist the client

– Bachelor degree in finance, economics, or business is usually required and many states require debt counselors to be licensed or certified

Customer and Community Relationships

• Tellers – responsible for conducting transactions between the bank and the customer (making deposits, cashing checks, paying property taxes, and making withdrawals)

• Must always be pleasant and be able to stand for long periods of time

• High school diploma is required along with on the job training

Customer and Community Relationships Continued

• Customer service representative (CSR) – link between customers and the bank

• Spend a lot of time communicating with the customers…friendly and positive attitude is required as well as patience to remain calm if the customer gets upset

• High school diploma is required but many banks require a bachelor degree in finance, economics, or related field because CSR position often leads into higher-level careers in the bank

Customer and Community Relationships Continued

• Public Relations Specialist - carries out the policies and procedures outlined by the public relations manager...– Promotions, coordinating the bank’s sponsorship of

charitable activities and providing information to journalists– Presenting the bank in a positive way is a primary

responsibility; must always be pleasant and have excellent communication skills

– Bachelor degree in public relations or journalism is often preferred and courses in advertising, public speaking, creative writing, technical writing, and business administration would be beneficial

Data Processing

• Data Processor – manages digital information– May include one of several different careers…• Database administrator, computer operator, data entry,

network and computer systems administrator, or computer programmer, etc

– So…depending on the career, there are different skills and education required• Some may require bachelor degree in accounting,

computer science, or related field• Some may require master degree or certificate program

Accountant and Auditor

• Accountant is responsible for creating and maintaining accurate financial records for the bank…transaction the bank completes, paying taxes and fees for the bank, and maintaining required public records

• Auditors verify the bank’s processes and procedures, checking for errors, mismanagement, and fraud

• Both positions usually require a minimum of a bachelor degree in accounting

• Many are CPAs and other certifications may be preferred or required

Title Researcher, Examiner, or Abstractor

• Title Researcher, Examiner, or Abstractor searches real-estate records for details related to an assigned task…titles, legal documents, and insurance documents may also be searched– For example, they may need to compile a list of

contracts, legal documents, and mortgages attached to a particular title for real estate

• High school diploma is required; education beyond high school is a plus as well as knowledge of the court system