Careers in Finance

• Author: Mark Wilson
• Pages: 87-90

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In exploring careers in finance, one quickly begins to realize that there are a variety of jobs, with several types of organizations, requiring varying levels of education and training. Unfortunately, the word finance reveals few details about what one actually does as work in a finance career. The Career Guide to Industries 2004–05, produced by the Bureau of Labor Statistics, organizes finance careers according to three broad categories: banking, insurance, and securities and commodities. Careers in the banking industry focus on providing loans, credit, and payment services to individual and large institutional customers. Insurance industry jobs focus on providing clients with protection against financial losses and hardships due to such things as fire. Finally, securities and commodities careers are typically what most people think of when considering a career in finance. These jobs focus on advising and assisting individual and institutional investors with purchasing and selling stocks, bonds, and commodities.

BANKING CAREERS

The majority of jobs in the banking industry are clerical and administrative support positions. Bank tellers make up the bulk of the clerical positions in banking institutions. Tellers work directly with customers, assisting them with basic banking services such as depositing funds and cashing checks. New accounts clerks, also called customer service representatives, assist customers with opening and closing bank accounts and with applying for loans or credit cards. As a result, bank tellers and new accounts clerks need to be knowledgeable about a wide range of banking services and be able educate customers about these services.

There are several other entry-level administrative positions in the banking industry. Bookkeeping, auditing, and accounting clerks are needed to help maintain and update financial records, process deposit slips and checks, and enter data. Credit or loan clerks are responsible for organizing the paperwork needed to complete the

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required records for approved loans or lines of credit. Banks also need secretaries, receptionists, and computer operators to assist with the many administrative support duties.

According to the Career Guide to Industries, 25 percent of the positions in the banking industry are comprised of executive, administrative, and managerial occupations. Examples of these occupations include loan officers, trust officers, and financial managers. Loan officers are responsible for determining whether or not a customer can pay back a loan and then approving or declining the customer's loan application. They also help to bring in new business by developing relationships with customers who will need bank loans in the future. Loan officers and counselors also tend to specialize in either commercial, consumer, or mortgage lending. Trust officers are responsible for managing the finances of customers or organizations that have been placed in trust with the bank. Very often they are called upon to be the executor of an individual's estate upon that person's death. Last, financial managers supervise operations at branch offices or departments to make sure customers receive quality service.

Education and training requirements for finance careers in banking vary according to the special skills required for success and the level of responsibility. Bank tellers and clerks typically need, at minimum, a high school education. Some basic skills and interests needed for success as a teller or clerk are math skills, interpersonal communication skills, and comfort in handling large amounts of money. Typically banks provide tellers and clerks with additional training on the organization's procedures and regulations. The American Institute of Banking, American Bankers Association, and the Institute of Financial Education all offer accredited courses for advanced training. Bank tellers and clerks take these educational courses to prepare for more responsibilities and to assist with career advancement. However, most banks have their own training programs.

Financial managers, loan officers, and trust officers usually have...