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The retail banking industry offers several occupations that are expected to grow at the national rate and a few occupations are anticipated to jump in employment numbers.
1 (One) star on the description indicates it is slightly below the average growth of 11%
2 (Two) stars indicate above average
3 (Three) stars indicate occupational titles that almost double the average growth percentage. Of all the occupations in retail banking, here are a few expected to do best over the next 10 years:
Human resources, training, and labor relations specialists*
Financial analysts*
Personal financial advisors***
Loan officers**
Computer specialists***
Securities, commodities, and financial services sales agents***
Tellers***
The employment growth expected across the board is 11 % in the next 10 years but the total banking industry employment growth is only expected to be 4% comparatively.
Wages and Salaries for manager, officer positions, and entry-level retail banking positions:
| Occupation | Hourly Pay |
| Financial managers | $34.00 |
| Loan officers | $23.50 |
| First-line supervisors/managers of office and administrative support workers | $19.50 |
| Executive secretaries and administrative assistants | $18.00 |
| Loan interviewers and clerks | $14.00 |
| Customer service representatives | $13.50 |
| New accounts clerks | $13.50 |
| Office clerks, general | $11.80 |
| Tellers | $10.50 |
Resources:
Bureau of Statistics, 2005
The working environment in banks is comfortable. Working hours have been regular banker's hours but that has changed. Many banks are focusing on customer service and their hours have changed to suit their clientele. They are often open through the early evening hours and on Saturday mornings.
If you are thinking of a career change and want to go into banking, it is a great field with lots of entry-level positions. To climb up the ladder in retail banking you need to refresh your computer skills and obtain some education. Many employers have education benefits and they will pay to go to school if it is in the business. That is a great perk if you are considering several places to apply. Here are two job descriptions. One is for an entry-level position and the other describes the duties of a manager or supervisor.
Bank Teller
- Bank tellers are icons of the banking industry. Tellers make up more than one quarter of all banks' employees.
- Some of the responsibilities include cashing checks, accepting deposits and loan payments, and processing withdrawals. Bank tellers also sell savings bonds, accept payment for customers' utility bills and charge cards, process necessary paperwork for certificates of deposit, and sell travelers' checks. Some tellers specialize in handling foreign currencies, or commercial or business accounts.
- In many ways, this is the quintessential customer service job.
- Technology continues to play a large role in the job duties of all tellers. In almost all banks, for example, tellers use computer terminals to record deposits and withdrawals.
Resources:
Occupational Outlook Handbook, Bureau of Labor Statistics
Retail Branch Manager
Retail Branch Manager is generally an innovative individual with excellent operational, customer service and leadership skills. Duties include supervising the retail branch operations, monitoring quality, staff motivation, coaching, supervision, cross selling, and performing account transactions.
Applicants should have Associate's Degree (AA) or equivalent from two-year College; and three or more years' related experience and/or training; or equivalent combination of education and experience. Direct banking supervisory experience preferred.
Salary and benefits, include 401(k) and ESOP.
Resources:
Monster, posted December 15, 2008
There are financial opportunities in retail banking and the jobs are not always found in banks. Retail banking includes credit unions and financial lending businesses. They all work with the individual customer to provide service. The outlook growth is good for the positions mentioned above which include teller and 2 or 3 managerial and supervisory positions. The pay is very basic at entry-level, but the good news is, you have places to go in banking. To advance the requirement is education and some years of experience.
Happy job hunting!
