Banking Jobs
If you enjoy working with numbers and want a solid, steady career, a job in banking is a great idea. Banking jobs typically involve working a 9-to-5 shift in an office, so they provide plenty of stability. With a projected growth rate of 7%, banking also gives you a lot of job opportunities to choose from. Depending on the job you pick, your responsibilities can range from tracking data to chatting with customers.
Some potential banking jobs to consider include:
Salaries for Banking Jobs
The U.S. Bureau of Labor Statistics reports that the average overall salary for a person in banking is roughly $76,600. Pay can range from around $35,000 to over $166,000 depending on what you do and where you work.
If you want a high salary, consider well-paying jobs like financial analyst, personal financial advisor and banking branch manager. You can also command a higher salary by working in high-paying cities like Boston, Chicago, New York City and San Francisco.
Here’s what you can expect to earn for the three positions mentioned above:
Interested in seeing how much you can make for banking jobs near you? Use this salary checker to find out!
Find the Right Banking Job
If you want to choose a career in banking that aligns with your interests, lifestyle, values and career goals, you'll need to take a little time to research your options. Follow these steps to discover the perfect banking job for you.
Define Your Banking Career Goals
Start by thinking about what you hope to accomplish in your banking career. Do you want a low-key job with good work-life balance? Are you hoping to have a lot of responsibility and power in a high-paced setting? Identifying your goals helps you narrow down your career options.
It's also useful to consider your skills and your interests. Ask yourself whether you enjoy working with customers or prefer a job focused on analysis and data entry. If you’re an outgoing individual who loves to interact with the public, you might enjoy working as a bank teller or loan officer. If working with numbers is your favorite thing, you might do well as a financial analyst or investment strategist.
Read the Job Description Closely
A job description tells you a lot about whether the position would be a good fit for you. Here are the top five factors to consider when reading a job posting:
- Do you have the skills and training for the job?
- Is the salary appropriate for your level of experience and expertise?
- Do they have reasonable, clear expectations?
- Will the schedule and hours suit your lifestyle?
- Are the company's location or work-from-home options right for you?
Learn More About the Bank
Take some time to research the bank offering the job. Make sure their mission, values, and culture work with both your personal values and your job goals.To find out whether people are happy working for a certain company, you can ask current and former employees, walk around the facility where you might work to get insights into the company culture.
You will also want to know whether the company seems like a reputable employer. You can check a business’s reputation by reading reviews at the Better Business Bureau or Yelp. You can also search the EDGAR database or Whois.
Evaluate the Scope of the Role
Try to picture yourself in the role that the banking job listing describes. Think about whether the day-to-day duties sound like things you're comfortable doing. Pay close attention to how much responsibility, independence, and supervision the job involves.
Make Sure You're Qualified
To avoid wasting time on an application for a job you probably aren't ready for, evaluate your own skills and experience. Make sure you have the education and experience the employer wants.
Pick Jobs With Growth Opportunities
Keep in mind where you want to go next. The ideal job will be one that helps you achieve your future banking career goals. A company that offers its employees opportunities for growth frequently promotes from within, offers chances to train for higher-level jobs, and is receptive to your ideas.
How to Apply for Banking Jobs
Finding a promising job listing is only half the battle. You'll still need to actually apply, interview, and get an offer. Here are some tips for creating an application that highlights your skills and makes you stand out from the crowd.
Gather All Relevant Information
Applying gets a lot easier if you gather the necessary information ahead of time. Double-check the job listing to see where they want you to apply and what information they want you to submit. Start assembling your resume, cover letter and any other requested documentation, like references or portfolios.
Create a Perfectly Tailored Resume
Every successful resume has the essentials like professional formatting, an experience section, and a professional summary. But if you want to go the extra mile, create a unique resume that specifically mentions the skills that the job listing requests. Here are a few sample resumes to guide you:
If you’re applying for a job as a bank teller, for example, you might stress your math and problem-solving skills as well as your enthusiasm for helping customers. It's also a good idea to include keywords related to your job. Many companies use software to scan for relevant keywords like "portfolio management" or "private banking" before your resume is seen by a human.
Would you feel better about presenting your resume if it were written by a professional? You can use Monster's Professional Resume Writing Services.
Write the Ideal Cover Letter
A cover letter is your chance to build a personal connection with the hiring manager. Every good cover letter writer customizes their letter to address the job they're applying for, and it needs to include:
- A professional header with your name and contact information
- A polite greeting
- A closing phrase expressing interest in and interview and your signature
The body of your cover letter will give your potential employer specific information that is backed up by your resume.
Start by letting the company know about your background and why you’re interested in the job. For instance, you already have five years of experience as a bank teller, but after earning your bachelor’s degree in finance while working, you’re looking for a position with the company as an investment banker.
Then, go into specifics about your skills and qualifications. Mention your excellent customer service and analytical skills along with your ability to work under pressure. If possible, provide concrete information about achievements in past banking positions, such promoting additional financial products to customers, which led to an increase in revenue.
To get more of an idea of what makes a cover letter shine, read these cover letter samples:
Submit Your Application
Applying for banking jobs via Monster is fast and easy. All you need to do is follow these steps:
- Sign up for a Monster account.
- Find a job you like, and click the "Apply" button.
- Use the resume and job profile you've already uploaded to apply for the position.
- Double-check the application to see if you want to customize or edit anything.
- Finalize your application.
The banking industry tends to be fairly formal and professional, so following job application etiquette is essential. A follow-up is a great chance to show you can behave professionally and communicate well.
When Should You Follow Up?
A follow-up needs to be recent enough to be relevant but not so prompt that it seems pushy. The usual practice in the banking industry is to follow up one to two weeks after submitting an application. If you get an interview, follow up around 24 hours afterward.
How Do You Follow Up?
The simplest way to follow up is with an email. This is ideal for a job application where you haven't talked to anyone directly yet. After an interview, it's appropriate to call or speak to the hiring manager in person to follow up. You can also send a post-interview thank-you note via email. Explore these sample follow-ups to get ideas for how to follow up with a hiring manager.
Who Do You Follow Up With?
If possible, speak to the hiring manager for the bank to follow up after applying. You might be able to find their contact information on the bank's website. Some people also have success checking the job posting for contact details. If you don't know who to follow up with, find the bank's HR department or company representative and direct your follow-up to them.
Interviewing Tips for Banking Jobs
After you submit an application, your next goal is to ace the interview. No matter how extroverted you are, an interview can be intimidating. However, these tips will make it easier to succeed.
Prepare Ahead of Time
Almost no one gets jobs by winging their interviews. Especially in highly professional environments like banking, hiring managers want to know you pay close attention to detail and research essential topics carefully. Take the time to learn about the company, and note common banking interview questions such as:
- Why do you want to join the banking sector?
- What are the types of accounts in a bank?
- What is the annual percentage rate (APR)?
- What is loan grading?
You’ll also want to think of a few additional questions to ask about the job you’re applying for.
Know What to Expect
The typical banking interview starts with an in-person meeting of around 30 minutes. This interview will focus on asking questions to assess your technical knowledge and professionalism.
For lower-level jobs like a bank teller position, this might be the only interview you need. However, for higher-level jobs like investment banking, you may have up to three interviews. A common interview technique is a "Superday" interview where you spend the whole day talking with people in various positions at the bank.
Try These Tips
Here are some essential tips for doing well in any interview:
- Dress formally, and aim to be one step above the bank's employee dress code.
- Come prepared with a printed version of your resume.
- Describe concrete examples of how you used your skills to benefit your past employers.
- Make eye contact with the interviewer, listen to them carefully and treat all employees with respect and politeness.
- Use interviewing techniques, such as STAR (Situation, Task, Action, Result), to confidently format answers to complex questions.
Remember to Follow Up
Send a thank-you note after the interview to thank everyone for their time. If you don't hear back within a couple of weeks, you can also contact them to reemphasize your interest in the job.
What Happens When You Get an Offer?
In the banking industry, they won't expect you to accept a job the second they offer it to you. Instead, all you need to do is politely thank them and begin discussing the offer. They'll typically email you a document that includes the position's official responsibilities, salary and benefits. It's normal to negotiate a little.
When negotiating, stay calm and professional. Mention average compensation rates in your area and explain why your skills are worth a certain amount. Once you come to a satisfactory agreement, you'll sign the offer and start the onboarding process.
Banking Career Paths
The banking industry has a few different career paths you can follow, depending on your goals and skills. For those interested in local bank management, the career path includes:
If you're interested in high-stakes investment banking, your career path could take you from an analyst position to a director or vice president.
Reaching your career goals can require more than just getting a banking job and traveling up the ranks. You'll eventually reach a stage where you'll need education and training to go with your banking experience.
A bachelor's or master's degree in finance or another related field is essential. It's also a good idea to join professional associations, like the American Bankers Association or the American Finance Association, to network with other people in the industry.
Similar Jobs to Try
If you're looking to branch out from traditional banking jobs, there are plenty of other options. Your skills might work well for these jobs: