Banking Can Offer Many Career Paths

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Banking Can Offer Many Career Paths

Over the last few years, industries across the world have been affected by “The Great Resignation.” Being forced to work from home, making changes to our typical daily routines, and living with uncertainty have caused employees to re-evaluate their career goals, while also being conscious of the health and wellness of their families.

For many, this has meant a complete career change. Understanding and agreeing with the mission and values of the company you work for has become as critical as ever, which is why focusing on careers that are rewarding and allow you to help others has been a priority for many job seekers. One such career is banking, where you are able to assist your local community members on a daily basis, whether they are looking for financial advice, want to start a business, or want to take out a loan. A career in banking is something most individuals can pursue, and some positions do not require higher education. Here is some information about what a career in banking looks like, and why it might be a great fit for you.

What Do Bankers Do?

A banker’s main job is to provide financial assistance to customers and help them achieve their goals. Bankers assist customers with setting up savings and checking accounts, helping them deposit and withdraw money from these accounts, advising them on loan options, and acting with the customer’s best interest in mind. However, there is a lot more work that is done behind the scenes that help banks function at a high level.

Different Jobs in Banking

When you walk into a bank, the first people you see will likely be the tellers, sometimes known as Community Bankers or Universal Bankers, who are responsible for handling everyday transactions and assisting customers with their banking needs. These employees fall under the Retail Services Department, which helps to service deposit and loan accounts. Every bank has a variety of other departments in place to help the bank be successful. These can include departments such as:

  • Executive Management: This department encompasses the President and CEO, Chief Financial Officer, Chief Marketing Officer, and other high-level executives responsible for overseeing and managing the entire bank.
  • Commercial Services and Business Development:  This department develops and maintains relationships with business customers, and ensures that established lending policies are met by maximizing profitability and minimizing risk.
  • Compliance:  Compliance personnel ensures that all activities and relationships between customers and bank employees are carried out within the confines of laws and regulations.
  • Credit Control:  This department follows up on delinquent accounts to make sure that payments are received.
  • Deposit and Loan Operations:  These employees manage bank operations and support loan and deposit personnel.
  • Electronic Banking:  This department assists customers who use the bank’s electronic services, including the website, debit cards, and mobile banking apps.
  • Finance:  This department tracks and records transactions from the institution, along with budgeting and forecasting the financial future.
  • Human Resources:  The HR team assists in recruiting, hiring, and retaining employees.
  • Information Technology:  This department maintains the digital systems used by the bank, including ATM network, software, hardware, and internal computer networks.
  • Marketing:  This team builds the brand awareness and profitability of the bank within the community.
  • Training:  The training team helps to onboard new employees and educate current employees on standards and regulations that pertain to their positions within the bank.

Beyond what most people can see, banking is a lot more than helping people deposit checks or withdraw money from their accounts. There are roles for people with different personalities and skill sets, yet each role works together to assist customers to achieve their financial goals.

Necessary Skills and Education

To get your banking career started, you will need a foundation of skills including, but not limited to, math/statistics, business, and customer service. Math will be important in virtually every role, whether you are analyzing the effectiveness of the latest advertising campaign or looking for ways to help your customer save for their child’s education. Business skills will be valuable for offering advice to customers looking for loans and lending services. Finally, language skills and relationship skills are important skill sets for good customer service in order to maintain a positive and supportive environment.

You can be hired for some roles with a high school diploma, but to be considered for higher-level positions, obtaining a four-year degree or master’s degree will be key. A finance degree is a smart choice for anyone with a passion for the analysis of numbers and key metrics (investment banking, credit analysis, financial planning, etc), whereas a business degree is a more flexible and well-rounded option for someone who might not know exactly what sector of banking they want to enter into. Additionally, degrees like Accounting, Computer Science, and Statistics can be useful for more specific internal positions at most banks.

Why Banking?

If you’re wondering if a career in banking is right for you, there is a wide range of benefits for you to consider. Besides the job satisfaction of helping people manage their finances or helping the bank in a support role, banking careers offer competitive salaries, retirement benefits, and healthcare options. Banking is also very conducive to allowing entry-level employees to grow their careers through additional training and development. Additionally, banking allows for stable hours, an important work-life balance, and the ability to provide expertise on a variety of topics to community members. Local banks also play a critical role in the community and place a very high value on volunteerism. Not only will you be given the time to be active in the organizations that matter to you and your neighbors, but it’s encouraged.

Start Your Career With Katahdin Trust

Looking for more than just a job? Want to make a difference where you live and work? Explore what's possible with a career at Katahdin Trust, named one of the 2018-2022 Best Places to Work in Maine and designated as a Best Place for Working Parents. We offer personal and business banking services across our 16 branches from Scarborough to Fort Kent, plus an Operations Center in Houlton. With more than 40 career choices, we have positions available to match your interests and passions, complete with the ability to move up in your career with certificates and diplomas in dozens of banking categories. You'll receive the incentives, tools, resources, and personal support you need to pursue your professional dreams and cultivate meaningful relationships with the people and communities you support. Take the next step in your banking career today and view our job openings page at Katahdin Trust Company.

Katahdin Trust Company. Community Banking at its best since 1918.
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