Today’s jobseekers looking for a vacancy in the banking sector have plenty of options. The financial industry is a huge segment of the American economy and offers varied positions ranging from collections to administration. Fortunately for applicants, there have never been more positions available in the sector than there are today.
Approaching the topic of a vacancy in the banking sector can be overwhelming for those without a background in the finance industry. Financial institutions are often structurally complicated. The manner in which these institutions operate is complex, and many positions employ a specialized vocabulary.
For jobseekers that invest the time, there’s no shortage of positions waiting for qualified applicants. By examining a few positions that may be found during a search, understanding the terminology helps applicants be better prepared for what they may encounter.
Financial Industry Positions
It takes a lot to run a financial institution. Whether the institution is a bank, a credit union, or an accounting organization, every employee has an important role to play. While details and positions may vary from one institution to the next, at the heart of every organization in the industry is a combination of number crunchers, customer service representatives, and the successful implementation of both regulations and company policies.
However, just like anywhere else, different positions have different skill requirements. While one position may depend on crunching numbers, another may focus on assisting bank customers or credit union members. In addition, a variety of factors can influence position availability, including a seasonal vacancy in the banking sector or an area’s population density.
Let’s take a brief look at some of the key terms and positions one might find when looking for a vacancy in the banking sector.
* Bank Teller
Openings for teller positions are some of the most frequently seen job listings in the industry, and tellers make up the majority of the staff in the industry. Tellers work directly with credit union members or bank account holders to make deposits and withdrawals. They also work hard to help solve any problems that may come up during various transactions.
Tellers are often the first and last contact that a member or account holder has with a financial institution. As a result, solid customer service skills are an absolute necessity. Tellers handle a significant amount of cash and must be excellent with numbers as well. Teller positions may be part-time or full time.
* Loan Officer
Loan officer positions are also frequently available. As their title implies, loan officers provide a variety of loan-related services for bank customers and credit union members. While they spend much of their time discussing available loan options, officers also perform loan origination, underwriting, and processing services. Candidates seeking loan officer positions will ideally have experience in the consumer lending process and a solid understanding of collections.
Although requirements vary, the two positions generally do not require a specific education beyond a GED or high school diploma. However, loan officer positions frequently require prior experience and an understanding of applicable laws, including the Bank Secrecy Act and a solid understanding of anti-money laundering regulations.
When looking for a job in a bank or credit union, many turn to financial staffing agencies to find the perfect fit in the least amount of time.
