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After graduating from business school, many graduates are drawn to the several different types of finance jobs in commercial banking that are available. Commercial banks are small to large financial institutions focused on providing monetary services to individuals and businesses. Our world depends on commercial banks for borrowing money, safely depositing cash, managing payments, using credit cards, purchasing securities, and more. Therefore, it’s no surprise that commercial banking is the largest employer in the diverse financial services sector. Starting a career as a commercial banker is a great way to learn more about business, interact with clients, build up network connections, and advance into leadership. The following are jobs in commercial banking that can put your finance background to good use.
Loan Officer
Loan officers work for commercial banks to assess loan applications and suggest whether applicants should be approved or denied the funds, according to Business Insider. Loan officers use underwriting to evaluate the risks associated with lending the requested money to individuals or businesses. Loan officers play an important role in keeping commercial banks profitable by weeding out loan candidates who lack the ability to pay back their lease. As a loan officer, you’ll provide direct customer service to explain different loan options and gather personal data.
Credit Analyst
In commercial banking, credit analysts are hired to analyze the financial records of individual or company customers to determine the degree of risk involved in extending credit. Credit analysts are responsible for projecting future cash flow, evaluating financial stability, interacting with customers, collaborating with lenders, and determining a customer’s credit soundness. Although this is an entry-level job, credit analysts are important in evaluating new customers looking to open accounts in commercial banks. Most credit analysts will also draft reports on credit data to aid in management’s decision-making powers.
Mortgage Broker
Mortgage brokers work in the commercial banking world to connect future home or property owners with the capital they need for purchase. Mortgage brokers gather important financial data, such as credit scores, income, assets, and employment, to assess whether borrowers should be extended financing. Mortgage brokers handle all communications between the client and the commercial bank to provide for a streamlined loan approval process. Borrowers depend on mortgage brokers to find the best financing program at the lowest interest rate.
Branch Manager
At the executive-level of commercial banking stands the branch manager, who is in charge of overseeing the daily operations of their bank. Branch managers will wear many hats in hiring new banking staff, approving loans, extending lines of credit, marketing the bank’s financial services, and assisting customers with account troubles. One of the primary responsibilities of branch managers is to build good rapport with the community to attract more customers. Branch managers move beyond number crunching to lead their bank towards thriving success.
Related Resource: Finance Jobs in Real Estate
Overall, employment growth in commercial banking will be slowed due to the continued consolidation of banks. Despite the recovering U.S. economy, commercial banking is projected to lose around 26,000 jobs, or roughly two percent of its workforce, annually. This means that there will be heated competition for jobs in commercial banking, especially as finance graduates become more numerous. In addition to these great finance jobs in commercial banking, you may also want to consider becoming a trust officer, financial analyst, actuary, securities sales agent, personal financial advisor, financial examiner, or cost estimator.
