Financial Services and Banking Jobs

Financial Careers Money is the name of the game in the financial services and banking industry. The huge industry covers everything from consumer finance companies to multinational investment banks. The industry includes companies involved in the management, investment, storage, lending and transfer of money. The sector includes banks, credit unions, insurance companies, credit card companies, stock brokerages, consumer finance companies and investment funds.

The banking segments in the United States include commercial banks, investment banks, savings and loan associations and credit unions. The line between commercial banks and investment banks has become blurred, with each involved in the other's traditional territory.

Financial Services and Banking Employment - Employer Reviews

Financial Services and Banking Industry Facts

8,430 FDIC insured commercial banks in the United States as of August, 2008 (Source: FDIC)
The financial services sector is highly sensitive to business cycles, especially recessions
A booming economy creates a strong demand for financial services
Profitability drivers: Efficient operations, effective marketing, understanding customer needs, investment expertise and building investor confidence
Banks cannot go bankrupt in the United States

Financial Services and Banking Industry Employment Background

Bank teller is the banking industry's largest occupation. Other popular positions include:

New account clerk
Customer service representative
Bill and account collectors
Loan officer
Bookkeeper
Accounting and auditing clerk
Manager
Secretary
Information processing worker
Data entry worker

Accountants, auditors and lawyers maintain financial records and make sure banks are in compliance with federal and state regulations.

Financial services sales agents consult with businesses and individuals on a wide array of banking, insurance, securities and other related services. Financial services sales agents discuss with clients subjects such as lines of credit, deposit accounts, certificates of deposit (CDs), exchange traded funds (EFTs) and individual retirement accounts. They also review (IRAs), estate and retirement planning, sales or inventory financing, cash management, stock investments and investment services.

Financial Services and Banking Industry Employment Statistics

In 2008 the banking industry employed approximately 1.8 million workers.
Office and administrative support workers account for 64 percent of all positions
Management, business and financial occupations comprise about 25 percent of the employees in the banking industry
In 2008 about 74 percent of the jobs in the banking industry were provided by commercial banks; 12 percent by credit unions and 12 percent by savings institutions
Small banking establishments, mostly bank branch offices, employed about 38% of all employees in 2008
Most management business and financial positions in the banking industry require at least a bachelor's degree
Most financial service sales agents need a college degree

Source: Bureau of Labor Statistics (BLS)

Financial Services and Banking Industry Employment Outlook

The Bureau of Labor Statistics forecasts an 8 percent employment growth in the banking industry between 2008 and 2018, compared to a projected 11 percent employment growth rate across all industries.

Experts predict the increasing number of retired baby boomers will increase the number of positions in the banking industry. Baby boomers are more likely to have bank deposits and visit bank branches than younger age groups.

According to the BLS, there are over 317,000 securities, commodities and financial services sales agents in the Untied States. The BLS forecasts the number will grow to 346,700 by 2018.

According to Monster.com, a major employment website, in 2011, among the specialists most in demand in the financial services industry are treasury, trading, financial analysts, internal auditors, compliance specialists and investment managers.

Regarding the financial services industry, some experts report new government regulations will increase demand for compliance officers and tax accountants in 2011. Also, rule changes by the Securities and Exchange Commission and regulations from new consumer-protection agencies will inspire companies to hire experts who know how to comply with new rules and regulations.

The BLS reports the need for skilled employees will create good employment opportunities for people with financial services backgrounds.