12 Careers In Banking With Salary, Duties And Benefits

A career in banking is a lucrative job because the banking industry offers competitive salaries and an opportunity to work in the finance industry. This is because most careers in banking are high-in-demand because of the skilled nature of the job. If you have an interest in the banking sector, knowing more about the various roles in banking can help you make an informed decision. In this article, we discuss what banking careers are, learn about the benefits of working in a bank and explore 12 jobs along with the average salary and primary duties for making the right career choice.

Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.

What Are Careers In Banking?

Careers in banking are jobs that primarily involve helping clients with their finances and managing money. As banking professionals interact with customers, many jobs in banking act as customer service roles. Some common banking careers are investment banker, bank teller, loan officer and banking associate. While banking careers require graduation, most bank jobs do not require higher education. Because of the skilled nature of the job, employers prefer hiring candidates with excellent knowledge of finance and math.

Benefits Of Pursuing Banking Careers

Here are a few reasons for pursuing a banking career:

• Job security

• Competitive salary

• Opportunities for promotion

• Career development opportunities

• Excellent work-life balance

• Range of job roles to choose from

• Additional perks and benefits like medical insurance, sick leave and maternity leaves

12 Careers In Banking

There are several banking careers that individuals can pursue. Some common career paths are:

1. Bank Teller

National average salary: ₹2,90,323 per year

Primary duties: Bank tellers are customer service and finance professionals who assist other bank employees in completing various banking transactions. These professionals assist customers with monetary transactions like withdrawals, transfers and deposits. A bank teller counts the cash drawer at the beginning of every shift. A part of their job role involves exchanging foreign currency according to the current international rate. Their job role may involve providing customer information on bank products and services such as loans, account types, credit cards and interest rates. They can help customers order products like debit cards, credit cards and checks.

Related: What Does A Bank Teller Do? With Skills and Salary

2. Investment Banker

National average salary: ₹45,336 per month

Primary duties: An investment banker is a financial professional who raises capital by borrowing money or issuing stocks. These professionals offer financial advice during important financial transactions, like acquisitions and mergers. They assist corporate clients in making initial public offerings (IPOs) and issuing and selling securities. A part of their job role involves advising clients on how to invest their money efficiently and securely. They also carry out financial modelling, help in the company's evaluation and conduct financial metric calculations to understand the organisation's performance. They ensure compliance with government rules and regulations set by the central and state government.

Related: What Does An Investment Banker Do? Skills And Careers

3. Private Banker

National average salary: ₹13,299 per month

Primary duties: Private bankers work in the wealth management field that primarily involves managing and growing financial assets. These professionals provide highly personalised services to high-net-worth individuals (HNWI). They meet with their clients to understand their investment goals and work with financial analysts and other professionals to create investment strategies to meet those goals. These professionals provide advice on personal cash management, investment management and secured and unsecured credit. A part of their job role involves monitoring the client's account to ensure that the investment yields results as expected.

4. Bank Clerk

National average salary: ₹17,472 per month

Primary duties: A bank clerk assists senior employees in completing their day-to-day activities. From data entry to direct customer interaction, these professionals perform many clerical jobs for the smooth functioning of a bank. A bank clerk's main responsibility is processing customer transactions. They answer visitor questions about credit cards, loan products and bank accounts. Bank clerks direct customers to banking personnel and help in resolving their queries. These professionals enter and update financial data into the bank records based on the request of a supervisor. They add and delete information of customers when they close their accounts.

Related: What Does A Bank Clerk Do? And How You Can Become One

5. Financial Analyst

National average salary: ₹4,04,907 per year

Primary duties: The job of a financial analyst in a bank is to predict investment performance by evaluating and gathering economic and fiscal data. These professionals make forecasts, build a portfolio and recognise essential trends in the financial industry. They review various financial metrics to compare performances with other companies in the same industry. A part of their job role involves recommending investment portfolios, monitoring economic trends, reviewing financial data and helping clients make lucrative investment decisions. Using their skills, these professionals assess the financial condition to minimise the economic risks involved.

Related: How To Become A Finance Analyst: A Step-by-Step Guide

6. Credit Analyst

National average salary: ₹3,28,227 per year

Primary duties: The job of a credit analyst is gathering and analysing financial data to assess the creditworthiness of a loan applicant. A credit analyst collects financial information on various people and businesses such as debts, payment history, savings and valuable properties. This involves entering, retrieving and updating financial information for evaluation. By evaluating their past and current credit data, they determine the capability of a client to pay back the loan. A part of their role involves preparing risk assessment reports and comping up with risk mitigation strategies and initiatives.

7. Auditor

National average salary: ₹22,603 per month

Primary duties: An auditor is a finance professional who examines and prepares financial records, ensuring that all financial records are accurate. They evaluate whether a business pays its taxes on time. They assess a company's financial operations and ensure that organisation's run efficiently. A part of their job role involves computing taxes owed and preparing tax returns. To improve and accelerate a company's growth, these professionals suggest reducing costs and improving accounting systems.

8. Loan Officer

National average salary: ₹15,087 per month

Primary duties: Loan officers are professionals in a bank that help businesses and people secure financing. They assess a customer's requirement and help people get money for homes, college tuitions, and cars based on their creditworthiness. After evaluating their financial information, salary slips and credit history, they determine whether or not to approve a customer's loan. Using their knowledge of loan products, a loan officer may market the loan products a bank sell. During their workday, a loan officer reviews active loan applications to evaluate if documents are missing and determines ways to speed up the loan approval process.

9. Wealth Manager

National average salary: ₹5,54,290 per year

Primary duties: Wealth managers are banking professionals offering financial and investment advice, estate planning and tax planning services to a bank's customer. To develop customised financial or investment plans, a wealth manager determines the income, expense, liabilities, tax coverage, risk tolerance and other financial information. A wealth manager can recommend clients' strategies in insurance coverage, cash management and investment planning to help customers minimise risk and reach financial goals.

Related: How To Become a Wealth Manager

10. Banking Associate

National average salary: ₹15,792 per month

Primary duties: A banking associate is client-facing professionals who sell financial products that a bank offers. They sell banking products to new or existing customers. These professionals often research and analyse current market trends, build relationships with current and potential customers and create marketing material about products they sell. Using their skills and experience, a banking associate advises clients on banking products, services and investments that can help them earn more money. They can work as commercial banking associates or relationship banking associates.

Related: Banking Officer Job Description: Skills And Responsibilities

11. Bank Relationship Manager

National average salary: ₹2,72,424 per year

Primary duties: A bank relationship manager helps the bank's customers with their investment and financial planning. After discussing their clients' financial goals, these professionals discuss their financial goals to understand their objectives. Using their banking knowledge, these professionals conduct risk assessments on investment options and report to their customers. A relationship manager needs to follow strict banking rules and regulations to fulfil their job duties

12. Finance Manager

National average salary: ₹7,38,443 per year

Primary duties: A finance manager helps an organisation maintain their financial health and standing. This involves overseeing and managing the back-office operations of an organisation's finance and financial budget. Often, these finance managers supervise a team of payroll and accounting professionals. A finance manager analyses financial reports and identifies opportunities to reduce costs.