With a degree in accounting, you have access to many opportunities that lead to entry-level accounting jobs, such as insurance, finance and government. The banking sector also offer opportunities for entry-level accounting jobs in banks, where an accountant can work in both financial management and administrative positions.
There are many differences between a banker and an accountant, but an accountant with an educational background in business administration and at least one year of work experience might even be qualified for a management position in a bank.
Can Accountants work in a bank?
Yes, accountants can work in a bank and every other business organization, so long as they do financial transactions and keep records. Accountancy is a very versatile professional since accountants can work in any sector. From financial, ealth to government. Below, we discussed about the jobs accountants can do in a bank.
What Kind of Banking Jobs Can Accountants Hold?
The banking industry is a broad one, there are rooms for accounting jobs in banks. Hence, accountants can hold the following positions in a bank;
1. Branch Manager
A bank branch manager supervises the daily bank transactions and ensures that operations are running smoothly. His or her job descriptions include opening new accounts, managing safe deposit boxes, securing new loan arrangements with customers and making final decisions on loans.
According to Salary Expert, a bank branch manager earns an average of $78,811 per year, or about $38 per hour. Entry level bank branch managers can earn about $56,203 annually, while those at the senior level, with eight or more years of experience average $97, 413 annually.
Branch managers are expected to have a strong background in finance and banking. People with accounting backgrounds can also handle this job because they can assess a bank’s financial records to ensure accuracy, and manage its operations to help bring about sound financial decisions.
2. Loan Officer
Loan officers persuade clients to take loans, assess loan applicants' finances to decide their ability to pay back loans and how much loan can be granted, advise prospective loan applicants on different types of loans, and accept loan applications, according to the U.S. Bureau of Labor Statistics.
An accountant’s skills is suitable for this position because his strong understanding of money issues enables him to assess an applicant’s financial statements and other records to check the applicant's ability to repay a loan when due without default.
According to the BLS, the average pay for a loan officer as at May 2019 was $63,270. The lowest 10 percent earn $32,560 or less annually, while the highest 10 percent earn $132,680 annually.
3. Financial Analyst
A financial analyst advises bank customers on profitable investments. They generally need at least a bachelor’s degree in accounting, business administration or a related field. In the United States of America, Financial analysts need a license from the Financial Industry Regulatory Authority, or FINRA.
An analyst with an accounting background is able to efficiently make informed analyses and make decisions on what investments are profitable. He evaluates market trends, track investments such as stocks and bonds, reviews statements from particular clients or prospective investments, and makes calculated projections on prospective investment opportunities.
Average pay for financial analysts was $81,590 as at 2019, according to the BLS. The lowest 10 percent earn an annual salary of $47,230 or less, while the highest 10 percent earn at least $156,150 annually.
4. Financial Managers
Accountants can work as financial managers in banks because they are generally knowledgeable of industry best practices. As a financial manager, a person with an accounting background can make informed decisions when reviewing the bank's financial reports, and when preparing financial statements.
This person can also use financial ratios to check business activities and economic trends, and advise a bank on how to increase revenue and cut losses. They supervises the bank's finance staff and guides them accordingly. Financial managers with background in accounting can ensure that banks strictly follow the taxes laws and audits.
According to the BLS, the average annual salary of a financial manager in 2019 was $129,890. The lowest 10 percent earned $68,370 or less annually, while the highest 10 percent eared about $208,000 annually.
There are several accounting jobs in banks, so just your resume and start applying.
An accountant can work anywhere, as long as financial record keeping is involved. He or she will be saddled with the responsibilities of preparing balance sheet, income statements, computing tax, payrolls, auditing and sometimes, basic bookkeeping functions. The bank is a good fit for accountants since most of their functions involve money and record keeping. Some of the banking jobs accountants can hold are branch manager, loan officer, financial analyst, financial managers, etc.