A financial manager or bank officer usually does these types of banking operations jobs or fund operations jobs. If the bank is particularly large, one bank manager is likely responsible for one particular branch of the bank or for loan operation jobs, depending on what services are offered. If the bank is small, one bank manager might be responsible for many different departments; these are operations supervisor jobs.
With loan operations jobs, the loan officer is responsible for charging interest on loans. This is how banks make most of their money. The amount of money available for loans is limited, so loan officers must evaluate those who want to borrow money. They do so by looking at credit reports and financial information about these clients to determine whether they will be able to pay back the loans, with interest if necessary. If they cannot, they are turned down for these loans, because the bank cannot make money from them.
Someone who is a credit department manager might prepare these reports so that loan officers know whether these people can qualify for the loans they want.
Being a real estate loan officer is another of many operations supervisor jobs, and in this position the loan officer investigates whether or not a house is worth what the customer wants to borrow to buy it. As a real estate loan officer, one is also responsible for making sure the buyer receives absolute title to the house. Most often, those who work in loan operations jobs work with a specific type of loan, such as a mortgage. This gives them enough depth of experience in a particular sector of banking operations to make the correct decision so that their bank prospers.
Other types of operations specialist jobs that deal with money management include those of trust officers. Trust officers supervise money invested in trusts. Banks have the power to hold and invest trust money given to them by businesses, foundations, or states. They invest the money in vehicles called trust funds that are set up through legal documents like deeds of trust or wills. In addition, those who manage trust funds may oversee either corporate trusts or personal ones. As a trust fund officer, one may consult with investment specialists who will help him or her determine what the best investments for each customer's account will be. Trust officers are entrusted with the duty of making sure that beneficiaries of the trust funds receive income checks when they are supposed to and that trust provisions as set forth are followed to the letter.
Those who work as operations managers in banks usually work in the corporate offices. They are responsible for the data processing and information services the bank needs to perform. These services include keeping records, bookkeeping, and check processing. These duties can be done via computer and in other automated capacities. These individuals may also coordinate how work flows from one bank department or branch to the next.
Banking operations jobs include several different types of management jobs. Investment managers, for example, are responsible for investing bank funds. Financial managers help prepare and decipher financial reports for officers of the bank, including the president and vice president. These people head the departments of accounting, public relations, and records. A branch manager supervises a particular parent bank's branch and all the operations that take place there.
Education and Training
For most banking operations jobs, you need a college education. Begin in high school if you can by focusing on mathematics. Once in college, taking business administration, finance, or accounting as a major will give you the skills you need to have to specialize in bank work.
Because most banks will train those who work with them, most managers will first go through a management training program. Sometimes, banks prefer to hire those who have gotten graduate degrees in business administration or economics.
Nonetheless, when someone is hired to become a bank trainee, he or she learns about different aspects of the bank and then chooses one type of work to specialize in. Banks will also sometimes hold seminars to give trainees the background they need, sponsored by the American Institute of Banking, which is a division of the American Bankers Association. Banks often help pay for the education of those who work for them if they are going to school while they work for the bank.
Getting Banking Operations or Other Specialty Operations Jobs
When you get out of college, you can have your placement office help you find a job as a management trainee in a bank. Private employment agencies are another place to look. You can also look at Internet job sites or newspaper classified ads for management trainee jobs. You can also start working for a bank while you are in school and utilize work-study programs to work there, then transition to working full-time either there or at another bank once you graduate.
Salary and Outlook
Becoming a management trainee at a bank is a very competitive process, and being able to move into this position means you are very fortunate indeed. Bank managers in general have a much easier time finding work in mid-level positions. Studying for other areas of banking, such as real estate or business accounting, while you work in bank management can help you advance. Entry-level loan officers make about $35,000 a year, while other bank officer positions average in the high $50,000 a year range.
Conclusion
Operations specialist jobs that are specifically banking operations jobs exist within a very competitive market. Nonetheless, if this is an area of interest for you, begin while in high school by studying accounting and money management classes. You can also pursue college courses that can help you get into banking, such as accounting or finance, while working in the banking industry itself. In fact, many employers in this industry actually help employees go to school so that they have the education and the ability to advance once they complete their degrees. Although a very competitive industry, it is also very rewarding for those who enjoy this type of work.
