Bank officers are responsible for carrying out the policy set by the board of directors of the bank and for overseeing the day-to-day operations of all the banking departments. A thorough knowledge of business and economics is necessary plus expertise in the specialized banking area for which each officer is responsible.
Bank officers and their responsibilities include: loan officer, who evaluates the credit and collateral of individuals and businesses applying for loans; trust officer, who administers estates and trusts, manages property, invests funds for customers, and provides financial counseling; operations officer, who plans and coordinates procedures and systems; branch manager, who is responsible for all functions of a branch office; international officer, who handles financial dealings abroad or for foreign customers; and cashier, who is responsible for all bank property. Other officers handle auditing, personnel administration, public relations, and operations research. In small banks there may be only a few officers, each of whom handles several functions or departments.
A related job is credit manager.
Places of employment and working conditions
Bank officers are employed in towns and cities of all sizes throughout the country.
Bank officers are usually involved in the civic and business affairs of their communities and are often called upon to serve as directors of local companies and community organizations. This can entail evenings spent away from home attending meetings and functions related to these positions.
Qualifications, education, and training
The ability to inspire confidence in others is a necessary characteristic of a successful bank officer. Officers should also display tact and good judgment in dealing with customers and employees. The ability to work independently and to analyze information is also important.
High school students interested in banking should study mathematics and take any available courses in economics.
Potential bank officers usually start their careers at a bank by entering the bank's management training program after graduation from college. Occasionally, outstanding clerks and tellers work their way up the ladder through promotions and are also accepted into these training programs, but the usual background is a college degree.
The ideal preparation for the banking officer has been described as a bachelor's degree in social science along with a master of business administration degree. A business administration degree with a major in finance or a liberal arts degree with courses in accounting, economics, commercial law, political science, and statistics are also good college backgrounds.
Potential and advancement
Employment is expected to increase substantially. Banking is one of the fastest-growing industries in the economy; expanding bank services and the increased use of computers will continue to require trained personnel in all areas of banking.
It usually takes many years of experience to advance to senior officer and management positions. Experience in several banking departments, as well as continuing education in management-sponsored courses, can aid and accelerate promotion.
Income
Income varies, with banks in large cities paying more than those in small towns.
Management trainees usually earn about $19,000 a year. Those with an M.B.A. degree can command starting salaries of $27,000 a year. Senior bank officers earn annual salaries of $60,000 or more.
Additional sources of information
American Bankers Association Bank Personnel Division , NW Washington, DC 20036
Board of Governors, The Federal Reserve System Personnel Department Washington, DC 20551
Federal Deposit Insurance Corporation Director of Personnel, NW Washington, DC 20429
National Association of Bank Women, Inc., National Office, Chicago, IL 60611
National Bankers Association, Washington, DC 20001
