Commercial Banking careers include Branch Managers, Loan and Mortgage Bankers, Credit Analysts, and Trust Officers. (And sometimes, one’s job title will simply be “Banker.”)
A commercial bank is a for-profit business involved in loaning individuals and businesses money and offering checking and savings accounts. This type of institution employs many people at many different skill levels.
Commercial Banker Requirements
Most commercial bankers have bachelor’s degrees, but some may only have comparable (and usually significant) work experience.
If you’re looking at a Commercial Banking career, know that you will also need to have solid communication skills (including writing), good people skills, good computer skills, analytic abilities, decision-making skills, problem-solving abilities, and good organizational skills.
Education and Training — How to Become a Commercial Banker?
Some commercial bankers begin at entry-level jobs (e.g., bank teller) and work their way through the ranks. Others earn their bachelor’s degrees in business or finance and are able to enter commercial banking at higher-level jobs. Most commercial bankers can expect some on-the-job training once hired.
If you want to work as a Mortgage Loan Officer, you will need to have an MLO license. To earn this license, you must complete 20 hours of courses and pass an exam. Check with your state for specific requirements.
Though it is usually not required, some Loan Officers do get certified. Both The American Bankers Association and the Mortgage Bankers Association offer Loan Officer certification programs.
Commercial Banking Salary — How Much Do Commercial Bankers Make?
According to the Bureau of Labor Statistics, in May 2012 the median salary for loan officers was $59,820. The lowest 10 percent of loan officers earned less than $33,000 with the upper 10 percent earning upwards of $119,000. It is worth noting that some banks pay loan officers on commission, so the more money you earn for the bank, the more money you earn for yourself.
In general, the more responsibility a banking job requires, the more money it pays. Also in general, the bigger the bank, the bigger the paycheck.
Career Opportunities
According to BLS, employment for banking loan officers is expected to grow at about the same rate as most other occupations over the next several years. The more the economy recovers, the better the career outlook for commercial bankers.