With a degree in accounting, you have numerous employment opportunities in various job markets such as insurance and the government. Banks also offer a fertile ground for accountants to practice their trade in both financial management and administrative positions. 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.
Branch Manager
A bank branch manager oversees day-to-day bank transactions and ensures that operations are running efficiently. Responsibilities pertaining to a branch manager include opening new accounts, managing safe deposit boxes, securing new loan arrangements and making final decisions regarding loans. Branch managers need to have a strong background in finance and banking. People with accounting backgrounds can handle this job because they are able to assess a bank’s financial records to ensure accuracy, and manage its operations to facilitate sound financial decisions.
Loan Officer
Loan officers convince clients to take loans, assess loan applicants’ finances to determine their ability to pay back loans, advise prospective loan applicants on different types of loans, and accept loan applications. An accountant’s expertise is suitable for this position because his strong understanding of financial issues enables him to evaluate an applicant’s financial statements and other records to determine the applicant’s ability to repay a loan.
Financial Analyst
A financial analyst advises bank customers on profitable investments. Financial analysts generally require at least a bachelor’s degree in accounting, business administration or a related field. Financial analysts generally need a license from the Financial Industry Regulatory Authority, or FINRA. An analyst with an accounting background is able to efficiently make informed analyses on what investments are profitable. He evaluates market trends, monitors investments such as stocks and bonds, reviews statements from particular clients or prospective investments, and makes calculated projections on prospective investment opportunities.
Financial Managers
Accountants can work as bank financial managers 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. He can also use financial ratios to monitor business activities and economic trends, and advise a bank on measures to increase revenue and reduce losses. A financial manager supervises the bank’s finance staff and guides them accordingly. Financial managers with an accounting background are able to ensure that banks follow the law on taxes and audits.
by Bob Kelly
