Banking offers a wide array of jobs that may be a good match for veterans. These jobs range greatly in their job duties and median salaries, but all apply some of the skills and traits veterans may have gained in the military. Learn more about some of the banking jobs for veterans below.
|Job Title||Median Salary (2016)*||Job Growth (2016-2026)*||Applicable Military Skills/Traits|
|Tellers||$27,260||-8% (Decline)||Attention to detail|
|Financial Examiners||$79,280||10%||Organizational skills and attention to detail|
|Loan Officers||$63,650||11%||Attention to detail and ability to be thorough|
|Financial Managers||$121,750||19%||Leadership skills and attention to detail|
|Accountants and Auditors||$68,150||10%||Organizational skills and attention to detail|
Source: *U.S. Bureau of Labor Statistics
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Banking Jobs for Veterans
The military often produces several important skills and traits in veterans that are easily transferrable to various careers in banking. Veterans who are detail-oriented, organized and thorough are likely to do well working in banks with money and other financial matters. Here we discuss how some of these traits are utilized by various banking jobs, and therefore, may be a good career fit for veterans.
Veterans who enjoy interacting with people may enjoy a career in banking as a teller. Veterans can apply their military training as they pay close attention and carefully handle various transactions for the bank's customers. They must make sure that each transaction they perform is accurate and may deposit or cash checks for customers, check the status of customer accounts and prepare different payment methods, like travelers checks. Tellers are responsible for ensuring that their register matches the balance and have to track each transaction that they oversee. Some bank tellers may also exchange foreign currency for customers and manage orders for bank cards or other services that the bank provides.
Veterans with a sharp eye for details and great organizational skills may work as a financial examiner. These professionals analyze various aspects of banks and financial institutions to make sure they are obeying all of the current financial laws and regulations. This requires them to carefully examine financial documents for accuracy, monitor spending and evaluate the effectiveness of management for the institution. Financial examiners may bring new examiners alongside to teach them the examination process and as they work with institutions to correct any policies or procedures they find that need to be changed in order to comply with regulations. Most financial examiners specialize in the field of either customer compliance or risk assessment.
The military typically trains veterans to be very thorough and see a task through to completion, which is very helpful in a career as a loan officer. These professionals must be detail-oriented and thorough as they determine if an individual or business should receive a particular loan from the bank, based on a range of financial information. Loan officers must collect this information, including income and credit scores, as well as some personal information and discuss each type of loan option with the client. After analyzing the information they have collected they approve a loan or make a recommendation to management about whether or not to approve the loan. Many loan officers are also responsible for making sure loans follow current laws and regulations and may specialize in overseeing mortgage loans, consumer loans or commercial loans.
While in the military many veterans often hold some kind of leadership position and/or develop leadership skills that are very applicable to a career as a financial manager in a bank. These managers include credit managers, risk managers, cash managers, finance officers and more, who all work to oversee the finances of their organization. In general, financial managers carefully analyze financial reports to monitor how the company is doing and then create financial goals and strategies based on their findings. They typically manage employees who work with the organization's budget and financial records. Most financial managers search for ways to improve their organization's profits, cut costs and make other suggestions to executives concerning finances.
Accountants and Auditors
Many banks, especially larger institutions, employ accountants and auditors to manage their financial records and taxes, and veterans may excel in the position with their organizational skills and attention to detail. Accountants and auditors must carefully check various financial records for their institution to catch any errors or violations of current laws. Accountants usually organize all of these records and compile information each year to prepare and file taxes for the institution. Auditors may also provide some valuable input to management about ways to possibly reduce costs or otherwise improve operations based on the different financial records they examine.