Ask the Accounting Community

Organizations hire accountants to manage their financial records, prepare financial reports, and file tax returns. The job description for accountants also includes auditing accounting systems and records. Banks are among the organizations that require competent accountants to manage their financial records and systems. Accountants have other job opportunities in the banking sector to explore. The top jobs that the professionals can apply for are outlined below.

1. Loan Officer

The responsibilities of loan officers include marketing different loans to new and existing clients and assessing their ability to pay. Loan officers assess applicants and make decisions to grant or deny loans based on applicant’s financial credibility. Accountants make good loan officers because of their financial skills. They can evaluate clients accurately and help them make sound financial decisions. Loan officers prepare reports on the performance of different loan products and default rates. Officers with an accounting background prepare accurate reports and recommend changes to loan products.

2. Tax Accountant

Many organizations, including banks, separate taxation from other financial tasks. Tax accountants can work as permanent employees or as consultants. Accountants with a clear understanding of taxation laws in their state can offer tax accounting services to banks. The main responsibility of a tax accountant is to ensure that the client files tax returns on time and complies with all taxation laws. Salary sites such as Higher Salary rank tax accountants high among the best-paid professionals in the banking and accounting industries.

3. Branch Manager

Branch managers oversee all the daily transactions and operations in their assigned bank branch. The manager must ensure that all operations and systems are running efficiently. These professionals make final decisions on loan applications and monitor withdrawals and deposits. Branch managers report to higher-ranking managers on the operations and profitability of their branches. The strong finance background that accountants possess enables them to oversee bank branches effectively.

4. Auditor

Banks require internal and external auditors to monitor their funds. Auditors are trained accountants who can evaluate financial records and uncover any cases of fraud or mismanagement of funds. Branch managers and internal accountants cannot follow every transaction keenly because of the large number of transactions. Auditors fill in the gap and monitor all transactions and records to ensure that all employees are providing accurate reports. Most institutions prefer to hire permanent internal auditors and contract an external auditor occasionally.

5. Financial Analyst

A financial analyst advises the bank or any other business on the most profitable investments. Most employers will require a degree in business administration, finance, or accounting for the financial analyst position. Accountants can analyze the current and potential returns from different investment opportunities in the market. These professionals can monitor trends in the markets and project returns from different assets accurately.

Conclusion

Accountants have multiple opportunities to find well-paying jobs in different sectors, including the banking sector. Every business requires an accountant to monitor the movements of funds and analyze its profitability. Hence, accountants will always opportunities to work as entrepreneurs start new businesses. We have listed a few of the positions that accountants can explore in the banking sector. Accountants can apply for any position that requires a finance background in any industry.