Banking, which is also known as bank accounting, is an accounting job in which an individual records and/or analyzes the financial transactions that a bank and its customers carry out. Bank accountants analyze financial documents, conduct internal audits, help customers complete transactions and help customers correct account errors and/or account problems. In addition, bank accountants record deposits and withdrawals; record information related to loans and investments such as bonds or Certificates of Deposit (CDs); track a bank’s assets to identify discrepancies (accountants typically track a bank’s assets to determine if a bank actually has the amount of money that it is supposed to have on hand at any given time and, if not, to determine why that money is missing); verify account balances for customers; and other similar tasks . Individuals in bank accounting may be required to perform a number of different duties that vary from position to position, and an individual’s position may be given any of a number of different job titles depending on the specific responsibilities of that position. Some of the more common job titles for an individual in bank accounting include account manager, bank accountant, bank auditor, bank clerk, bank manager, bank teller, paying teller, and receiving teller.
The specific requirements that an individual must meet in order to obtain a position in the banking subfield can vary greatly from position to position. Most employers require only a high school diploma and/or some experience in a related field (accounting, customer service, or finance) in order to obtain an entry-level banking position.
Some of the more advanced banking positions may require one of the following:
- a bachelor’s degree in accounting from an accredited school,
- a bachelor’s degree in business with a focus in accounting,
- an accounting certificate,
- a master’s degree in accounting, or
- a Master’s Degree in Business Administration (MBA).
An individual may also be required by an employer or, in some cases, be legally required to obtain a Certified Bank Auditor (CBA) certificate, a Certified Public Accountant (CPA) license, and/or other similar certifications or licenses in addition to a bachelor’s degree or a master’s degree for some upper-level banking positions.