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Working as a Personal Banking Officer

Job Description

Bank tellers or customer service representatives [NOC 6551]

As a customer service representative in a financial institution you will perform some or all of the following duties:

  • Explain and sell the various types of accounts and financial services
  • Process customer cash deposits and withdrawals, cheques, transfers, bills, credit card payments, and other related personal banking transactions
  • Answer enquiries and resolve problems or discrepancies concerning customers’ accounts.
  • Use computers to balance daily transactions for your service station

Source: NOC, 6551

Loan officers [NOC 6235]

As a loan officer you will perform some or all of the following duties:

  • Interview applicants to determine the type of loan they need
  • Promote the sale of loans and guide clients through the application
  • Examine, evaluate, and process credit and loan applications
  • Submit credit and loan applications to management with recommendations for approval or rejection

Source: NOC, 6235

Industry Overview

Many job openings are expected in the financial institution industry in British Columbia. Both the quality and the number of full time jobs are consistently high in the banking industry. These new jobs focus on building in-depth, value-added customer relationships. In keeping with this trend, banks are recruiting employees with higher education or skill levels.

The majority of jobs in this sector are clustered in the Lower Mainland/Southwest and Vancouver Island and Coast regions of the province.

Job Outlook in BC

Customer Services Representatives – financial services (NOC 6551)

job outlook for customer services representatives - financial institutions NOC 6551

Chart from Work BC (NOC 6551)

Banking, Insurance and other Financial Clerks (NOC 1434)

job outlook for banking, insurance and other financial clerks NOC 1434

Chart from Work BC (NOC 1434)

Financial sales representatives (NOC 6235)

employment outlook for financial sales representatives NOC 6235

Chart from Work BC (NOC 6235)

The Employment Outlook for BC provides job openings projections within BC regions:

Customer services representatives, financial services, also bank tellers:

Region 2010 Estimated Employment 2015 Estimated Employment Avg Annual % Change, 5 Years, 2010 to 2015
Vancouver Island 2,750 2,670 -0.6%
Lower Mainland / Southwest 7,660 8,450 2.1%
Thompson-Okanagan 1,780 1,900 1.4%
Kootenay 290 350 4.2%
Cariboo 370 380 0.5%
North Coast & Nechako 150 150 -0.5%
Northeast 220 170 -4.3%

Source: Regional Employment Projections, BC Stats. Projections for development regions. [accessed October 2014]

For loan officers, also known as account managers:

Region 2010Estimated Employment 2015 Estimated Employment Avg Annual % Change, 5 Years, 2010 to 2015
Vancouver Island 830 800 -0.6%
Lower Mainland / Southwest 3,570 3,940 2.1%
Thompson-Okanagan 530 570 1.4%
Kootenay 90 110 4.1%
Cariboo 110 120 0.5%
North Coast & Nechako 50 50 -0.4%
Northeast 70 50 -4.1%

Source: Regional Employment Projections, BC Stats. Projections for development regions. [accessed October 2014]

You can learn more about working as a Personal Banking Officer in BC from:

Types of Employers

Bank tellers and loan officers are employed by banks, trust companies, credit unions, and similar financial institutions.

Salary

In BC the average annual income for bank tellers or customer service representatives is between $33,000 and $44,000 per year. Earnings can depend on experience, employer, and location. Increases are based on performance and seniority.

In BC the average annual salary earned by loan officers is between $44,000 and $53,000 a year. However, those who work on large commercial accounts and who have additional responsibilities can earn more. Commercial loan officers, whose clientele are businesses, generally have higher earnings than loan officers who deal with consumer loans, such as residential mortgages.

Job Bank Canada provides hourly wage information for regions in BC:

Bank Teller / Customer Service Representative

bank teller - customer service representative regional wage

Source: Job Bank Canada [Search 1433]

Job Bank Canada provides hourly wage information for regions in BC:

Loan Officer / Account Manager

loan officer - account manager regional wage

Source: Job Bank Canada [Search 1232]

In addition to a salary, bank employees usually receive benefits such as health and dental insurance, paid vacations, paid sick days, and contributions to pension plans. Many financial institutions also offer lower interest rates on loans and mortgages to their staff.

From Career Cruising database (Profiles for Bank Teller, Loan Officer, Account Manager).

Working Hours

To serve customers better, many banks are remaining open in the evenings and on weekends, in addition to regular Monday to Friday business hours. Many bank tellers work part-time or “peak time”, which means they work during the busiest hours, such as lunch time and weekend mornings.

Many account managers or loan officers work anywhere from 8 to 12 hours each day. Some will work weekend hours.

Skills, Education and Experience

Skills

  • excellent customer service skills
  • strong oral and written communication skills
  • work well with others
  • detail-oriented and problem solving
  • enjoy working with numbers
  • able to multi-task
  • able to keep customers’ financial information confidential

Education and Experience

Bank teller/customer service representative

  • Combination of high school diploma and on-the-job training
  • Experience working in a fast-paced customer service oriented environment
  • A degree in finance (or something similar) and/or the completion of the Investment Funds in Canada course, is an asset.

Loan officer/account manager

  • High school diploma and extensive banking experience is usually required
  • A bachelor’s degree or college diploma in a related field is preferred
  • Completion of a loan or credit training program

Note: Workers in this group must be bondable, have basic security clearance, a confidential security clearance, as well as a criminal record check.

Qualifications

This occupation is not regulated in British Columbia.

Finding Jobs

You’ll find job advertisements in local newspapers, trade journals, and electronic sources.

Local Newspapers

You can look at the Vancouver Sun and The Province at Vancouver Public Library for free. Check the job postings daily, the careers section in the Vancouver Sun on Wednesdays and Saturdays and in The Province on Sundays.

Job White Pages

  • Available online or in print at the Central Library
    NOTE: Access at VPL locations only

Online Job Postings

  • Indeed.com
    Find jobs posted on a multitude of company career sites and job boards

Canada’s largest banks have extensive job sites:

Professional Associations’ Career Resources

Identifying the Right Position

When you browse job advertisements, you’ll find a range of different job titles that are relevant.

For bank tellers, look for these related job titles (from NOC 6551):

  • Customer Service Representative
  • Credit Union Teller
  • Financial Customer Service Representative
  • Foreign Exchange Teller – Financial Services

For loan officers, look for these related job titles (from NOC 6235):

  • Credit Officer
  • Mortgage Officer
  • Account Manager

Creating a List of Potential Employers

You can use directories to produce lists of employers in the banking industry in Vancouver or the Lower Mainland. Contact them directly to find out if they’re hiring. You can photocopy from the print directories at Central Library, or use the online directories from a computer connected to the Internet.

  • Financial Services Canada
    Available at the Central Library, 332.1025 F49
    Contact information for Canadian banks, credit unions and other financial services
  • Associations Canada
    Available at VPL Central Branch, 060 A84
  • Reference Canada
    Click on “Start Search” beside Canadian Businesses, then select the “Advanced Search” button.
    Select both “Keyword/SIC/NAICS” under Business Type and “City” under Geography.
    In the top search box enter “banks” and click LOOKUP.
    Select the appropriate headings.
    Lower down, select the Province, choose the cities, and click the “View Results” button.
    NOTE: You can access this database from a Library computer. If you are using a computer from outside the Library, you will need a Vancouver Public Library card to login to this database. After clicking on the database name, you will be asked to enter your library card number and PIN (usually last four digits of your telephone number).

Applying for a Job

In Canada, employers usually expect to receive a resume (curriculum vitae) and a cover letter that identifies the position you are applying for and summarizes your relevant experience.
Use the library catalogue to find books on writing resumes and cover letters specific to your industry.

Choose the following links for further assistance:

Getting Help from Industry Sources

Industry Associations

There are associations for banking professionals in BC and Canada. These associations provide assistance to organizations and individuals working in this sector.

Industry Journals

Search the Vancouver Public Library catalogue for journals related to your profession, for example:

  • The Banker
    Also available at Central Library 332.105 B2181
  • Money Sense
    Also available at Central Library 332.024 M742