There are various reasons why someone might want a career change from commercial banking to something new. One of the main reasons people leave their banking career is the constant demand and poor work-life balance. Most bankers work long hours year-round, think 9 am to 7 pm every day. This type of job works great when you’re young and don’t have a family but becomes difficult once you start one. One popular reason people look outside banking is the lack of change and challenge. A banker’s job rarely changes. You work one-on-one with customers and employees, but your duties stay the same. You might become bored or overwhelmed with your daily routine. This can lead you to become tired of your banking career. Luckily, you do have options. If you received a degree in mathematics, economics, accounting, or business the transition to a new job won’t require much effort. Those without a degree can still look to many alternative career options for bankers we found below.
1. Personal Finance Advisor
Salary Range: Bottom 10% earn $18,500. Median annual salary $57,997. Top 10% earn $88,830 as of September 2021
Job Growth: 4% by 2028 (as fast as average)
Personal finance advisors work directly clients from all walks of life. Their main goal is to help them manage their money. You may make a budget, create a savings or retirement plan, or provide general financial advice. Personal finance advisors typically work long hours each week but those who are self-employed can set their own hours. Most personal finance advisors usually have an unexpected and unpredictable workday and week.
Transferable Skills:
- Strong knowledge of mathematics, accounting, and economics
- Excellent decision-making skills
- Organizational skills
- Strong communication and interpersonal skills
- Analytical, decision-making, and problem-solving skills
2. Fraud Examiners
Salary Range: Bottom 25% earn $23,500. Median annual salary $61,473. Top 25% earn $89,500 as of July 2021
Job Growth: 18% by 2030 (much faster than average)
Fraud examiners need to investigate fraud claims and see if they’re true or false. Examiners in this field must gather evidence, report on what they find, and interview those involved in the claim. Each step of the process must be thoroughly recorded. Fraud examiners often get called to testify if a case goes to court to explain what they found. Fraud examiners will work with companies to create fraud prevention and detection policies. Although they aren’t police, they can arrest someone if instances of fraud have been proven true.
Transferable Skills:
- Strong knowledge of mathemathics and its theories
- Knowledge of local law and government
- Strong communication skills
- Organizational skills
- Good record-keeping skills
- Detail-orientated
3. Investment Banker
Salary Range: Bottom 10% earn $19,500. Median annual salary $82,561. Top 10% earn $157,000 as of September 2021
Job Growth: 4% by 2030 (slower than average)
Investment bankers typically take on various duties. Depending on the firm, you will perform different jobs. The primary role is to raise money for your clients. You will sell equity in the company or issue debt. Issuing debts sells bonds to investors and makes the company money. Investment bankers assist their clients to ensure their investments stay safe. When a client needs investments, your job will be to find them and serve as an advisor in finding the best opportunities.
Transferable Skills:
- Innovation skills
- Excellent math skills
- Solid networking skills
- Analytical skills
- Strong interpersonal skills
4. Stockbroker/Traders
Salary Range: Bottom 10% earn $14,000. Median annual salary $135,264. Top 10% earn $400,000 + as of September 2021
Job Growth: 4% by 2030 (slower than average)
Stockbrokers and traders often get lumped together but they are vastly different. Brokers directly interact with their clients. They buy and sell securities based on what their clients ask for. Some may take things a step further with their clients and act as financial planners. Brokers spend copious amounts of time with their clients and informing them of stock prices. Traders buy and sell based on portfolio managers or investment firms. They work in various markets, and some specialize in an asset class or investment.
Transferable Skills:
- Strong decision-making skills
- Organizational skills
- Good record-keeping skills
- High attention to detail
- Communication skills
- Intense knowledge of stocks, bonds, equities, commodities, forex, debt, and derivatives
5. Actuary
Salary Range: Bottom 25% earn $81,210. Median annual salary $108,350. Top 10% earn $148,720 as of September 2021
Job Growth: 24% by 2030 (much faster than average)
Actuaries analyze financial risks. They use math, statistics, and theories to assess the risks of events. They help their clients develop policies and models to minimize risk and save money. Actuaries will perform calculations to determine how likely an event will occur. As an actuary, you will need to present your findings to insurance executives, marketing managers, investment bankers, and pension directors.
Transferable Skills:
- Interpersonal skills
- Excellent math skills
- Strong public speaking, written, and verbal communication skills
- Basic IT skills necessary
- Decision-making skills
- Strong problem-solving skills
6. Auditor
Salary Range: Bottom 10% earn $37,000. Median annual salary $56,000. Top 10% earn $83,000 as of August 2021
Job Growth: 7% by 2030 (as fast as average)
Auditors investigate cash flow records for businesses. They ensure that all record-keeping is accurate and matches. They check to see if there are any instances of fraud. Auditors need to check the accounting processes used are legitimate and taxes are paid promptly. Auditors that received accounting degrees often conduct yearly taxes for clients. Auditors can suggest ways to improve revenue and reduce business costs. As an auditor, you may decide to specialize in different industries or specific services.
Transferable Skills:
- Strong analytic skills
- Organizational skills
- Some IT skills beneficial
- Detail-oriented
- Excellent verbal and written communication skills
- Knowledge of tax regulations and laws
7. Bank Compliance Officer
Salary Range: Bottom 10% earn $21,500. Median annual salary $71,409. Top 10% earn $131,500 as of September 2021
Job Growth: 5-7% by 2029 (faster than average)
Bank compliance officers are responsible for conducting inspections on banks to ensure they adhere and meet internal and external laws. You will monitor and analyze any risk areas in the bank’s organization to improve them. This will help avoid breaking any laws. These officers evaluate policies and procedures whenever the bank enacts one.
- Transferable Skills:
- Some IT skills necessary
- Strong communication skills (verbal and written)
- High attention to detail
- Strong decision-making skills
- Critical thinking skills
8. Loan Officer
Salary Range: Bottom 10% earn $17,500. Median annual salary $68,937. Top 10% earn $149,500 as of September 2021
Job Growth: 1% by 2030 (little or no change)
Loan officers represent the financial institution they work for. They will assist borrowers throughout the entire loan process. Loan officers don’t only assist with mortgages or homeowners. They may have clients of various types. Loan officers must have a comprehensive knowledge of lending companies and lending regulations. When someone wants a loan, a loan officer is the first line of contact.
Transferable Skills:
- Excellent customer service skills
- Listening skills
- Organizational skills
- Good record-keeping skills
- Extensive lending rules, regulations, and product knowledge
9. Financial Examiner
Salary Range: Bottom 10% earn $23,000. Median annual salary $67,289. Top 10% earn $144,000 as of September 2021
Job Growth: 18% by 2030 (much faster than average)
Financial examiners ensure financial institutions comply with local, state, and federal laws and regulations. They also oversee the real estate and financial transactions adhere to these set regulations. This type of examiner may work in risk assessment. The risk assessment side of the job is responsible for the financial system. They must ensure the financial institutions offer safe loans and can cover any unexpected losses. Those who specialize in consumer compliance check to see if lending practices are fair to borrowers. They ensure consumers aren’t discriminating against borrowers or using predatory lending practices.
Transferable Skills:
- Strong customer service skills
- Excellent verbal and written communication skills
- Extensive knowledge of laws and regulations
- Organizational skills
- Problem-solving skills
10. Business Operations Specialist
Salary Range: Bottom 10% earn $21,500. Median annual salary $38,088. Top 10% earn $65,500 as of September 2021
Job Growth: 5-7% by 2029 (faster than average)
Business operation specialists concern themselves with managing the daily workflow to optimize and improve performances. Depending on the industry you work for, you may work in a supervisory role. This role will require you to assist with the hiring and training of new employees, monitor expenses, manage budgets, and coordinate with other departments to ensure optimal productivity is reached. If you work on the analytical side, you’ll focus on developing reports to deliver to department heads, or review business operational procedures.
Transferable Skills:
- Customer service skills
- Strong communication, social, and presentation skills
- Excellent problem-solving and analytical skills
- Proven experience with sales operations or business operations
- Project management skills
11. Compensation, Benefits, and Job Analysis Specialist
Salary Range: Bottom 10% earn $36,070. Median annual salary $52,276. Top 10% earn $71,807 as of September 2021
Job Growth: 8% by 2030 (much faster than average)
A compensation, benefits, and job analysis specialist are responsible for making sure employees receive fair compensation, benefits, bonuses, stock options, or pensions. If you work for a larger company, you will tackle this on your own. However, if you work for a smaller one, you’ll have the assistance of an HR representative. These specialists must keep up with the current job market and payscale. They’ll research and analyze data to determine the job’s proper value. Specialists will consider a prospect’s or current employee’s experience, education, and duties. From here, they can determine what a fair wage or benefits package would be.
Transferable Skills:
- Excellent written and communication skills
- Proficient interpersonal and customer service skills
- Critical thinking skills
- Posess current knowledge of job market salaries and required skills
- Strong IT skills
12. Data Analysts
Salary Range: Bottom 10% earn $68,000. Median annual salary $78,358. Top 10% earn $87,000 as of September 2021
Job Growth:25% by 2030 (much faster than average)
A data analyst job will combine your banking skills with IT. You will analyze any data that has to do with your financial institution and interpret it. For example, you may analyze data on customer accounts or loans. Once you interpret the data, you will be responsible for using that data to help the institution make better or more informed decisions for investments or address any business problems. Brush up on your presentation skills because you will constantly present your findings to a board or department heads.
Transferable Skills:
- Detail-oriented
- Good communication (written and verbal) skills
- Strong IT skills
- Project management skills
- Leadership skills
- Decision-making and problem-solving skills
13. Business Analyst
Salary Range: Bottom 25% earn $62,000. Median annual salary $82,343. Top 25% earn $118,500 as of September 2021
Job Growth: 14% (much faster than average)
Business analysts focus on a business’s operations and financials. They look to see where problem areas are and how to fix the problems. Business analysts analyze the reports in manners including budgets and payrolls. These analysts will look at the reports develop models to present to stakeholders or company management teams. Unlike a data analyst where you create your models independently, business analysts typically consult with IT teams and financial teams. They help to clarify reports and find ways to reduce costs.
Transferable Skills:
- Organizational skills
- Advanced IT skills
- Critical thinking skills
- Problem-solving and analytic skills
- Strong communication (verbal and written) skills
14. Customs Brokers
Salary Range: Bottom 25% $62,500. Median annual salary $69,561. Top 25% earn $81,500 as of September 2021
Job Growth: The BLS doesn’t specifically collect data on custom brokers.
Customs brokers focus on shipments that export and import goods. These shipments require documentation that proves it meets local and international laws. This type of broker tracks taxes payable and duties. A customs broker may process payments for clients or represent them in meetings with officials. These meetings take place when duty refunds or reclassifications on tariffs need applications. Customs brokers work with each other through phone, video, or email when it comes to the expedition of cargo.
Transferable Skills:
- Basic IT skills necessary
- High attention to detail
- Excellent interpersonal and communication skills
- Strong written communication
- Good record-keeping skills
- Knowledge of export laws and regulations
15. Sales Manager
Salary Range: Bottom 10% earn $50,000. Median annual salary $81,000. Top 10% earn $132,000 as August 2021
Job Growth: 7% by 2030 (as fast as average)
Sales managers handle a variety of responsibilities. The size of the company you work for will slightly change the duties you have. Most sales managers share duties similar to an HR representative. You might be responsible for the entire hring process from recruitment to training employees. As a sales manager, you will ensure your sales representatives reach sales goals and guide them to the correct ways to reach them. Sales managers set sales goals for the company and assign areas of sale. They ensure the goods and services needed for these sales reach the appropriate destination. Sales managers interact closely with management teams and vendors. They analyze the sales from each department to keep inventory on the most popular items available.
Transferable Skills:
- Strong verbal and written communication skills
- Leadership skills
- Strong organizational skills
- Exceptional customer service skills
- Analytic and critical thinking skills
- Some IT skills necessary
Frequently Asked Questions
What are the second careers for retired bankers?
Many retired bankers become consultants for other financial institutions. Some prefer to become investment advisors, teach accounting classes, or money management classes. Others guide other retirees in financial planning.
What are the side gig ideas for bankers?
Depending on your degree and skillset, you may have the opportunity to work in various areas along with banking. Some bankers that have accounting degrees work during the tax season as a tax preparer. Other side gigs include a math tutor, part-time bank teller, or personal stock trading. You could go the route of non banking jobs for bankers too, such as sales or customer service.
Final Thoughts
You may struggle with your current banker job and want a change of pace. We are often told to stay in our jobs for security. However, the job market changes frequently. A job that pays well and has a secure future today, might not be tomorrow. Leaving banking career might cause you to stress about your future. You can rest assured that you can change your career and your skills will transfer into your new one. You may even make more money with fewer hours than you do now.
