Working in the Savings, Loans & Mortgage Financial Industry

The following article outlines the job duties, training involved, and future prospects of taking on a career in the Savings, Loans & Mortgage Financial Industry.

Preview:

Building societies and savings and loan associations have two major functions. First, to encourage people to save and invest money with them and, second, to lend money out as mortgages to borrowers who wish to buy homes. As well as their savings and loans work, building societies may also provide a range of other services, Including retail banking, insurance, pension planning, and investing in stocks and shares.

The Job:

Work in building societies and banks overlaps considerably and, in many countries, the savings and mortgage lending functions will come under banks. Where building societies exist separately, their structure and function will vary from country to country.

The level of entry and work depends on qualifications. Clerical staff carry out routine office tasks, such as sorting checks, opening and distributing the post, filing, accounting, and data processing. Cashiers, or customer service assistants, deal with clients at the counter, and handle a range of routine transactions and enquiries. At the end of the day, they are responsible for balancing their till.

The more experienced customer service assistants play a key role in promoting new services and products. They give advice and information on investments and mortgages and they may also decide whether a customer should be given a mortgage and for what amount. Making arrangements for property valuations and surveys may also be part of their work.

Branch managers coordinate the work of their staff and they are responsible for ensuring that the branch makes a profit. Much of the manager's time is spent on processing mortgages, but managers are also responsible for staff recruitment and training, as well as developing branch business. Building society branches are set annual targets and managers are expected to persuade existing customers to save more money and new customers to open accounts. Branch managers may spend some of their time out of the office visiting potential customers.

All building societies have a head office for processing work from the branches, and for creating and implementing business plans. Larger building societies may also have regional offices. Specialist head office and regional functions include accountancy and finance, advertising, computing, investment management, legal affairs, marketing, and surveying.

Building society staff work in an office, although travel within the local area may be necessary for senior staff. Saturdays are usually worked on a rota basis with staff having time off during the week instead.

Training Involved:

A bachelor's degree in accountancy, administration, banking, business studies, financial management, law, marketing, mathematics, or statistics will be useful for graduate entry.

Management training schemes for direct entrants may include periods of work experience in branches and at regional and head office, together with short courses in interviewing skills, people management, and sales techniques.

After 2 to 3 years, trainee managers should become a manager of a small branch or an assistant manager in a large branch.

For supervisory or management positions it is necessary to obtain relevant accredited professional examinations, such as those set by the banking profession. Professional courses are part-time and may take up to 6 years to complete.

Most training for junior staff is conducted on the job, and is supplemented by special short courses.

Useful Qualifications to Have:

Useful subjects include: English, accounting, economics, and mathematics.

Future Prospects:

Like the banking industry, increased computerization, coupled with mergers and takeovers within the building society sector, have led to a reduction of staff, particularly at the clerical level.

Prospects of finding a first job locally are reasonable. However, small branches may have only a few employees so staff must be prepared to move to gain promotion, either to a larger branch, to another building society, a bank, estate agency or an insurance company.

Promotion to management level also depends on qualifications, experience, and ability.

Opportunities for work overseas are limited. There may however, be possibilities for working abroad in related careers.

For further information, contact a relevant professional body, such as an association of building societies, or local building societies or a savings and loans association.