What is a bank accountant and how to become one

A bank accountant performs various accounting tasks within a financial institution. They reconcile and maintain financial records, producing internal and external financial reports. They handle tasks such as processing incoming payments, managing petty cash, and maintaining bank statements. Bank accountants also analyze customer accounts, monitor expenses, and implement cost-saving actions. They may prepare financial and regulatory reports, and manage cash transfers, including wire and ACH transfers. Additionally, they conduct financial analysis to manage risk for large portfolios and assist in developing daily databases for cash reporting statements. They often work with software like QuickBooks and Microsoft Office.

How long does it takes to become a bank accountant?

It typically takes 5-6 years to become a bank accountant:

• Years 1-4: Obtaining a Bachelor's degree in a relevant field, such as accounting, finance, or business administration.
• Years 5-6: Accumulating the necessary work experience in areas like financial reporting, auditing, and budgeting. During this time, expect to undergo on-site training for 3-6 months and on-the-job training for 1-3 months.

Avg. Salary $52,142

Avg. Salary $59,228

Growth Rate 6 %

Growth Rate 0.3 %

American Indian and Alaska Native 0.46 %

Asian 14.15 %

Black or African American 8.44 %

Hispanic or Latino 10.77 %

Unknown 3.95 %

White 62.23 %

Gender

female 63.07 %

male 36.93 %

Age - 43

American Indian and Alaska Native 3.00 %

Asian 7.00 %

Black or African American 14.00 %

Hispanic or Latino 19.00 %

White 57.00 %

Gender

female 47.00 %

male 53.00 %

Age - 43

Stress level is manageable

7.1 - high

Complexity Level is challenging

7 - challenging

Work Life balance is good

6.4 - fair

Is being a Bank Accountant right for you?

Bank Accountant career paths

Bank accountants often move into general accountant roles or senior accountant positions. Some may also become controllers or regional controllers. Others may specialize in a specific type of accounting, like cost accounting, and advance to management positions in that area.

Key steps to become a bank accountant

Explore bank accountant education requirements

The educational requirements for a bank accountant are a bachelor's degree in accounting, business, finance, economics, or management. According to Ryan Torkelson, Assistant Professor of Accounting at Luther College, "They need to have a quiet confidence about them. They have earned their degree, so they are prepared for the work they have been hired to do." Additionally, earning professional licenses, such as Certified Public Accountant or Certified Management Accountant, can lead to higher salary levels.

Most common bank accountant degrees

Start to develop specific bank accountant skills

A bank accountant's key skills include reconciling cash management systems, producing financial reports, and analyzing support documentation for assigned reconciliations. They must also manage petty cash systems, audit merchant and bank fees, and establish strong internal controls. As Alyson Ma Ph.D., Chair and Professor at the Economics Department at the University of San Diego, puts it, "Students studying Economics are trained to interpret the big picture and present complex information about how an economy functions."

Complete relevant bank accountant training and internships

Accountants spend an average of 1-3 months on post-employment, on-the-job training. New bank accountants learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a bank accountant based on U.S. Bureau of Labor Statistics data and data from real bank accountant resumes.

Research bank accountant duties and responsibilities

A bank accountant's main responsibilities include preparing internal and external financial reports, reconciling bank statements, and processing payments and deposits. They also analyze customer accounts, monitor department expenses, and implement cost-saving actions. As Associate Professor of Accounting at Stonehill College, Alex Yen Ph.D. points out, "The ability to work with 'big data' is highly valued by CPA firms these days. So recruiters are looking (on resumes) for experience working with 'big data' and experience with the tools to analyze data and communicate results, like Excel, Power BI, SAS, Python, and Tableau."

• Manage accounting operations, accounting close, account reporting and reconciliations.
• Assist in the creation, verification, and transmission of ACH files.
• Collaborate with payroll conversion process from ADP to PeopleSoft; performing parallel testing and confirming accuracy of payroll information in PeopleSoft.
• Review of contract documentation to determine billing requirements, reporting requirements and ERP setup for automate invoicing.

Prepare your bank accountant resume

When your background is strong enough, you can start writing your bank accountant resume. You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a bank accountant resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

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