There are various sections of a financial institution, such as a retail bank or an investment bank. The back office is an area that does not generate revenue or profit directly. Professionals in the front office, such as investment bankers, traders, and financial analysts, would be unable to perform their jobs effectively without the back office. In banks, back office jobs include technology roles, accounting functions, and, in some cases, risk management positions. Another division where back office jobs in banks can be found is personnel management, such as human resources.
The available back office jobs in banks may not be as high-profile as those in the front office, but they are critical to the continued operation of financial institutions. A trading floor, for example, may exist in an investment bank where financial securities are bought and sold. Back office professionals must ensure that trading activities are properly finalized, settled, and cleared, regardless of how high the trading volume is on any given trading day. A bank’s back office staff ensures that payments are received so that payrolls can be met and other investments pursued. If the financial institution is large enough, any malfunction in the back office could have far-reaching consequences not only for the individual banking institution, but also for the entire economy.
Back office jobs can be found in administration and technology in a retail bank setting where financial deposits are accepted. On the administrative side, back office bank jobs are filled by employees who assist bank managers with financial transactions. Because heavy filing and other record keeping is required, these positions are filled by professionals with strong organizational skills. Information technology professionals also work in banks’ back offices, where they may develop the software that administrative staff uses to manage documents electronically.
Financial roles in accounting may be found in bank back offices. These opportunities could include managing a company’s payroll, which could include both part-time and full-time employees. Accounting staff can also handle expense reports and follow up with employees who are owed reimbursement for business travel. Employees in this department handle sensitive information about their coworkers and are in charge of distributing tax documents each year. A bank can outsource accounting functions by contracting with a third-party firm.