Bankers have detailed financial knowledge that they share with clients who want to save or invest their money. These professionals assist customers by answering their questions and advising them on financial issues. If becoming a banker is something you’re interested in, you may want to explore the benefits of this career to determine if it’s the right path for you.
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In this article, we explore what a banker is and what they do, questions to ask when deciding to become a banker and the qualifications for pursuing this career.
Who is a banker?
A banker, sometimes referred to as a banking adviser, is a financial professional who works with bank clients to offer money-related advice. They work to create lasting relationships with clients and ensure that the bank is meeting all the client’s needs. Most bankers work in an office setting and have a regular schedule that typically runs from 9 a.m. to 5 p.m.
What does a banker do?
Bankers are responsible for several tasks, with a few of these being:
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Working with new clients to help them through the process of setting up an account
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Overseeing client bank accounts and transactions
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Recommending banking services based on the needs of the client
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Speaking with clients to resolve any issues or answer any questions
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Processing withdrawals, payments, and deposits
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Performing various administrative duties, such as entering information into a banking system
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Providing clients with referrals to in-house financial experts
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Helping clients take out loans
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Working with clients through the investment process and helping them determine which options are right for them
The specific duties that a banker has will depend on where they work, their level of experience, and the type of banker they are.
Types of bankers
There are several types of bankers a person can choose to be, with some of the most common being:
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Investment banker: This type of banker works with clients to help them increase their capital by investing money in the market. They may also provide financial advice and assist with mergers and acquisitions.
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Asset manager: This type of banker manages client assets and investments. They may also oversee risk in relation to investments and assets.
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Credit analyst: Credit analysts use clients’ credit scores to view their financial situation and determine if they’re eligible for loans.
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Budget analyst: A budget analyst typically works for a company or organization to help it stay on track with financials and budgets.
Should I be a banker?
Here are nine benefits of pursuing a career as a banker:
1. Networking
Working as a banker often provides several opportunities to network with other bankers and those in similar positions. Making connections is an important part of a position as a banker because it can lead to new opportunities. Some bankers even use their network to find new jobs or gain new skills to support them throughout their careers.
2. Teleworking
Some types of banks, particularly investment banks, allow their bankers to work from home a few days out of the week. This can provide more flexibility in your life and allow you to take part in your home life, such as picking up your children from school. This work-life balance may lead to greater job satisfaction.
3. Benefits packages
Many bankers enjoy generous benefits packages from their employers. Several banks offer their employees medical, dental, and vision insurance. Other perks that may be available include life insurance, a retirement plan, flexible spending accounts, and paid time off.
4 Advancement
Many banks provide educational development opportunities or tuition reimbursement programs. These can help you gain new skills within your career. Gaining these skills can allow you to take on more responsibilities and continue to grow in your company.
5. Hours
Bankers may be able to choose between working part-time or full-time. This allows for flexibility within the field and enables you to customize your job to your specific needs and preferences. This also means that if you’re pursuing a degree or have another significant time commitment, you may still be able to work in this field while separately accomplishing your other goals.
6. Working conditions
Bankers work in a corporate setting and, depending on their specific role, may have their own office. They’re usually not on their feet for much of the day. They may divide their time between self-paced work and client services, which introduces variety into their daily routines.
7. Job security
Many banking professionals enjoy a long-term and secure position, either within their current company or in another position they pursue. The banking sector is steadily growing, meaning more and more banking jobs may be available. According to the U.S. Bureau of Labor Statistics, it’s projected that financial analysts and other bank positions may grow by 6% over the next few years, with 41,000 positions becoming available each year.
8. Job diversification
There are several opportunities to move to different positions within the banking field. For example, you may begin as a retail banker and have the opportunity to advance into a position as an investment banker. In most cases, the more education, skills, and experience you possess, the greater your chances may be to move into a higher-level position.
9. Transferable skills
A variety of other industries commonly seek out financial and banking professionals. This means that if you have the appropriate skills as a banker, you may be able to choose to work in a different organization besides a bank. If you have a degree in insurance, banking, finance, or a similar field, you may not even have to work in a financial institution.
Banker Salary
The average national salary of a banker is $54,185 per year. This number can vary greatly depending on several factors, including where a banker works, the type of banker they are, and how much experience they have. For example, a banker located in New York, New York, makes an average of $62,635 per year, while those working in Chicago, Illinois, make an average of $58,632 per year.
Qualifications to be a banker
There are a few key requirements needed to become a banker. These include:
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Bachelor’s degree: Most employers require bankers to hold a minimum of a bachelor’s degree in business, finance, accounting, or a similar field.
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Internship: Many banking employers look for aspiring bankers who have previous experience, and an internship is a great way to gain this experience. If you’re a current student, consider working with your career counseling department at your institution to find a banking internship opportunity.
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Licensure: If you plan to become an investment banker, you’re required to hold a license and registration from the Financial Industry Regulatory Authority (FINRA).
I hope you find this article helpful.
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