If you would like to become a commercial, personal, or investment banker, you may be wondering if there is a degree needed to become a banker. Bankers who work in finance will help their clients with several different types of financial services from securing a personal loan and opening a saving account, to drafting trusts and managing business accounts. Since you are managing money for your customers, it is critical that you have a formal education and that you are very knowledgeable in a variety of areas in banking to succeed in the field. Read on, and learn more about the path that you need to take to enter the finance industry as a banker.
What Does a Banker Do for their Clients?
Bankers are crucial pieces to the banking puzzle. Without a banker, a retail bank would not be able to sell their products as efficiently as they do. The goal of the banker is to look for sales opportunities to bring in profits by building their book of business and retaining clients that they already service. Since a banker may do everything from match a client to the right retirement account, to answer customer questions on investments, you will need to have the right answers about products and finance as a whole.
What Type of Formal Training Does a Banker Need?
To learn the right answers and also how the industry works, you will need to earn yourself a formal degree. While there is not an industry standard for the level of education that a banker needs to attain, most of the larger banks and financial institutions are looking for prospective bankers who possess a Bachelor’s degree. The major that you select depends on your preference and what is offered by the school. Degrees in business administration, accounting, finance, and other related areas will help you build the customer service and communications skills that you need. It is important to choose courses in banking and financial management as your electives or your specialization courses.
How Much Experience Do You Need in Banking to Become a Banker?
In addition to pursuing a bachelor’s degree, you will also need to get yourself industry experience. You can apply for a part-time job at a local bank while you are in school or apply for an internship in an appropriate setting. Having the part-time professional experience will really show that you can handle money and that you are equipped to work in a bank setting. You can start to manage your own money just to show that you have a successful stock portfolio that performs before you have dealt with client’s money.
You should decide on a banking specialty while you are in school. Doing this will help you decide which types of licensing or certifications to pursue. For example, investment bankers will need to register with the Financial Industry Regulatory Authority and pass an exam to get licensed. It is possible to apply and test for a certification after you earn your degree and get professional experience. Once you decide which path that you want to take, you can start to map out the path you will take to get the degree needed to become a banker so that you can establish yourself as a professional.