Banker: Career and Salary Facts

<table border="1"><tr><td><b>Degree Required</b> </td><td> Bachelor's degree</td></tr> <tr><td><b>Education Field of Study</b> </td><td> Business, finance</td></tr> <tr><td><b>Key Skills</b></td><td> Math, customer service, interpersonal, decision-making</td></tr> <tr><td><b>Licensure/Certification</b></td><td> Licensure is necessary to originate mortgage loans, sell/buy securities, or sell insurance; professional certification is optional</td></tr> <tr><td><b>Job Growth (2020-2020)</b></td><td>1% (<i>for all loan officers</i>); <br/>5% (<i>for all personal financial advisors</i>); <br/> 4% (<i>for all securities, commodities, and financial services sales agents</i>)*</td></tr> <tr><td><b>Median Salary (2030)</b></td><td> $63,960 (<i>for all loan officers</i>); <br/> $89,330 (<i>for all personal financial advisors</i>); <br/> $64,770 (<i>for all securities, commodities, and financial services sales agents</i>)*</td></tr> </table><p><i>Source: *U.S. Bureau of Labor Statistics</i> </p><h3 id="section---WhatTypeOfBankerCanIBe">What Type of Banker Can I Be?</h3><p>There are personal, commercial and investment bankers. As a personal banker, you will work closely with your consumer clients to help them with their financial endeavors. You may advise individuals about credit accounts, mortgages, personal loans and deposit products like certificates of deposit or savings accounts. In contrast, as a commercial banker, you would act as a financial advisor to businesses and review matters such as business loans. As an investment banker, you will help to connect companies with investors that can supply capital to the business by selling stocks and bonds. </p><h3 id="section---WhatEducationAndTrainingIsRequired">What Education and Training is Required?</h3><p>To become a banker, you must graduate with at least a bachelor's degree in a business-related field; however, some companies may require that applicants earn a Master of Business Administration (MBA) degree. Both of these programs cover accounting, mathematics, marketing, communications, statistics, risk management and economics. After you are hired, you may have to complete a training program to learn the particular policies of the bank that employs you. To work as an investment banker, you may need state and federal licenses in addition to fulfilling the college degree requirements. </p><p>A professional organization for banks and bankers, the American Banker Association, offers various certificates and diplomas through the American Institute of Banking. The certificates that you can earn through this organization teach specific skills that you need for a particular position, while the diploma programs offer more of a general overview of banking. </p><h3 id="section---WhatSalaryCanIExpect">What Salary Can I Expect?</h3><p><i>PayScale.com</i> reported that in December 2021 the salary range for personal bankers in the 10th-90th percentiles was $33,000 to $53,000. Most investment bankers earned base salaries of $54,000 to $210,000 during that same year, according to <i>PayScale.com</i>. The U.S. Bureau of Labor Statistics reported that the salary range for the 10th-90th percentiles of loan officers, which includes commercial bankers, was $33,650 to $133,850 as of May 2020. </p><h3 id="section---WhatAreSomeSimilarAlternativeCareers">What Are Some Similar Alternative Careers?</h3><p>You may also be interested in a career as a financial analyst or a financial manager. These professionals work with individuals and companies and help them manage their investment portfolios and make decisions regarding their finances. You could also become a personal financial advisor, which involves working with individuals and giving them advice regarding their investments, estate planning, and retirement funds. All of these careers require a bachelor's degree for entry, and licensure or certification may be necessary.</p>