A career in banking may involve working in one of many environments, such as a commercial bank or a private financial institution. Read on to learn about the educational requirements for a career in banking.
A Career in Banking
People who work in banking fulfill a variety of financial roles. The field of banking encompasses a wide range of job titles, including investment banker, loan officer and credit analyst. A banking career may be a good option for students who have strong mathematical skills, and those considering the field should enjoy working with people - many banking jobs involve building and maintaining relationships. An undergraduate degree is typically required for most banking positions.
<h3 id="section---ImportantFactsAboutThisOccupation">Important Facts about this Occupation</h3><p></p><table border="1"><tr><th> </th><th>Loan Officers</th><th>Financial Analysts</th></tr>
<tr><td>Median Pay (2021)</td><td>$63,380 (<i>for Loan Officers</i>)*</td><td>$91,580 (<i>for Financial Analysts</i>)*</td></tr>
<tr><td>Job Outlook (2021-2031)</td><td>4% (<i>for Loan Officers</i>)*</td><td>9% (<i>for Financial Analysts</i>)*</td></tr>
<tr><td>Certifications/Licensing</td><td>Available, required only for mortgage loan officers</td><td>Required for many positions</td></tr>
<tr><td>Key Skills</td><td>Decision-making, initiative, interpersonal skills</td><td>Analysis, communication, attention to detail, aptitude for math</td></tr>
</table><p><i>Source: *U.S. Bureau of Labor Statistics</i>
</p><h3 id="section---UndergraduateStudyForABankingCareer">Undergraduate Study for a Banking Career</h3><p>There are a variety of undergraduate banking-related degree programs from which to choose. Many students complete a Bachelor of Science (B.S.) in Finance. This program provides students with a strong foundation in the basics of finance and introduces them to important financial topics, such as financial management and investment principles. A Bachelor of Science (B.S.) in Accounting provides students with more accounting-specific coursework, including accounting systems and multinational accounting. Students may also pursue degrees with a general business focus, such as a Bachelor of Science (B.S.) in Business Administration or Bachelor of Business Administration (BBA).
</p><h3 id="section---AdvancedDegreeProgramsForABankingCareer">Advanced Degree Programs for a Banking Career</h3><p>Many banking careers require that employees complete an advanced degree in a financial field. In a Master of Science (M.S.) program in finance, students examine econometrics, derivatives markets, corporate valuation and other finance subjects. A Master of Business Administration (MBA) is another popular degree program with a general business core curriculum, plus additional coursework in a concentration area, such as finance, chosen by the candidate. An advanced degree in business may open doors to more opportunities when searching for employment.</p>
