If you are an individual who has a strong grip on mathematical skills and has an interest in operating financial operations, becoming a banker might be the right career for you. The job will allow you to practice your skills across a variety of fields, including investments, management, mergers, and acquisitions. To start this career, you typically need to have a business degree with majors including management, finance, mathematics, or economics from the best business school.
The field is quite promising and offers market-competitive jobs, with some fields offering much better pay than others. The role you choose depends on your area of interest. You can also advance your career by pursuing an online MBA along with your job or by earning your Master’s degree such as a Master of Business Administration or master’s in business management.
You might be interested in knowing how to become a successful banker, but before navigating to that section, you should know what banking is and what you can do as a banker.
What Does A Banker Do?
Banking is an industry where you do the business of protecting, managing, and lending money. It works to provide an easy way for people to pay for services and goods, to transfer their money from one account to another, and to save their money. A person who contributes to the operations within a bank is called a banker.
To work in a bank, you need to have knowledge about business and managing skills, which can be done by obtaining a Finance Degree or in other majors such as economics, business management, etc.
You can start your career early by working as an intern in the financial sector during your college studies. You can later work full-time after obtaining your graduate degree or your Master’s degree; you can even work in different specialties.
Applying for your Free Application for Federal Student Aid is easy and cost-free. You need an active FSA ID to process your application. Everyone can apply for it; family members can also apply for a dependent student. The eligibility requirements include
You typically have to assist people with their transactions, investments, and deposits and safeguard their money, but your day-to-day duty may change depending on the type of job role you have. Some of the key responsibilities include
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Assisting clients with their transaction needs, including withdrawal, pay, and deposit
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Opening or closing a bank account, which also comes with processing the details and validating all the documents
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Managing internal initiatives, including cross-selling, merchandising, promotional campaigns, and retention programs
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Qualifying the potential members for membership by offering and opening their accounts, IRAs, and CDs
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Conducting the audits to ensure maintenance and accuracy of operational cash limit
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Resolving the concerns and queries of the clients
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Uncover the products of the bank, including credit cards
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Handle the goals of the workplace
The application process has the following steps
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Login to your FSA ID; if you are applying for the first time, you need to sign up for one
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Provide information on your income tax return and your parent's income tax return
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Provide details of your driving license and social security card number
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Attach documents and records of your untaxed income if you have any
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Your current bank account statement
What Are The Steps To Become A Banker?
Now that you are aware of the responsibilities that come with this profession, let’s step forward to know how you can become one.
Different steps are involved in becoming a banking professional including your skills, education, and your continuing education.
Earn A Bachelor's Degree
Your first step to pursue this career is to earn a bachelor’s degree in your majors, including accounting, finance, or economics. In some cases, a degree in math can also be useful.
With these programs, you can polish your soft skills, including management techniques, networking abilities, and problem-solving skills.
To find the best business school for yourself, you can check College Evently.
Get An Entry-Level Job
Start looking for an entry-level job during your bachelor’s by getting an internship opportunity for yourself. This will help in building your network and provide you with practical experience.
Entry-level work will also help you in pursuing a higher degree or progress to a higher position or title.
Earn Your Master's Degree
To advance your career, consider earning a Master’s degree in your related field. A Master of Business Administration is considered essential in most cases. You can opt for an online mba or pursue your on-campus MBA in usa.
A master’s in business management is also helpful as it raises your potential for earning. Those with a Finance Degree can look for an MBA in finance and can make an average of $31,000 annually.
Though it offers so many perks, obtaining it is not a piece of cake as it is quite expensive, and many students find it difficult to meet the cost of a degree. To overcome this, you can try applying for Grant Funds For MBA.
Look For Certifications
Many online and on-campus short courses and certifications are now available which gives additional benefits to the applying candidates. Make sure you earn these certificates to make your resume attractive and stand out.
Some of these banking certifications include Certified Sales Professional (CSP), Certified Management Accountant (CMA), and Certified Bank Auditor (CBA).
These certificates demonstrate your competency to the employers.
Get A Job
Once you have earned your master’s you have a variety of roles to apply for in the field of credit, investment, relationship, commercial, and private banking. Build yourself a strong resume that can land you a competitive job.
Consider Continuing Education
You can advance your career with a masters in business management, but try to continue your education to get more skills and experience. Though it is not necessary, it will make you a more competitive candidate when you are considered for hiring. It also increases your earning potential and keeps you up-to-date by introducing you to new techniques and technologies.
Frequently Asked Questions
You typically need to have at least a bachelor's degree to start working as a banking professional. Around 56% of individuals start their career with this degree only. The majors you can take include business, accounting, and finance.
Though a bachelor is only suitable for entry positions, for upper-level banking jobs, you are required to have your master's or associate's degree. A Master's in Business Administration and a Master's with Finance Degree is most common to pursue advanced careers.
The fastest way to become a banker is by earning yourself a job during your bachelor's degree or right after earning it. Usually, it takes four years to complete the program, but students can opt for accelerated programs, too, which will help them in completing it relatively quickly.
This makes you stand out by making your job application competitive among others. Pursuing internships during college programs will not only help you gain experience and soft skills in the practical area but will also assist you in building the network which will help in landing a job once you have completed the college.
