how to become banker

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How To Become a Banker
By Indeed Editorial Team
March 8, 2021

The banking industry comprises many types of financial institutions, such as retail, commercial and investment banks, that cater to the financial needs of different customers. If you’re thinking about a career as a banker, there are various career paths open to you. These banking careers offer different working environments and salaries and also require different skill sets. In this article, we provide an overview of three occupations for bankers, and also list the steps you can take to pursue a career in this field.

What does a banker do?
Bankers work in banks, credit unions and other financial institutions, where they assist either personal or commercial clients with their financial needs. They provide a wide variety of financial services for their clients, such as setting up accounts, organizing mortgages and other types of loans, advising clients on bank products and assisting them with investment decisions. As banks are businesses, it is the aim of bankers to maximize the profit of their organization without exposing it to excessive risks.

Related: Types of Banking Jobs (With Salary Expectations)

Different types of bankers
The financial industry offers positions for different types of bankers, who all have different roles and responsibilities. Here is a short overview of three types of bankers:

Personal banker
A personal banker assists individuals with their private financial needs. These professionals work at retail banks and maintain a regular 40-hour, Monday to Friday work week. Here are a few of their day-to-day duties:

Helping customers open new checking and savings accounts, and customizing accounts to suit the needs of each individual client
Offering ancillary products, such as overdraft or round-up options
Selling conservative investment products, such as money market and retirement accounts
Assisting customers to secure mortgages and loans
Advising clients regarding college saving plans, such as savings bonds or the 529 plan
Commercial banker
Commercial bankers provide financial services for corporate and small-business clients. They work in commercial banks, which are financial institutions that make loans to businesses. Like personal bankers, commercial bankers have regular 40-hour work schedules, but they may also spend time outside of business hours and the bank itself to promote the bank to prospective clients. Their daily duties normally include:

Maintaining and building relationships with corporate and business clients
Facilitating loans and financing options to help companies start or expand their businesses
Assisting business clients in determining their financial goals and needs and advising on how to reach them
Guiding companies on how to manage their assets while limiting risk
Assisting clients with banking services such as insurance or foreign exchange
Helping companies manage their employee retiring accounts and pensions
Investment banker
Investment bankers act as financial advisors for corporations. They work in investment banks, which are financial institutions that help businesses raise funds by issuing stock or borrowing money. Typically, investment bankers work long hours, sometimes up to 100 hours per week. Their daily activities include:

Helping companies raise the money they need to improve and expand their operations, whether through selling stock or issuing bonds
Assisting young companies that are planning to go public
Assisting companies with their mergers and acquisitions
Underwriting deals for their clients during the arrangement of capital market financing
Assisting corporate clients who prefer to raise capital through private placements as opposed to stock or bond markets
Read more: Investment Banking: Everything You Need to Know

Salary of a banker
The salaries that bankers earn vary greatly depending on the type of banking occupation. Personal bankers earn an average of $36,229 per year, while commercial bankers earn around $65,705 per year. Investment banking is a very lucrative field, with bankers earning a high salary of $86,075 per year.

Essential skills for bankers
Different banking roles require different skill sets to complete their day-to-day activities. However, there are also certain skills that all bankers need, regardless of their role. These include:

Communication: Bankers must have strong listening skills to interpret the needs and requirements of their clients. They also well-developed verbal skills to share and relay information to clients and colleagues effectively.
Sales skills: In order to market a bank and its products successfully, bankers need excellent sales skills.
Relationship building: Bankers who can nurture strong relationships with their clients earn their trust. A trusting client is typically more willing to invest in banking products.
Business acumen: In order to advise and assist corporate and business clients, commercial bankers need a strong understanding of how business works.
Attention to detail: Bankers need to spot and fix discrepancies quickly. It is important that they maintain a high level of accuracy at all times and learn to double-check their work for errors.
Analytical thinking: Investment bankers need to monitor and analyze data and market trends and make sound decisions based on their analyses. They also need strong problem-solving skills to find effective solutions for complex problems.
Innovation: To be successful in their careers, investment bankers need to be creative so that they can identify new ways for companies to improve and grow.
Related: What Do Investment Banks Do? Definition and the Role of Investment Bankers

How to become a banker
Here is a step-by-step guide to consider if you’d like to work as a personal, commercial or investment banker:

  1. Obtain a high-school diploma
    The first step to take for any career in banking is to obtain a high-school diploma or a similar qualification, such as a GED. Completing courses in subjects such as accounting, mathematics and personal finance can teach you the practical understanding necessary to be a banker. You’ll likely need a college degree for commercial or investment banking, but some personal banking institutions hire candidates with high school diplomas.
  2. Earn a degree
    Relevant college degrees for working in banking include business, finance and economics. Some universities also offer business or finance degrees with a banking concentration. These programs include courses like risk management, accounting, corporate financing, compliance and financial regulations.
  3. Obtain an advanced degree
    Although it’s often not a prerequisite, candidates who want to work as bankers can boost their chances of gaining employment and advancing their careers by obtaining a master’s degree. A Master of Business Administration (MBA) is a popular and valuable degree that provides both theoretical and practical training in the fields of business or investment management. You can also opt for other programs, such as a master’s in banking and finance or a master’s in global central banking and financial regulation.
  4. Complete an internship
    Completing an internship is beneficial because many banks require entry-level candidates to have work experience before applying. Internship programs typically last from three months to two years, depending on the organization and the specific role. Interns gain useful knowledge and experience during these programs, including exposure to banking culture and the opportunity to network with professionals in the industry.

Career as a Banker
About Banker
Career as a banker is one that involves multiple duties and responsibilities. There are many types of bankers and each one is unique in their own specific way. Some of these bankers work for big corporates while others work for relatively smaller financial institutions.

A banker is an individual who advises their clients with regard to financial matters and ways in which they can manage their finance. Their duties are mainly concerned with savings, loans, taxes, investments, and securities are all within the job realm of a banker. The banker will provide financial assistance to the client as per their requirement and needs.

To have a successful career as a banker it is very important to have the following skills:

Leadership Qualities
Good Interpersonal Skills
Analytical Skills
Numerical Aptitude
Proactive
Responsibilities of a Banker

A banker has numerous general responsibilities which go along with their daily job duties. From assessing the client’s financial standing to offering bank programs, to reviewing finances of the client to assist in the smooth functioning of the financial institution, these are some of the few responsibilities that a banker has to take care of.

Eligibility to become Banker
Investment Banker Eligibility

Candidates must have passed class 12th in commerce stream from a recognised board.
Must have a bachelor’s degree in B.com/ B.A. (Economics) degree from a recognised university.
Candidates must have an MBA degree in investment banking to become an investment banker.
Banker (RBI) Eligibility

Must have passed class 12th in science stream from a recognised board or equivalent examination.
Bachelor’s degree in B.Sc/B.Stats/B.A.(Economics) from a recognised university.
The third step to becoming a Banker in RBI is to have a master’s degree in M.Sc/Maths/Econometrics
Candidates must have a valid score in RBI- DESAC and DEAP test.
To appear in the RBI – DESAC & DEPAC exam, PG degree in Stats/Mathematical Stats/Mathematical Eco/Econometrics with 55% marks Ph.D. have a better chance of recruitment. Age – 21- 30 years experienced candidates may get relaxation of maximum 3 years.
Also, most of the reputed foreign and private banks recruit bright candidates from the parent organization on the basis of merit or campus selections are made at reputed management institutes. MBA/ Masters in Finance Control/ CA/ Certified Analysts course/ Business Economics/ Public Relations /Law are preferred qualifications for Multinational and Private Banks.
Private Banker Eligibility

Must have passed class 12th from commerce stream
Bachelor’s degree in B.com/ Eco (Hons.)/B.Maths/Stats
A professional MBA degree/CA/MFC/CFA

Types of Job Roles Banker
Their many job roles available for bankers. One can choose as per their acumen and career interest. Some of the popular job roles for bankers are listed below:

Branch Manager: They manage the branch and are responsible for all the operations of that particular branch. They advise customers, manages and motivates the staff and plans towards profit generation. He has many officers, clerical and other staff to whom he delegates the task.

Bank Officers: Bank officers are of many types and they manage multiple job roles. They keep a record of businesses, manage personal accounts and bank operations. They also carry out market research for their respective bank and manage public relations.

Merchant Bankers: Merchant bankers play an important role in the public issue process. They perform a combination of many services like consultancy and banking services. They provide consultancy on finances, marketing, management, and law.

Corporate Bankers: Corporate bankers provide deal with companies and high -end businesses. The products they offer include treasury services, loans and credit, trade finance and employer services like payroll.

Retail Bankers: They are those bankers who work in high-street banks and interact directly with individuals and small businesses. Their job is to give financial advice, authorise loans and set up bonds and manage savings accounts.

Investment Bankers: They act in capital markets as an advisory capacity to corporations and governments. Investment bankers help their clients raise money in the capital markets, provide various financial advisory services, and assist with mergers and acquisition activity. They also provide assistance in security issues and perform underwriting.

Employment Opportunities for Banker
Some of the popular employment opportunities for banker are as follows:

Public sector banks
Private sector banks
Multinational banks
Financial Institutions (SEBI)
Top Recruiting Companies for Banker
The top recruiting companies for bankers includes many government banks, private banks, and financial institutions. Check out the popular recruiting companies for bankers are as follows:

Standard Chartered
DSP Merill Lynch
GE Caps
IDBI Capital Markets
IFCI Financial Services
JM Financial and Investment
PNB Capital Services
SBI Capital
Reserve Bank of India
Royal Bank of Scotland
Deutsche Bank
American Express
Citibank
HDFC

Planning to choose Banker as your career?
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Pay Scale/Salary of Banker
The salary of a banker in India is directly linked to their performance and their rapport with their clients. Bankers working with RBI not only enjoy good salary packages but also have various other job perks. The average salary of a banker in India is between Rs 4, oo,ooo to Rs. 6,oo,ooo at the start of their career. However, with professional growth and adequate experience, the salary of a banker is more than Rs.10,00,000.

Investment bankers, personal bankers and corporate bankers have very high salary packages and their careers are also very rewarding.

Some of the other perks enjoyed by reputed bankers are as follows:

Life Insurance
Free Holidays
Cash Bonus
Accommodation
Transportation Facility
Retirement Compensation
Books & Study Material to Become Banker
Bankers are the backbone of the financial industry and it is very important for them to strategize and plan their every move as they deal with finances. We have compiled a list of best banking books which can help both establish and prospect bankers enhance their knowledge about the finance and banking industry

The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow
Fragile By Design: The Political Origins of Banking Crises & Scarce Credit by Charles W. Calomiris, Stephen H. Haber
Exile on Wall Street: One Analyst′s Fight to Save the Big Banks from Themselves by Mike Mayo.
Nightmare on Wall Street: Solomon Brothers and the Corruption of the Marketplace by Martin Mayer
The Business of Venture Capital by Mahendra Ramsinghani
Pros of becoming a Banker
One of the biggest advantages of being a banker is that you get full-time health, accident, disability and life insurance.
Banking organizations are very large, there is always the chance to progress through the organisation into other roles.
banking salaries are competitive and large bank employers often offer excellent additional benefits such as private healthcare and discounts with large retail chains. Bank employees are also often able to get discounts on mortgages, loans and credit cards from their employer after a set period.
Banking is one of the most prestigious and desirable careers and is felt to be more secure than other sectors.
Cons of becoming a Banker
Working with number all day is not everyone’s cup of tea. Creative people find it very boring and monotonous.
With the long hours comes no small amount of stress. Bankers deal with huge sums of money and are expected to keep on turning a profit.
Post 2008 backlash against bankers has brought calls for tighter rules and regulation for the bankers.
Banking has transformed drastically over the past few years, therefore it is not as stable career as it used to be.
Top Colleges to pursue career as Banker

Shri Ram College of Commerce,Delhi

H.R. College of commerce and economics,Mumbai

Narsee Monjee college of Commerce and Economics,Mumbai

Thakur College of Science & Commerce,Mumbai

Shantiniketan Group Of Colleges,Bengaluru

Smt. M.M.K College of Commerce And Economics,Mumbai

SIES (Nerul) College of Arts, Science & Commerce,Navi Mumbai

K. J. Somaiya College of Arts and Commerce,Mumbai

Vivekanand College,Surat
FAQs about Banker
I am pursuing M.B.A. (Master of Business Administration) to become a Banker . What other career options do I have ?
I am pursuing B.Com. (Bachelor of Commerce) to become a Banker . What other career options do I have ?

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