Banker Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a banker. Feel free to use our banker job description template to produce your own. We also provide you with information about the salary you can earn as a banker.
Who is a Banker?
A banker is a professional who assists customers in opening a bank account or managing their existing accounts at a financial institution. They can also assist clients in applying for loans or provide financial advice.
They help customers, both new and old, set up bank accounts and answer questions. Clients can also have their bank accounts customized by bankers.
Having a bachelor’s degree in finance or economics can help you in pursuing a career in banking and finance. Working knowledge of banking and financial services is also an advantage. Many professionals have worked as bank tellers or in other entry-level positions before becoming personal bankers.
A banker also helps clients to manage their assets. This includes mortgages, savings, and checking accounts as well as Certificates of Deposit (CDs). The banker can also review a client’s assets and suggests additional banking services. They also offer solutions to clients who are consulted about their financial needs.
Large banks offer many services to customers, including loans and accounts. Many clients struggle to decide which service is best for them. They should seek advice from a bank representative. Bankers work hard to build and maintain strong relationships. They even visit clients’ businesses and offer recommendations.
Bankers are expected to refer clients to other areas of financial institutions and sell financial products and services to them. Banks often offer incentives to bankers, such as referral bonuses and sales bonuses.
Customers often receive assistance and advice in completing loan applications. A personal banker may be able to streamline the loan application process. He can help clients determine which investments and accounts will yield the best returns and guide them through the application process. Moreover, clients can have their account’s automatic debits or credits monitored by a personal banker to help them understand and remove any questionable fees.
Many banks train and hire individuals specifically for this role. It is important to offer personalized service to each client that is tailored to their banking needs. Affluent customers can manage their accounts with banking services. This service has been around for a long time.
However, bankers are no longer needed to have wealth to offer their advice. A banker may be offered by banks to clients who need a loan, who want to invest in the money market accounts.
There are many positions in the financial industry for bankers. They all have different roles and responsibilities. This is a brief overview of the three types of bankers.
- Personal banker
A personal banker is someone who assists people with their financial affairs. They work in retail banks and work up to 40 hours per week.
- Commercial banker
Commercial bankers offer financial services to small and large business clients. Commercial banks are financial institutions that lend money to businesses. Commercial bankers work 40 hours a week, just like personal bankers. However, they might also spend time outside of the bank’s business hours to promote the bank to potential clients.
- Investment banker
As financial advisors to corporations, investment bankers are the best choice. Investment banks are financial institutions that lend money or issue stock to help companies raise capital.
Banker Job Description
Below are the banker job description examples you can use to develop your resume or write a banker job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of a banker include the following:
- Offering conservative investment products such as retirement and money market accounts
- Assisting customers in securing mortgages and loans
- Counseling clients about college savings plans such as savings bonds and the 529 plan
- Building and maintaining relationships with corporate clients and business clients
- Facilitating loans and financing options for companies to start or expand their business
- Assisting clients with identifying their financial goals and needs, and providing advice on how to get there
- Guiding companies about how to manage their assets and minimize risk
- Assisting clients with bank services, such as foreign exchange or insurance
- Rendering helping hands to businesses with their retirement accounts and pensions
- Assisting young businesses that plan to go public
- Assisting companies in their mergers or acquisitions
- Helping corporate clients that prefer private placements over stock or bond markets to raise capital
- Collecting and analyzing information from existing and new clients
- Identifying prospective customers to discuss the products and services that are most suitable for them.
- Opening bank accounts for both new and existing customers. Transactions can be managed and accounts closed when needed.
- Assisting clients in resolving issues, as well as performing administrative tasks like documenting client information and other duties.
- Offering advisory services to clients about available financial services
- Referring clients to financial professionals in the case of specialized needs
- Resolving customer accounts issues
The following are other important tasks:
- Selling investments and assets
Bankers sell and promote a wide range of investment products. These may include stocks, bonds, and financial contracts. Clients who are not familiar with financial matters or investments may be referred to a banker for guidance.
- Assist in college tuition planning
Parents may be able to get help from a banker in planning for their children’s future. You may be able to set up a tax-free college savings plan. Parents may be able to help create a plan for their children to make regular contributions to the account to cover tuition costs when they are ready to go to college.
- Opening and closing clients’ bank accounts
Clients can have their checking and savings accounts opened by bankers. They can work with new customers or help existing clients to open additional accounts. Clients may also be assisted by bankers to close their accounts.
- Offer mortgages and loans
Bankers may sell mortgage and loan products. The bank that the banker works for may provide loans and interest rates. These professionals may need a license to offer these financial products.
- Facilitate retirement planning
Professionals can have their retirement plans set up by bankers. This could include monitoring expenses and putting money in a savings account. Individual retirement accounts (IRAs), which are sold by bankers, can also be purchased
- Perform bank teller duties
Many bankers are required to perform standard bank teller tasks. This could include helping bank tellers solve banking problems, counting funds, and providing customer service. Clients can also get assistance from personal bankers with their daily banking activities.
- Referring clients to financial professionals
Referring clients to financial experts may be done by a banker. Referring customers to an accountant, debt counselor, or insurance agent may be possible. This will ensure that clients get the help they require, and may improve customer satisfaction.
- Account management
As a banker, you are responsible for helping clients manage their accounts. You can manage their account by reviewing their financial history and informing them about any account packages. Your bank’s contractual obligation requires that you don’t disclose the financial information of clients to anyone without their permission. You may be required to give evidence before a court if the client is charged with treason or is in a national emergency.
- Implementing banking services
As a banker, your job involves implementing new services, processes, and products according to the direction you receive from the top management. When new services or products are created, clients need to be informed. The clients of your financial institution expect you to market these products. These products can also be sold to new customers. Selling successfully requires you to understand the features of your bank’s products and services.
Qualifications
- Bachelor’s degree in finance, business administration, or another related field.
- Experience in customer service or sales preferred.
- Knowledge of rules and practices in retail banking.
- Understanding the details of bank products and services.
- Proficiency in Microsoft Office Suite (Word Excel Excel Outlook and Access), banking databases, and other relevant software programs.
Essential Skills
- Communication Skills
Bankers need to be able to communicate effectively with customers. Customers may benefit from solid communication skills to help them understand financial terms and products that they have never seen. Bankers might rely on their communication skills to explain bank policies to clients and financial products.
- Organization skills
Bankers are often responsible for managing many customers’ information. They must keep their financial and contact details organized. Bankers can also monitor the needs of their customers and keep track of their tasks with proper organization.
- Customer service
Bankers often need to be excellent at customer service. They should be able to answer clients’ banking questions and offer support. Clients can feel more at ease and secure knowing that they are dealing with a financial professional.
- Self-motivation
Bankers need to be able to motivate themselves. Motivational techniques are important for bankers who may be working on difficult tasks such as client acquisition. Bankers might also use their motivational skills to manage their busy days more efficiently.
- Data entry
Bankers must be skilled at data entry to manage client information. Data entry can include the use of several banking software systems to track and input client account details. Bankers must be able to correctly enter data.
- Sales
Bankers need to be able to understand sales and negotiation techniques. These skills are used to market their services and assist customers in making the right investment decisions. Sales techniques can be beneficial for bankers when it comes to describing financial products and suggesting additional services to clients.
- Computer skills
Because banks often store client data electronically, bankers will need to be familiar with various banking software programs and databases. They must be able to access and use these systems correctly. Bankers can also use basic computer skills to communicate with clients via the internet.
- Attention to detail
Bankers are responsible for handling sensitive information such as client account details, applications, and contact information. These professionals must be able to input information accurately. With this, bankers can avoid making mistakes that could negatively impact the client or bank.
- Management of projects
Bankers often have to manage multiple clients simultaneously. It is essential to be able to efficiently manage your time and complete projects on time. To manage projects effectively, bankers might need to acquire technical skills.
- Work ethic
As a banker, you will need to have a strong work ethic and be committed. Bankers at the entry level have to work hard and put in a lot of time to develop skills that will allow them to advance. It is also helpful to have some knowledge about entrepreneurship, as bankers often work alongside entrepreneurs.
- Analytical skills
A banker must have analytical skills. These include the ability to analyze data, solve problems, and make decisions. Bankers are often responsible for making investment decisions on behalf of their clients. This requires them to collect and evaluate data. Bankers might also be required to identify and provide solutions for customers to maintain their satisfaction.
How to Become a Banker
This is a step-by-step guide for anyone who wants to be a personal, investment, or commercial banker.
- Obtain a high-school diploma
To pursue a career in banking, you must first earn a diploma from high school or another equivalent qualification such as a GED. You can learn the practical knowledge you need to become a banker by taking courses in accounting, mathematics, and personal finance. For investment or commercial banking, you will likely need a college education. However, some private banks hire individuals with high school diplomas.
- Earn a degree
For those who want to work in the banking system, there are three relevant college degrees: economics, finance, and banking. Many universities offer Finance or Business degrees with a banking focus. These programs offer courses in risk management, accounting, and corporate financing. They also include compliance and financial regulation.
- Earn a master’s degree
A master’s degree is a good way to increase your chances of getting a job as a banker. The Master of Business Administration (MBA), which provides both theory and practice in investment and business management, is highly valued and popular. Other programs are also available, including a master’s degree in finance and banking or a master’s in the global central bank and financial regulation.
- Apply for internships
Internships are beneficial as many banks require applicants to have previous work experience before they will consider you for a job. Depending on the role and organization, internships can last anywhere from three months to two years. These programs provide valuable knowledge and experience for interns, as well as exposure to the banking culture. They also offer the chance to network with professionals within the industry.
Where to Work
Bankers are employed in credit unions, banks, and other financial institutions where they help clients with their financial problems.
Banker Salary Scale
Bankers’ salaries vary depending on their banking profession. The average annual salary for a personal banker is $36,229, while that of a commercial banker is $65,705 annually. The field of investment banking is very lucrative, with bankers making an average salary of $86,075 annually.