Personal Banker Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of a personal banker. Feel free to use our personal banker job description template to produce your own. We also provide you with information about the salary you can earn as a personal banker.
Who is a Personal Banker?
To strike a balance between risk and return, personal bankers assist their clients in managing their money. Knowledge of the banking industry and the numerous investment and savings options is a necessity for personal bankers. Personal bankers offer a wide range of services, each with its own set of educational and licensing requirements.
Most personal bankers are dedicated to helping their customers manage their bank accounts and other financial transactions. As a banker, your job is to build a long-term relationship with your customers so that you can better serve their financial needs.
Commodities, securities, and financial services sales agents are other terms used for personal bankers. They’re in charge of all banking and money-related activities related to these individual accounts. To be a personal banker, you need to know how to sell and market.
Personal bankers help both new and existing customers open bank accounts and keep track of their finances. They also assist clients with loan applications and provide financial advice.
As a financial professional, a personal banker serves customers of a financial institution, such as a bank, by providing financial services. When it comes to opening new accounts, resolving problems, and applying for financial products like loans, they help both new and existing customers. Additionally, personal bankers assist customers in tailoring their bank accounts to their needs.
When starting in the financial industry, many people begin their careers as bank tellers or clerks at other financial institutions.
There are a variety of positions in personal banking, including bank tellers, loan officers, and those who specialize in working with high-net-worth clients. Working as a personal banker typically entails helping clients open new accounts and making prudent investment and savings decisions. Banks, stock markets, and the financial services industry as a whole should all be familiar to someone in this position.
Personal bankers are often employed by wealthy individuals to help them manage their finances. Personal bankers who specialize in serving wealthy clients offer advice on how to maximize returns while minimizing risk in investments. Having a professional appearance and demeanor when dealing with clients is essential to gaining their trust in handling their money. This job necessitates a high level of accuracy and discretion when dealing with sensitive financial data.
Personal bankers who deal with high-net-worth individuals must also be adept at communicating with their clients. Account information is regularly updated via email, phone, or in person. Customers can choose the time and day of their phone calls and meetings, including weekends and evenings. As a result of this, the personal banker must be able to answer questions about transactions or account balances promptly.
For new customers of large banks, personal bankers are often assigned to work with them. After being assigned a client, the personal banker will go over the available bank accounts. It is also up to personal bankers to explain to their clients how to close their accounts. Account closure fees and penalties must also be made clear.
Accounting, economics, and statistics are all critical courses for students pursuing a bachelor’s degree to become personal bankers. A Master’s in Business Administration (MBA) degree may be necessary for some personal bankers who want to rise through the ranks. Certain personal banker positions may necessitate a license.
Based on market demand, education, and the track record of a candidate in the field, personal banker jobs are available. A high school diploma and some previous customer service experience are typically required for employment as a personal banker. Loan officers at large institutions are typically expected to have a bachelor’s degree and some prior sales or banking experience.
Personal Banker Job Description
Below are the personal banker job description examples you can use to develop your resume or write a personal 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 personal banker include the following:
- Assisting clients with the creation, maintenance, and improvement of bank accounts and other financial products.
- Expanding your product and service offerings by pursuing leads and potential customers.
- Recommending financial products and services to clients
- Referring clients to financial experts if they have specialized needs.
- Troubleshooting and resolving customer service issues
- Introducing and selling banking products and services to current and potential customers.
- Obtaining signatures and, if necessary, assigning account numbers for new or closed accounts.
- Handling applications for credit cards, safe deposit boxes, and loans
- Keeping clients updated on all policy and procedure changes at their bank.
- Doing administrative tasks like data entry when necessary.
- Establishing new checking and savings accounts for customers.
- Assisting customers in setting up credit accounts.
- Paying for goods or services using a debit or credit card
- Completing basic data entry and administrative tasks.
- Assisting customers in their financial decisions by utilizing banking software.
- Assisting in the opening of customer accounts;
- Managing the customer’s daily inquiries about their account;
- Recognizing the needs of the customer for any new or existing product offered by the bank or financial institution;
- Introducing and marketing new products to the customer base,
- Creating new customer records by using the mark
The following are also essential responsibilities:
- Creating a Bank Account
A personal banker’s most common daily duty is to help customers open new checking and savings accounts. It is advisable to open an account with the help of a personal banker, whether you’re a new or existing customer. Most retail bank branches have a large, L-shaped desk near the lobby where these bankers work. Customizing a bank account to meet the unique requirements of each client is the primary responsibility of a personal banker.
- Financial Instruments Brokerage
The Federal Deposit Insurance Corporation (FDIC) insures many of the conservative products offered by retail banks, so they are not as risky as those found on Wall Street (FDIC). CDOs, money market accounts, and IRAs are just a few of the options available to investors (IRAs).
Some customers know exactly what they want to do with their money, but others need help figuring out what to do next with their hard-earned cash. It’s up to the personal banker to determine what the customer’s needs and goals are and then recommend an appropriate solution.
- Selling loans
Personal bankers are licensed to sell mortgages and other types of loans at some banks. Other banks employ separate mortgage specialists, and the personal banker acts as a triage agent, referring the customer to the finance specialist when necessary. Generally speaking, the smaller the bank, the more hats each banker must wear. In small-town community banks, personal bankers may specialize in everything from financial planning to mortgage banking.
A personal banker typically has access to only his own bank’s loan products, as opposed to a mortgage broker, who can connect his customers with dozens of banks and lenders. This disadvantages the personal banker, though many mortgage customers are content to accept these limitations in exchange for dealing with a local banker they know and trust.
- Assisting customers in funding for retirement and college
Personal bankers assist customers in funding their retirements and the education of their children. They provide retirement planning services by selling Roth IRAs, traditional IRAs, and annuities. Personal bankers offer savings bonds and the popular 529 plan, a tax-advantaged education savings account.
Qualifications
To work as a personal banker, you must have a high school diploma, though some employers prefer college graduates. Employers may require at least one year of retail sales experience; however, if you hold a college degree, they may accept experience gained through school activities such as an internship.
Those interested in pursuing a formal education in the field may pursue an accounting or personal finance degree. You can earn a certificate in accounting, an associate’s degree, or a bachelor’s degree. Additionally, personal finance degrees are available to prepare you for a career as a personal banker. Both majors offer graduate degrees and certificates.
As a personal banker, you may progress to other banking careers such as management, sales, or financial advising. Additionally, you can earn certification from the Financial Industry Regulatory Authority (FINRA, www.finra.org) by passing its exams.
Additional certifications include the following:
- Chartered Financial Analyzing
The CFA certification is one of the most widely recognized and respected investment management designations in the world. It demonstrates your advanced knowledge of securities, investments, economics, and equity research.
This is an excellent certification to pursue if you are interested in working as a personal banker or financial analyst in industries such as mutual funds, investment banks, consulting firms, or hedge funds. The courses you will take as part of this certification will educate you on ten distinct investment topics. There are three levels of exams that you must pass to earn your certification officially.
- Certified Financial Planner
This certification program, administered by the Certified Financial Planner Board of Standards, educates you on a variety of important financial topics, including retirement planning, insurance, stocks, bonds, and estate planning. After completing the courses and training sessions, you must sit for a seven-hour exam to demonstrate your knowledge of these subjects. This credential qualifies you for positions in private banking, retail banking, and wealth management.
- Financial Risk Manager
This certification establishes you as a risk manager and typically qualifies you to work as a risk analyst in banks or other financial institutions. Certain professionals who have earned this certification also work independently, providing investment guidance and advice to private clients. This certification requires you to sit for an eight-hour exam consisting of multiple-choice questions covering investment and financial topics.
Essential Skills
Personal bankers should have a working knowledge of Microsoft applications such as Word and Outlook in addition to banking databases and software programs.
- Data entry skills
Personal bankers should be able to enter customer and account information into the computer quickly and accurately as needed.
- Sales Expertise
Personal bankers are also salespeople, as they seek to generate new business by thoroughly explaining the features and benefits of various banking products and programs
- Customer Service skills
Personal bankers should consistently deliver a high level of customer satisfaction, from answering questions to recommending the appropriate banking products.
- Self-motivation
Personal bankers are self-motivated because they must seek new business, process documents, and open accounts with little or no supervision.
- Attention to detail
Personal bankers must enter customer information and account numbers accurately to obtain necessary information.
- Communication skills
Strong verbal communication skills are necessary for personal bankers, as they must clearly describe bank products and policies.
- Organizational skills
Maintaining and managing multiple customer accounts necessitates exceptional organizational abilities.
How to Become a Personal Banker
Also known as private bankers, personal bankers advise bank customers on how to manage their finances and accounts. This customized service includes the management of funds transfers and other administrative duties. While personal bankers primarily serve wealthy clients or those with unique financial needs, ordinary banking clients may occasionally require the services of a personal banker. To succeed in this position, you’ll need strong communication skills and extensive knowledge of the banking industry.
One possible path to becoming a personal banker is to attend college and earn a degree in banking, accounting, finance, or a related field. Students who pursue a master of business administration (MBA) degree will have access to a broader range of employment opportunities following graduation. After graduation, it may be possible to apply directly for a position as a personal banker. While some banks may require teller experience before promotion, tellers with degrees typically have a much shorter path to promotion.
Even if a person is not interested in attending college, they can still find work in this field. Individuals without a college degree can apply to work as tellers and then advance to personal banking positions after several years of experience. The time required to become a personal banker via this route varies by bank. One advantage of gaining experience as a personal banker is that the banker will have a thorough understanding of bank policy and real-world financial operations.
It is critical to note that all bank employees undergo comprehensive employee evaluations regularly. If you wish to pursue this career, you should have perfect credit and a clean criminal record. Avoiding interpersonal conflicts with bank employees is another criterion for success in this career, as banks generally avoid promoting employees who cause friction. A neat personal appearance and professional demeanor are also highly desirable from a bank’s perspective, as they can help build client trust.
Where to Work as a Personal Banker
Personal bankers work in retail banking branches, assisting customers with a variety of financial needs.
Personal Banker Salary Scale
In the United States, the national average salary for a Personal Banker is $41,390 per year.
