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Become A Banker

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Working As A Banker

  • Selling or Influencing Others
  • Communicating with Persons Outside Organization
  • Establishing and Maintaining Interpersonal Relationships
  • Getting Information
  • Analyzing Data or Information
  • Deal with People

  • Mostly Sitting

  • Stressful

  • $71,550

    Average Salary

What Does A Banker Do

Securities, commodities, and financial services sales agents connect buyers and sellers in financial markets. They sell securities to individuals, advise companies in search of investors, and conduct trades.

Duties

Securities, commodities, and financial services sales agents typically do the following:

  • Contact prospective clients to present information and explain available services
  • Offer advice on the purchase or sale of particular securities
  • Buy and sell securities, such as stocks and bonds
  • Buy and sell commodities, such as corn, oil, and gold
  • Monitor financial markets and the performance of individual securities
  • Analyze company finances to provide recommendations for public offerings, mergers, and acquisitions
  • Evaluate cost and revenue of agreements

Securities, commodities, and financial services sales agents deal with a wide range of products and clients. Agents spend much of the day interacting with people, whether selling stock to an individual or discussing the status of a merger deal with a company executive. The work is usually stressful because agents deal with large amounts of money and have time constraints.

A security or commodity can be traded in two ways: electronically or in an auction-style setting on the floor of an exchange market. Markets such as the National Association of Securities Dealers Automated Quotation system (NASDAQ) use vast computer networks rather than human traders to match buyers and sellers. Others, such as the New York Stock Exchange (NYSE), rely on floor brokers to complete transactions. 

The following are examples of types of securities, commodities, and financial services sales agents:

Brokers sell securities and commodities directly to individual clients. They advise people on appropriate investments based on the client’s needs and financial ability. The people they advise may have very different levels of expertise in financial matters.

Finding clients is a large part of a broker’s job. They must create their own client base by calling from a list of potential clients. Some agents network by joining social groups, and others may rely on referrals from satisfied clients.

Investment bankers connect businesses that need money to finance their operations or expansion plans with investors who are interested in providing that funding. This process is called underwriting, and it is the main function of investment banks. The banks first sell their advisory services to help companies issue new stocks or bonds, and then the banks sell the issued securities to investors.

Some of the most important services that investment bankers provide are initial public offerings (IPOs), and mergers and acquisitions. An IPO is the process by which a company becomes open for public investment by issuing its first stock. Investment bankers must estimate how much the company is worth and ensure that it meets the legal requirements to become publicly traded.

Investment bankers also connect companies in mergers (when two companies join together) and acquisitions (when one company buys another). Investment bankers provide advice throughout the process to ensure that the transaction goes smoothly.

Investment banking sales agents and traders carry out buy-and-sell orders for stocks, bonds, and commodities from clients and make trades on behalf of the firm itself. Investment banks primarily employ these workers, although some work for commercial banks, hedge funds, and private equity groups. Because markets fluctuate so much, trading is a split-second decisionmaking process. Slight changes in the price of a trade can greatly affect its profitability, making the trader’s decision extremely important.

Floor brokers work directly on the floor—a large room where trading is done—of a securities or commodities exchange. After a trader places an order for a security, floor brokers negotiate the price, make the sale, and forward the purchase price to the trader.

Financial services sales agents consult on a wide variety of banking, securities, insurance, and related services to individuals and businesses, often catering the services to meet the client’s financial needs. They contact potential clients to explain their services, which may include the handling of checking accounts, loans, certificates of deposit, individual retirement accounts, credit cards, and estate and retirement planning.

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How To Become A Banker

A bachelor’s degree is required for entry-level jobs, and a master’s degree in business administration (MBA) is useful for advancement.

Education

Securities, commodities, and financial services sales agents generally must have a bachelor’s degree to get an entry-level job. Studies in business, finance, accounting, or economics are important, especially for larger firms. Many firms hire summer interns before their last year of college, and those who are most successful are offered full-time jobs after they graduate.

Numerous agents eventually get a master’s degree in business administration (MBA), which is often a requirement for high-level positions in the securities industry. Because the MBA exposes students to real-world business practices, it can be a major asset for jobseekers. Employers often reward MBA holders with higher level positions, better compensation, and large signing bonuses.

Training

Most employers provide intensive on-the-job training, teaching employees the specifics of the job, such as the products and services offered. Trainees in large firms may receive technical instruction in securities analysis and selling strategies. Firms often rotate their trainees among various departments to give them a broad understanding of the securities business.

Securities, commodities, and financial services sales agents must keep up with new products and services and other developments. They attend conferences and training seminars regularly.

Licenses, Certifications, and Registrations

Brokers and investment bankers must register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA). To obtain the license, potential agents must pass a series of exams.

Many other licenses are available, each of which gives the holder the right to sell different investment products and services. Traders and some other sales representatives also need licenses, although these vary by firm and specialization. Financial services sales agents may need to be licensed, especially if they sell securities or insurance. Most firms offer training to help their employees pass the licensing exams.

Agents who are registered with FINRA must attend continuing education classes to keep their licenses. Courses consist of computer-based training on legal requirements or new financial products or services.

Although not always required, certification enhances professional standing and is recommended by employers. Brokers, investment bankers, and financial services sales agents can earn the Chartered Financial Analyst (CFA) certification, sponsored by the CFA Institute. To qualify for this certification, applicants need a bachelor’s degree or 4 years of related work experience and must pass three exams, which require several hundred hours of independent study. Applicants also must have an international passport. Exams cover subjects in accounting, economics, securities analysis, financial markets and instruments, corporate finance, asset valuation, and portfolio management. Applicants can take the exams while they are getting the required work experience.

Advancement

Securities, commodities, and financial services sales agents usually advance to senior positions in a firm by accumulating a greater number of accounts. Although beginners often service the accounts of individual investors, they may eventually service large institutional accounts, such as those of banks and retirement funds.

After taking a series of tests, some brokers become portfolio managers and have greater authority to make investment decisions regarding an account. For more information on portfolio managers, see the profile on financial analysts.

Some experienced sales agents become branch office managers and supervise other sales agents while continuing to provide services for their own clients. A few agents advance to top management positions or become partners in their firms.

Many investment banks use an “up or out” policy, in which entry-level investment bankers are either promoted or terminated after 2 or 3 years. Investment banks use this policy to ensure that entry-level positions are not occupied long term, allowing the bank to bring in new workers.

Important Qualities

Analytical skills. To judge the profitability of potential deals, securities, commodities, and financial services sales agents must have strong analytical skills. This includes computer programming skills which they use to analyze financial products. 

Customer-service skills. Securities, commodities, and financial services sales agents must be persuasive and make clients feel comfortable with the agent’s recommendations.

Decisionmaking skills. Investment banking traders must make split-second decisions, with large sums of money at stake.

Detail oriented. Investment bankers must pay close attention to the details of initial public offerings and mergers and acquisitions because small changes can have large consequences.

Initiative. Securities, commodities, and financial services sales agents must create their own client base by making “cold” sales calls to people to whom they have not been referred and to people not expecting the call.

Math skills. Securities, commodities, and financial services sales agents need to be familiar with mathematical tools, including investment formulas.

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Banker Jobs

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Banker Career Paths

Banker
Assistant Branch Manager Branch Manager
Assistant Vice President
7 Yearsyrs
Account Manager Sales Manager Personal Banker
Banking Center Manager
5 Yearsyrs
Account Executive Sales Manager
Branch Manager
6 Yearsyrs
Vault Teller Personal Banker Loan Officer
Branch Manager/Loan Officer
5 Yearsyrs
Member Service Representative Finance Service Representative Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Member Service Representative Loan Officer Business Developer
Business Development Officer
7 Yearsyrs
Vault Teller Assistant Branch Manager Assistant Vice President
Business Relationship Manager
9 Yearsyrs
Accountant Account Manager Client Services Manager
Client Relationship Manager
7 Yearsyrs
Service Manager Branch Manager
Finance Center Manager
6 Yearsyrs
Specialist Account Manager Sales Consultant
Internet Sales Manager
6 Yearsyrs
Assistant Branch Manager Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Account Executive Office Manager General Manager
Managing Director
11 Yearsyrs
Branch Manager General Manager
Managing Partner
9 Yearsyrs
Account Manager Operations Manager Property Manager
Portfolio Manager
7 Yearsyrs
Specialist Operations Manager Account Executive
Relationship Manager
6 Yearsyrs
Relationship Manager Portfolio Manager Assistant Vice President
Senior Relationship Manager
10 Yearsyrs
Service Manager Account Executive Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Branch Manager Assistant Vice President
Vice President And Manager
10 Yearsyrs
Relationship Manager Business Analyst Assistant Vice President
Vice President, Product Manager
9 Yearsyrs
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Do you work as a Banker?

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Do you work as a Banker?

Banker Demographics

Gender

Female

55.1%

Male

42.8%

Unknown

2.1%
Ethnicity

White

57.6%

Hispanic or Latino

18.8%

Black or African American

10.0%

Asian

9.0%

Unknown

4.6%
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Languages Spoken

Spanish

53.6%

French

7.3%

Arabic

5.6%

German

5.3%

Portuguese

4.3%

Mandarin

4.0%

Chinese

3.6%

Hindi

2.3%

Italian

2.3%

Korean

1.7%

Russian

1.7%

Vietnamese

1.3%

Urdu

1.3%

Tagalog

1.0%

Japanese

1.0%

Cantonese

1.0%

Turkish

0.7%

Nepali

0.7%

Burmese

0.7%

Serbian

0.7%
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Banker Education

Schools

University of Phoenix

20.5%

Liberty University

6.6%

Southern New Hampshire University

6.1%

College of Southern Nevada

5.5%

Strayer University

5.0%

University of Nevada - Las Vegas

5.0%

San Francisco State University

4.4%

California State University - Northridge

4.4%

Kaplan University

4.4%

Ashford University

4.2%

Arizona State University

3.9%

Community College of Rhode Island

3.9%

San Jose State University

3.6%

Grand Canyon University

3.6%

University of Rhode Island

3.3%

Youngstown State University

3.3%

Ohio State University

3.0%

University of Central Oklahoma

3.0%

San Diego State University

3.0%

Pasadena City College

3.0%
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Majors

Business

35.0%

Finance

9.9%

Accounting

8.8%

Psychology

4.4%

Management

4.4%

Marketing

4.2%

Criminal Justice

3.9%

Communication

3.7%

Economics

3.5%

Political Science

2.8%

Liberal Arts

2.5%

Health Care Administration

2.2%

Education

2.2%

Nursing

2.1%

General Studies

1.9%

Sociology

1.8%

Computer Science

1.7%

English

1.7%

Human Resources Management

1.6%

History

1.5%
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Degrees

Bachelors

40.8%

Other

28.2%

Masters

13.0%

Associate

11.6%

Certificate

3.6%

Diploma

1.1%

License

0.9%

Doctorate

0.9%
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Real Banker Salaries

Job Title Company Location Start Date Salary
Banker Citicorp North America, Inc. New York, NY Nov 30, 2016 $300,000
Banker Jpmorgan Chase & Co. New York, NY Sep 01, 2011 $300,000
Private Banker Citibank, N.A. Miami, FL Sep 18, 2013 $300,000
Banker JP Morgan Chase & Co Miami, FL Apr 10, 2016 $250,000
Banker JP Morgan Chase & Co New York, NY Apr 22, 2016 $250,000
Private Banker Citibank, N.A. New York, NY Jun 09, 2016 $250,000
Wells Fargo Securities Banker Wells Fargo Securities, LLC. Charlotte, NC Aug 30, 2016 $250,000
Banker Jpmorgan Chase & Co. Miami, FL May 15, 2011 $250,000
Banker Jpmorgan Chase & Co. Miami, FL Oct 01, 2011 $250,000
Banker Jpmorgan Chase & Co. New York, NY Apr 01, 2011 $225,000
Banker Jpmorgan Chase & Co. New York, NY Sep 01, 2011 $225,000
Banker Jpmorgan Chase & Co. New York, NY Sep 08, 2011 $225,000
Banker Jpmorgan Chase & Co. Miami, FL Aug 15, 2012 $225,000
Securities Banker Wells Fargo Securities, LLC Charlotte, NC Jan 10, 2015 $200,000
Private Banker Bulltick Financial Services LLC Miami, FL Sep 28, 2012 $200,000
Banker Jpmorgan Chase & Co. New York, NY Jun 15, 2011 $200,000
Banker Jpmorgan Chase & Co. Miami, FL Dec 13, 2010 $200,000
Banker Santander Bank, N.A. New York, NY Apr 26, 2016 $187,500
Banker Jpmorgan Chase & Co. New York, NY Jun 19, 2015 $180,000
Banker JP Morgan Chase & Co New York, NY Aug 01, 2016 $175,000
Banker (VP) JP Morgan Chase & Co Miami, FL Jul 26, 2016 $155,563
Private Banker BNP Paribas Miami, FL Apr 21, 2008 $151,950
Banker Jpmorgan Chase & Co. Miami, FL Jan 21, 2016 $150,000
Private Banker Citibank, N.A. Miami, FL Aug 05, 2009 $150,000
Banker JP Morgan Chase & Co Miami, FL Mar 05, 2016 $150,000
Banker Jpmorgan Chase & Co. Miami, FL Sep 26, 2015 $150,000
Private Banker Citibank, N.A. New York, NY Jun 10, 2014 $146,700
Banker Jpmorgan Chase & Co. Miami, FL Jul 02, 2015 $143,000
Private Banker Citibank, N.A. New York, NY Feb 04, 2013 $140,000

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Top Skills for A Banker

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  1. Customer Service
  2. Financial Needs
  3. Loan Applications
You can check out examples of real life uses of top skills on resumes here:
  • Provided excellent customer service in order to grow client relationships and procure business referrals.
  • Develop and maintain client relationships by discerning each client's financial needs and proposing products and services to fulfill those needs.
  • Prepared and completed loan application packages; including inputting loan applications, assembled and printed all required documents.
  • Contribute to acquisition of new clients by actively soliciting referrals and developing internal and external sources.
  • Activate Credit Cards-Close Credit Cards-Process Payments-Review Account Activity-Add Account Holders-Operate inbound call flow-Provide Premiere Service

How Would You Rate Working As a Banker?

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