Banker vs broker

The differences between bankers and brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a broker has an average salary of $124,861, which is higher than the $44,463 average annual salary of a banker.

The top three skills for a banker include taking care, financial services and securities. The most important skills for a broker are brokerage, financial services, and insurance products.

Banker vs broker overview

	Banker	Broker
Yearly salary	$44,463	$124,861
Hourly rate	$21.38	$60.03
Growth rate	10%	5%
Number of jobs	29,725	2,770
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 56%	Bachelor's Degree, 66%
Average age	43	49
Years of experience	4	-

What does a banker do?

A banker is primarily responsible for assisting clients with their banking needs, particularly when withdrawing, depositing, and paying. Aside from handling transactions, bankers are also mainly responsible for opening and closing accounts, processing requirements, verifying the validity of documentation, recommending services and other financial options to clients, and resolving inquiries and concerns. A banker may answer calls and correspondence, coordinate with other banking personnel, maintain accurate data, and discuss conditions to clients thoroughly. Furthermore, because a banker mainly works with clients, it is essential to attain customer satisfaction.

What does a broker do?

Brokers can either be a firm or an individual acting as an intermediary between a securities exchange and an investor. They often provide services to individual investors and traders who cannot engage directly with security exchanges, which only accept orders from their members. They provide investors and traders with an investment plan, market intelligence, and research. They may cross-sell some financial services and products offered by their brokerage firms. They are also typically classified as discount or full-service brokers.

Banker vs broker salary

Bankers and brokers have different pay scales, as shown below.

	Banker	Broker
Average salary	$44,463	$124,861
Salary range	Between $20,000 And $97,000	Between $68,000 And $227,000
Highest paying City	New York, NY	New York, NY
Highest paying state	New York	New York
Best paying company	Citi	Child Guidance & Family Solutions
Best paying industry	Finance	Insurance

Differences between banker and broker education

There are a few differences between a banker and a broker in terms of educational background:

	Banker	Broker
Most common degree	Bachelor's Degree, 56%	Bachelor's Degree, 66%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Southern California

Banker vs broker demographics

Here are the differences between bankers' and brokers' demographics:

	Banker	Broker
Average age	43	49
Gender ratio	Male, 46.3% Female, 53.7%	Male, 63.8% Female, 36.2%
Race ratio	Black or African American, 5.5% Unknown, 4.1% Hispanic or Latino, 11.4% Asian, 12.3% White, 66.5% American Indian and Alaska Native, 0.2%	Black or African American, 5.3% Unknown, 4.3% Hispanic or Latino, 13.2% Asian, 6.9% White, 70.1% American Indian and Alaska Native, 0.3%
LGBT Percentage	6%	13%

Differences between banker and broker duties and responsibilities

Banker example responsibilities.

Manage a mortgage, banking and securities base lending pipeline for one of the top lending branches in the firm.
Manage a variety of internal initiatives including merchandising, cross-selling, customer retention programs and promotional campaigns.
Earn numerous reward certificates for level of sales and customer service through QA.
Qualify potential members for membership by opening checking accounts, savings accounts, IRAs, CDs, and processing loan applications.
Follow appropriate VL guidelines to ensure compliance with QA and banking regulations.
Pass series 6 , 63 and insurance exams as registered member of FINRA.

Broker example responsibilities.

Manage, lease and sell office condominiums on site.
Retail trader, fix income securities; manage client account activity; properly allocate client funds to appropriate investment options
Manage indexes, options, foreign equities, and short-selling positions that are compatible with clients' long-term investment goals.
Expand and maintain professional relationships with trading accounts including banks, hedge funds and portfolio managers.
Specialize in finding undervalue and/or overbought commodities by using fundamental and technical analysis that exist throughout the markets.
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Banker vs broker skills

Common banker skills

Taking Care, 15%
Financial Services, 10%
Securities, 6%
Bank Products, 5%
NMLS, 5%
Upselling, 4%

Common broker skills

Brokerage, 17%
Financial Services, 9%
Insurance Products, 7%
Risk Management, 6%
Client Relationships, 6%
Real Estate Transactions, 5%