Business bankers help entrepreneurs secure the financing they need to start, maintain, or save their businesses. They are usually the first point of contact for anyone seeking to secure a business loan and are usually in charge of deciding if a client's business plan is feasible or not. Thus, they are oftentimes the ones denying or approving business loan applications.
Other job responsibilities of a business banker usually include analyzing loan applications, reviewing clients' financial histories, addressing client concerns, and recommending alternatives when needed. That said, they must have extensive knowledge about business financing, banking protocols, and key financial and insurance matters.
If you want to become a business banker, you need to have a degree in finance, accounting, or other related fields to qualify for most financial institutions. Furthermore, you will need to have good communication, customer service, and, most importantly, decision-making. The job of a business banker can be a lucrative one.
On average, the income for this job is around $31 an hour or roughly $64,000 a year, not including the commissions that can come with successful deals.
There is more than meets the eye when it comes to being a business banker. For example, did you know that they make an average of $22.46 an hour? That's $46,712 a year!
Between 2018 and 2028, the career is expected to grow 4% and produce 18,500 job opportunities across the U.S.
There are certain skills that many business bankers have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed customer-service skills, initiative and analytical skills.
If you're interested in becoming a business banker, one of the first things to consider is how much education you need. We've determined that 66.4% of business bankers have a bachelor's degree. In terms of higher education levels, we found that 9.1% of business bankers have master's degrees. Even though most business bankers have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a business banker. When we researched the most common majors for a business banker, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on business banker resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a business banker. In fact, many business banker jobs require experience in a role such as personal banker. Meanwhile, many business bankers also have previous career experience in roles such as branch manager or customer service representative.