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The differences between business bankers and relationship managers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a business banker, becoming a relationship manager takes usually requires 6-8 years. Additionally, a relationship manager has an average salary of $83,761, which is higher than the $69,423 average annual salary of a business banker.
The top three skills for a business banker include customer service, financial products and financial services. The most important skills for a relationship manager are client relationships, work ethic, and strong work ethic.
| Business Banker | Relationship Manager | |
| Yearly salary | $69,423 | $83,761 |
| Hourly rate | $33.38 | $40.27 |
| Growth rate | 10% | 5% |
| Number of jobs | 70,054 | 72,920 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 69% |
| Average age | 43 | 46 |
| Years of experience | 4 | 8 |
A business banker is an individual who collaborates with other bank coworkers to help business customers meet their specific banking needs. Business bankers must sell a variety of banking products and services such as business deposit accounts, treasury management, and business credit cards. They are required to maintain consistent communication with their clients through outbound calls and personal onsite visits. Business bankers must also devise and modify loan schemes depending on the market requirements as well as study the schemes offered by competitors.
A relationship manager is responsible for maintaining a positive and professional relationship with customers and business partners, ensuring the highest customer satisfaction and good reputation. Relationship managers advise management on identifying business opportunities by analyzing the current market trends that would help generate revenues and increase its profitability. They connect with the marketing and sales team for product and services innovation, create compelling sales pitches, and develop customer service processes to assist customers with their inquiries and concerns efficiently.
Business bankers and relationship managers have different pay scales, as shown below.
| Business Banker | Relationship Manager | |
| Average salary | $69,423 | $83,761 |
| Salary range | Between $39,000 And $121,000 | Between $56,000 And $123,000 |
| Highest paying City | - | San Francisco, CA |
| Highest paying state | - | New York |
| Best paying company | - | |
| Best paying industry | - | Finance |
There are a few differences between a business banker and a relationship manager in terms of educational background:
| Business Banker | Relationship Manager | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Southern California |
Here are the differences between business bankers' and relationship managers' demographics:
| Business Banker | Relationship Manager | |
| Average age | 43 | 46 |
| Gender ratio | Male, 63.3% Female, 36.7% | Male, 53.5% Female, 46.5% |
| Race ratio | Black or African American, 5.4% Unknown, 4.1% Hispanic or Latino, 11.1% Asian, 12.1% White, 67.1% American Indian and Alaska Native, 0.2% | Black or African American, 3.2% Unknown, 4.4% Hispanic or Latino, 9.8% Asian, 4.1% White, 78.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 6% | 7% |