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The differences between personal bankers and portfolio 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 personal banker, becoming a portfolio manager takes usually requires 6-8 years. Additionally, a portfolio manager has an average salary of $114,671, which is higher than the $37,639 average annual salary of a personal banker.
The top three skills for a personal banker include customer relationships, cross-sell and customer satisfaction. The most important skills for a portfolio manager are portfolio management, customer service, and risk management.
| Personal Banker | Portfolio Manager | |
| Yearly salary | $37,639 | $114,671 |
| Hourly rate | $18.10 | $55.13 |
| Growth rate | 10% | 17% |
| Number of jobs | 36,603 | 43,192 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 71% |
| Average age | 43 | 46 |
| Years of experience | 4 | 8 |
A personal banker is responsible for managing the customers' financial records and assisting them in various banking transactions. Personal bankers' duties also include handling customers' inquiries for financial plans, understanding the banking and financial industry principles, processing applications, verifying account details, and offering bank products based on the customers' needs. A personal banker must have excellent customer service and communication skills, providing the best options for the customers, and helping them achieve their financial goals.
A portfolio manager is responsible for managing the clients' investment portfolios to advise them of the best investment plans to achieve their financial goals and objectives. Portfolio managers determine the most suitable options by evaluating the clients' credit score and risk potential and the client's financial background. A portfolio manager should be highly knowledgeable and updated with the recent financial industry changes to decide on investment plans with maximum returns.
Personal bankers and portfolio managers have different pay scales, as shown below.
| Personal Banker | Portfolio Manager | |
| Average salary | $37,639 | $114,671 |
| Salary range | Between $29,000 And $48,000 | Between $66,000 And $198,000 |
| Highest paying City | New York, NY | Stamford, CT |
| Highest paying state | New York | Connecticut |
| Best paying company | Northern Trust | The Citadel |
| Best paying industry | Finance | Finance |
There are a few differences between a personal banker and a portfolio manager in terms of educational background:
| Personal Banker | Portfolio Manager | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between personal bankers' and portfolio managers' demographics:
| Personal Banker | Portfolio Manager | |
| Average age | 43 | 46 |
| Gender ratio | Male, 44.6% Female, 55.4% | Male, 66.6% Female, 33.4% |
| Race ratio | Black or African American, 5.4% Unknown, 4.1% Hispanic or Latino, 11.2% Asian, 12.2% White, 66.8% American Indian and Alaska Native, 0.2% | Black or African American, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 6% | 11% |