Becoming a business banker requires a bachelor’s degree in finance, business, or marketing, and a master’s degree for executive positions. Business bankers serve the banking needs of the business community, including small business loans and lines of credit. They may need to be licensed and have excellent communication skills. A graduate degree and security licenses can improve job prospects.
A person who wants to become a business banker will need access to the banking needs of the business community. Most entry-level business banker careers require individuals to have a bachelor’s degree in finance, business or marketing. A master’s degree in business administration or finance is usually required for upper-level executive positions. While the path to becoming a business banker is fiercely competitive, it can be a lucrative career path for the few determined individuals who are able to withstand a busy work schedule.
Business bankers are responsible for serving the banking needs of the business community. This may entail operating on the transactional side of the banking sector, which would include serving companies in the arena of acquiring small business loans, lines of credit and a variety of deposit accounts. If choosing to operate on the investment side of the industry, business bankers’ duties will include helping clients to raise equity capital and making strategic investments that would help meet the client’s goals.
Individuals looking to become a business banker should be aware of the fact that many of their clients will need services that will require the banker to be licensed to provide. To fully meet the needs of their clients, anyone wanting to become a business banker will need to acquire title and insurance licenses. Many US business bankers choose to purchase a FINRA (Financial Industry Regulatory Authority) Series 7 license, which allows them to act as a general securities representative for the solicitation, purchase and sale of any security product, including corporate stocks.
The commercial banking industry is huge and anyone wanting to become a business banker will have a number of industries to choose from as a starting point for a career. These bankers serve a multitude of clients including large corporations, small businesses and government agencies. Individuals looking to enter this field will generally be more likely to succeed if they have a good understanding of fundamental business principles, excellent oral and written communication skills, and a great work ethic.
Those looking to become a business banker will need to have a bachelor’s degree at a minimum, but in this competitive industry, serious consideration should be given to obtaining a graduate degree. Security licenses and certifications will also help position aspiring business bankers in a positive light and can be the deciding factor in a job offer. While educational qualifications can help people looking to break into this field, it will be their tenacity and work ethic that will ultimately make them successful.
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