6. How to Be a Banker

Different types of bankers

The financial industry offers positions for different types of bankers, who all have different roles and responsibilities. Here is a short overview of three types of bankers:

Personal banker

A personal banker assists individuals with their private financial needs. These professionals work at retail banks and maintain a regular 40-hour, Monday to Friday work week. Here are a few of their day-to-day duties:

  • Helping customers open new checking and savings accounts, and customizing accounts to suit the needs of each individual client
  • Offering ancillary products, such as overdraft or round-up options
  • Selling conservative investment products, such as money market and retirement accounts
  • Assisting customers to secure mortgages and loans
  • Advising clients regarding college saving plans, such as savings bonds or the 529 plan

Commercial banker

Commercial bankers provide financial services for corporate and small-business clients. They work in commercial banks, which are financial institutions that make loans to businesses. Like personal bankers, commercial bankers have regular 40-hour work schedules, but they may also spend time outside of business hours and the bank itself to promote the bank to prospective clients. Their daily duties normally include:

  • Maintaining and building relationships with corporate and business clients
  • Facilitating loans and financing options to help companies start or expand their businesses
  • Assisting business clients in determining their financial goals and needs and advising on how to reach them
  • Guiding companies on how to manage their assets while limiting risk
  • Assisting clients with banking services such as insurance or foreign exchange
  • Helping companies manage their employee retiring accounts and pensions

Investment banker

Investment bankers act as financial advisors for corporations. They work in investment banks, which are financial institutions that help businesses raise funds by issuing stock or borrowing money. Typically, investment bankers work long hours, sometimes up to 100 hours per week. Their daily activities include:

  • Helping companies raise the money they need to improve and expand their operations, whether through selling stock or issuing bonds
  • Assisting young companies that are planning to go public
  • Assisting companies with their mergers and acquisitions
  • Underwriting deals for their clients during the arrangement of capital market financing
  • Assisting corporate clients who prefer to raise capital through private placements as opposed to stock or bond markets

Leave a Reply

Your email address will not be published. Required fields are marked *