what education do you need to work in a bank

10 Best Degrees for Banking What to study for a career as a banker

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Banking is one of the most lucrative jobs in the United States today. Thousands of bankers make over six figures a year and serve as some of the most powerful business leaders in their communities. According to the Bureau of Labor Statistics, the average wage for financial managers is one of the highest in the country and is just behind judges and dentists . Entire cities such as Dallas and Charlotte are economically powered by their banking sectors. The road to a career in banking begins in college with the declaration of a major. Picking the right major can make the process of starting a banking career much easier than it otherwise might be.

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1. Business

Business is one of the most closely connected majors to banking. Bankers need a knowledge of the business world and the way that business is conducted in order to do their jobs. They have to be able to evaluate the financial worthiness of companies and the trajectories that different businesses are on. This information is essential to determining whether or not companies that a bank lends to will fulfill their obligations and then hopefully become repeat customers.

A bank is also a business in itself. It has revenue, expenses, liabilities, and capital costs. There are employees who have to be paid and vendors who must be managed properly. A business degree can help a bank employee deal with all of these concepts. This degree involves a range of classes that deal with nearly every aspect of business. Students perform case studies in which they see how banks succeeded or failed in the past. They learn how to read a balance sheet and a profit-loss statement. They are able to spot red flags that may show a company is reckless with their money or may otherwise be unable to pay back their debts to the bank.

Bank employees with business degrees may be located either at a branch or at a central office. They may be focused on outside companies or deal entirely with the operations of the bank. Employees with business degrees may be able to move up in a bank and eventually become the manager of a branch. No matter the location, this degree can help a new employee shine as soon as they step into an interviewer’s office.

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Banks use a wide variety of financial instruments in this day and age. They are not simply holding funds and giving out mortgages and small-business loans like in the past. Increasingly, banks are becoming sophisticated financial organizations that have large investment and business funding divisions. As a result, individuals who work for banks need to be more aware of these instruments and how they work alongside each other.

A finance degree is essential for showing a bank that an individual has picked up these skills. Finance degrees show a familiarity with stocks, bonds, mutual funds, and wide variety of other investment vehicles. They show an understanding of how numbers work and a grasp of complex mathematical formulas and equations. Even the most simple earnings and expense ratios may be overwhelming to someone who is not familiar with their operations. In many instances, students with finance degrees also have internships that give them a familiarity with investment professionals and the financial world. These internships can be essential it securing a job at a higher level at a bank. Anyone with a finance degree who wants to work for a bank should emphasize their skills and how they can market those skills to the public.

Banking is a finance and business-related job that involves dealing with numbers and calculating risk. However, banking is also essentially a sales job. There are many officials at banks whose primary job is to sell different financial products to customers. Sales professionals who work in banking have to have a friendly affect and a skill at selling the sometimes complicated products that a bank offers.

Sales are essential to fostering new relationships and communicating products to customers in an effective way. A need to boost sales has helped dictate the structure of the business. The desire for sales is a major reason why face-to-face operations are so important in the banking sphere. Some banks have endorsed and embraced online approaches in the past ten years. But many potential customers still prefer the traditional meeting with a banking employee. The desire to show stability and foster trust is a major reason why even the newest banks are built in a monumental style.

This importance of sales is shown in the desire by many banks to hire a number of employees with sales degrees. A sales degree is basically a degree in cultivating personal relationships and turning those personal relationships into contracts for different products and services. In some cases, users can put more money in a bank than they will put in any other venture in their entire lives.

Unlike other products, a business or individual may come to a bank for a loan ten or twenty times throughout their lifetime . This tendency is multiplied greatly with banks that have investment arms. Customers may put their entire life savings into an investment vehicle that pays massive dividends to the bank. It is imperative that at least some of the employees at a bank have sales skills. The best way to pick up those skills early on is through securing a sales degree.

4. Accounting

Banking is one of the more particular fields in the business world today. Banks sometimes have to keep track of thousands or even millions of different transactions on a regular basis. They have to deal with disclosure requirements, dozens of types of spreadsheets, and complex financial instruments that are connected to multiple areas of the business. An accounting major can be helpful in sorting out all of these different connections and making numbers work within a bank.

Accounting and banking have most of their connections off of the teller floor and in the back offices of the bank. But they are also essential parts of banking and are necessary to the operation. A robust accounting department is essential for any bank that wants to stay in compliance with all relevant rules and laws. Anyone with an accounting degree has a future at multiple levels and different positions in a bank. In addition to actually being an accountant, the skills an accountant cultivates through rigorous training and careful study are all enormously helpful for doing the jobs that banks require out of their employees.

5. Management

Management is a skill that is often lacking at banks and other financial institutions. These institutions focus practically all of their time and effort on financial transactions, economics, and sales. But first and foremost, a bank is a business that is using capital and labor in order to make money. Many banks forget the labor portion of the system and put little time into picking effective managers and executives. As a result, banks can sometimes be understaffed and suffer high rates of turnover which can greatly harm a customer-focused business like a bank.

A management degree can be helpful in overcoming these issues. Management classes focus on psychology and quickly gaining a rudimentary understanding of nearly any field. A management degree will often require a student to take a wide variety of finance and business courses to give them basic experience in running a business. They are also often a combination of in-person work and internships or practicums that are directly located within companies.

These classes help train a student on how to interact with employees, retain hires, and get the most out of a managed team. They can reduce turnover and identify and retain talented employees. At a certain point, promotions in a bank consist solely of gaining an employee higher and higher management roles. Management training can help a new employee move up as far through the ranks of a bank as possible.

6. Information technology

Banking is becoming a technological business as much as a financial one. Practically all banking that is not done between two human beings is done through computers and sophisticated technology on multiple levels. This technology involves complex software and concepts such as user interfaces, security, and user accessibility. Banks have websites that they manipulate, software that they have to test and compare with one another, and new programs that they have to try out that can help them make decisions or better invest the money of their clients.

Having a degree in information technology can put a person in a comfortable place when it comes to this technology. It can turn technology into an asset instead of a liability like it is for so many bankers that are only focused on old-fashioned financial concepts. Banks have entire information technology departments and IT experts who travel around to multiple locations fixing computers.

Every bank customer has had a day where they walked into their bank and could not access their information because they were waiting on someone from IT to fix a technical problem. Bank employees with information technology experience can also be brought in to help with accessibility and social media marketing. These skills are often handled outside of a company and are expensive burdens since they are performed by private contractors. Bank employees who can complete these tasks can prove themselves incredibly valuable in our current technology-driven world.

These jobs are always in demand and particularly so in a field like banking. Specializing in banking related software is helpful to securing an IT job at a bank or another financial institution. But simply having familiarity with internet connections, firewalls, and secure software can be enormously helpful in getting any banking related job.

7. Financial engineering

Banks, like all other financial institutions, have become reliant on a complex set of financial instruments being offered to the public and other institutions. These instruments often rely on leveraging positions and investing in derivatives on different products and at different levels. While banks typically focus outwardly on savings accounts, checking accounts, and mortgages, they are making more and more of their money every year from financial instruments. Derivatives and mortgage-backed securities allow them to leverage holdings and make significantly larger profits. These activities are limited for typical customer funds but not for the investment holdings that companies and individuals hand over to the largest banks.

Financial engineering is the major that fits these operations the closest . At its heart, financial engineering involves the manipulation of computer programs and financial math in order to create, manage, and make money off of these financial instruments. Financial engineers have to take several classes in fields such as computer science, statistics, and economics.

They have to be able to code and run programs that will determine the best financial strategies. Then, they have to keep up with these strategies and change them in accordance with new information and approaches. Finally, the financial engineer has to be successful over a long period of time. Unsuccessful engineers may cost the company millions of dollars over a long period of time.

8. Economics

Economics is at the heart of the banking field and is one of the most important majors that a prospective banking employee could have. The principles of supply and demand, inflation, scarcity, and risk are handled by bankers daily. They have to be familiar with overall economic trends so they can know the potential chances of success for companies looking to borrow money.

Bank employees need to understand how inflation will affect the number of people saving money and potential future changes in interest rates. They need to be familiar with the operations of cyclical and counter-cyclical businesses and how those operations factor into their own risk assessments. Finally, they need to know both macroeconomics and microeconomics if they hope to make money over an extended period of time.

Prospective bank employees with economics degrees need to focus on both theory and practice. They should take time to understand large social forces as well as small behaviors that may influence economic decisions. They should also put their economics knowledge to use at an internship or a part-time job. This information will help show that they are adept at both learning about economics and putting it to use out int he business world.

9. Business administration

Business administration is essential to banking for two major reasons. First, it is helpful to aid with the bank’s operations. Banks have to determine where to put their money and how to determine the viability of different companies. When a company attempts to borrow money from a bank, they have to send in their current or prospective balance sheets and the future administration of their business. Much of this information is applicable to the field of business administration.

There is also the need for administrators for the business functions of a bank. Banks are complex businesses that have a wide variety of intricate moving parts. Business administrators can help banks curb their expenses, handle employees, and keep technology and materials in working order. They can be a vital part of a bank’s business even if they do not interact with customers. Business administrators need to have a firm understanding of economics, finance, accounting, and relationships with the public.

Law is a major part of banking that no banker wants to discuss on a regular basis. It is often a concept that is passed on to the legal department and not given a second thought. But the law is intertwined with banking in a fundamental way. Especially over the past 20 years, banks have worked closely with law enforcement to stop different plots and make sure that banks are not being used for nefarious ends. The role of banks as a depository for money has made them especially vulnerable to illegal activities. Every banking company has a large array of lawyers who are trained to spot wire fraud, tax evasion, and money laundering.

Banks can be fined tens of millions of dollars if they are shown to have contributed to a significant criminal enterprise. There will always be a place in banks for people who have at least some legal training or who are generally familiar with the law. Legal training can help bankers spot different problems before they get out of hand. It can also allow an employee to propose changes in procedure that will be more productive while also fulfilling legal obligations . A degree in law can help a banker put themselves above the rest of the competition and find their own place in a banking organization in this day and age.

Any student looking to go into the field of banking needs to evaluate their interests and what motivates them. They need to determine what career in banking they think they would enjoy the most. They may be a sociable individual, talented with computers, or have an understanding of large strings of numbers throughout a company. Once a student picks what path they need to be on, they must identify what job in banking they want and who they need to make connections with in order to secure that job. Any of these ten majors can be helpful in beginning this process to securing a top-level banking job.

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Best Degrees, Majors & Courses for Banking & Finance Careers (2024)

In Getting Started , Introduction by Gaurav Sharma Updated On: December 17th, 2023

The financial services industry is one of the largest employers on the planet. Millions of people are dedicated to providing financial products and services to retail consumers like us or to businesses around the world. These people come from varied backgrounds and academic fields. Investment Banking, for example, is usually dominated by MBAs. Trading has more people with a mathematical or computer science background. If you look around, you will find everyone  from economists to engineers, computer programmers to lawyers, mathematicians to accountants, doctors and even former air force pilots!

But just because something is possible, doesn’t mean it’s easy. You are far more likely to end up with a banking or finance job with a relevant academic qualifications. Oddball moves, while possible, are still rare. Having a bachelor’s or master’s degree that closely matches the skill-set of your preferred banking role is still the likeliest way of getting in. But what is the right degree? What majors should you pick? Here is a breakdown of the best degrees/ majors for various banking roles and career paths.

When it comes to a career in banking, an MBA is still the gold standard. The finance world is dominated by MBAs as they are generalists who can understand all types of client businesses and perform a variety of roles from sales to trading to advisory to leadership and management and everything in between. There are various reasons an MBA is still your best bet:

• An MBA essentially allows you to get in at a more senior level. Many banks directly take in MBAs at the Associate level for a number of their top business divisions. You not only get a significant head start to your career, but it also really helps you later on when its time for a promotion. Some companies require an MBA for candidates to be considered for certain senior management or even mid management roles.
• Another common way for MBAs to get into banking is through the various Management Trainee (MT) programs. Most large banks have a global MT program which they use to cherry pick the top talent from various business schools worldwide. The MTs spend the first 6 to 24 months rotating across various bank divisions in different geographies learning the tools of the trade. At the end of this period, they are placed into various roles depending upon their performance. The advantage to this route is an unparalleled opportunity to build a network across multiple business divisions and learning how they work. Both of these opportunities can prove to be indispensable later on during your career.
• MBA programs offer some of the best networking opportunities and networking is key to getting ahead in banking.

There are thousands of MBA programs for you to choose from but not all of them have the same brand recognition or value. Luckily for us, distance hardly matters anymore as you can enroll in the best MBA programs from the worlds top universities right from home. Here are some good online options:

• MBA Essentials from The London School of Economics and Political Science
• Oxford Executive Strategy Programme from Saïd Business School, University of Oxford
• Accelerated Management Program from Yale School of Management Executive Education

A finance degree is all but mandatory for certain banking roles. Anything which requires handling a lot of numbers or doing a lot of analysis would really benefit from a finance degree. Some examples include – treasury management, financial planning, credit analysis, and even more specialized roles in capital markets and investment banking.

A finance qualification is another staple for banking just like a business degree. The key difference is that a finance degree is preferable for roles which have a more analytical bend while business degrees are more suited for more sales-oriented roles. This is certainly not a hard and fast rule though and your skillet and experience are usually more important deciding factors.

More advanced Finance degrees would allow you to target more senior roles in more sought-after divisions. While a basic degree is ideal if you just want to get some experience under your belt before pursuing higher studies. Here are some excellent finance programs:

• Executive Finance Programme from Oxford University
• MicroMasters Program in Finance from MIT’s Sloan School of Management
• Online Professional Certificate in Corporate Finance from NYIF

3. Business

A bachelor’s degree in business is a flexible option for an entry level banking role. The biggest advantage is that with a business degree, you have the option to apply for more roles than perhaps any other specialization. Bankers spend most of their time assessing the client’s business and thinking of products and services that can help them. A business degree can really add value to such a role and that is why it tops this list.

A good business course is almost perfectly suited for a career in banking – you learn everything from corporate finance, project management, marketing, business law, statistics, strategy and so many other things which will prove to be indispensable in any banking role. Here are some good business programs:

• General Management Program from SDA Bocconi School of Management

When I first wrote this article a couple of years ago, FinTech wasn’t even on this list. Its not that FinTech wasn’t important back then, it most certainly was. It’s just that in the post-pandemic world, Fintech is not just a hot sector anymore, it is replacing entire business verticals at banks. If you are even marginally interested in finance and you are not fully in-sync with what is happening in the FinTech world, you are already a dinosaur!

FinTech is a fast moving world, it is competitive, it is ruthless, it’s almost like the wild west. Its not just start-ups that are the players anymore. Big banks are pouring in billions to develop Fintech platforms in a make or break struggle for survival. Even tech companies want a piece of the pie – its just too lucrative a sector to leave to the competition. If you want to get started with FinTech right now, I have complied a list of the best online degrees, courses and certifications for FinTech here. Best to start off early. Or if you just want the top picks:

• FinTech Certification from Harvard University
• FinTech: Innovation and Transformation in Financial Services from National University of Singapore
• FinTech: Foundations & Applications from Wharton

5. Economics

Banking is very closely related to economics. In fact, manipulating the banking levers (like interest rates, reserve ratios etc) is the preferred method to control the growth of an economy and manage inflation.

The best role for someone with an economics degree would be in the macro economic research division of a bank. These guys look at all the vital signs of the economy and produce research that is consumed by the rest of the bank’s divisions and even outside clients.

Economists are indispensable to banks as they provide information on the general sentiment in the economy which can eventually affect a bank’s individual clients and therefore, their bottom line. However, economics grads don’t really have to straight-jacket themselves into this one role. They would indeed fit well into a lot of other roles as well since their education makes them well suited for all sorts of financial analysis type roles. Here are some good options:

• Economics for Business from MIT Sloan School of Management
• Professional Certificate in Microeconomics from the University of Queensland

6. Accounting

Accounting degrees lend themselves better to roles which are inward looking in banks rather than client facing. For example, things like financial reporting, taxation and audit would be ideal roles for accounting degree holders. The accounting and audit roles in banks are generally no different than such roles in other large corporates. All that changes is that the balance sheet would look rather different.

That being said, accounting and audit specialists can move into a lot of other divisions as well. Risk and treasury management are obvious favourites but even sales roles are entirely possible based on your aptitude and experience. Here are some great online accounting programs:

• Accounting for Investment and Managerial Decision-Making from The London School of Economics and Political Science
• MicroMasters program in Accounting from the University of Indiana

7. Financial Engineering

Master’s in Financial Engineering (MFE) programs are highly quantitative and take a tech and data driven approach towards banking. You pretty much study the same topics as you would in a normal finance course, but with an exceptionally technical approach. For example, there are 5 minute YouTube tutorials that can teach you how derivatives work, but in a MFE course you look at complex computational and numerical solutions to derivative pricing,

MFE degrees are ideal for those who want to work in structuring or quantitative research type roles in banking. This means you will be assisting in the design of complex new products that never existed before. The best part is that there are some very prestigious universities offering these courses and that will provide your CV with a double boost. Like always, your compensation will match whatever you bring to the table. So why not go all in? This professional certificate from the New York Institute of Finance is a great option for quantitative finance and financial engineering . Alternatively, you can  search here .

8. Engineering/ Mathematics/ Statistics/ Physics

This might seem out of place at first, but physicists and engineers are very sought after for some of the more advanced roles within banking. These roles require complex trading models to be built and it’s not uncommon to find physicists with doctorates working in such advanced roles.

The glue that binds all of these roles together is the propensity for a mathematical focus and a research-oriented mindset. Banks obviously are able to offer very lucrative packages to these researchers which draws them away from their core fields and into mathematical finance. These are essentially the “quant” roles.

However, its not just quant roles that hire students with a science or engineering background. Investment Banking and Investment Management divisions are more than happy to take them as well. Search for Physics/ Engineering/ Math programs here.

Some universities offer business/ finance degrees with a banking concentration. This essentially just means that certain courses which are relevant to banking like risk management, accounting, corporate finance, banking regulations etc. are added on top. This is also a good option as such an education will undoubtedly better prepare you for some retail/ commercial banking jobs.

You’ll find that the curriculum of such courses is similar to business and finance courses but with an added focus on banking concepts, terminologies, risk management, compliance, financial regulations and so on. Columbia University offers this excellent online Corporate Finance program that lays the groundwork for what you need to know. Alternatively, you can look for Banking programs here .

10. Computer Science/ Information Technology

CS and IT are popular for several reasons:

• Tech graduates generally tend to be analytical with high logical reasoning capabilities. They are well suited for banking roles much like their engineers or physicists.
• There are some high paying development roles within banking. Computational Finance roles can pay at par with investment banking. And while development roles don’t pay that much, the compensation is still very competitive compared to the broader IT industry.
• All sectors of the economy have become highly dependent on technology. Banking is no different and in fact, many traditional bankers now also sell their bank’s technology solutions to clients (for example, algorithmic or systemic trading solutions).

The University of Texas at Austin offers an excellent fully online, Computer Science Master’s Degree. Its great to have such opportunities to not just learn from the best, but to actually get a formal Master’s degree for remote learners. This link should help you find the right tech program .

11. International Business

Most Supply Chains are now international and these supply chains have to be financed. Trade Finance, Supply Chain Finance, Documentary credit are just some of the verticals within banking that are all about dealing with international business issues.

If you have an interest in working on cross border deals like these, then you should consider a degree in international business. Such careers also offer the opportunity for international travel and the flexibility to make career moves internationally.

Any expertise in business law and multilateral regulatory issues will also serve to greatly augment your value as an intentional banker. These are issues that you deal with daily as an international banker. Here is a good online resource:

• Business, International Relations and the Political Economy from The London School of Economics and Political Science.

12. Corporate/ Business Law

A law degree can be very valuable in finance. There are three broad categories of banking jobs for law graduates:

• Compliance – Compliance officers have to enforce and ensure compliance with all sorts of governmental, sectoral and internal rules and regulations. They have to make sure that the bank is operating within these guidelines and they spend a good deal of time advising other divisions on these regulatory matters. A law degree would be very valuable for regulatory compliance officers. The compliance career is covered in great detail in the linked article.
• Legal Department – This one seems a bit obvious for someone with a law degree. Most banks have in-house legal teams which perform a variety of functions. They look at all the contracts that the bank is signing with various clients for various products. There isn’t really a standard contract for complex deals and large clients asks for a lot of modifications and edits, so the legal teams usually have their hands full.
• Specialized units – Certain banking services require a lot of legal support, like M&A for example. For such divisions, having something like a business law degree in addition to the other skill requirement can really be very helpful. Even though banks contract independent legal firms for such complex transactions, having a solid legal background would only increase your value to the bank.

Here are some excellent online law courses specifically for finance/ banking:

• The Law and Economics of Mergers and Acquisitions from the London School of Economics and Political Science
• Entrepreneurship: Law and Finance from Northwestern University

13. Professional Certifications

13.1. chartered financial analyst (cfa).

CFA is not really a degree, but it is definitely one of the best regarded certifications in the financial world and hence deserves a spot here. Know that a CFA course is tailor made for investment professionals though, so it might not have the same value in roles which do not require the handling of investment products or portfolios. But even for those roles a CFA certification is certainly “nice to have”.

In roles like securities research, portfolio or wealth management and sales and trading for financial securities, a CFA is probably more valuable than anything else that you can think of (other than maybe 3+ years of direct experience). What makes the CFA good is that the certification has already established a reputation as a global standard which is instantly recognizable. If you are interviewing for an investment related role, chances are one of your interviewers is a CFA himself.

13.2. Chartered Investment Banking Analyst (CIBA)

While the CFA is the gold standard for markets and securities related roles, CIBA is the best certification when it comes to investment banking proper. The Chartered Investment Banking Analyst certification is offered by the New York Institute of Finance. Of courses, none of these certifications will replace a college degree. They are meant to provide you with an additional boost. Given the intense competition for finance roles, you need to stand out from the crowd and that is where these certifications come in.

The Chartered Investment Banking Analyst is best suited for those looking to get into investment banking at the analyst or associate levels. It covers M&A, valuation, risk, financial accounting and other foundational topics necessary to successful execute your daily tasks as an investment banker. What you learn from this, should be enough to help you clear most IB interviews while also providing your CV a much needed branding boost.

13.3. Certified Financial Modeling & Valuation Analyst (FMVA)

Another popular finance certification, the Financial Modeling & Valuation Analyst is offered by the Corporate Finance institute to professionals interested in finance in general. It focuses on financial modeling and valuation which makes it suitable for most roles within banking. It is one of the most versatile finance certifications and

The best thing about the FMVA is that it is quite modular which means you can pick and choose your course electives.  So for example, if you are interested in investment banking, you can pick the M&A elective. If you are interested in real estate investment banking, you can choose the Real Estate Financial Modeling elective course. If you interested in private equity, you can pick the LBO modelling elective and so on.

13.4. Financial Risk Management (FRM)

The CFA certification stands out enough to deserve a spot of its own. But its the Financial Risk Management (FRM) certification that has really skyrocketed in popularity since the 2008 crisis. As banks and even the finance departments of non-banking corporations scrambled to restructure their risk departments, there was a noticeable shift and the FRM certification has since been in vogue.

Other than these two big ones, CFA and FRM, most of the other certifications are more tailored to specific niches or roles. For example, things like Certified Financial Planner, Certified Information Systems Auditor and many other accounting, risk and product specific ones can add value if you are targeting specific roles. Keep in mind that roles which require dealing with investment products usually have certain mandatory requirements as well.

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• Professional Resume Services for Finance
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About the Author

Gaurav Sharma

Gaurav (LinkedIn) started his finance career as an intern in Citi’s Institutional Clients Group in 2009, eventually ending up as an Associate Director at Standard Chartered Bank’s Corporate & Institutional Banking division a few years later. By 2016, he was an independent consultant helping FinTech start-ups in London with product development and launch. Gaurav also helps banks with their digital banking initiatives and advises PE & VC firms with investments in the financial services and FinTech sectors. Gaurav writes on topics ranging from EU banking regulations and tradional finance to Blockchain startups and the future of banking itself! He has an Engineering degree in Computer Science and an MBA with a double major in Finance and Marketing. He is also a Certified Financial Risk Manager .

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Justin Pritchard, CFP, is a fee-only advisor and an expert on personal finance. He has an MBA from the University of Colorado, and has worked for credit unions and large financial firms, in addition to writing about personal finance for more than two decades.

Banking jobs are an excellent fit for anybody interested in personal finance, business, and math. Banks typically provide excellent benefits, opportunities for advancement, and an office environment to work in. Plus, there are a variety of positions that include customer-facing roles and analytical duties. If you like the idea of working indoors and dealing with numbers, you may want to try a career in banking.

Start by identifying the type of banking career that appeals to you most, and develop your skills to advance your career.

Pick Your Path

You can work in retail banks and credit unions nationwide, commercial bank divisions with a focus on business needs, investment banks that help firms raise capital, and other types of institutions.

Develop Your Skills

Before you get a job as a banker, it’s critical to be good with numbers. Study math, statistics, or business to build a strong foundation—but don’t ignore “soft” skills. If you can score an internship with a bank or an organization in financial services, you’ll gain valuable experience and meet people who can help you move forward. Customer service and sales skills are also helpful.

Satisfy Requirements

You can potentially work as a teller with a high school diploma or GED, but personal bankers typically need a college degree. For investment banking, loan origination, or financial planning, you may need advanced degrees, designations, or licenses to land a job or get promoted. That said, you can often begin in an entry-level position and meet those requirements through on-the-job training and employer-paid programs.

It’s easy to apply for open positions—and that’s an effective strategy for entry-level roles. But you can also try to create your own opportunities by contacting banks and credit unions that you think would be a good fit and asking about available positions. Go through the interview process with several potential employers to learn more about your career path and the industry in general. At the same time, you'll sharpen your interviewing skills. For higher-level positions, use your network, if possible. Ask for informational interviews, which can potentially uncover opportunities that are not yet published in job listings.

Move Up and Branch Out?

There’s nothing wrong with becoming a personal banker and enjoying a long career in one place. But if you have the desire, you can move into management or director roles, regulatory compliance, or accounting. Taking on additional responsibilities typically leads to higher earnings.

Retail Banking

The household name banks you’re most familiar with are probably retail banks. Retail banks, located in almost every city, help individuals and businesses with essential financial needs like checking accounts, savings accounts, loans, and more. 

When you become a retail banker, you can find job opportunities nationwide. You’ll excel if you have customer service skills and you’re good with numbers.

Retail banks and credit unions are an excellent place to start your career. You can start as a bank teller with a high school diploma or GED and continue your studies or move on from there. But you don’t have to move on—life as a teller can be a satisfying lifelong career. Tellers work with the local community and develop relationships with customers.

Personal Bankers and Loan Officers

With some work experience and a college degree, you can help customers with more complex needs.   You might promote bank products and services that help them manage their finances and assist customers with obtaining home and auto loans. You can also help local businesses with basic banking needs and financing.

Sales Skills

Becoming a personal banker requires more than just helping customers make deposits and withdrawals. You also need basic sales skills and the willingness to promote your bank’s services. You shouldn’t need to mislead or take advantage of anybody. Instead, you would learn to arrive at mutually beneficial solutions that truly help customers while bringing in profitable business. 

Your customers need banking services, and the goal is to help them satisfy that need.

Commercial Banks

Commercial banks focus on business needs. For example, you can help businesses accept credit cards and process other types of payments from customers. Companies also need guidance on managing their assets while limiting risk. You might even help organizations do business overseas or borrow money to expand operations.

Useful Skills

To become a commercial banker, it’s essential to understand how businesses work. A business degree is helpful, and an MBA might be even better. You need the ability to evaluate a business’ finances and determine what products and services might be a good fit. You also need to understand the mechanics of loans and when it makes sense for a business to take on debt. Sales skills are increasingly important for business bankers. Banks and credit unions need revenue from active businesses, and it may be your job to grow and retain business clients.

Investment Banks

Investment banks help businesses raise money in financial markets, and they may help coordinate mergers and acquisitions.   Becoming an investment banker is a demanding (and sometimes competitive) endeavor that requires serious commitment. These banks typically hire high achievers who thrive in high-pressure environments.

Life of an Investment Banker

Investment banks are traditionally most common in major metropolitan areas (New York City, for example) where potential clients are nearby. To work for the largest investment banks, plan to devote much of your waking life to your career. You need to arrange financing deals and complicated transactions with sophisticated counterparts. And you may need to get everything done quickly.

Analytical Skills

You need to have strong spreadsheet and analytical skills, and to advance at most firms, you may need graduate degrees and designations. For example, a master’s degree in finance or a Chartered Financial Analyst (CFA) designation is common with investment bankers.

The career of an investment banker is extremely demanding, but successful bankers have the potential to earn high salaries and bonuses. 

Before you pursue a career as an investment banker, decide if you're willing to put in extensive hours of analysis on high-pressure projects. Also, evaluate what’s most important to you in life—you may need to remind yourself of those goals during late-night work sessions.

• Jobs in the Banking Industry
• Good Jobs With High Projected Growth and Openings
• What Does an Investment Banker Do?
• What Is the American Institute of Banking (AIB)?
• What Does a Bank Teller Do?
• What Does a Loan Officer Do?
• Investment Banking and Mortgage Banker Interview Questions
• Financial Advisor Job Description, Skills, and Salary
• What Does a Financial Advisor Do?
• Best Entry-Level Finance Jobs for Graduates
• What Does an Actuary Do?
• Accounting Careers: Options, Job Titles, and Descriptions
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BUSINESS CAREER GUIDES

Banker Career Guide

What is a banker.

Bankers assist clients with various tasks, such as online payments, in-person withdrawals, and loan recommendations. Bankers often have degrees in business management, finance, economics, or mathematics and can begin their career after graduating with a bachelor’s. 

There are several career paths within banking including investment banking, personal banking, wealth management, and bank management.

RESPONSIBILITIES

What Does a Banker Do?

Primarily, bankers assist with transactions, deposits, and investments. However, depending on the type of banker, their day-to-day responsibilities will vary. There are three main types of bankers: personal bankers, commercial bankers, and investment bankers.  

Personal bankers often work in small retail banking branches and assist clients with their financial requirements. The responsibilities of a personal banker include: 

• Opening checking and savings accounts.
• Connecting clients with mortgage and auto loans. 
• Helping clients with banking investments. 
• Resolving customer concerns. 
• Offering ancillary products to account holders. 
• Selling Roth IRAs and traditional IRAs. 
• Assisting clients with retirement and college planning. 

Commercial bankers work at larger banking institutions and often have more room for growth. Commercial banks can offer larger loans to clients, making commercial banks a more profitable option to larger companies. The responsibilities of a commercial banker include:

• All responsibilities listed for a personal banker. 
• Working with large companies to sell loans. 
• Evaluating risk levels when accepting large deposits. 

Investment bankers work with banks to help clients reach their financial goals by issuing debt and selling equity. Their responsibilities include:

• Issuing debt and selling bonds. 
• Researching market conditions.
• Implementing financial plans. 
• Searching for new business opportunities.
• Negotiating new financial deals with clients.

Whether working in personal, commercial, or investment positions, the main goal of bankers is to meet the financial goals of customers and clients while protecting the interests of the bank.

Do Bankers Need Certifications?

Employers in retail and commercial banking don’t typically require certification; however, earning certifications may prove to employers that you have the necessary skills for the job. Retail bankers may consider earning a  Certified Retail Banking Professional  (CRBP) from the American Association for Investment and Financial Management (AAIFM).  

The CRBP demonstrates that candidates have mastered retail management skills, the code of ethics, and are committed to AAIFM core values.

Investment bankers are required to have certifications to prove they can handle heavy workloads and understand the intricacies of markets, risk, financial modeling, and accounting.

Certifications for investment bankers include: 

• Financial Industry Regulatory Authority (FINRA):  Candidates must  register with FINRA  to work within a brokerage firm. After registering, candidates are also required to take several tests to prove they are qualified. 
• Chartered Financial Analyst (CFA) :  The CFA is a finance certification offered through the Chartered Financial Analyst Institute.  
• Financial Risk Manager (FRM) :  The FRM certification is a course that certifies that individuals are capable of assessing risk management and quantitative analysis. 
• Financial Modeling Certification (FMVA) :  The Financial Modeling and Valuation Analyst certification is a finance certification that ensures individuals can interpret financial accounts and assist clients in financial decisions. 

Those interested in investment banking will also need to pass several exams: 

• Series 79 exam:  Also known as the  Investment Banking Representative Exam , the Series 79 exam tests the competency of registered representatives. 
• Securities Industry Essential (SIE) exam:  The  SIE exam  is a FINRA exam that tests the candidates’ knowledge of basic security information and procedures. 

Those interested in banking can take additional certification courses and exams as needed to prove their skills to their employer. 

EDUCATION & BEST DEGREES

How to become a banker.

Bankers help meet the financial needs of clients, individuals, and institutions. They often work with retail banks to maximize profits and limit risks. Bankers are  individuals who are interested in personal finance, business, and math . The position provides various benefits and many opportunities for advancement. 

What Are the Education Requirements for a Banker?

Most bankers need to receive a college degree. You may be able to work as a banker with just a high school diploma by applying for an internship program, but advancement opportunities and access to management or leadership positions will typically require a university degree in a relevant field. 

The most common degrees for bankers include:

• Two-year associate degree in banking; 
• Bachelor’s degree in business management  or a  Bachelor's degree in finance . 

Those interested in banking positions with higher salaries, such as investment banking, will need to pursue a  master of business administration degree . Earning a degree in business management or business administration will also help you prepare for management promotions within a banking institution.

Best Degrees for a Banker

Hone your business acumen and garner added respect:...

Hone your business acumen and garner added respect:

• Time: 61% of graduates finish within 19 months
• Tuition:  $3,755 per 6-month term
• Courses : 40 total courses in this program

Skills for your résumé this program will teach you include: 

• Business communication
• Product development
• Decision making models
• Project management strategies
• Budgeting for business

This online degree program is an excellent choice for kick-starting your organizational management career.

Master of Business Administration

The flexible MBA program you need, focused on business management,...

The flexible MBA program you need, focused on business management, strategy, and leading teams:

• Time:  Graduates can finish in 12 months
• Tuition:  $4,755 per 6-month term
• Courses: 11 total courses in this program

Skills for your résumé you will learn in this program include: 

• Leadership strategies
• Talent management
• Communication
• Data collection and interpretation
• Financial statements

Our competency-based model gives you an innovative learning experience you won't find anywhere else—and our MBA grads tell us they loved accelerating their program to see a faster ROI.

This online finance program is career-focused so you will gain relevant...

This online finance program is career-focused so you will gain relevant industry skills.

• Time: 62% of graduates finish similar programs within 24 months
• Tuition:  $3,575 per 6-month term
• Courses: 41 courses in this program

Some careers and jobs this business degree will prepare you for:

• Spreadsheets
• Financial Analysis
• Problem Solving

The competency-based model at WGU allows you to move as quickly as you can master the material, and do your coursework on your schedule. Flexibility is key with the B.S. in finance at WGU.

How Much Does a Banker Make?

The exact income of a business manager varies based on a wide range of factors, including employer, employer location, years of experience, years of education, and existing skill set.

On average, the  salary of a business manager  is $63,072. The top 10% of business managers will earn as much as $116,000 in a year, while the lowest 10% of earners will make an estimated $42,000 during that same timespan.

What Is the Projected Job Growth?

Management jobs are expected to grow  by 5% from 2019 to 2029, a rate faster than the average expected expansion across all occupations. This will mean an estimated 505,000 new management positions across a variety of different industries.

Exact business manager growth figures are largely dependent on the success of the respective industries hiring business managers. Because business managers are responsible for managing businesses in healthcare, educational, industrial, automotive, technological, and other markets, the outlook is difficult to forecast.

Still, the need for business managers to tie financial goals, employee management, and corporate best practices together is only expected to increase in years to come. 

What Skills Does a Banker Need?

Bankers will need myriad skills to help them communicate with clients, navigate finances, and stay organized. Some of the most essential skills include: 

• Microsoft Office.  Bankers must have the skills to use Excel and PowerPoint regularly.
• Sales experience.  Many employers prefer bankers to have sales experience to better sell bank products and services to new and existing clients. 
• Numerical skills.  Bankers need to calculate APR rates and other finance-related math equations quickly.
• Time management.  Investment bankers are infamous for working 15-hour days. They need to be adept at managing their time. 
• Communication.  Bankers communicate with clients, customers, and coworkers regularly to ensure that all processes are working smoothly. 

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How to Become an Investment Banker

Getting to the top of the investment banking field is a multi-step process that requires a combination of education, ambition, hard work, skill, experience, and connections. It can be worth it, however, because investment banking is considered to be a very lucrative field.

Entry-level jobs quickly provide six-figure salaries. Senior investment bankers can earn tens of millions of dollars every year.

Key Takeaways

• A degree from an Ivy League college or other prestigious school can help you land a job in investment banking.
• Earning an MBA is part of the traditional path to an investment banking career.
• An advanced degree in mathematics is also highly prized by investment banking companies.
• You'll likely face licensing requirements when you're hired by a firm.

A college degree in finance or economics is typically the starting point for entry-level jobs at an investment bank . Accounting and business are also common educational backgrounds. Liberal arts majors might get jobs on Wall Street but you'll have a much better chance of getting the right job with math or business degrees.

Major investment banks recruit from the best colleges and universities in the world. New investment bankers are often chosen from Ivy League schools in the U.S., such as Harvard or Yale, They can choose from the London School of Economics, the University College London, or the University of Oxford in Great Britain.

But there are always exceptions. You can potentially go to a less prestigious institution and still achieve your goals of becoming an investment banker but choosing the right school and the right field of study will help improve your chances of landing a job at a major investment bank.

Your grades are also important. Graduating at the top of your class will put you in a good position to draw the attention of campus recruiters and hiring managers.

There were more than 16,000 investment companies in the United States in 2022, according to a 2023 report by Statista. The high over the 25-year study was about 19,000 firms in 2000.

You can get a job with a bachelor’s degree but having an advanced degree is another way to improve your prospects. A Master of Business Administration (MBA) or an advanced degree in math can add to your appeal. A chartered financial analyst (CFA) certification can help, too.

Internships in Investment Banking

Internships provide a path for students and recent graduates to land full-time employment in many professions, including investment banking. An internship allows you to try out your desired field and gain exposure to the culture. You can get work experience and impress potential employers. It’s an excellent way to start your career. Of course, internships at investment banks can be very competitive, just like entry-level positions.

Investment bankers spend much of their time selling . They're the movers and shakers behind mergers and acquisitions of Fortune 500 companies, initial public offerings (IPOs) of private companies, and other high-finance deals. Networking is a critical part of the job and perhaps even more so for those seeking to enter the field.

Of course, you have to land a job before you land your first megadeal so selling yourself will be your first task. Mix and mingle with people who have the power to hire you or who can recommend you to people who do the hiring. And be sure to make a good impression.

Having connections like a parent, uncle, cousin, or family friend who works in the business or who has good contacts can also help you land a job. You can leverage them toward your goal of becoming an investment banker if you're lucky enough to have these connections.

You should also think about the impression you're making in terms of self-presentation and other social cues.

Investment bankers work with and for some of the world’s wealthiest and most successful people. There's an expectation of both discretion and class in how bankers present themselves. Dressing well and carrying yourself in a professional and congenial manner is very important if you want to break into the industry.

A study by the U.K. government’s Social Mobility Commission provides insight into how important it is for professionals to behave appropriately, dress professionally, and adhere to a dress code. You can learn quickly to blend in during your early years in this field if dressing fashionably for an investment banker profession wasn't part of your background, according to some participants included in the study.

You must be licensed by the Financial Industry Regulatory Authority (FINRA) to practice investment banking. You'll typically first be hired by a firm in the U.S. then the firm will sponsor you in the licensing process. You may have to get Series 63 and Series 79 licenses which are required by many firms but firms' requirements regarding licensing can vary.

What Exactly Do Investment Bankers Do?

An investment bank is essentially a financial institution that serves as an advisor to companies, governments, or individuals. Investment bankers work at these banks and often oversee projects such as initial public offerings (IPOs) that help their clients raise money.

Are Investment Bankers Paid Well?

Investment banking is considered to be a lucrative career. You can easily earn six figures or more in this field, including in starting positions. Investment bankers earned a median pay of $390,000 in 2024, according to Glassdoor estimates.

What Are Some Examples of Investment Banks?

Examples of major investment banks include JPMorgan Chase, Goldman Sachs, Morgan Stanley, and Bank of America Merrill Lynch.

Landing a job is an important step in the right direction after you've got the best education and networking. Keeping the job and advancing through the ranks are your next challenges in becoming an investment banker from there. You’re most likely going to have to put in many years of hard work if you want the financial benefits of becoming an investment banker, such as a lifestyle of driving Ferraris or vacationing on the French Riviera.

Statista. “ Number of Investment Companies Reporting to Investment Company Institute in the United States from 1997 to 2022 .”

Social Mobility Commission. " Socio-Economic Diversity in Life Sciences and Investment Banking ." Pages 88-89.

Financial Industry Regulatory Authority. " Qualification Exams ."

Glassdoor. " Investment Banker Salaries ."

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Professional Skills

• Apr 25, 2022

Top 10 Skills Needed for a Job in Banking

Do you have the skills to make some big bucks?

Siôn Phillpott

Career & Entrepreneurship Expert

Reviewed by Hayley Ramsey

If you’re interested in pursuing a career in banking , then there are a very certain and unique set of qualities and skills that you’ll need in order to be successful. Corporate and investment banking, in particular, are notoriously competitive sectors, and only the very best and brightest tend to make the cut.

Therefore, we’ve compiled a list of the top skills you’ll need as a banker, from the hard skills you’ll be required to gain in school to the soft skills that will look great on your résumé and help you stand out as a candidate for a banking job.

So, if you’re ready to make some serious money working at one of the top banks in the world , these are the qualities you’ll need to possess!

1. Analytical skills

Regardless of which sector you are working in and the nature of your role, it’s a simple truth that you won’t advance very far in banking and finance unless you possess the analytical skills necessary to identify trends, patterns and definitive conclusions from the reams of data you’ll have exposure to.

This doesn’t just mean being savvy with Excel software or proficient in Python , either — although these are technical skills that will definitely come in handy. You need to know what exactly you are looking for in the data, as well as how it can be used to gain a competitive edge.

2. Commercial awareness

The ability to anticipate financial trends and future business developments across the globe is often what separates a successful banker from a failed one. After all, identifying where market changes are going to occur could be vital for either expanding or protecting a particular area of your bank’s portfolio.

In the corporate world, it’s also necessary to understand how businesses operate and what drives them, particularly if you are working directly with them. If you are working with a client in a particular industry, for instance, then you need to know everything about the climate, risks and potential change factors of that industry.

Having background knowledge of different industries and keeping up with the newest trends, developments and changes in the banking world and beyond will be integral to your success. Your commercial awareness could be the determining factor in bagging a big client or landing a promotion

3. Attention to detail

A keen eye for detail is another requisite for banking, whether it’s noticing particular trends or activities that nobody else has, or producing complex financial reports for senior management.

Indeed, many finance positions involve the ability to spot anomalies or, perhaps more importantly, simple mistakes. Not noticing an extra zero or two is easily done, after all, but it’s unlikely that your bosses will be too pleased if it results in an unintended $35 billion transaction . Consequently, having sharp attention to detail could prevent errors and mistakes from happening, which, in turn, will help you demonstrate that you are a trustworthy employee and an asset to the company .

4. Determination

As previously mentioned, corporate banking is an extremely ruthless and competitive environment, where you’ll have to overcome any number of obstacles on your journey from wide-eyed intern to seasoned account manager.

As a result, you’ll need to be fiercely determined to succeed, even if it means working inscrutable hours and making sacrifices in your personal life. Of course, for those who make it, the financial rewards are almost unimaginable, but it won’t be an easy ride to get there. After all, the competition is fierce, and the road to success can be narrow when it comes to banking careers.

5. Work ethic

In a similar vein, investment banking is not for the lazy or the unmotivated. It is no secret than bankers work long hours. Indeed, junior bankers at Goldman Sachs reported that they were expected to work 100-hour workweeks , leading to extreme burnout and high stress levels . While this extreme work culture and lack of work-life balance should not be normalized, bankers, especially at the early stages of their career, are expected to have an immaculate work ethic. 

Therefore, as an entry-level professional, you will need to be ready to dedicate the time necessary to establish yourself within your role. If you don’t possess a relentless work ethic as a basic minimum, then you should probably consider another career.

6. Confidence

The general perception of bankers isn’t a positive one, punctuated as it is by the image of brash, loud-mouthed and arrogant young males driven only by greed and excess. And while this isn’t necessarily a fair reflection of the full reality, it’s undeniable that to stay above water in such an environment, you need to be confident . This doesn’t necessarily mean that you need to play the stereotype, but — in such a cut-throat environment — it does mean that you should have unwavering self-confidence in your own ability.

As banking has traditionally always been a male-dominated industry , confidence is even more important for a woman trying to take her first steps in this sector. While it might seem daunting at first, confidence is integral in order to break the much-dreaded glass ceiling .

7. Technical skills

As with most industries in the digital age, the large majority of the decisions you make will be based on data analysis. Therefore, to access and process that data, to communicate with other stakeholders, to find information and to perform pretty much every other task that will be required of you in a normal working day, you’ll need to be tech-savvy.

Bankers work with a lot of specialized software, so take every opportunity you can during internships or placements to get to grips with as much of it as you can. In your spare time, learn everything you possibly can about Excel, too — particularly model building.

8. Stress management

Given the long working hours, extremely high-pressure environment and the huge weight of expectation on you to perform, it’s little surprise that banking is considered a highly stressful role . To be successful in it, you need to have a high tolerance for stress and good coping mechanisms.

This isn’t optional, either. Many bankers suffer from stress-related health problems , burnout and other mental health issues. If you are a stress-prone person who does not work well under pressure, then this might not be the most fitting career choice for you.

9. Communication skills

As with any job, communication is a key skill in the workplace, and banking is no different. Whether it’s explaining complex financial concepts or procedures to non-financial clients, writing and compiling in-depth reports or learning to communicate in a professional manner at management level, how you interact with others will have a big bearing on the success of your career.

Before you get into banking, you should ensure that your communication skills are up to scratch and that you can convey — and take on board — instructions clearly and confidently.

10. Resilience

In corporate banking and finance, it is often said that the first five years are the worst, but that once you’ve proved yourself, you can begin to reap the riches and rewards. Therefore, given all the negative factors previously discussed — the hours, the expectations, the competitiveness (and, oh, did we mention the hours?) — you’re going to need to be resilient to reach that point.

Staying the course and reacting positively to everything thrown at you is a sure-fire sign that you have what it takes to reach the top, so grit your teeth, dig in and be prepared to show everybody that you’re strong enough to thrive. That said, you must also know your own limits and recognize when a company’s culture is toxic and harmful . While this industry is not for the faint-hearted, you should also recognize when the environment is no longer allowing you to thrive. 

Final thoughts

As you can see, life as an investment banker isn’t for everybody. Sure, the financial rewards are a pretty enticing carrot, but bankers have to sacrifice and give a lot in return.

If you feel as though you possess these skills though, and you have an academic inclination for mathematics, business or economics, then you should definitely consider a career in this lucrative and undoubtedly fascinating industry.

What other skills do you think a banker needs? Let us know in the comments section below!

This is an updated version of an article originally published on 19 June 2019 and contains contributions by staff writer Melina Theodorou.

Soft Skills

What Degree Do You Have to Have for Banking Jobs?

Skills & Education Needed for Accounting

Job applicants can obtain entry-level banking positions with nothing but a high school degree, but a higher education is necessary in order to be eligible for promotions and advancement opportunities. The more education an applicant has, the greater his chance of being hired and the faster he will be able to advance his banking career.

Associate Degree

An associate degree is a good place to start for a person beginning his banking career. Students can earn an Associate of Arts or Associate of Science degree at almost any community college, occupational school or two-year university. An emphasis in banking-related fields such as accounting, business, finance or statistics can provide students with some of the foundational skills necessary for working in a bank.

Bachelor's Degree

A bachelor’s degree allows banking employees access to higher-level positions in management, equipping them with specialized knowledge in banking-related fields. Students interested in banking should pursue a Bachelor of Science in accounting, business, economics or finance in order to obtain the necessary experience and skills for management-level banking. Some schools offer banking-specific degrees, such as a Bachelor of Applied Science in Banking or a Bachelor of Science in Business Administration with a focus in banking and finance. Such programs offer courses in banking principles, investment, financial planning, marketing and business law. These programs equip students to transition into careers as loan officers, credit analysts, financial planners, investment bankers, and branch managers.

Master's Degree

A graduate degree in banking-related fields exponentially increases an employee’s chance of being promoted into management and other senior-level positions, leading to increased pay and more diversified responsibilities. Employees with an eye on managerial positions should pursue a master’s degree in accounting, business, economics or finance. Master’s degrees normally take two to three years to complete and frequently include some form of field internship.

American Bankers Association Courses

The American Bankers Association, which represents large and small regional banks throughout the United States, offers a variety of courses to expand and diversify bankers’ knowledge in subjects such as bank marketing and management, commercial lending, compliance and risk management. In addition, ABA courses can help banking professionals receive or renew their certification in bank compliance, mortgage and commercial lending, retail, retirement services, risk management and wealth management and trust. While these professional education courses are not mandatory, completing them provides bankers with expertise in their fields, enabling them to better serve their clients.

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Bethany Marroquin is a writer and credentialed English teacher from Southern California. She has a Bachelor of Arts in English from Westmont College, and completed her teaching credential in 2014 through Azusa Pacific University.

This question is about banker education .

What degree do you need to work at a bank?

You need either a bachelor's or master's degree in finance to work at a bank. Some investment banks and other financial institutions prefer job candidates to have a master's degree in this field, while others allow candidates with bachelor's degrees and impressive banking skills. Here are some other appropriate majors for aspiring bankers:

Computer science

Bachelor's and master's degrees are the norm for higher-level banking positions, such as investment banker and loan officer. While low-level banking roles, like bank teller, often do not require a specific degree. Most bank teller employers only require a high school diploma or GED as education requirements.

However, an associate's degree in a related field, like business, can help you stand out as a job candidate for a bank teller position, and a small portion of bank teller employers list this as a requirement.

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What does a banker do on a daily basis?

Is banking a good career?

How much does it cost to start a bank?

What is the banking hierarchy structure?

What is the career path for a banker?

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Is finance a good career path.

Senior Associate, JPMorgan Chase

There are many different jobs in finance to explore as a new college graduate or even for those further along in their careers. The finance field includes jobs such as financial analyst, investment banker, loan officer, cost estimator, and many more.

Finance roles often involve working with numbers and may require specific skills like understanding financial statements or the financial markets. However, the roles are varied and cater to various interests and abilities.

Beyond assessing if it’s a skills match, aspiring financial professionals may want to weigh the industry’s demands and challenges to determine if it aligns with their long-term career and professional aspirations.

Since no two careers in finance are the same, continue reading as we break down everything from earning potential to the different skills requirements needed in finance careers so you can start to assess if this seems like a good career path for you to pursue.

What’s a career in finance?

A career in finance refers to occupations where workers are involved in the day-to-day activities of running a business or in tasks that are related to money, according to the U.S. Bureau of Labor Statistics.

It’s a broad career category, and specific jobs in this career path can range from investment banking to corporate finance to financial planning. Often, professionals choose a specialty within finance as they set out to grow their careers.

How much can you earn in a career in finance?

The U.S. Bureau of Labor Statistics found that the median annual wage for jobs in finance and business was $79,050 in May 2023 (the latest date data is available). This is higher than the median annual wage for all occupations, which was $48,060 in May 2023.

Remember, this figure represents the median for a range of finance roles. Salaries for finance roles will vary based on a range of factors, including your experience level, the role, the company, and even the geographic location of the role. That said, this data point is a starting point to consider as you research how much you may be able to earn in a career in finance and other types of careers.

How do you know if finance is a good career path based on your skills?

Across the spectrum of finance careers, you may find that there are a few common skills many finance jobs require.

According to Harvard Business Review, some of these skills include:

• Reading and understanding financial documents (balance sheets, income statements, cash flow statements, and annual reports)
• Analyzing statements (calculating financial ratios such as debt-to-equity ratio and current ratio)
• Management and leadership skills (can you make decisions based on data?)
• Financial forecasting (can you look at data to help predict a company’s financial future?)
• Communication (can you explain financial concepts in a simple fashion?)

It’s important to note that the skills needed may vary depending on which finance role you’re interested in. The above list is simply a sample of skills some financial careers may require.

Seven fast-growing finance careers to consider

When considering a career in finance, the sheer variety of paths available may feel exciting and overwhelming. Whether you’re interested in advising individuals on wealth management, managing risks for large institutions, or exploring the potential of emerging markets through venture capital, the opportunities are vast.

According to the U.S. Bureau of Labor Statistics, here are seven career paths to consider in finance that are growing faster than average.

1. Management analyst

2023 median pay: $99,410 per year

2022-32 growth rate projection for occupation: 10%

Management analysts, also called management consultants, often advise companies on how to become more profitable. Those in these roles may analyze data such as revenue, expenditures, and employment reports to see how to reduce costs or drive revenue to boost a company’s bottom line.

2. Financial analyst

2023 median pay: $99,890 per year

2022-32 growth rate projection for occupation: 8%

Another finance career path you may consider is that of financial analyst. A financial analyst often evaluates financial data to help businesses and individuals make informed investment decisions. They may analyze market trends, financial statements, and economic indicators to forecast future financial performance and recommend strategies for achieving financial goals.  

3. Securities sales agent

2023 media pay: $76,900 per year

2022-32 growth rate projection for occupation: 7%

Another role you may consider exploring in finance is that of a securities sales agent, sometimes known as a stockbroker. Those in these roles buy and sell securities like stocks and bonds on behalf of clients. They may provide investment advice, manage client portfolios, and execute trades to help clients achieve their financial objectives.  

4. Insurance sales agent

2023 median pay: $59,080

Insurance sales agents sell various insurance policies, such as health, life, property, and casualty insurance, to individuals and businesses. They assess clients’ needs, provide policy recommendations, and assist in selecting coverage.

5. Financial manager

2023 median pay: $156,100

2022-32 growth rate projection for occupation: 16%

The job of financial manager is an umbrella role that can mean many different things depending on the exact role and the company the role is in. Those in these roles may work on financial reports, lead investments, and create financial plans for their organization.

6. Financial examiner

2023 median pay: $84,300

2022-32 growth rate projection for occupation: 20%

Financial examiners ensure compliance with laws and regulations governing financial institutions and transactions. As they do this work, they may review balance sheets, evaluate the risk levels of loans, and assess the overall financial health of companies, banks, and other financial entities to ensure they’re operating safely and within the law.

7. Personal financial advisor

2023 median pay: $99,580

2022-32 growth rate projection for occupation: 13%

Another financial career to add to your radar is that of a personal financial advisor. Personal financial advisors provide individuals with advice on investments, insurance, mortgages, college savings, estate planning, taxes, and retirement to help them manage their finances. They may assess clients’ financial needs, develop personalized financial plans, and guide them in making informed decisions to achieve financial goals.

Final thoughts

At the end of the day, if you’re wondering if finance is a good career path for you, you may want to consult a trusted mentor or even shadow someone in a role you’re considering pursuing.

If you’re a new college graduate or currently in college but exploring career opportunities for when you graduate, you may even consider applying for internships or co-ops in finance to gain exposure to the industry. Sometimes, the only way to know if a career path is for you is to try it out.  

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Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Most of us wouldn't feel very safe keeping all of our hard-earned cash under our pillows at night, so we open bank accounts and park our cash there instead. But picking the right bank or credit union account can be challenging, especially for those who are new to banking.

This guide can help you understand banks, types of bank accounts, how to compare banks, and how to pick the right one for you.

What is a bank?

A bank is an institution where anyone (approved by the bank) can deposit savings and take out loans. Banks are often seen as a convenient and secure way to store money, and some account types also earn interest. Most banks have both online and in-person services.

Banks are for-profit organizations. At a bank, you can open checking and savings accounts, loans, credit cards, or other products. Almost anyone can join a bank.

How does a bank work?

Banks are in the business of making loans. Banks lend money to creditworthy borrowers, and then those loan customers pay back what they borrow plus interest. Charging interest and other fees is how banks earn profits for shareholders. Banks also pass some of this profit back to those with deposit accounts as a way to incentivize them to keep money there.

In order to operate, a bank must have a charter, which is essentially a license to operate. U.S. banks can be chartered on the national level or the state level. Nationally chartered banks are overseen by the U.S. Department of the Comptroller of Currency. This organization makes sure the banks operate within the laws. It also requires nationally chartered banks to maintain FDIC insurance . This protects your money up to $250,000 per person per bank in the event of bank failure.

State-chartered banks operate under the regulations of the state they have their charter through, and they're overseen by a state institution. These banks are typically smaller than nationally chartered banks and operate in a limited area.

Types of banks

There are many ways to break banks into types. We'll look at two of the most common methods below.

Types of banks by services offered

One way to categorize banks is to look at the services they offer to their customers. Here are some common types you might come across:

• Retail banks: These banks offer personal bank accounts and loans directly to consumers. Most banks that you're familiar with fall into this category.
• Commercial banks: These banks cater to businesses and offer a variety of business bank accounts and loans. Many popular banks have retail and commercial divisions.
• Investment banks: Investment banks typically deal with corporate clientele and often assist with mergers and acquisitions.
• Central banks: Central banks, like the U.S. Federal Reserve, don't deal directly with the people. They help maintain economic stability by setting appropriate economic policies, and these policies affect the services other banks offer to their customers. For example, the Federal Reserve sets the federal funds rate . This determines how much banks charge to borrow money from each other, and banks in turn use it to determine the interest rates they charge their customers on loans.

Types of banks by service area

Another way to compare banks is by looking at their service area. These are the main categories you'll find here:

• National banks: National banks typically have nationwide branch and ATM networks and serve a wide variety of customers. They often have large budgets and strong online and mobile banking tools, and some have international banking divisions as well.
• Regional banks: Regional banks typically operate in a smaller area -- perhaps just a few states. They may have a lot of branches and ATMs in their area, but you won't find any if you travel outside of it. For some people, these banks are a good compromise if they want a personal banking experience without restricting themselves to a local community bank.
• Community banks: Community banks operate in a small area, usually within a single state. In some cases, a community bank may only have a single branch. But what these banks lack in size, they often make up for with excellent customer service
• Online banks: Online banks don't have any branches, though most have nationwide ATM networks. They're becoming increasingly popular because they're open to just about anyone and they have lower fees and higher interest rates on savings accounts than the other bank types listed here. But depositing cash can be tricky with online banks.

Banks vs. credit unions

Credit unions are similar to banks in many ways. Both offer a variety of bank accounts for their customers to choose from and lend money to qualifying borrowers. But unlike banks, credit unions are nonprofit institutions. That means any money a credit union earns goes back to its members. As a result, credit unions can often offer more competitive rates and lower fees than some large national banks.

But credit unions have their drawbacks as well. Most only operate in a small area and they have membership requirements that restrict who can join. Their online and mobile banking tools often aren't as good as those you'll find with large banks, either. But they could still be a good fit for those who value customer service and don't travel often.

Types of bank accounts

There are four main types of bank accounts: checking accounts, savings accounts, CDs, and MMAs. We'll go over each one at a time below.

Checking accounts

Best for: People who want a safe place to keep the money they use to pay bills.

Not for: People who want to earn a lot of interest on their money.

You should open a checking account for money you plan to use for everyday spending. You can withdraw money as often as you like, as long as you don't withdraw more money than you have. (There are restrictions on withdraws from savings accounts, CDs, and money market accounts.)

Savings accounts

Best for: Those who want a low-risk way to grow their money.

Not for: Those who plan to withdraw money frequently from their account.

A savings account is a low-risk account where you can earn interest on your money. It's a great place to save for an emergency fund, a vacation, or a down payment on a home. However, you can only withdraw money from a savings account account a handful of times every month -- so it's not great for paying bills. Checking accounts are better for bills.

Money market accounts (MMAs)

Best for: Those who want to earn a high interest rate without sacrificing easy access to their money.

Not for: Those with a small amount of savings who cannot meet the minimum balance requirements.

If checking and savings accounts had a baby, that baby would be a money market account (MMA) . MMAs often come with checks or debit cards, like a checking account. They also have high interest rates -- like savings accounts. However, they usually have high minimum balances. You'll have to be able to keep a hefty chunk of cash in the bank at all times if you want to have an MMA.

Certificates of deposit (CDs)

Best for: Those who want to earn a higher interest rate on their savings and don't need to spend that money anytime soon.

Not for: Those who think they'll need to withdraw their money before the CD's maturity date.

A certificate of deposit (CD) , also known as a share certificate if you're using a credit union, is a special type of savings account that offers a higher interest rate -- but there's a catch. When you put the money into a CD, you're agreeing that you won't touch it for the length of the CD term. This can be anywhere from a few months to several years. Usually, the longer the loan term, the higher the interest rate. The best CDs can offer APYs of around 5%.

What's the best bank account?

Once you've narrowed your list down to a couple banks, take a look at their accounts and ask the following questions.

• Would it be free for you to use ATMs? Look for banks with a large ATM network, or accounts that offer ATM fee reimbursement for out-of-network ATMs.
• Do any accounts have a high interest rate (APY)? This is how much money you'll earn in interest.
• Do the accounts have low fees? To see all the fees associated with an account, you can ask for something called a "fee schedule."
• Do the accounts have minimum balances you can maintain?
• Do any of the accounts offer an attractive sign-up bonus?

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Pros and cons of banks

• FDIC insurance
• In-person customer service
• Large network of ATM locations and branches
• Online tools and apps
• Many options for accounts and financial services
• Fees are often higher than other financial institutions
• Loans often have higher interest rates
• Lack of flexibility and can limit customers' access to money
• Deposit accounts (like savings) don't usually earn much interest

How to find the best bank for you

When you're choosing a bank , start by deciding whether you want to open an account at a bank or a credit union. Then, think about the following features.

FDIC or NCUA insurance

This keeps your money safe if the bank or credit union fails. FDIC insurance is a guarantee that the bank will have some or all of your money available for you to withdraw (within account requirements and limitations) -- even if the bank itself fails.

You'll probably never need FDIC or NCUA insurance, but if you do, you'll really need it. Make sure that your bank or credit union is FDIC insured before you sign up. Most state their member ID number on the footer of their website. You can also contact the bank or credit union if you're unsure, but most should have the applicable type of insurance.

Availability and convenience

To find the right financial institution for you, check where and how you can access your account. If you prefer banking in person, check whether the bank you're interested in has branches near you (or nationwide, if that fits your lifestyle).

Most banks offer some online functionality these days, and some banks are fully online. But it's worth checking out a bank's mobile banking app (if it has one) to see how much of your banking you can do from your phone or other device. This could be especially helpful if you're opening a joint account with someone who doesn't live near you.

Customer service

Look into how you can contact the bank or credit union if you have questions or problems with your account. Check into its customer service hours as well. Some national banks have 24/7 customer support, while smaller regional banks and credit unions may only operate during normal business hours.

Mortgages, loans, and other banking products

You may only be looking for a checking or savings account now, but in the future you might need to buy a home or start a business and then you'll need a mortgage or a business loan. Anticipating your future needs and choosing a bank or credit union that can accommodate them can prevent you from having to jump ship as your financial needs change.

Don't get caught paying nuisance checking account fees. Check out The Ascent's top checking account picks to open a fee-free checking account that earns a high interest rate.

Yes, a bank is a for-profit business that makes money by charging interest and fees to loan customers. It keeps some of this for its shareholders and returns some to those with deposit accounts at the bank.

Banks use their capital levels to create loans (and, in essence, money since loans create money in the form of deposits). As long as a bank has adequate capital levels, and creditworthy borrowers want loans, a bank will give loans to as many borrowers as possible.

There are many ways to categorize banks. You can break them down by size into national, regional, and community banks. Or look at the services they offer. Retail banks serve individual customers, while commercial banks serve businesses. Many serve both types of customers. And then there are online banks that have no branches, and as a result, can afford to charge fewer fees and offer better interest rates than traditional banks can.

Banks, both large and small, are usually for-profit organizations that offer a wide range of products and services. Credit unions, on the other hand, are not-for-profit institutions that are owned by their members and offer a more personal touch. Online banks have emerged in recent years as an alternative to traditional brick-and-mortar banks and provide the convenience of banking from anywhere, anytime.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

Copyright © 2018 - 2024 The Ascent. All rights reserved.

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The 6 Types of Investment Banking Jobs—and How to Break Into the Field

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The 6 Types of Investment Banking Jobs—and How to Break Into the Field was originally published on The Muse , a great place to research companies and careers. Click here to search for great jobs and companies near you.

You probably already know a few things about investment banking (IB). That the job often requires long days and late nights. That it’s one of several popular finance jobs out there, with undergrads and business school students alike considering the career path for its potential to be very lucrative. Maybe you’re even familiar with the big names in play: Goldman Sachs, Citibank, J.P. Morgan, Lazard, and Deutsche Bank, among others.

But there’s so much more to be learned about investment banking jobs if it’s a field you’re interested in pursuing. Career experts advise doing your research before taking the leap.

“If you don’t know what you’re getting yourself into, you’re going to be in for a very, very rude awakening” in terms of the crazy schedule, high-pressure environment, and competitive nature of the role, says Jena Viviano Dunay , a career and workplace expert who started out in investment banking before going on to coach other finance professionals.

Ready to explore this exciting industry? Below, we’ll outline what types of investment banking jobs are out there, as well as the skills you’ll need and steps to take to break in.

What is investment banking?

Investment bankers “are in the business of providing some sort of financial services for institutional corporate clients,” Viviano Dunay says. They generally deal in large financial transactions, including mergers, acquisitions, capital raises, valuations, and initial public offerings (IPOs), where a private company sells its shares to the public for the first time.

As leadership coach Loren Margolis , who spent nine years advising investment bankers at Columbia Business School, puts it, investment banking is the glue that connects companies, organizations, and even the government sector with investors and financial opportunities. “They are in the thick of how our financial markets across the world either thrive or fail. So they have a lot of control,” Margolis says.

Why should you consider jobs in investment banking?

What draws many people to investment banking is the high payout. Salaries can start in the six figures, even for entry-level folks, Margolis says, with aggressive bonus structures and additional income that can venture into the millions of dollars. Others might find appeal in the prestige and influence that comes from working for a major bank or well-known financial institution.

But the benefits of being an investment banker go beyond the superficial. “Frankly, it can be fulfilling, too, where you’re challenged a lot,” she says. “You have to make really, really high-stakes decisions with a lot of pressure. And when you make them well, the companies that you advise, the bank, and you yourself and the market reap great rewards from it.”

Of course, IB isn’t all fun and games ( but what job ever is? ). “The hours are not for the faint of heart,” Margolis warns. The industry can also be rigid, hierarchical, and stuck in the old ways, leaving little room for creativity or innovation. “If you want to be an entrepreneur, investment banking is not for you,” she says.

Types of investment banking jobs for beginners

So, what do you do as an investment banker?

The investment banking job description depends on your company, team, and title, along with other factors such as location or focus area. We’ll explain what each role generally means, and the varieties it comes in.

As a beginner or new entry into the field of investment banking, you have several options:

Average annual salary : $79,672 a year

“Investment banking very much runs on internships,” says Anne M. Kelly, a Muse career coach who worked with aspiring investment bankers and IB employers as Director of Professional Development at Emory University. You’re most likely to get a job in IB if you have at least one internship at a bank under your belt—and many employers tap interns first when looking to fill entry-level roles.

Interns typically assist analysts with their tasks, whether financial modeling or creating “pitch books”—sales pitches aimed at convincing clients to hire the bank’s financial services to fulfill their need. By shadowing analysts and their superiors, interns build a base knowledge of how financial transactions work and business relationships are built and maintained.

Many investment banking internships run as rotational programs, where you spend several weeks on one team, then move to another, to get a feel for the various departments and niches,” Kelly says. “There are so many different aspects to investment banking that there’s no way you can know what you want to do or where you want to go until you have that opportunity to be there, feet on the ground, learning more about it.”

Find investment banking internship opportunities on The Muse

Average annual salary : $117,206 a year

For the most part, analyst roles are the starting point for investment banking if you’re out of college or graduate school. Analysts spend their days helping their team compile research related to their clients’ financial needs, then putting that research into documents and presentations to share with key stakeholders. As a result, they’re whizzes in PowerPoint and Excel , among other financial modeling and analysis tools.

“These are the workhorses of the bank,” Margolis says.

Investment banking analyst jobs tend to specialize, if at all, in one of two ways:

• By industry: At IB companies where the clientele is broad, analysts could be grouped based on type of organization. For example, you could work solely with healthcare companies, or focus only on transactions in the manufacturing or tech sectors.
• By financial discipline: Other IB companies prefer to group analysts by the type of need or transaction, such as corporate finance, compliance, M&As, or IPOs.

Because they’re the bottom of the food chain, analysts are usually at the mercy of higher-ups and their schedules.

“There are times that it’s incredibly slow, and there are times that it moves really fast,” Kelly says. “So it’s not uncommon that you’re going to be expected to be there very early in the morning and feel like you don’t have as much to do during the day—but that’s when lots of meetings are happening, deals are being done. And then it’s, ‘OK, now that we know what the client wants, it’s your go time.’

“You have a high amount of responsibility,” she says. But that doesn’t mean you’re left to fend for yourself. “You have teams of people, and you have people to review and to run ideas through.”

Analysts also sometimes get exposed to management opportunities, such as overseeing the work of interns. “You are in many ways looked at as the leader of those people who are coming up behind you, and you have the responsibility to help educate them,” Kelly says.

Find investment banking analysts jobs on The Muse

3. Associate

Average annual salary : $147,184 a year

While not as common, some entry-level professionals can start in investment banking at the associate level, often thanks to a graduate degree or MBA.

The role differs only slightly from analyst in that, on top of building spreadsheets and presentations, you might also be responsible for checking the work of analysts and getting in front of clients. You might also work fewer hours.

“You’re largely doing a lot of the grunt work still, but you have maybe an analyst to help you with some of that grunt work,” Viviano Dunay says.

Investment banking jobs for moving up the ladder

The following roles require several years of experience at an established bank or financial institution:

4. Vice president

Average annual salary : $192,453 a year

Vice presidents in investment banking aren’t actually the top level, as the name suggests. Rather, they’re the project managers overseeing the work of analysts and associates, and the translators for directors above them.

They also manage relationships with clients, investors, and other relevant parties to ensure deals go through smoothly—the downside being that when things go haywire, they’re responsible for getting everyone back on course, and for whatever downfall may come as a result.

“When you get to the VP level, you have a little bit more ownership, and you’re more client-facing,” Viviano Dunay says.

Find investment banking vice presidents jobs on The Muse

5. Director

Average annual salary : $205,451 a year

Directors, also sometimes referred to as senior VPs, balance the work of managing directors and VPs, depending on the organization. This means they’re either the face for the client, or the project manager behind the scenes—or a bit of both.

Find investment banking directors jobs on The Muse

6. Managing director

Average annual salary : $192,296

Managing directors are responsible for closing deals. This means they spend their days negotiating and winning over clients, with support from their team and the research they provide, as well as spotting new opportunities for business. Overall, the job entails a lot of meetings, travel , and people management.

If you’re wondering, “What is the best job in investment banking?” this might be considered the one, if only because it’s the highest level—and thus the highest pay bracket—and because it requires fewer hours than lower-level roles. That said, like many great jobs, you’ll likely have to work hard, and for a long time, to reach managing director status.

Tips for landing an investment banking job

Entry-level investment banking jobs aren’t completely out of reach for anyone. However, there are several steps you should take as early as possible in your career to set yourself up for success.

In additions to the tips above, this might also help: How to Become an Investment Banker, According to a Career Coach and Former Banker

Understand how feeder schools work—and try to attend one

Recruitment in investment banking can start as early as sophomore year of college. So the best way to get in front of hiring managers is to put yourself on the path starting in high school or undergrad.

“Make sure that you are going to a good school that feeds people onto Wall Street,” Viviano Dunay says. “It’s really hard to break into without having that brand basically on your resume.”

For the top schools for investment bankers, check out this list or this one , or be sure to ask during university tours or info sessions about placement at or networking opportunities with major banks. Also, consider a major that will teach you the nuances of and skills required for banking, such as math, business, or economics.

Show a knack and passion for finance

If you have a background in finance via your major or a past job, great! But you don’t necessarily have to be an expert to land an IB job. Instead, it’s important to show your passion for financial markets and trends.

Hiring managers “want to know that you dabble in finance,” Kelly says. For example, were you a member of a finance-focused club or did you serve as a treasurer in school? Do you subscribe to and read about financial news? Do you participate in the market through apps or tools?

Make sure to note all of those on your resume , in a cover letter , or while interviewing , and come to the table with stories that exemplify your knowledge. And when you walk into your interview, “know what’s going on in the markets for the day,” Viviano Dunay says.

Finally, be ready to explain or answer questions around financial topics and jargon. “Really studying up on the technical aspect is important for these types of interviews,” she says.

Emphasize key soft skills

A lot of IB can be learned and honed on the job. So what recruiters really care about are the hard-to-teach soft skills that make investment bankers excel in client management, leadership, and time management. “They look for people who are go-getters and self-starters,” Margolis says.

Curiosity is also valued by those in charge of hiring. “You are asked your opinion, and you have to use your opinion in your work,” Kelly says. (Need help shedding a light on those strengths? Here’s the non-boring way to show off your soft skills during your job hunt .)

Network and attend IB-related events

Networking events, whether through your school or via a connection, aren’t just great for meeting the right people who can refer you for IB jobs. They’re also opportunities to showcase those highly-marketable people skills that investment banking companies love.

Cold emailing or sending a LinkedIn request to a stranger to learn more about their journey can also pay off in the world of investment banking. “The fact that you attempt to reach out shows, ‘Hey, I have more interest than those other people that applied,’” Kelly says. “And that’s what you’re trying to do—show your interest.”

Prep for case studies and group interviews

Kelly says it’s common for investment banking interviews to be conducted in person, and in a group setting with other candidates. “Superdays,” or all-day interviews , are also a frequent practice. Prepare yourself mentally by doing your research on the company and team, and physically by packing water and other essentials. (Here are our 30+ best tips on how to prepare for a job interview .)

“They like to really get a sense of, ‘Look, we just put you in a room with a group of people you don’t know. Did you hide in the back? Did you disagree with someone? Did you get your point across? Did you take a lead in it?’” Kelly says. “They’re less concerned that the group got the answer right—they want to see you talk through your process.”

Investment banking isn’t just a lucrative career option—it’s brimming with potential for personal and professional growth. And once you’re in IB, opportunities abound. “People know that you are a hard worker if you’ve been in investment banking, and they know that you’re smart if you’ve been in investment banking,” Viviano Dunay says.

“You get such a well-rounded skill set from just a couple years in the industry,” Kelly adds. “It really can help you for the rest of your career.”

How do credit card refunds work?

Editor's Note

Whether the jacket you loved in the store looks weird at home or you found out that the gift you bought is no longer needed, you're bound to return an item you've purchased at least once in your life.

If you purchased your item with cash, the cashier will refund the same amount you paid. But how do credit card refunds work?

Here's what you need to know about credit card refunds.

What is a credit card refund?

When you return an item, the merchant typically issues your refund as a store credit or returns the funds to the original payment method, depending on their return policy. If you choose to receive your refund via the original payment method and you paid with a credit card, you'll receive a refund to your credit card account.

Some credit cards may provide perks that extend the return window for purchased items, subject to terms and conditions. This commonly comes in the form of extended warranty protection or as a benefit for a store card.

Related: The top 7 credit cards to maximize large purchases

Can you get a refund on a credit card?

If the merchant allows a refund to your original payment method, you'll get the money on the credit card you used to make the purchase. Even if the merchant terms prevent you from receiving a refund, you may still be able to get the amount you paid back if your card has return protection.

For instance, if you paid with the Chase Sapphire Reserve® , its return protection allows you to receive a credit card refund of up to $500 on an eligible item (up to $1,000 per calendar year) within 90 days of purchase if the merchant won't take the item back.

Related: Your complete guide to shopping protections on American Express cards

When you make a purchase with your credit card, you allow the credit card company to pay for your purchase, and you pay them back when you pay your statement balance.

When you make a return, the credit technically goes to the credit card issuer, and your balance is adjusted when your credit card refund is processed.

Here, my account shows the purchases I've made (the positive numbers) and a return that has been processed and deducted from my account balance.

However, you are responsible for paying the purchase amount if your payment is due before the refund is processed. Once the return is processed, your balance will be adjusted for the following billing cycle. If you're not sure whether a return will process in time before your statement balance is due, pay off the charge anyway just to be safe.

Related: Can a merchant charge a fee for paying by credit card? Here's what you should know

How long does a credit card refund take?

Credit card refunds can take anywhere from a day to a few weeks, depending on the merchant and your credit card company. If you have a significant return that you want to clear before your payment is due, make the return as early as possible.

Ideally, allow at least five business days between your return date and the end of your billing cycle to increase the chances that your credit card refund will be processed before your payment is due.

Related: How long does it take to receive statement credits from Amex, Capital One, Chase and Citi?

What happens to my credit card rewards when I get a refund?

Unfortunately, you lose the rewards you earned on a purchase when you return it. Like your account balance, your rewards balance will be adjusted when your return is processed.

Similar to my account balance, my rewards balance shows the returned purchase points deducted from my rewards account.

If you want to keep your rewards, you can request the merchant give you a store credit rather than a refund.

Related: Can you close a credit card with a negative reward balance?

Bottom line

When you return something you purchased with your credit card, the purchase amount is subtracted from your balance. A credit card refund can take a few days or even weeks to process, though, and you'll be on the hook for the purchase amount if your payment is due before a return is finished processing.

Related: Why nearly every purchase should be on a credit card

Should You Do Cardio Before or After You Lift Weights?

If you're combining two types of training into a single workout session, you should (usually) do it like this.

Our product picks are editor-tested, expert-approved. We may earn a commission through links on our site. Why Trust Us?

It’s almost surprising we’ve progressed to a place where guys are asking this question. Gym wisdom long held that cardio can hurt your gains , and building muscle would inhibit cardiovascular performance. More recent research has shown us that cardiovascular exercise can help with muscle gains, and muscle gains can help with cardiovascular performance. A study published in the Journal of Gerontology found that long-term aerobic exercise is associated with greater muscle strength throughout a lifespan. Now, you’ll find the highest level endurance runners, swimmers, and bikers in the weight room a few times a week—lifting weights can even help such athletes improve VO2 max , according to University of Oklahoma researchers. You’ll also find the strongest powerlifters and bodybuilders hitting the cardio floor ( if only to walk on the treadmill ).

Plus, both cardio and weight training promote different aspects of health—both needed for overall well-being. A 2022 British Journal of Sports Medicine study found that those with regimens that included both cardio and weight training had a lower risk of mortality than those who only did cardio. The focus has shifted away from which style of training you should be doing, to how to incorporate the two together effectively based on your goals.

Here, experts explain whether you should do cardio or weight training first in your workout, depending on your goals.

How to Decide Between Cardio Before or After Weights

If you were to poll personal trainers about the questions they receive most often, there’s one that would occur on almost every list: What should I do first during a workout: lifting or cardio?

It’s a loaded question, and the full answer depends on a number of factors, including your fitness level, exercise experience, athletic goals, and how much time you can devote each day to working out. It’s also somewhat of a false dilemma, as there are a number of ways to perform strength training and cardio simultaneously, such as high-intensity interval training (HIIT) and circuit training . But if you have general fitness goals, you want to approach cardio and strength training separately in the same workout, and you’re looking for a general rule, here it is: Lift first, then do cardio second. If you're looking to split your training into a two-a-day workout split, follow these tips to optimize your efforts .

Why Weights Should Come Before Cardio

The reason is that strength training typically involves external loading (e.g., with a barbell, dumbbells, kettlebells, resistance bands, etc.), and thus has a more acute injury risk. Pre-fatiguing your muscles with cardio prior to lifting weights will only elevate that risk—not to mention torpedo weightlifting performance . In short, you won’t be able to lift as much or perform as many reps as you would if you started with your strength training.

If you plan on lifting heavy, you need your muscles to be fresh in order to do so with good form and to load them sufficiently to optimize their growth stimulus. You simply can’t do that if you “pre-fatigue” your muscles with cardio.

What If I Want to Improve Cardiovascular Endurance?

Of course, there’s also the counter argument: If you lift weights before doing cardio, won’t that inhibit your aerobic performance? The answer is yes. Research suggests that you’ll likely notice a reduction in power, speed, and stamina, providing yet more incentive to perform strength training and cardio on different days.

But what lifting weights prior to performing aerobic exercise won’t do is significantly increase your risk of injury—and that’s a key difference to keep in mind when designing your workouts and programing your training plan. Try to tailor your aerobic training and your weight training on different days to optimize both. But, if you do have to do your weight training and cardio on the same day, stick with weights first.

Exceptions to the Weights Before Cardio Rule

As with all things in life, some rules are meant to be broken, and the “lift first, do cardio second” decree is no different. Here are a couple of instances when you should flip the script.

Working out without warming up is like driving a car in winter without letting it idle first—you’re going to strain your engine or (at the very least) compromise its performance.

Warming up with a bit of light cardio prior to any workout—whether it be strength or cardio based—will help prime your muscles for action. You’ll increase blood flow throughout your body, excite your nervous system, and increase your mental focus, which will all get you primed for a great sweat session.

HIIT and Circuit Training

There are also times when it’s appropriate to combine strength training and cardio in the same workout . HIIT and circuit training are two of them. Protocols that get you moving like EMOM and AMRAP are two more. The basic idea is this: By prioritizing work efforts and minimizing rest periods, you keep your heart rate elevated and metabolism cranking while challenging your muscles and stimulating hypertrophy.

In short, you get the best of both worlds—the calorie-burning and endurance-boosting benefits of cardiovascular conditioning and the muscle-building and power-developing rewards of strength training.

But here’s the thing: You shouldn’t do these high intensity cardio workouts every day. In fact, you should only perform it two to three times per week (at most), because if you do it more often, your body won’t have time to recover sufficiently between sessions. So what should you do on the other days? You guessed it—strength training and/or lower intensity cardio.

If you want to ensure you map out your workouts with the optimal frequency for gains, try following a weekly program from a personal trainer. Use our Workout Finder below to get a personalized recommendation and discover what training plan will help you crush your goals.

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Where To Complete An Online Sonography Program In 2024

Updated: Dec 7, 2023, 1:36pm

Diagnostic medical sonographers and ultrasound technicians can earn high annual salaries without breaking the bank to pay for their education. Education criteria for many positions in this field require only a relevant certificate or an associate degree. Sonography associate degree programs blend didactic, classroom-based coursework with hands-on experience through lab courses and internships.

If you are a busy working professional or parent, consider earning your associate degree in sonography online. Online sonography programs typically combine online, theory-based coursework with on-campus lab work and internships at healthcare facilities in the field.

Only one school in the U.S. offering an online associate program in sonography meets our ranking criteria. Read on to learn more about this program and whether you should pursue a sonography degree online.

Why You Can Trust Forbes Advisor Education

Forbes Advisor’s education editors are committed to producing unbiased rankings and informative articles covering online colleges, tech bootcamps and career paths. Our ranking methodologies use data from the National Center for Education Statistics , education providers, and reputable educational and professional organizations. An advisory board of educators and other subject matter experts reviews and verifies our content to bring you trustworthy, up-to-date information. Advertisers do not influence our rankings or editorial content.

• 6,290 accredited, nonprofit colleges and universities analyzed nationwide
• 52 reputable tech bootcamp providers evaluated for our rankings
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• Only 7.12% of all colleges, universities and bootcamp providers we consider are awarded

State Fair Community College

Located next to the Missouri State Fairgrounds in Sedalia, State Fair Community College offers an online associate degree in diagnostic medical sonography with in-person learning components.

Students in SFCC’s program complete didactic coursework online, visit campus for scanning labs and complete internships at assigned clinical locations. The program offers a general track and a cardiac track. Students typically graduate in 22 months.

SFCC’s associate degree in sonography holds programmatic accreditation from the Commission on Accreditation of Allied Health Education Programs (CAAHEP). The college charges an online per-credit tuition rate of $176 for in-district learners, $241 for Missouri residents and $307 for out-of-state students.

Degree Finder

At a glance, how to find the right online sonography program for you.

If you want to earn an associate degree in sonography online, here’s where to start.

Consider Your Future Goals

An online associate degree in sonography meets the minimum education requirements for most entry-level positions in the field. If you are set on becoming a sonographer , an associate degree is a great starting point. However, career options for sonography degree holders are relatively narrow, so you should ensure you want to work in sonography before committing to a program.

If you know you want to pursue a career as a sonographer, SFCC’s online program can prepare you to register with the American Registry for Diagnostic Medical Sonography (ARDMS). Some states prefer sonographer candidates to be registered with ARDMS, hold a degree from a CAAHEP-accredited program or both.

Understand Your Expenses and Financing Options

For out-of-state students, SFCC charges a per-credit tuition rate of $307. In-state learners pay $241 per credit, while in-district learners pay $176. This translates to a total of approximately $14,000 to $24,500 for the full 80-credit degree.

According to the National Center for Education Statistics , as of the 2021–22 school year, two-year institutions charged an average annual tuition rate of $3,859. For a two-year associate degree, this translates to around $8,000 in total tuition.

Consider filling out the Free Application for Federal Student Aid (FAFSA®) to access federal student aid opportunities like loans, grants, scholarships and work-study programs. You can also pursue similar opportunities through universities, nonprofits and private organizations.

Should You Enroll in an Online Sonography Program?

An online associate degree in sonography is a good move for many students, but distance learning does not suit everyone. Ask yourself a few key questions before enrolling in an online sonography program:

• What’s your learning style? Online learning requires a great deal of self-discipline, time management and organization. If you crave additional structure or the support of an in-person peer group, on-campus learning might provide a better fit. Keep in mind that most online sonography programs include in-person labs, clinicals and internships.
• What’s your budget? Online learning can be more affordable than on-campus learning, as distance learners generally avoid expenses associated with transportation and student housing. Plus, some public universities allow out-of-state online learners to pay in-state or otherwise discounted tuition rates.
• What are your other commitments? Flexibility is the key feature of online learning. Many programs deliver online coursework asynchronously, or without set class times. This delivery method is a good option for parents and full-time working professionals who need lots of scheduling freedom.

Accreditation for Online Associate in Sonography Programs

There are two key varieties of accreditation: institutional and programmatic.

Institutional accreditation is non-negotiable for any student seeking a high-quality college experience. If you attend an unaccredited school, you will be ineligible for federal student aid. You may also be unable to transfer credits earned at an unaccredited school should you decide to apply your associate toward a bachelor’s degree in medical sonography .

Institutional accreditation attests to the quality of a school’s finances, faculty, programs and student outcomes. The U.S. Department of Education and the Council for Higher Education Accreditation (CHEA) oversee institutional accrediting agencies.

To see if a particular school is accredited, you can visit its website or check the database on CHEA’s website .

Programmatic accreditation provides quality assurance for specific departments and degree programs. While programmatic accreditation is not necessary in every field, aspiring sonographers should attend CAAHEP-accredited programs. Holding a CAAHEP-accredited degree will make it easier to register with ARDMS, meet state certification standards and qualify for jobs.

Featured Online Schools

Learn about start dates, transferring credits, availability of financial credit and much more by clicking 'Visit Site'

Our Methodology

We ranked one accredited, nonprofit college offering online associate in sonography degree programs in the U.S. using 13 data points in the categories of credibility, affordability, student outcomes and student experience. We pulled data for these categories from reliable resources such as the Integrated Postsecondary Education Data System ; private, third-party data sources; and individual school and program websites. Data is accurate as of October 2023.

We scored schools based on the following metrics:

Student Outcomes:

• Associate student graduation rate
• Median earnings 10 years after graduation
• Pell Grant recipient graduation rate among associate students
• Retention rate
• Pell Grant graduation rate vs. overall graduation rate among associate students

Affordability:

• Participation in a College Promise program
• Average annual net price for students receiving federal aid

Student Experience:

• Student-to-faculty ratio
• Socioeconomic diversity
• Program being ranked has 100% coursework available online
• More than 50% of undergraduate students enrolled in at least some distance education

Credibility:

• Fully accredited
• Nonprofit status

We listed the only school in the U.S. that met our ranking criteria.

Find our full list of methodologies here .

Frequently Asked Questions (FAQs) About Online Associate in Sonography Programs

What associate degree is best for sonography.

The best associate degree for future sonographers is a CAAHEP-accredited associate degree in sonography. This degree prepares graduates for entry-level positions in the field and fulfills the educational requirements to become a sonographer.

What is the shortest ultrasound tech program?

State Fair Community College’s online ultrasound tech program takes 22 months to complete. Most associate programs require two years of full-time study. You may be able to pursue a shorter certificate in sonography , which some employers may accept in lieu of a full associate degree.

How do I become an ultrasound tech?

Many states and employers require sonographers to hold a CAAHEP-accredited certificate or associate degree or be registered with ARDMS.

How much does an ultrasound tech make?

According to the U.S. Bureau of Labor Statistics , as of May 2022, diagnostic medical sonographers earned a median annual wage of $81,350. Wages vary based on location, experience level, specialization and employer.

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Mikeie Reiland is a writer who has written features for Oxford American, Bitter Southerner, Gravy, and SB Nation, among other publications. He received a James Beard nomination for a feature he wrote in 2023.

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Decoded: How Indians with US H-1B visa can gain from Canada's work permits

Canada's open work permits provide h-1b visa holders with an attractive alternative to the often restrictive and uncertain us visa process.

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