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What Kind of Education Do You Need to Be a Private Banker?

Bankers may assist customers with selecting investments, or assess their eligibility for a home loan. The U.S. Department of Labor's Bureau of Labor Statistics reports that while post-secondary education is not required for all banker positions, a college degree can help an applicant stand out in a competitive job market.

  1. Requirements

    • Mortgage bankers can enter the field with a high school diploma. Commercial loan officers usually need a bachelor’s degree. Investment bankers typically hold a bachelor’s degree or a master's in business administration. Ideal majors include finance, economics, accounting and business. Aspiring commercial loan officers and investment bankers can enroll in online or campus-based bachelor’s or master’s degree programs.

    Training

    • Typically, a new mortgage banker, commercial loan officer, or investment banker will complete on-the-job training sponsored by an employer. The specific topics covered in an on-the job training program may vary but introduce a new banker to the products and services offered by her employer. Training is usually ongoing throughout a banker’s career, as it is important to stay abreast of new products or changes in the financial services industry.

    Certification and Licensure

    • All mortgage loan officers must be licensed. To earn a license, a mortgage banker passes a background check and written exam, along with earning 20 hours of educational credits. Certification for loan officers is voluntary and is offered by the American Banker’s Association and the Mortgage Banker’s Association. Certification is awarded to candidates who meet work experience requirements and pass a written exam. The Bureau of Labor Statistics says that investment bankers need a Series 7 license, which is awarded by the Financial Industry Regulatory Authority, or FINRA. Many states require bankers to earn an additional license, such as a Series 63 or Series 66, after earning the Series 7.

    Career Outlook

    • Employment for loan officers is expected to grow by 10 percent through 2018, according to Bureau of Labor Statistics. Job opportunities will be best for candidates with college degrees or prior banking or sales experience. Commercial loan officers are in especially high demand. As of May 2010, loan officers earned an annual mean wage of $65,900, according to the bureau.

      Employment for investment bankers will grow by 9 percent through 2018. Job growth will be affected by factors including consolidation of banks and the ability for customers to access accounts online. Competition for positions will be keen. The annual mean wage in 2010 for investment bankers was $95,130. However, many investment bankers are paid substantial bonuses in addition to base salary.

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