A business banker helps a bank or other lending institution find companies in need of financing.
Business bankers contact businesses and firms to determine whether they might be interested in pursuing a loan; the desired sum may go toward purchasing new real estate, opening a new location, or any number of business reasons.
The business banker’s goal is to convince a company to borrow money from the bank or lending institution he or she represents; the banker will then guide the applicant through the lending process. They are vital in bringing in new revenue for banks, and often travel to client locations to maintain the lending relationships.
Business bankers must have a strong grasp of business and finance principles as well as excellent communication skills as salespeople.
Business bankers usually must have a bachelor’s degree in economics, finance, or related subject. As their clients are commercial in nature, business bankers should have a good command of the business world, including basic accounting procedures. A master’s degree in business administration (MBA) may also be helpful.
Employers prefer business bankers who have prior experience in the banking, lending, or sales industries as these are all skills vital to success in this field.
Business bankers do not need to be licensed, although certification or specialized training can make a job candidate more attractive to an employer. Membership in a professional organization such as the American Bankers Association can also boost a candidate’s resume.
The Bureau of Labor Statistics reports that in 2008 loan officers made median annual wages of $54,700; the middle 50% percent made between $39,710 and $76,860.
The U.S. Department of Labor expects “about as fast as average” employment growth for loan officers. One of the factors that should affect job prospects is the increased use of the Internet by borrowers; as more people find and complete forms online, the less need there will be for loan officers to handle the applications.
*Source: U.S. Bureau of Labor Statistics