Commercial Banker

Industry:
Finance
Last Updated:
June 29, 2023

Job Description Overview

A Commercial Banker job description encompasses a wide range of duties and responsibilities in the finance industry. As a Commercial Banker, you will be responsible for building and maintaining relationships with business customers, analyzing and assessing credit applications, and managing a portfolio of loans and accounts. You'll also be involved in the marketing and selling of financial products, such as loans, lines of credit, and cash management services. Your goal as a Commercial Banker is to help businesses grow and succeed by providing the financial support needed to achieve their goals.

You'll need a strong understanding of finance, economics, and accounting, as well as excellent analytical and interpersonal skills to succeed in this role. A bachelor's degree in finance, business, or a related field is typically required, and additional certifications may be necessary depending on the employer. If you're interested in a dynamic career that combines financial expertise with customer service, a Commercial Banker career may be the perfect fit for you.

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Job Duties and Responsibilities

  • Build relationships with business clients
  • Understand client's financial needs and goals
  • Analyze financial data to determine creditworthiness
  • Structure loan packages to meet client needs
  • Monitor and manage loan portfolio risk
  • Provide financial guidance and advice to clients
  • Collaborate with other bank departments for client needs
  • Keep up to date with market trends and industry news
  • Meet sales and revenue targets set by the bank
  • Adhere to banking regulations and compliance guidelines.

Experience and Education Requirements

To work as a Commercial Banker in the finance industry, you typically need a combination of education and experience. Most employers require a bachelor's degree in finance, business administration, accounting or economics. But, some may accept related fields too. To stand out, you may need a Master's degree in business administration or finance. Regardless of educational requirements, prior work experience in a finance-related field is crucial to get hired. To become a successful Commercial Banker, you should have excellent communication, analytical, and customer service skills. Banks often look for candidates who have experience in sales and customer service, as well as experience in financial analysis or credit ratings.

Salary Range

A Commercial Banker is a professional who works in a commercial bank and specializes in lending money to businesses. According to Payscale, the median salary for a Commercial Banker in the United States is $72,000 per year, with a range between $45,000 and $127,000 per year. However, the salary range can vary depending on experience, location, and the bank's size. For example, Commercial Bankers in New York City can earn an average salary of $98,376, while Commercial Bankers in Dallas, Texas, earn an average of $68,199 per year, according to Glassdoor. In Canada, Commercial Bankers earn a median salary of C$71,757 per year, according to Neuvoo. 

Sources:

  • Payscale Commercial Banker Salary Range: https://www.payscale.com/research/US/Job=Commercial_Banker/Salary
  • Glassdoor Commercial Banker Salary Range by Location: https://www.glassdoor.com/Salaries/commercial-banker-salary-SRCH_KO0,17.htm
  • Neuvoo Canada Commercial Banker Salary Range: https://neuvoo.ca/salary/?job=Commercial+Banker

Career Outlook

As per the Bureau of Labor Statistics, the employment rate of commercial bankers is expected to grow five percent from 2019 to 2029. This growth rate is the average for all occupations. It means that job opportunities for commercial bankers will be available, but not in abundance. The reason for this growth is due to the increasing number of businesses and their need for financial assistance. The banking industry is undergoing a transformation, and commercial bankers are adapting to these changes, like competition from online lenders, digital banking, and virtual currencies. The future success of a commercial banker may depend on one's ability to use technology and analytics to deliver financial advice and services, attention to regulatory changes, and management of accounts.

Frequently Asked Questions (FAQ)

Q: What does a Commercial Banker do?

A: Commercial Bankers work with businesses to provide financial services and strategies, such as loans, credit and cash management services.

Q: What qualities does a Commercial Banker need to have?

A: A Commercial Banker needs to have strong analytical, communication and interpersonal skills, as well as the ability to manage risk and conduct financial analysis.

Q: What is the usual career path for a Commercial Banker?

A: The usual career path for a Commercial Banker involves starting as an entry-level analyst and working through progressively senior roles before reaching a managerial or executive position.

Q: What kind of education is required to become a Commercial Banker?

A: A bachelor's degree in finance, economics, business administration or a related field is typically required to become a Commercial Banker. Additional academic qualifications, such as an MBA, are often beneficial for career advancement.

Q: What kind of industries do Commercial Bankers typically work with?

A: Commercial Bankers work with a wide range of industries, including manufacturing, retail, real estate, healthcare, and technology, among others. They also work with small, mid-sized and large businesses.


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