The history of banking in the United States (US) can be traced back to the 1790s. Since then it has evolved into highly complex and influential financial services, including private banking. It is estimated that banking assets were almost equivalent to 55 per cent of the country’s economy as of 2019. Among them, private banking accounts for a substantial percentage. Therefore, knowing strategies of how to be a Successful Banker can be a rewarding experience.
Since private sector banking comprises a large chunk of the country’s financial services landscape, a private bank career is a great option. As of 2019, the private sector banking accounts for a considerable percentage of the country’s employment. In today’s day and time, a private banker careers in the US is not only demanding, but successful private banker is also respected and fall under the highly-paid professionals.
How to be a Successful Banker?
If you want to make a successful private banker, then you need to follow a certain path to make your dreams come true. How is it possible? Let’s take a look at the following paragraphs to know more:
Get an educational degree
The first step towards making a career in private sector banking, is to get an educational degree from an established educational institution. Since private bankers most often deal with High Net Worth Individuals (HWNIs), needless to say, that an educational degree is very necessary. While it might not be mandatory to specialize in finance, nonetheless it’s wiser to have a specialization in at least related fields such as economics or commerce fields. It will only add on to your credibility as a private banking professional in the US. Besides, numerous certifications are available for those who want to become successful private bankers. Establishments like Wealth Management Institute and Globecon Institute offer certifications in specialized financial courses.
Get a license from regulatory bodies
It is very essential to acquire a license to establish yourself as a professional private banker in the US and to continue practising for long. This is for the credibility of a private banker which is of high significance as people will have to trust you with their hard-earned money.
Two major regulatory organizations offer licenses to aspiring private bankers
- Financial Industry Regulatory Authority (FINRA)
- North American Securities Administrators Association (NASAA)
Paving a Career Path as a Private Banker
Now, the most important factor remains paving and establishing a successful private banker’s career in the US. Once you have all the required educational qualifications, you can start your job as a private banker. However, you must understand that it’s not a cakewalk and it takes time to build credibility in the market.
Working under a senior private banker is one of the best ways. For that, you should choose to work as an intern with an already established banker. Simply, working as an assistant will help you grasp an understanding of the nuances in every aspect of personal banking. It will allow you to meet clients (through your senior) and gradually help you build a network. Once you have established yourself as a successful private banker, you can start working independently.