Becoming a Private Banker

The global financial industry continues to be one of the largest and most profitable employers worldwide. If you have good mathematical and analytical skills and you have chosen banking as your career then you have made a choice that will see you earn a lot of income and prestige.

Within the banking industry there are many different career paths and one of the most popular of these is the job of a private banker. Private bankers (also called retail bankers) are bankers who specialize in managing relationships with individual clients of the bank.

The day to day duties of a private banker would include soliciting deposits from clients, providing financial advice to clients and processing any requests the client might have.

If this kind of work interests you then here’s what you need to do to become a private banker.


  • 1

    Get a college degree

    Because there is so much demand for banking jobs and because banking jobs require a good deal of analytical skills, getting a college degree in a business related discipline will give you a good foundation to start off your banking career.

    Also, because you will be giving financial and investment advice to your customers it is important that you have some significant degree of knowledge about business and money.

  • 2

    Go for an undergraduate degree

    These days practically everyone in the job market has an undergraduate degree, so if you want your CV/Resume to stand out then an advanced degree is the way to go. Also, the more qualified you are, the more confidence your clients will have in your ability to manage their accounts.

  • 3

    Get an internship

    You should try to get an internship in a firm in the financial industry. Being in a market facing unit or department will give you a chance to test out and develop your customer relations skills and this kind of experience well help move you closer to your dream of becoming a private banker.

    Another good idea is to try to get an internship in the company that you would like to work for. If you are able to prove yourself as an intern then it is always easier to get a permanent place dependent on the availability.

  • 4

    Be prepared to start small

    To be a private banker you will need have years of experience in banking. As a fresh graduate or new entrant into the industry, be prepared to start small, possibly with a job as a teller.  This kind of experience will help you develop a practical knowledge of banking products and you will also get the chance to interact with customers, which will help you develop your interpersonal skills.

  • 5

    Socialize and Network

    Your ability to attract and effectively interact with HNI’s (High Net worth Individuals i.e. rich people) will be a key indicator of your effectiveness as a private banker.

    As much as possible, try to socialize and mingle with the sort of client you will be looking forward to working with as a private banker. If you can prove that you can both attract new HNI’s and relate with them effectively, particularly during an internship, then you may be able to convince management to hand you a place in the Private Banking department.

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