Many successful bankers and stockbrokers may share similar personality traits that are required by both positions like attentionꦰ to detail, a facility with mathematics and numbers, and an outgoing, friendly, and helpful 🦋nature when dealing with the public.

In addition, both bankers and stockbrokers must be team players, because of the necessity of interacting with company colleagues. Despite the similarities, these two financial service jobs are very different in significant aspects when it comes to the🔯 actual work.

What a Banker Does

Banking is a complex business employing personnel in a variety of positions. Among these are tellers, who deal with the public face to face, administrative, 🤪accounting, and secretarial people, security department personnel, and maintenance staff.

Although these employees work in the banking industry, they cannot accurately be called bankers. For our purposes, we'll broadly define the term banker to mean personal bankers, loan officers, branch managers, and management personnel higher up the cor♕porate ladder.

A personal banker acts as an all-purpose liaison between the customer and the bank, providing—in most cases—whatever service the customer needs. This may include help with loan or 澳洲幸运5官方开奖结果体彩网:mortgage applications, the buying and redeeming of 澳洲幸运5官方开奖结果体彩网:certificates of deposit (CDs), the depositing✨ and withdrawal of funds, checking account transactions, and helping with other customer needs.

Questions and problems that arise in the course of customer relations with a bank may also be answered and resolved by a personal banker. So the position is critical to the success of a commercial bank because of its close and ongoing contact🌸 with depositors and customers.

Many banks also offer 澳洲幸运5官方开奖结果体彩网:brokerage services for the buying and selling of equities, U.S. Treasury notes, and other inveღstment vehicles and charge the customer a commission🍸 for implementing these transactions, which are usually facilitated by a personal banker.

Education Required for a Banking Career

Like most jobs in the banking industry, a personal banker should have an education—preferably, at least a bachelor's degree—in business, finance, accounting, economics, business administration, or mathematics.

Because a personal banker deals with the public, an outgoing and helpful temperament is desirable. Patience is also a requirement, since customers may be demanding and impatient. Experie♚nced𒀰 personal bankers with the appropriate education are often promoted to positions of more responsibility and higher compensation.

Branch managers and loan officers—often the two jobs are combined—require a more comprehensive background in finance, business, and or account♎ing. Managerial and analytical skills are used in this position if the branch manager is also a loan officer.

Compensation for Bankers

On the managerial end, the branch manager oversees all operations of the bank branch, from building maintenanceꦯ to the accounting and loan departments. In exceptionally large bank branches, the loan officer or officers may be separate from the branch manager.

The loan officer analyzes the 澳洲幸运5官方开奖结果体彩网:creditworthiness of a pot🅺ential borrower by checking the customer's net worth, credit rating, job history and compensation, collateral, and other factors that affect credit.

At a major international or domestic bank's corporate headquarters, at senior management levels, including vice presidents in such categories as customer relations, accounting, business development, credit card division, marketing-advertising, chief financial, chief operating, or chief executive levels can earn six- to seven-figure salaries, plus performance bonuses and 澳洲幸运5官方开奖结果体彩网:stock options.

These jobs can be very lucrative, especially if the bank posts profits and gains over previous quarte𒊎rly or yearly earnings. Postgraduate degrees, years of experience, and outstanding successes in managerial positions are the usual requirements for these highly-paid positions.

What a Stockbroker Does

A stockbroker acts as the interface between investors, 澳洲幸运5官方开奖结果体彩网:stock traders, and brokerage firms, conveying orders to buy and or sell specꦐific stocks. The stockbroker usually interacts with clients via telephone, so a friendly, outgoing salesperson's temperament is also a requirement for this position, which entails so much pu♒blic contact.

Among the principal daily duties of a stockbroker are the servicing and managing of their clients' stock portfolios, trading on a client's behalf without consultation if the client has a discretionary account, soliciting new business, and consulting with the research department of their brokerage firm to determine the best trades—the buying and or selling of specific stocks—for their clients. In many cases, the broker may also act as a 澳洲幸运5官方开奖结果体彩网:financial advisor.

Education Requirements and Compensation for𒈔 St🀅ockbrokers

A college degree in some business or finance-related area is desirable, but not necessary to become a stockbroker. There are also licensing requirements for becoming a stockbroker, which include an examination to become a licensed General Securities 澳洲幸运5官方开奖结果体彩网:Registered Representative. This entitles the license holder to act as a broker on behalf of customers, known as the Series 7.

Because a stockbroker's compensation is based in large part on commissions, earnings theoretically may be unlimited. Brokers who handle large accounts, including 澳洲幸运5官方开奖结果体彩网:institutional portfolios or pension fund acco𝓰unts, may earn six♔- and seven-figure incomes.

The Bottom Line

The principle difference between a banker and a broker is that the banker is an administrator and the broker isಞ a salesperson. Although personal bankers interact with the public, they are not usually salespeople. Bank personnel whose function is to generate new business or deposits, however, may be categorized as salespeople be꧒cause they are marketing banking services.

Among the similarities between bankers and stockbrokers is the require🌠ment that both must be team players because of the necessity of interacting with support and supervisory personnel in the highly structured corporate environment of banks and brokerage firms.

Stockbrokers are answerable to their clients. Both of t𝔍hese occupations offer potentially substantꦕial compensation for employees who graduate beyond entry and mid-level positions and demonstrate commitment, ability, integrity, and productivity.