Banking is one of the fastest growing careers in the United States, and students who enter into this career often start out by obtaining a bachelor’s degree in banking. A bachelor of banking and finance is suitable for those who enjoy working with numbers, analyzing difficult problems, coming up with efficient solutions, cultivating strong customer relationships, managing finances, and working with colleagues. A banking degree program will cover an array of essential skills, such as risk management, capital raising strategies, securities markets, estate planning, banking technology, human resources, leadership, and other important topics. Banking students must excel at math and interpersonal communications, two key attributes needed for the industry.
Why a Bachelor’s Degree?
It is strongly encouraged that those who want to work in the banking industry first pursue a bachelor’s banking degree program. According to the U.S. Bureau of Labor Statistics (BLS), bankers and financial advisors are encouraged to have at least an undergraduate degree. While studying for their degrees, students will cultivate an understanding of the modern banking industry, which helps them become informed and dependable financial professionals. The BLS also reports that bankers need to possess analytical skills, interpersonal skills, math skills, and speaking skills to excel in their careers.
Getting Into a Bachelor’s Degree Program
Banking degree programs are different at each university; therefore, the admission requirements of each undergraduate program will differ slightly. However, most banking undergraduate degree programs require the following key elements:
- High school diploma or its equivalent
- Desired SAT or ACT scores
Inside a Banking Bachelor’s Degree Program
A bachelor’s degree in banking is usually earned within four years, although some online programs may be completed in a shorter span of time. Some of the common courses featured in an undergraduate banking degree program include personal finance, money and banking, introduction to financial institutions, and banking operations. All the assignments, quizzes, projects, and exams featured in bachelors degree banking programs are designed to enhance one’s knowledge of the U.S. economy and its relation to financial institutions.
An online banking bachelor’s degree should consist of coursework synonymous with traditional banking degrees, but provides the student with added flexibility in terms of when and where coursework can be accessed. In fact, in an online degree program students are allowed to complete assignments and exams according to their own schedules; therefore, many individuals who desire flexibility in their course studies tend to lean toward online banking programs.
What’s Next for Banking Bachelor Degree Holders?
A bachelor’s degree in banking prepares students to take on numerous entry-level and mid-level banking jobs. According to the U.S. Bureau of Labor Statistics (BLS), the average annual wage for bankers is listed at $64,750. For those who value job stability, the good news is that the BLS reports that banking jobs are expected to grow by 32% from 2010 to 2020, which is much larger than most U.S. occupations.
Many students who enter into banking desire to move up the professional ladder. Although a bachelor’s degree is a great way to get started in the banking industry, some students choose to also complete a master’s degree in banking as well. A master’s degree in banking will help students achieve a deeper understanding of the U.S. economy and the banking industry as a whole.