What it takes to become a banker

Banking careers range from entry-level teller positions to senior management roles, and the path depends on which type of banking work interests you. Most banks require at least a high school diploma or GED for teller and customer service roles, but positions in lending, investment, or management typically require a bachelor's degree. You do not need a specific banking degree — many bankers start with degrees in business, finance, economics, or accounting — but you will need to pass background checks and, for certain roles, obtain licenses from the Financial Industry Regulatory Authority (FINRA) or your state banking regulator.

The timeline from starting out to becoming a banker varies widely. A teller can start within weeks of hiring; a loan officer or investment advisor typically needs two to four years of education plus licensing; a bank manager or executive usually requires five to ten years of experience after your degree. The actual work involves handling customer accounts, processing transactions, assessing loan applications, managing risk, or overseeing branch operations — depending on the role.

Key Takeaways

  • Entry-level teller positions require a high school diploma and no license, but management and lending roles require a bachelor's degree and FINRA or state licensing.
  • A bachelor's degree in finance, business, accounting, or economics is the most common path to mid-level and senior banking positions.
  • FINRA Series 7, Series 63, or state-specific licenses are required for roles involving securities, investments, or loan origination.
  • Most banks conduct background checks and drug screening before hiring, and some positions require you to pass a credit check.
  • Internships at banks during college and entry-level teller work are the fastest ways to build banking experience and move into higher-paying roles.

Education requirements by banking role

A bank teller is the most accessible entry point. You need a high school diploma or GED, basic math skills, and the ability to handle cash and customer interactions. No degree or license is required. Banks typically provide on-the-job training, and you can start working within two to four weeks of being hired. Teller positions pay between $24,000 and $32,000 annually, depending on location and bank size.

A loan officer or mortgage originator requires a bachelor's degree and a state-issued Loan Originator License (also called an MLO license). You must pass the Nationwide Multistate Licensing System and Registry (NMLS) exam, which covers federal lending laws and state regulations. The exam costs between $100 and $200, and preparation typically takes four to eight weeks. Some banks hire candidates with associate degrees plus two years of lending experience, but a bachelor's degree is standard.

An investment advisor or securities broker needs a bachelor's degree and FINRA licensing. The Series 7 exam (General Securities Representative) is the most common; the Series 63 (Uniform Securities Agent State Law Exam) is also required in most states. Both exams cost around $200 each and require study time of six to twelve weeks. Some roles also require the Series 65 (Uniform Investment Adviser Law Exam) if you manage client portfolios.

A bank manager or branch manager typically requires a bachelor's degree plus three to five years of banking experience, often starting as a teller or loan officer. Some banks promote experienced tellers without degrees, but advancement beyond branch manager usually requires a degree. Many managers pursue an MBA or specialized finance certificate later in their career.

FINRA licensing and state requirements

If your role involves selling securities, mutual funds, or investment products, you must pass a FINRA exam before you can legally conduct that work. Your employer will sponsor you for the exam and cover the cost. The Series 7 is the broadest license and allows you to sell most securities products; it takes six to twelve weeks to study and costs around $200. The Series 63 covers state securities laws and is required in addition to the Series 7 in most states.

Loan originators must obtain an MLO license through your state's banking regulator or the NMLS. The process involves passing the NMLS exam, submitting fingerprints for a background check, and paying a state licensing fee (typically $100 to $300). The license is valid for two years and requires continuing education to renew. Some states have additional requirements — for example, New York requires loan officers to pass a separate state exam in addition to the NMLS exam.

Background checks are standard across all banking roles. Banks will review your criminal history, credit report, and employment history. A felony conviction does not automatically disqualify you, but financial crimes (fraud, embezzlement, forgery) or recent drug convictions may. Poor personal credit can disqualify you from certain roles, particularly those involving lending or cash handling.

Building banking experience before or during college

The fastest way to enter banking is to work as a teller while pursuing your degree, or to complete an internship at a bank during college. Many banks hire tellers part-time and work around student schedules. Starting as a teller gives you real banking knowledge, helps you understand which roles interest you, and makes you a stronger candidate for management or lending positions after graduation.

If you are still in high school or early college, look for internship programs at local banks or credit unions. These are often unpaid or low-paid, but they build your resume and give you direct exposure to lending, operations, or customer service. Some banks, including major national banks like Bank of America, Wells Fargo, and JPMorgan Chase, run formal internship programs for college students.

Community colleges and online programs offer banking certificates and associate degrees in finance or business that can shorten your path to certain roles. An associate degree plus two years of teller or customer service experience can sometimes substitute for a bachelor's degree when moving into loan officer or operations roles, though this varies by employer and state.

Certifications and ongoing education

Beyond initial licensing, many bankers pursue professional certifications to advance their careers or specialize. The Chartered Financial Analyst (CFA) credential is highly valued for investment and wealth management roles; it requires passing three exams over two to four years and typically requires a bachelor's degree plus work experience. The Certified Financial Planner (CFP) is common for advisors working with individual clients and requires passing an exam plus meeting education and experience requirements.

The American Bankers Association (ABA) offers certificates in retail banking, commercial lending, and risk management. These are not required but are recognized across the industry and can help you move into specialized roles or management. Most take three to six months of part-time study and cost between $500 and $2,000.

Many states and FINRA require continuing education after you obtain a license. Loan originators must complete eight hours of continuing education annually to renew their MLO license. Securities brokers must complete continuing education every two years to maintain their Series 7 or Series 63. Your employer typically covers these costs and may require you to complete them during work hours.

Where to find banking jobs and how to apply

Most banks post job openings on their own websites under a careers or jobs section. Major national banks (JPMorgan Chase, Bank of America, Wells Fargo, Citibank, US Bank) have dedicated career portals where you can filter by role, location, and experience level. Regional and community banks often post openings on Indeed, LinkedIn, or local job boards.

Credit unions are another major employer of bankers and often have less formal hiring processes than large banks. The Credit Union National Association (CUNA) maintains a job board, and most credit unions post openings locally. Credit unions often promote from within and may be more willing to hire candidates without degrees for entry-level roles.

When applying, tailor your resume to the specific role. For teller positions, emphasize customer service, cash handling, and attention to detail. For lending roles, highlight any experience with financial analysis, spreadsheets, or customer relationship management. For investment or advisory roles, mention any personal investing experience or relevant coursework. Many banks use online application systems that screen for keywords, so match the language in the job description.

Salary expectations and career growth

Bank tellers earn between $24,000 and $32,000 annually, with some variation by location and bank size. Loan officers typically earn $40,000 to $65,000 base salary, plus commissions that can add $10,000 to $50,000 or more depending on volume. Investment advisors and brokers earn $50,000 to $100,000 base salary plus commissions or bonuses tied to assets under management or sales.

Branch managers earn $50,000 to $80,000 annually, and senior managers or regional directors earn $80,000 to $150,000 or more. Advancement depends on performance, licensing, and willingness to relocate. Many bankers move between banks to advance faster than they would by staying with one employer.

The banking industry has shifted significantly toward digital banking and remote work, particularly since 2020. Some roles, like loan processing and customer service, are increasingly remote. Others, like branch management and in-person lending, still require physical presence. When evaluating banking careers, consider whether you prefer working in a branch, in an office, or remotely.

Frequently Asked Questions

Do I need a degree to become a banker?

Not for entry-level teller positions — a high school diploma is sufficient. However, most roles above teller level (loan officer, manager, investment advisor) require a bachelor's degree. Some banks promote experienced tellers without degrees into management, but advancement beyond branch manager typically requires a degree.

How long does it take to get a loan originator license?

The NMLS exam typically takes four to eight weeks of study, and the exam itself takes about three hours. After passing, you submit fingerprints and pay your state's licensing fee. The entire process from starting to study to receiving your license usually takes six to twelve weeks, depending on how quickly your state processes the background check.

What happens if I fail a FINRA or NMLS exam?

You can retake the exam after a waiting period (typically 30 days for FINRA exams, 14 days for NMLS exams). You pay the exam fee again and must study the material again. Most people pass on their second attempt if they use a study guide or take a prep course. Your employer may require you to pass within a certain timeframe or may reassign you to a different role.

Can I work in banking with a criminal record?

It depends on the type of crime and how long ago it occurred. Violent felonies, drug trafficking, and financial crimes (fraud, embezzlement, forgery) are serious obstacles. Misdemeanors and older felonies may not disqualify you, particularly if you can show rehabilitation. Contact the bank's hiring manager or HR department directly to ask whether your specific situation would be a barrier.

What is the difference between working at a bank and a credit union?

Credit unions are member-owned nonprofits, while banks are for-profit corporations. Credit unions typically offer lower fees, better interest rates on savings, and more personalized service. Salaries at credit unions are often slightly lower than at banks, but job security and work-life balance may be better. The licensing and education requirements are the same for both.