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BUSINESS CAREER GUIDES

Banker Career Guide

What is a banker.

Bankers assist clients with various tasks, such as online payments, in-person withdrawals, and loan recommendations. Bankers often have degrees in business management, finance, economics, or mathematics and can begin their career after graduating with a bachelor’s. 

There are several career paths within banking including investment banking, personal banking, wealth management, and bank management.

RESPONSIBILITIES

What Does a Banker Do?

Primarily, bankers assist with transactions, deposits, and investments. However, depending on the type of banker, their day-to-day responsibilities will vary. There are three main types of bankers: personal bankers, commercial bankers, and investment bankers.  

Personal bankers often work in small retail banking branches and assist clients with their financial requirements. The responsibilities of a personal banker include: 

• Opening checking and savings accounts.
• Connecting clients with mortgage and auto loans. 
• Helping clients with banking investments. 
• Resolving customer concerns. 
• Offering ancillary products to account holders. 
• Selling Roth IRAs and traditional IRAs. 
• Assisting clients with retirement and college planning. 

Commercial bankers work at larger banking institutions and often have more room for growth. Commercial banks can offer larger loans to clients, making commercial banks a more profitable option to larger companies. The responsibilities of a commercial banker include:

• All responsibilities listed for a personal banker. 
• Working with large companies to sell loans. 
• Evaluating risk levels when accepting large deposits. 

Investment bankers work with banks to help clients reach their financial goals by issuing debt and selling equity. Their responsibilities include:

• Issuing debt and selling bonds. 
• Researching market conditions.
• Implementing financial plans. 
• Searching for new business opportunities.
• Negotiating new financial deals with clients.

Whether working in personal, commercial, or investment positions, the main goal of bankers is to meet the financial goals of customers and clients while protecting the interests of the bank.

Do Bankers Need Certifications?

Employers in retail and commercial banking don’t typically require certification; however, earning certifications may prove to employers that you have the necessary skills for the job. Retail bankers may consider earning a  Certified Retail Banking Professional  (CRBP) from the American Association for Investment and Financial Management (AAIFM).  

The CRBP demonstrates that candidates have mastered retail management skills, the code of ethics, and are committed to AAIFM core values.

Investment bankers are required to have certifications to prove they can handle heavy workloads and understand the intricacies of markets, risk, financial modeling, and accounting.

Certifications for investment bankers include: 

• Financial Industry Regulatory Authority (FINRA):  Candidates must  register with FINRA  to work within a brokerage firm. After registering, candidates are also required to take several tests to prove they are qualified. 
• Chartered Financial Analyst (CFA) :  The CFA is a finance certification offered through the Chartered Financial Analyst Institute.  
• Financial Risk Manager (FRM) :  The FRM certification is a course that certifies that individuals are capable of assessing risk management and quantitative analysis. 
• Financial Modeling Certification (FMVA) :  The Financial Modeling and Valuation Analyst certification is a finance certification that ensures individuals can interpret financial accounts and assist clients in financial decisions. 

Those interested in investment banking will also need to pass several exams: 

• Series 79 exam:  Also known as the  Investment Banking Representative Exam , the Series 79 exam tests the competency of registered representatives. 
• Securities Industry Essential (SIE) exam:  The  SIE exam  is a FINRA exam that tests the candidates’ knowledge of basic security information and procedures. 

Those interested in banking can take additional certification courses and exams as needed to prove their skills to their employer. 

EDUCATION & BEST DEGREES

How to become a banker.

Bankers help meet the financial needs of clients, individuals, and institutions. They often work with retail banks to maximize profits and limit risks. Bankers are  individuals who are interested in personal finance, business, and math . The position provides various benefits and many opportunities for advancement. 

What Are the Education Requirements for a Banker?

Most bankers need to receive a college degree. You may be able to work as a banker with just a high school diploma by applying for an internship program, but advancement opportunities and access to management or leadership positions will typically require a university degree in a relevant field. 

The most common degrees for bankers include:

• Two-year associate degree in banking; 
• Bachelor’s degree in business management  or a  Bachelor's degree in finance . 

Those interested in banking positions with higher salaries, such as investment banking, will need to pursue a  master of business administration degree . Earning a degree in business management or business administration will also help you prepare for management promotions within a banking institution.

Best Degrees for a Banker

Hone your business acumen and garner added respect:...

Hone your business acumen and garner added respect:

• Time: 61% of graduates finish within 19 months
• Tuition:  $3,755 per 6-month term
• Courses : 40 total courses in this program

Skills for your résumé this program will teach you include: 

• Business communication
• Product development
• Decision making models
• Project management strategies
• Budgeting for business

This online degree program is an excellent choice for kick-starting your organizational management career.

Master of Business Administration

The flexible MBA program you need, focused on business management,...

The flexible MBA program you need, focused on business management, strategy, and leading teams:

• Time:  Graduates can finish in 12 months
• Tuition:  $4,755 per 6-month term
• Courses: 11 total courses in this program

Skills for your résumé you will learn in this program include: 

• Leadership strategies
• Talent management
• Communication
• Data collection and interpretation
• Financial statements

Our competency-based model gives you an innovative learning experience you won't find anywhere else—and our MBA grads tell us they loved accelerating their program to see a faster ROI.

This online finance program is career-focused so you will gain relevant...

This online finance program is career-focused so you will gain relevant industry skills.

• Time: 62% of graduates finish similar programs within 24 months
• Tuition:  $3,575 per 6-month term
• Courses: 41 courses in this program

Some careers and jobs this business degree will prepare you for:

• Spreadsheets
• Financial Analysis
• Problem Solving

The competency-based model at WGU allows you to move as quickly as you can master the material, and do your coursework on your schedule. Flexibility is key with the B.S. in finance at WGU.

How Much Does a Banker Make?

The exact income of a business manager varies based on a wide range of factors, including employer, employer location, years of experience, years of education, and existing skill set.

On average, the  salary of a business manager  is $63,072. The top 10% of business managers will earn as much as $116,000 in a year, while the lowest 10% of earners will make an estimated $42,000 during that same timespan.

What Is the Projected Job Growth?

Management jobs are expected to grow  by 5% from 2019 to 2029, a rate faster than the average expected expansion across all occupations. This will mean an estimated 505,000 new management positions across a variety of different industries.

Exact business manager growth figures are largely dependent on the success of the respective industries hiring business managers. Because business managers are responsible for managing businesses in healthcare, educational, industrial, automotive, technological, and other markets, the outlook is difficult to forecast.

Still, the need for business managers to tie financial goals, employee management, and corporate best practices together is only expected to increase in years to come. 

What Skills Does a Banker Need?

Bankers will need myriad skills to help them communicate with clients, navigate finances, and stay organized. Some of the most essential skills include: 

• Microsoft Office.  Bankers must have the skills to use Excel and PowerPoint regularly.
• Sales experience.  Many employers prefer bankers to have sales experience to better sell bank products and services to new and existing clients. 
• Numerical skills.  Bankers need to calculate APR rates and other finance-related math equations quickly.
• Time management.  Investment bankers are infamous for working 15-hour days. They need to be adept at managing their time. 
• Communication.  Bankers communicate with clients, customers, and coworkers regularly to ensure that all processes are working smoothly. 

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How to Become a Bank Teller With or Without a Degree

Ready to find the perfect college degree.

Do you enjoy meeting with people? Want a career working in a bank where you can use your good customer service skills? With little education investment, you can find a job as a bank teller. But you need the right qualifications to land a job.

A bank teller is attentive, focused, and detailed. They enjoy interacting with people. They also have a lot of responsibility when it comes to handling money. But if you can deal with the pressure, you will find this job rewarding.

The best part? You don’t need a degree to become a bank teller. A degree will help you advance in your career, but it won’t prevent you from getting the job if you don’t have one.

Read on to find out how to become a bank teller and what you need to put on your bank teller resume to get you the job.

Bank Teller Job Description

A bank teller is the front line staff of a bank. They are the first people you see when you walk into a financial institution. The bank teller position involves many different tasks. Bank tellers deal with customers and handle the teller system. They process loan payments and make customer deposits. Teller duties also involve certain bank operations such as:

• Meeting with and greeting customers
• Monitoring the cash drawer
• Recording cash deposits

If you want to become a bank teller, you should have good customer service skills, good basic computer skills, and training. To do the many responsibilities bank teller positions require, you undergo on-the-job training. Read on to find out how to become a bank teller and what kind of bank teller schooling will get you a job.

Bank Teller Education Requirements

Do bank tellers need a degree? The short answer is no. But a surprising number of tellers hold two- and four-year degrees. Those with degrees advance and move into leadership roles. They become head teller or take on a position in management. But most tellers get their start after they graduate from high school and receive on-the-job training.

Bank teller positions have three common requirements:

• A high school diploma
• Certification
• To pass a background test

Earn a High School Diploma

To work as a full-time bank teller, your first step is to get a high-school diploma. A GED or equivalent will also do. The classes you take in high school can prepare you for your banking job. They can also give you something to show on your bank teller resume . And if you plan to go to college and major in banking or a related subject, these classes can also help.

In high school, certain classes prepare you with banking fundamentals. Look for classes that teach basic computer skills. Take classes that give you experience working with numbers. High school courses may include:

• Banking and finance
• Computer science
• Personal finance

A foreign language, such as Spanish, can also help you find bank teller jobs. Spanish is important if you want to work in an area where your customers speak the language.

Get a Certification

Once you’ve earned your high-school diploma, consider picking up a certificate. Bank teller certificates validate your skills in:

• Banking operations
• Customer service

While certification is not required for most bank teller jobs, it can help you advance in your career. Most certificates ask that you complete coursework and pass an exam. Some need you to be on the job for at least six months before you’re eligible.

Most tellers find certification options at:

• American Bankers Association
• Independent Community Bankers of America

Pass a Background Test

Bank teller jobs want prospective tellers to pass a background test. The background test includes criminal and consumer background investigation. Employers look at your consumer history. They also search for criminal activity and unethical practices.

A previous bankruptcy can impact hiring. A bad credit score can also get you passed over for the job. But explaining the temporary setback helps. You can show an employer how you overcame financial strain and pressure. This can help them reevaluate your bank teller resume.

Best Bank Teller Degree To Get

Do you need a college degree to be a bank teller? As mentioned above, you don’t need a bank teller degree to work in this occupation. But some bank tellers find that a degree helps them advance. It can also help you start at a higher-paying position.

Below we answer the question: What degree do you need to be a bank teller? Since bank teller education varies by person, it is important to understand which degrees can help advance your career. These degrees can increase your average bank teller salary from the start. Out of college, you can work as a bank teller, become a loan officer, or move into sales or finance. The point of the degree is that it gives you more than one career option.

Read about the education for bank teller jobs and which degree will help improve your bank teller employment.

Associate’s in Banking

Most bank teller jobs don’t ask for a degree. But if you want your bank teller resume to stand out, consider earning an associate’s degree in banking.

This degree program teaches you about different banking regulations and fundamentals. You learn about the banking industry. Your courses cover banking principles and basic accounting methods. You also graduate with a working knowledge of finance.

The two-year degree can help you get into a bachelor’s degree program if you choose. It can also help you qualify for an advanced job title, such as branch manager or head teller.

Bachelor’s in Accounting

Your formal education to be a bank teller doesn’t have to include a bachelor’s degree. But getting one can help you advance. One option is the BA or BS in Accounting.

An accounting degree program teaches you basic accounting principles the banking industry uses. You learn how to:

• Maintain income statements
• Read and understand balance sheets
• Track assets

You also get some experience in auditing bank statements. An accounting degree can make your bank teller resume shine brighter than your competition.

Bachelor’s in Business Administration

A bachelor’s in business administration or BBA is a foundational degree. It gives you a basic understanding of business practices. Some BBA programs offer a banking concentration. Others offer banking courses.

You can learn about relevant topics that will improve your bank teller resume. From commercial bank management to financial management, you cover subjects that can launch a banking career.

Bachelor’s in Finance

Since the job duties of a bank teller involve handling money, a degree in finance is popular for banking professionals. A finance degree program exposes you to relevant banking topics. You learn about:

• Fiscal responsibilities
• Monetary policies

Your bank teller resume will stand out with a finance degree, especially if you’re looking to advance in your career.

Skills a Bank Teller Should Have

To be a bank teller you need more than bank teller schooling. Certain skills can help you succeed on the job.

According to bank professionals, there are skills and abilities a person should have to be a good fit for the bank teller job title. These skills are not taught in a classroom. But they can develop through your courses and training.

Here are four qualities to include on your bank teller resume.

Be detail-oriented

Most bank tellers have the ability to spot errors and check for accuracy. When handling a customer’s money, attention to detail is important. If you want to become a bank teller you should be detail-oriented.

Have good customer-service skills

Have good organizational skills.

Organizational skills are important for a bank teller job. Your spend most of your time handling money and checking for accuracy. You should be able to pay attention to details. To do so, organization is key.

Have strong math skills

Bank tellers handle money, often large amounts. To conduct transactions accurately, you must have a good grasp on numbers. Good math skills help.

How Long Does It Take to Become a Bank Teller?

With no formal education required to become a bank teller, it doesn’t take long to qualify for the job. But you need proper training.

Bank teller training lasts about a month. Newly-hired tellers work alongside an experienced teller. They shadow a mentor for around 30 days. During the training time, they learn:

• How to balance cash drawers
• How to use banking computer software
• How to verify signatures

Most bank teller training takes place during the 30-day probationary period. It is during this time that you can decide if the job is a good fit.

How Much Money Does a Bank Teller Make?

According to the Bureau of Labor Statistics (BLS), bank tellers earn an average wage of $32,620/year. The lowest 10% of earners make $24,660/year. The highest 10% make more than $41,220/year.

But your pay can fluctuate. Two things that make your pay increase or decrease include:

• Industry type
• Where you live

The Bureau of Labor Statistics reports the top-paying industry for bank teller jobs as management of companies and enterprises. In this industry, bank tellers earn an average wage of $34,120/year.

Top Paying States for Bank Teller Jobs

In certain states, bank tellers earn the highest wages. The Bureau of Labor Statistics reports five top-paying states for this occupation. This means that if you live in these states and work as a bank teller, you’re earning the best wages for this job.

• District of Columbia: $38,060/year
• Rhode Island: $37,940/year
• Washington: $36,740/year
• Massachusetts: $36,420/year
• Hawaii: $36,380/year

Top Paying Cities for Bank Teller Jobs

Now that you know how to become a bank teller , you should know the cities that pay their bank tellers the highest wages.

Top paying metro areas include:

• San Jose-Sunnyvale-Santa Clara, California: $41,600/year
• Tampa-St. Petersburg-Clearwater, Florida: $38,770/year
• Redding, California: $38,530/year
• Vallejo-Fairfield, California: $38,380/year
• Seattle-Tacoma-Bellevue, Washington: $38,320/year
• Santa Maria-Santa Barbara, California: $38,240/year
• Longview, Washington: $38,210/year

Top Paying Non-metro Areas for Bank Teller Jobs

You don’t have to live in a metro area to earn good wages as a bank teller. There are some top-paying regions outside of cities where the average bank teller salary is high. Here you can also enjoy lower costs of living, which will stretch your bottom line.

Top-paying non-metropolitan areas for bank tellers include:

• Alaska non-metro area: $37,390/year
• Connecticut non-metro area: $35,800/year
• Hawaii/Kauai non-metro area: $35,650/year
• Coastal Oregon non-metro area: $35,550/year
• Southeast Minnesota non-metro area: $34,980/year

What Is the Job Outlook for Bank Teller Jobs?

Now that you know how to become a bank teller , you should find out what kind of job prospects there are. The BLS reports an expected decline of 17% for bank teller jobs through 2030.

Due to the expected decline, you can undergo training and get a degree to stay competitive. You can do this by earning a degree or a certification.

Since banking has evolved over the years, automated systems emerge. But with automation comes a decline in human-to-human services. As a result, banks need fewer tellers to meet in-person needs. But there are things you can do for the best job prospects.

Get more training

Ask to learn a new skill while in your current position. You can make yourself valuable to your employer if you take on more responsibilities.

Go back to school and earn a degree

You can earn a business or finance degree and advance from a bank teller to a management position.

Stay on top of new technology

As new technology emerges in the banking industry, you should stay on top of it. Teach others how to use this technology and you can become a valuable asset to your bank. When the time comes to advance, you’ll be the one who moves up first.

Work Environment for a Bank Teller

Bank tellers work in banks or financial institutions. Some work in non-traditional banking settings like bank branches in grocery or retail stores. You also find bank tellers in large banking buildings and in small, regional banks.

Bank tellers work in towns and cities. But no matter where bank tellers work, they can expect a similar work environment.

Most bank tellers share work space with their coworkers. Some have a desk, while others stand for hours at a counter. They work traditional hours, from 8 to 5, and have holidays and weekends off. A teller’s schedule coincides with bank hours. If the bank is open on Saturdays, you will find a bank teller on site.

BDP Staff September 2022

Related Resources:

• 20 Best Online Degrees for Business Owners and Entrepreneurs to Get
• Is International Business a Good Major to Choose in College?
• Top 10 Highest Paying Business Degrees
• Top 30 Affordable Online Bachelor’s in Business Administration (BBA)
• Ultimate Guide to Business Degrees and Careers

This concludes our article on do you need a degree to be a bank teller.

Brenda Rufener Author

Julie McCaulley Expert

Carrie Sealey-Morris Editor-in-Chief

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How to Get a Bank Job

Last Updated: February 28, 2024 Approved

This article was co-authored by Dmitriy Fomichenko . Dmitriy Fomichenko is the president of Sense Financial Services LLC, a boutique financial firm specializing in self-directed retirement accounts with checkbook control based in Orange County, California. With over 19 years of financial planning and advising experience, Dmitry assists and educates thousands of individuals on how to use self-directed IRA and Solo 401k to invest in alternative assets. He is the author of the book "IRA Makeover" and is a licensed California real estate broker. There are 10 references cited in this article, which can be found at the bottom of the page. wikiHow marks an article as reader-approved once it receives enough positive feedback. This article received 16 testimonials and 90% of readers who voted found it helpful, earning it our reader-approved status. This article has been viewed 483,203 times.

Working in a bank can be a great job choice. Whether you're just looking for a temporary job or a long-term career, a bank job can help you advance professionally. There are numerous positions you can apply for, opportunities to advance in your career, and employee benefits you can enjoy. With a good resume and the necessary qualifications, you can achieve your goal of landing a bank job.

Requirements to Work at a Bank

• Teller. Bank tellers are the people who work at the front desk and handle transactions. They must have skills in basic arithmetic and also customer service. Usually a high school education is sufficient for this position, though some banks may want some college experience. Pay is usually hourly and is relatively low. Because of low pay, most tellers take this position temporarily while working on a degree or waiting for another position. [1] X Trustworthy Source US Bureau of Labor Statistics U.S. government agency that collects and reports labor-related information Go to source
• Manager. Bank mangers oversee the day to day operations of the bank, including supervising staff, making schedules, and reaching sales goals. This increase in responsibility also brings a higher salary. Banks will usually require a bachelor's degree in management, business, or a related field for this position. Banks may hire managers directly, or promote especially hard-working tellers to the position. [2] X Research source
• Accountant. Banks also have accountants on staff. They oversee the bank's financial records. Pay is usually comparable to the manager's. Accountants will need at least a bachelor's degree in accounting, finance, or a related field. [3] X Trustworthy Source US Bureau of Labor Statistics U.S. government agency that collects and reports labor-related information Go to source

• To be a teller, you'll need a high school education. If you didn't finish high school, then you'll need to get your GED to qualify. Read Get a GED for tips on making this happen.

• Emphasize your customer service experience. Most bank positions will have you working with customers at some point, so experience with the public is essential. Any job where you interacted with customers will work: cashier, stock boy, pizza delivery, barista, fast food worker, etc. Since banks specialize in providing financial services for their customers, your skills in customer service will be essential.
• Volunteer work also counts towards customer service experience. If you've volunteered at a day camp, for example, your work probably involved interacting with campers and their parents. List this to further demonstrate your qualifications.
• Also mention any experience you've had handling money. A cashier, for example, handles money and cashes out the register at the end of a shift. A delivery driver collects payments and brings money back to the store. There are skills that you should mention, since bank jobs will require you to handle money on a regular basis.
• Remember to make a new resume for every position you apply for. Different jobs may be looking for different skills and qualifications, and you increase your chances of getting an interview if you've tailored your resume to specific jobs.

Locating Bank Jobs

• Make a list of all the banks in your area and take down their contact information.
• Visit each one on your list and ask if they have any openings for the position you're looking for. You could also make phone calls, but in-person visits are more effective for building a relationship with a potential employer.
• Sometimes they will say they don't have any openings but always take resumes. If so, have yours on you to hand in.

Applying for the Job

• Remember to say in your cover letter where you heard about the position and if anyone is referring you. This will show that you're not a random applicant and will improve your chances of getting the job.

• If you responded to an ad on a job site, it will probably be several weeks before the company even starts looking at all of the applications. You shouldn't plan on inquiring again on this for at least a month, maybe more.
• If you were referred for a position and sent your resume to a specific person, a week or two after applying is a good window. This person probably has less applications to sift through and has probably had the time to look at yours in this time.

• Have a few situations in mind about when you've had to deal with angry or irritated customers. Customer service is a huge part of a bank job, so you'll want to be able to emphasize your skills here.
• Make sure you've investigated the company and can find ways to insert this into the conversation. Mention the bank's mission statement, for example.
• Mention any contacts you have who recommended the position to you.
• Dress appropriately. Bank employees are expected to look presentable at all times. Both men and women should plan on wearing a business suit to the interview.

Expert Q&A

• Be very polite but also professional-sounding and confident on the phone. Thanks Helpful 0 Not Helpful 0
• Sales experience is a huge plus. Play up any sales experience you may have. Thanks Helpful 0 Not Helpful 0

• Be truthful on your resume - but do rearrange it to highlight organizational experience and skills. Thanks Helpful 0 Not Helpful 0

You Might Also Like

• ↑ https://www.bls.gov/ooh/office-and-administrative-support/tellers.htm#tab-1
• ↑ https://www.academicinvest.com/business-careers/finance-careers/how-to-become-a-bank-manager
• ↑ https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
• ↑ Dmitriy Fomichenko. Financial Planner. Expert Interview. 30 June 2020.
• ↑ https://www.forbes.com/sites/investopedia/2013/06/13/get-a-bank-job-in-50-days/
• ↑ https://www.theglobeandmail.com/report-on-business/careers/career-advice/life-at-work/i-want-to-work-in-a-bank-what-will-my-salary-be/article14394934/
• ↑ https://www.businessinsider.com/make-your-linkedin-profile-irresistible-2013-10?op=1
• ↑ https://money.usnews.com/money/blogs/outside-voices-careers/2010/10/07/following-up-after-you-have-sent-a-resume
• ↑ https://www.best-job-interview.com/bank-interview-questions.html
• ↑ https://www.jobsetc.gc.ca/pieces.jsp?category_id=303

About This Article

If you want to get a bank job, start by choosing a job that suits your level of experience. For example, apply for a bank teller position if you're still in school, or go something like a financial adviser position if you have a degree. You'll be able to find bank jobs on sites like Craigslist or Monster. Additionally, create a profile with your experience on social network sites, like LinkedIn, where you'll find job postings and may be contacted by recruiters. If you haven't had any luck finding jobs online, try asking at your local bank to see if there are any openings. For tips on how to prepare for a job interview, read on! Did this summary help you? Yes No

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What you need to work at a bank

Last update: 05/09/2023

One of the first steps that as a candidate you take when looking for a job is to understand the requirements you must meet to fill the vacancy in the company that you want to work for. Here we tell you about the skills in high demand in the banking industry.

The best talent to help people and businesses prosper

Some reasons people start job-hunting are working different hours, earning a higher salary, gaining experience, taking on new roles and seeing what skills are in demand in their industry.

Nowadays, the Internet has become an excellent channel for public and private entities of all sizes and types to post job vacancies and even run hiring processes. With automatic filters, they can choose profiles according to their needs and call applicants for an in-person or online interview. 

What requirements must I meet to land a job at a bank?

While banks' job postings may have some particularities, they’re not all that different from ones posted by non-banking companies. They usually require:

• Experience: It’s the desired background and length of service in a given field.  We can often find job postings that say how much time an applicant must have worked in a particular role. Job vacancies to work in finance, analysis and control usually require banking experience.
• Education: Required or desired studies in order to apply. Amid banks’ growing demand for science, tech, engineering and maths (STEM) profiles, they’re seeking more applicants with university degrees in computer science, economics, statistics and similar fields to join teams like Data Science and Analytics .
• Languages: Because many international companies work in English, their job postings point out a vacancy’s required or desired language level, which Human Resources departments test applicants on. 
• Digital tools: This requirement is becoming more common in job postings aside from cybersecurity and other technology -related roles. Marketing and communication roles also demand applicants know how to use special programs for things like image processing, web analysis, and design and user experience . And a working knowledge of big data software is often a must in order to join risk management, governance and internal audit teams. 
• Soft skills : Banks aren’t only interested in applicants’ education or work background; they also want employees who can work well with others, problem-solve, be creative, show resilience, adapt to change and innovate .

Banks also tend to mention a job’s regular tasks, duties and salary, which can differ for every profile they seek. 

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We know that many adult students are juggling work and family commitments. The Bachelor of Professional Studies (B.P.S.) program was designed with this in mind. Choose the B.P.S. program to achieve something you've always wanted, in a way that works for you.

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The B.P.S. bachelor's degree program allows you to choose from one of two concentrations, each including the added value of a Certificate of Undergraduate Studies (C.U.S.):

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Each concentration emphasizes diversity and ethics, while teaching concepts and skills delivered efficiently and accessibly that are required for career advancement. There is also a foundation in the arts and sciences through the B.P.S. general education requirements. 

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The program is structured as a cohort model, so you will be part of a group of adults who have work experience, along with college credit. In your first class, you will learn how to create a B.P.S. prior learning portfolio of your work/life experience for a potential credit award of up to 32 credits.

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The B.P.S is designed to fit within a busy working adult’s schedule. Here’s how it works: 

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Please Note: Current RIC students (still active as degree students) who wish to change their major to the B.P.S. need to submit a Change of Major Request to B.P.S. Form .

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Business Insider

Here's what 8 prominent companies say about whether you need a college degree to get a job to work there

Posted: March 7, 2024 | Last updated: March 10, 2024

• Eight major companies talked to Business Insider about jobs without a college degree.
• IBM's Kelli Jordan said over half of the company's US openings don't require a bachelor's degree.
• Customer service representatives and operations analysts are two Bank of America roles if you didn't graduate college.

If you never went to college , you could still find a job at some of America's biggest companies. Major companies like Delta Air Lines and Bank of America are open to hiring job seekers who don't have a college degree .

A survey of US employers from Intelligent.com found "45% of companies plan to eliminate bachelor's degree requirements for some positions in 2024." In general, companies may be caring more about prospective employees' skills rather than formal qualifications — although one recent report found there's a long way to go to make real progress in skills-based hiring practices .

Still, there are places out there that may care more about skills than an education level or that have roles where a degree is not required.

"My main piece of advice is to never discount where you've gotten your experience," Kayla Nall, director of talent acquisition operations at Delta Air Lines, told Business Insider for those without a college or bachelor's degree. "I think for organizations that hire skills-based, we care about what you know, not where you learned it."

A recent report from career-site Indeed based on US postings on the platform in January showed there were a lot of work opportunities that didn't note specific educational requirements . Just over half didn't mention any, and around 18% mentioned a bachelor's degree or higher.

"There's a lot of promises behind skills-first hiring to potentially bring in more diverse candidates and candidates who haven't had access to these types of opportunities in the past," Cory Stahle, an economist at the Indeed Hiring Lab, told BI . "As a job seeker, being able to see skills in job postings and be able to cultivate those skills is a really, really helpful step forward in career paths."

So where can you potentially get a job without a degree ? Eight prominent companies spoke with BI or sent statements about opportunities and job-seeker advice for those seeking work without a degree.

Kelli Jordan, vice president of IBMer Growth and Development, told BI that several years ago, IBM "started to be a lot more thoughtful about really changing the requirements for our jobs and removing those college degree requirements from a lot of our roles."

"At this point, more than half of our US job openings don't have a bachelor's degree requirement, and we really start to think more strategically about the types of skills that are needed for different types of roles," Jordan said. "This is applied to all of the types of jobs across the spectrum of IBM, whether it's cloud computing or AI or cybersecurity or design."

Apprenticeships can be one opportunity for job seekers without a degree. Jordan said over 90% of IBM's apprentice graduates ended up being full-time workers at the company.

"Our US apprenticeship program is really a different entry point into IBM for talent that may have been previously overlooked or excluded from consideration," Jordan said.

People skills, like collaboration and communication, are desirable at the company per Jordan.

"Even as over time we may have to update the technical skills required for a role, all of the jobs at IBM are really going to lean into those types of people skills or power skills as part of what we're looking for when we're hiring a candidate," Jordan said.

Nick Curry, senior manager of emerging talent pipelines for Amazon Web Services, said in a written statement to BI that there isn't a typical skill or college degree requirement at Amazon due to the variety of jobs. Curry said "we assess candidates on job related knowledge skills and abilities for all of our positions."

"As the industry evolves, we find that candidates with a job-related skill set don't necessarily come exclusively with four-year degrees; therefore, we continue to seek out talent where talent thrives," Curry said. "We continuously look at innovative ways to reduce the barriers of entry to tech and attract more diverse talent to pursue a career in this industry."

Zoë Hoffmann, corporate communications at Amazon, told BI in a statement that there are "varying degree requirements for roles at Amazon" but also noted "a large number of roles either don't require a degree," including opportunities for business intelligence engineers or SAP integration developers, "or 'require a degree or equivalent experience.'"

Another potential opportunity for those without a degree are apprenticeships, Hoffmann said.

AWS has also worked on removing four-year degree requirements for jobs.

"Last year we launched a skills-based hiring program at AWS that will help us scale the number of job roles that will not require a bachelor's degree over time," Curry said. "In 2023, we removed the four-year degree requirement from more than 500 job requisitions at AWS, and are continuing to do this in 2024."

Plus, Curry said "we are removing the requirement for a bachelor's degree for some data center and cloud support roles."

"We believe there will always be a need for college educated learners, but we also want to create paths for employees through other means because college isn't for everyone, and we have employees who have joined the companies with an array of backgrounds," Curry said. "All of our apprenticeship programs and skills-based hiring programs in the US today are prime examples of hiring paths without the need for a degree at all."

While Rod Adams, PwC talent acquisition and onboarding leader, told BI in a written statement that "for the majority of our client service positions, candidates typically need to have or be on track to earn a Bachelor's degree in a relevant field of study," there are potential opportunities for those who don't have a degree who want to work at PwC .

"While the majority of our positions require educational degrees, we still look for candidates who have relevant skills and who are committed to continuing to learn at every stage of their career," Adams said. "We know that our people's skills, experiences and perspectives are essential to our firm, and we'll continue to focus on attracting and retaining people who can help PwC grow and succeed."

Adams noted a few types of work at PwC where from time to time there could be opportunities for job seekers without a degree: "There are a variety of roles that don't require a college degree, including positions in Human Resources, Marketing, Finance, Sales, Workplace Services and Products & Technology."

Adams also noted how soft skills like teamwork and flexibility can be important for people applying to jobs.

"While a degree can be important, PwC and other organizations also value a diverse range of experiences that go beyond technical skills," Adams said. "Building your soft skills can be just as critical."

For instance, Adams said given "effective communication is crucial in any role," people looking for work could note instances they have shown strong communication skills. Highlighting problem-solving skills or adaptability could also be helpful.

Automaker Stellantis also noted some potential opportunities for those who aren't college graduates.

"For people without degrees, there are opportunities within our Software and Technology groups where work experience and technical skills may be given higher consideration in hiring decisions," Stellantis said in a written statement.

Still, there are a lot of jobs at the company where some level of degree is needed.

"In general, most non-bargaining unit positions (salaried) require an associate's or bachelor's degree," Stellantis said. "But for some positions, a degree might be a preferred qualification which would open those up to people who can demonstrate proficiency in other ways."

Working on soft skills could be helpful for job seekers who are considering applying without a degree.

"Candidates without degrees can enhance their consideration by detailing their professional experience and demonstrating ability in some of the softer skills such as leadership, communications or problem solving," Stellantis said.

In addition to "demonstrating proficiency" in softer skills, Stellantis said "earning additional training or certifications would depend on the field of interest but could certainly boost consideration for various positions." An online portfolio of work when applicable could also be helpful regardless of a job applicant's educational attainment to showcase skills.

Bank of America

"I feel like you have a place at Bank of America for those that have a degree, that have an advanced degree, but we also have a number of places for people that don't have a degree yet and are really trying to pave their way," Christie Gragnani-Woods, senior vice president for Bank of America's external community partnerships and regional banking talent acquisition executive, said.

Gragnani-Woods said that Bank of America hasn't required degrees for a majority of entry-level roles for years.

Gragnani-Woods said there's "a host of entry-level jobs" for job seekers and "then we can focus on the skills they need on the job and they would be able to join our Academy , which is our award-winning development and training organization."

For those without a degree, Bank of America has openings for relationship bankers, customer service representatives, trainees for its advisor roles, and operations analysts.

In terms of skills, Gragnani-Woods said Bank of America typically likes to see talent who are good at building relationships with customers as well as their team. Problem solving and critical thinking are two other desirable skills.

"We like those that thrive on engaging with customers, really being able to handle challenging situations and bring those to resolution in a positive manner," Gragnani-Woods said, adding the company also looks for talent who take initiative.

At Intel , one opportunity for those without a bachelor's degree is working as a technician. Cindi Harper, vice president of talent planning and acquisition at Intel, said the company hires a lot of technicians who have different backgrounds.

Harper said while Intel does support "a lot of two-year programs, technical programs that have the STEM disciplines," there "are a lot of transferable skills without having the technical schooling."

Technicians make up 70% of Intel's workforce in their factories, Harper said.

"If they have equivalent experience in those domain areas, then we focus less on whether or not they come with a two-year degree and zero experience because that's the other side of the equation," Harper said. "We hire out of the two-year schools, which they likely don't have a whole lot of training and then we train them from within."

When asked about other opportunities at the company for those without a degree, Harper said people with equivalent work experience would be considered.

"We are a huge supporter of the college programs of a two-year, four-year, master's, PhD level," Harper said. "However, if they have equivalent to that in a work experience and/or more without the degree, they will be considered as well."

One tip from Harper for job candidates is to send an email that can highlight your interest or transferable skills you may have.

Delta Air Lines

Nall, director of talent acquisition operations at Delta Air Lines, said that the company is a "skills-based hiring company," and noted a lot of the job positions at the company don't have degree requirements.

"I think we still see the value in the degree, but we want to create that equity, so we see value in any path in which you learned your skill," Nall said.

A news post from the company stated that in "2021, 94% of Delta's non-executive job openings that were filled externally did not require a college degree." Nall said "that's probably stayed true over these last couple of years of hiring."

"When you think about what does require a degree, you can think of certain higher level like accounting roles, legal roles, those that formally require a degree," Nall said. "But for over 90% of our roles, there is no degree requirement."

But like other companies that talked to BI, having certain skills can be important for landing work at this company. Nall said three foundational skills at the airline are kindness, customer service, and quality mindset.

"Our focus is really on what skills are needed per role, and then assessing candidates based on their skills and proficiency levels in those individual roles," Nall said.

In terms of advice for job seekers, Nall emphasized talking about examples.

"Hiring managers want to hear real life examples when they're asking questions, not hypotheticals," Nall said. "And I think sometimes candidates will land on, 'well, I didn't do that at a known name or a known entity or a known institution,' when in reality you did achieve an outcome. And it can be from any experience that you've had throughout your career, and sometimes that just doesn't look like the traditional path."

American Airlines

Pilots, aviation maintenance technicians, and flight attendants are three jobs where you don't necessarily need to have a degree at American Airlines.

Captain Cory Glenn of American Airlines said while the airline doesn't require a degree for pilots, the airline looks for professionals.

"We look for people who exhibit some of the core features of our corporate culture — and a lot of that has to do with caring for people and taking care of not just our customers, but also taking care of our colleagues and our employees," Glenn said. "There are ways to do that while you're doing training."

"It can be as simple as when you're going through flight school, working with study groups and stepping up to do student leadership roles in those flight schools, taking opportunities to kind of expand your horizons as an individual and just continuously be in a place of constant improvement and exhibiting that," Glenn added.

Glenn said airline pilots can be either a first officer or a captain and that this work is "probably the most customizable career" given it "allows you to adapt the amount of work and where you work and how you work and what you make to the things that are important to your life."

Even though there may not be a degree needed, aspiring pilots will need to meet some requirements to be a pilot like the ones mandated by the Federal Aviation Administration , per Glenn.

Kozetta Chapman, senior manager of tech ops recruiting and development at American Airlines, also noted to BI a few roles where people don't necessarily need a four-year degree, including material logistics specialists, aircraft cleaners, and welders.

Did you decide not to get a college degree? Share your experience and what you do for work with this reporter at [email protected] .

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What Does an Investment Banker Do?

Typical career path for investment banker.

• What Type of Education Is Needed?

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Career As an Investment Banker

Pursing a career as an investment banker can be a rewarding endeavor. Investment banks operate as an intermediary between companies that want to raise money by issuing securities and individual or institutional investors who are willing to provide money in exchange for securities. Investment bankers handle every aspect of these transactions. Learn what it takes to become an investment banker.

Key Takeaways

• Investment bankers typically start their careers as interns during college.
• Investment banks facilitate deals between companies that want to raise money and investors.
• Investment bankers handle financing issues like helping a corporation choose what type of securities to issue.
• Investment bankers also help with the completion of mergers and acquisitions, including company valuation, strategizing, and deal finalizing.

Investment bankers advise companies on what kind of securities to issue, such as stocks or bonds , and how, when, and at what price to issue them. They also handle placement of the securities with investors, a process known as underwriting. In addition to working with private and publicly traded companies, investment bankers also underwrite municipal bonds and other types of debt securities.

Beyond company financing activities, investment bankers also handle a variety of other complex financial transactions. For example, an investment banker may help facilitate a company merger and acquisition  (M&A) by providing advice and other related services to parties involved on either side of a potential transaction. They may assist an M&A client with company valuation, strategy formation, and deal negotiation.

Investment bankers may also be involved in financing the final deal if it requires the issuance of new debt or stock.

Many investment bankers begin in the industry by participating in internships with investment banks when they are undergraduate students. Although an internship is not required to enter the field, it is an excellent way to get started.

After graduating with a bachelor's degree, it is possible to begin working in the field as an investment banking analyst conducting research and producing analytical reports for more senior staff members. Working as a financial analyst in a wealth management firm, bank, hedge fund, or another financial organization is also a good way to begin building experience.

Typically, with several years of experience and a strong record of good performance, an analyst can often move into a junior-level position as an associate investment banker. This position may also be available to a highly qualified candidate with a master's degree and a strong resume but little investment banking experience.

Commonly, the junior analyst phase is "on-the-job training" that usually lasts about 2 years. Some companies provides education to new analysts. Junior investment bankers eventually participate in most aspects of investment banking, including the planning, structuring, and execution of large financial transactions. With good performance, junior bankers can move into senior positions overseeing transactions from start to finish.

Common Education Tracks

A bachelor's degree is the minimum educational qualification required to work as an investment banker. Entry-level analyst positions in the field are typically open to bachelor's degree graduates, and it is possible to move on to a senior banker role without a master's degree in many investment banks.

However, a master's degree is very common among the mid-level and senior staff in this industry, as it helps to pave the way for career advancement. In some investment banks, a master's degree is required for entry into the investment banker career track.

The five largest investment banks in the world are Goldman Sachs, JPMorgan Chase, Bank of America Corporation, Morgan Stanley, and Citigroup.

Most investment banks prefer degrees in finance, accounting, business administration, and other business disciplines. Undergraduate degree subjects are less influential in the hiring process if a candidate has a master's degree in business administration, finance, or another highly relevant subject. Coursework in finance, economics, and mathematics is highly recommended.

Professional certifications are rarely required to get started in investment banking or to progress into senior positions. That said, the Chartered Financial Analyst (CFA) designation, awarded by the CFA Institute, can be advantageous in the job market.

This professional designation is generally considered the most important certification for professionals working in the investment field. It is available to investment analysts and other types of financial analysts who have a minimum of four years of qualifying experience. Candidates must pass three examinations to earn the designation.

Investment bankers have to obtain appropriate licenses from the Financial Industry Regulatory Authority (FINRA) , an oversight body responsible for securities firms and brokers operating in the United States.

As the licensing process requires sponsorship from an employing firm, professionals in the investment banking career track typically complete licensing requirements after getting hired. Many investment bankers require Series 63 and Series 79 licenses, although requirements can vary depending on the job.

Is a CPA or CFA Better for Investment Banking?

A Certified Public Accountant (CPA) and a Chartered Financial Analyst (CFA) are two credentials that can help you advance a career in finance. However, a CPA is generally designed for a career path in accounting whereas a CFA is more appropriate for investment banking.

Is it Hard to Get a Job as an Investment Banker?

An investment banker is considered a highly competitive career path. However you can take certain steps to increase your chances of landing a job with an investment bank. Getting a degree in business administration from a reputable university and landing an internship at a large investment bank are key first steps to getting a job as an investment banker .

How Much Money Does an Investment Banker Make?

Investment banker salaries will depend on the position and where you are in your career. For example, a job in investment banking may start at $70,000. But you could earn well over six figures in a higher position. According to Glassdoor, the average salary of an investment banking analyst is $177,000, as of Dec. 17, 2023.

Investment bankers advise companies on issuing securities and handle the placement of the securities with investors, known as underwriting. Degrees in finance, accounting, business administration, and other business disciplines are common in the investment banking career path. A junior analyst can spend about two years in the phase of "on-the-job training."

The right career for you will depend on a number of factors, including your interests and passions as well as your skills set. Consider your personal goals, along with the full job duties of an investment banker before you embark on this career path, which can entail demanding hours but also significant financial rewards.

CFA Institute. " CFA Program ."

Financial Industry Regulatory Authority. " Qualification Exams ."

Glassdoor. " Investment Banking Analyst ."

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How Nonmonetary Job Amenities Improve with Higher Education

Every high school student will make a very important decision—whether to go to college. Graduating from college provides access to an expanded set of jobs. While it is well known that jobs requiring college degrees typically pay higher wages, how they differ in terms of amenities is less known.

Surely, both the pecuniary (monetary) and nonpecuniary (nonmonetary) benefits of jobs that require a degree impact the decision to enroll in and graduate from college. A student, for example, may choose to drop out or forgo college altogether in favor of a low-paying occupation with valuable amenities.

In this blog post, we examine whether college graduates tend to hold jobs with less-valuable amenities.

Education Level of Workers within Occupations Ranked by Intrinsic Quality

We begin by considering 52 occupations ranked in research by Corina Boar and Danial Lashkari according to their “intrinsic quality,” which reflects a bundle of the most desirable job characteristics. For more on this methodology, see their 2021 National Bureau of Economic Research working paper, “ Occupational Choice and the Intergenerational Mobility of Welfare ” (NBER Working Paper No. 29381, revised July 2022). The authors identify these characteristics using the General Social Survey , concluding that workers value jobs involving little hand movement or heavy lifting, in which they are treated with respect, learn new things, develop new abilities, perform numerous tasks and are not required to work fast.

Professor, teacher, librarian, curator and scientist are occupations ranking near the top of the list, whereas agriculture worker, mail carrier, food prep worker and bus driver rank near the bottom.

The two figures below use U.S. Census data to depict the representation of different education groups within each occupation. Occupations are ranked left to right by their intrinsic quality. We focus on three education groups: high school graduates, those with some college and college graduates. The first figure reports our results for high school graduates and workers with some college. We restricted our sample to full-time and full-year workers. We excluded respondents who failed to earn a high school diploma or a GED diploma. Thus, the lowest education group consisted of high school graduates. We classified a respondent as having some college if they reported their highest year of schooling as being at least one year of college and they did not report having obtained a bachelor’s degree. The second figure reports our results for college graduates, splitting them into those paid above and below the median wage for all college graduates. We again restricted our sample to full-time and full-year workers. We included respondents who had earned a bachelor’s degree or higher. For a given occupation, employment shares by education group across both figures add up to 100%.

Workers without a College Degree Are More Represented in Occupations with Lower Intrinsic Quality

SOURCES: 2010 U.S. Census data, Boar and Lashkari (2021), and authors’ calculations.

DEFINITIONS OF X-AXIS OCCUPATIONS

The occupations are as follows: 1) postsecondary teacher; 2) librarian, archivist, curator; 3) architect; 4) non-postsecondary teacher; 5) natural scientist; 6) lawyer, judge; 7) social or religious worker; 8) engineer; 9) writer, artist, entertainer, athlete; 10) health diagnostician; 11) therapist; 12) social scientist, urban planner; 13) farm operations or manager; 14) management-related occupations; 15) executive, administrative, managerial; 16) health treatment; 17) other technician; 18) math and computer science; 19) science tech; 20) administrative support; 21) records processing, except financial; 22) police officer, detective; 23) personal services; 24) precision production supervisor; 25) secretary, stenographer, typist; 26) firefighter, fire prevention; 27) sales; 28) engineering and related occupations; 29) guard; 30) financial records processing; 31) adjuster, investigator; 32) health services; 33) health tech; 34) electronics repair; 35) miscellaneous repair; 36) precision production; 37) vehicle mechanic; 38) construction trades; 39) private household occupations; 40) information clerk; 41) computer equipment operator; 42) cleaning and building services; 43) food prep and services; 44) material receiving and distribution; 45) machine operator; 46) forestry, logging, fishing, hunting; 47) extractive; 48) fabricator; 49) nonmanager farm and agricultural; 50) mail distribution; 51) motor vehicle operator; 52) freight, stock and material handler.

As we can see from the figure above, workers without a college degree are greatly represented in occupations with lower intrinsic quality, such as freight, stock and material handling, motor vehicle operation, and forestry, logging, fishing and hunting occupations. Interestingly, workers with some college, compared with high school graduates, tend to be more represented in median-quality occupations, such as health technician or financial records processor.

While the wage premium in the data for workers with some college is small—in our sample, those with some college make $20.66 per hour on average while high school graduates make $17.40 per hour—it appears that exposure to college expands access to better job amenities. This suggests that spending even a couple of years in college accrues an important nonpecuniary benefit, and it may explain why some students enter college but do not graduate. For a discussion of college dropouts, see Lutz Hendricks and Oksana Leukhina’s 2018 paper, “ The Return to College: Selection and Dropout Risk ,” in International Economic Review .

The next figure depicts occupational employment shares for college graduates split into high- and low-earning groups. The average wages for these two groups of workers are $42.98 per hour and $18.54 per hour, respectively. Note that low-wage college graduates earn similar wages to those with only some college. However, compared with workers who have only some college, low-wage college graduates are much more represented in more desirable occupations (that is, those with better amenities).

College Graduates Are More Represented in Occupations with Higher Intrinsic Quality

Our findings suggest that even if college degrees do not pay off financially, as appears to be the case for lower-wage college graduates, they likely make up for it in terms of job amenities. Since job amenities improve with education level, they provide an additional reason for college enrollment.

Worker Education Level and Task-Based Occupation Ratings

An alternative and, perhaps, more transparent way to characterize the nonpecuniary nature of an occupation is by describing the extent to which it involves manual, routine and abstract tasks. Manual tasks generally require physical labor. Routine tasks involve repetitive work. Abstract tasks are complex and involve communication and problem-solving.

We follow the classification in research from David H. Autor and David Dorn, in which they employ the U.S. Department of Labor’s Dictionary of Occupation Titles dataset (superseded by O*NET ) to assign three ratings to an occupation, each corresponding to the intensity of engaging in one of the types of tasks. For more on this methodology, see their 2013 American Economic Review paper, “ The Growth of Low-Skill Service Jobs and the Polarization of the U.S. Labor Market .” These task-based occupational ratings are given on a scale between one and 10.

Once again, we use U.S. Census data to focus on the three education groups. Because we observe the occupation of each worker, we can assign three task-based ratings to each worker. In other words, we can infer how workers allocate their time across the three types of tasks based on their occupation. We report three average task-based ratings for each education group in the following figure.

Higher Education Levels Are Associated with Occupations that Require Abstract Skills

SOURCES: 2010 U.S. Census data, Autor and Dorn (2013), and authors’ calculations.

NOTES: We restricted our sample to full-time and full-year workers. We excluded respondents who failed to earn a high school diploma or a GED diploma. Thus, the lowest education group consisted of high school graduates. We classified a respondent as having some college if they reported their highest year of schooling as being at least one year of college and they did not report having obtained a bachelor’s degree. In our definition of college graduates, we included respondents who had earned a bachelor’s degree or higher.

The figure indicates that more education is associated with more time allocated to abstract tasks and less to routine and manual tasks.

We see the greatest change, however, between those with some college and college graduates. While workers with some college spend 33% of their time engaging in abstract tasks, college graduates spend 50% of their time on abstract tasks. Therefore, if students would prefer to engage in creative and abstract tasks throughout their careers, they might choose to enroll in college partly for that reason.

• For more on this methodology, see their 2021 National Bureau of Economic Research working paper, “ Occupational Choice and the Intergenerational Mobility of Welfare ” (NBER Working Paper No. 29381, revised July 2022).
• We restricted our sample to full-time and full-year workers. We excluded respondents who failed to earn a high school diploma or a GED diploma. Thus, the lowest education group consisted of high school graduates. We classified a respondent as having some college if they reported their highest year of schooling as being at least one year of college and they did not report having obtained a bachelor’s degree.
• We again restricted our sample to full-time and full-year workers. We included respondents who had earned a bachelor’s degree or higher.
• For a discussion of college dropouts, see Lutz Hendricks and Oksana Leukhina’s 2018 paper, “ The Return to College: Selection and Dropout Risk ,” in International Economic Review .
• For more on this methodology, see their 2013 American Economic Review paper, “ The Growth of Low-Skill Service Jobs and the Polarization of the U.S. Labor Market .”

Oksana Leukhina is an economist and economic policy advisor at the Federal Reserve Bank of St. Louis. Her research interests include growth, labor and demographic economics. She joined the St. Louis Fed in 2017. Read more about the author and her research.

Amy Smaldone is a senior research associate at the Federal Reserve Bank of St. Louis.

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This blog offers commentary, analysis and data from our economists and experts. Views expressed are not necessarily those of the St. Louis Fed or Federal Reserve System.

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What is a business line of credit and how does it work?

September 26, 2023 | 3 minute read En español

Every small business needs to be able to adapt to change, especially in times of growth or uneven cash flow . When you need ready access to cash and flexible terms for repaying borrowed funds, an unsecured line of credit can often be an ideal solution.

What is a small business line of credit?

A small business line of credit has more in common with a small business credit card than with a small business loan.

Like a small business loan, an unsecured line of credit provides a business with access to money that can be used to address any business expense that arises. Unlike a small business loan, however, there’s no lump-sum disbursement made at account opening that requires a subsequent monthly payment.

A small business line of credit is subject to credit review and annual renewal, and is revolving, like a credit card: Interest begins to accumulate once you draw funds, and the amount you pay (except for interest) is again available to be borrowed as you pay down your balance. As with a credit card, the lender will set a limit on the amount you may borrow.

Using a small business line of credit

The number one reason to open a business line of credit is to gain access to short-term funding. Most businesses use these funds to support financing for operational expenses like supplies and payroll or for increasing inventory. In some instances, businesses may also use a line of credit to jump start growth initiatives that require some additional funding. Cyclical businesses often rely on an unsecured line of credit as a source of off-season working capital.

Unlike many small business loans, an unsecured line of credit is not designated for a specific purpose or purchase — it's a good choice for small businesses looking for ways to better manage cash flow. Funds are typically drawn from the line of credit by using a business checking account, a small business credit card or even a mobile banking app.

Understanding secured and unsecured lines of credit

A small business line of credit is typically offered as unsecured debt, which means you don't need to put up collateral (assets that the lender can sell if you default on the debt). Many unsecured lines of credit come with a variable interest rate and are available for sums ranging from $10,000 to $250,000.

For certain lines of credit starting at $25,000, you may be required to secure your line of credit with a blanket lien on your assets or a certificate of deposit.

What's required to obtain a small business line of credit?

Be sure to research the specifics of any lender’s business line of credit requirements. For example, many banks will require a business to have been under current ownership for some fixed amount of time.

Rate considerations

Rates for a business line of credit tend to be lower than those for a business credit card, which can charge more than 20% APR for purchases — and even more than that for cash advances.

Other advantages

Maintaining a line of credit in good standing may help build your business credit rating and position you for better loan terms if you seek future financing. Many small business experts suggest that first-time applicants should start a modest line of credit and pay off the debt quickly as a way of building a credit profile .

Keeping your small business finances running smoothly can often be a challenge in today’s fast-paced world. Depending on your specific business needs, a small business line of credit could be the simple solution you need to meet your goals for growth — at a pace that's right for you.

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