Banking Business Consultant: Education and Career Information

Sep 09, 2019

Banking business consulting requires great familiarity with banking services. Learn about the education, job duties and requirements to see if this is the right career for you.

Banking business consultants requires a bachelor's or master's degree. They generally possess significant experience in banking. These consultants often specialize in one aspect of a bank's operations.

Essential Information

Banking business consultants work as expert advisers to banks, investment companies and lending institutions. Consulting services range from advising on financial practices to determining long-term business strategies. Often highly educated, banking business consultants generally require a bachelor's or graduate degree, as well as sufficient expertise in the banking industry.

Required Education Bachelor's or graduate degree
Projected Growth (2018-2028)* 14% (for management analysts)
Average Salary (2018)* $94,390 (for management analysts)

Source: *U.S. Bureau of Labor Statistics

Career Information for a Banking Business Consultant

Banking consultants are typically experienced veterans in the industry, often specializing in one or more facets of banking, such as lending, compliance or risk assessment. Banking consultants may work for a larger advising firm or, due to the low overhead of the profession, may choose to start their own business. Guidance in loan auditing, asset protection and product evaluation are a few of the services a banking consultant may offer. Directed primarily at small and community banking organizations, banking business consultants work to improve a financial institution's profit while limiting loss.

In addition to advising banks on financial issues, such as lending practices and legal conformity, banking business consultants provide value by measuring a bank's information technology and network infrastructure, managing resource metrics and recommending business strategies. Consultants must continually remain aware of market trends for product and service offerings to keep clients competitive with large banking conglomerates. Entry-level positions in a banking business consulting firm may entail significant research as consultant assistants, though experience in the field is often a minimal requirement.

Banking Business Consultant Education Information

As one of the most educated professions, a large majority of banking business consultants have earned a bachelor's or master's degree. Undergraduate majors, such as accounting, economics, business administration or banking, offer foundational knowledge in the field. A common graduate degree, the Master of Business Administration, generally offers concentrations in finance or accounting. Other master's degree programs may provide a concentration in banking or financial management. Some academic programs may include internship opportunities that allow students to learn from professionals while gaining significant job-related experience.

According to the U.S. Bureau of Labor Statistics (BLS), academic and professional achievements are the foundation of a consultant's career. Business colleges at both graduate and undergraduate levels may provide student-run consulting services to community businesses. Consulting services provided by students offer practical experience helping actual companies with real situations. Students may earn course credit for advising services to apply toward a degree.

Job Outlook and Salary Info

Management analysts, commonly called management consultants, are business professionals who are responsible for analyzing organizations and suggesting improvements. According to the BLS, these professionals are expected to see 14% employment growth from 2018-2028, which is much faster than the national average for all occupations. As of May 2018, management analysts earned an average annual salary of $94,390, according to the BLS.

Banking business consultants advise banks on one or more aspects of the bank's business with an eye toward compliance or profitability. They need a bachelor's, and often a master's, degree in a relevant field, along with banking experience. These positions have a job growth outlook much faster than the market, and the average annual salary is around $94,000.

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