Frank Murkowski graduated in 1951 from Ketchikan High School where he starred on the basketball team. In 1955 he graduated from Seattle University with a degree in economics. That summer, he entered the U.S. Coast Guard. After completing his Coast Guard service in 1957, Murkowski joined Pacific National Bank in Seattle, attending Pacific Coast Banking School.

In 1966 he was named Alaska's Commissioner of Economic Development. In 1971 he became president of Alaska National Bank of the North, and the family moved to Fairbanks. A member of the Pioneers of Alaska, he also served as president of the Alaska Bankers Association and president of the Alaska State Chamber of Commerce.

In 1980 Murkowski successfully ran for the U. S. Senate, beginning the first of four terms. He served on the Energy & Natural Resources, Finance; Indian Affairs; Veterans' Affairs Committees. Frank and his wife Nancy have six children.