The financial sector is broad and there are varied job opportunities within it that pay very well. Currently, some of the highest-paying jobs in this sector can be found in major banks. If you’re curious about major bank salaries, this article on the best-paying jobs in major banks will share everything you need to know.
Even entry-level jobs in banking are typically high paying and there’s plenty of opportunities to raise the earning potential from there as you grow in your career. This comprehensive guide below details what major banks jobs pay, the job outlook in the field, and various resources for finding major banking careers.
What Do Major Banks Jobs Pay?
The average annual wage paid by major banks is $67,330, according to ZipRecruiter. Salaries at major banks vary greatly, with some entry-level positions earning $22,000 per year, and the 75% percentile earning $87,500 per year. This wide range alludes to lots of potential for growth and compensation for various experience levels, educational backgrounds, and skillset.
Major Banks Job Outlook
Finance jobs are expected to see an 8 percent growth between 2020 and 2030, according to the BLS Occupational Outlook Handbook. This number matches the average growth rate for most occupations. This growth means about 750,800 new jobs will be added to the field each year, meaning there’s a strong demand and an opportunity to climb the corporate ladder for professionals already in the field.
Major Banks Job Satisfaction
Financial institutions offer a wide range of benefits to their employees, including a higher annual salary than most jobs in other industries. Although a career in banking can involve working long hours, the results and benefits are often worth it. The high salaries and strong job outlook contribute to job stability and security, which also results in higher job satisfaction.
Major Banks Salaries: Lucrative Major Banks Careers
| Major Banks Careers | Major Banks Salaries | Job Outlook | Minimum Education |
|---|---|---|---|
| Chief Financial Officer | $139,501 | 8% | Bachelor’s degree |
| Financial Manager | $134,180 | 17%* | Bachelor’s degree |
| Portfolio Manager | $89,957 | 17%* | Bachelor’s degree |
| Financial Analyst | $83,660 | 6%** | Bachelor’s degree |
| Budget Analyst | $78,970 | 5% | Bachelor’s degree |
| Accounting Manager | $75,216 | 17%* | Bachelor’s degree |
| Accountants and Auditors | $73,560 | 7% | Bachelor’s degree |
| Loan Officer | $63,960 | 1% | Bachelor’s degree |
| Branch Manager | $60,958 | 17%* | Bachelor’s degree |
| Credit Analyst | $53,778 | 6%** | Bachelor’s degree |
*This statistic is grouped on BLS under Financial Managers
**This statistic is grouped on BLS under Financial Analysts
Best-Paying Jobs in Major Banks: In Detail
Chief Financial Officer
Average Salary: $139,501
A chief financial officer is responsible for a bank’s financial operations, financial planning, and growth. Specifically, their job focuses on evaluating assets and liabilities, and managing cash flow, while leading a team of analysts.
These professionals have extensive knowledge of financial markets, market trends, and the stock market, among other knowledge necessary to perform well in this position. It requires at least a Bachelor’s Degree in Business or a related field.
Financial Manager
Average Salary: $134,180
Financial managers prepare financial reports and plan short- and long-term financial policies. In addition, they make investment decisions to expand and maximize profits. These managers supervise financial analysts and make important financial decisions for the company.
A financial manager usually must have five years or more experience in the finance sector to obtain this position. A graduate degree in economics, business, or a related field is often required.
Portfolio Manager
Average Salary: $89,957
Portfolio managers determine how the bank’s and clients’ money should be invested. To do this, they must study market prices, stocks, and earnings, and have a keen knowledge of accounting principles. Those who work for investment banks are also responsible for providing investment portfolio management services.
Financial Analyst
Average Salary: $83,660
A financial analyst evaluates the financial status of banks by studying the company’s historical financial data. They are responsible for examining market trends, financial risk, and creating forecasts for investment opportunities. They also make recommendations for capital structure. A financial analyst can work in financial companies, consulting firms, or accounting firms.
Budget Analyst
Average Salary: $78,970
Budget analysts are responsible for presenting options for spending money more efficiently. They conduct studies on how money is spent to make recommendations in the company’s annual reports. These professionals provide improved plans to meet the necessary expenses. In addition, they must be knowledgeable in corporate finance.
Accounting Manager
Average Salary: $75,216
Accounting managers are responsible for general accounting and are also in charge of the general ledger accounts. These professionals must have a degree in finance since they work with the company’s financial statements. They must also have knowledge of investment banking, financial records, and banking transactions.
Accountants and Auditors
Average Salary: $73,560
Accountants and auditors perform similar tasks in banks. They are responsible for identifying potential losses and providing recommendations for long-term profitability. An auditor can become a certified internal auditor by passing an exam. These professionals must have a degree in accounting or a related career in finance to work with accounting records.
Loan Officer
Average Salary: $63,960
Loan officers are responsible for advising and guiding clients with their loan applications or mortgage applications, and discussing loan payments. These professionals work in banks, savings institutions, and mortgage companies and are responsible for evaluating the financial information of customers to offer a loan.
Branch Manager
Average Salary: $60,958
A branch manager supervises all financial processes that take place in a bank branch, and manages the team including hiring new employees. They are also in charge of marketing initiatives within the branch’s community, to offer its financial products to achieve its growth and development goals.
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These professionals must possess knowledge in essential skills such as mathematics, statistics, accounting skills. Branch managers who work in major retail banks will also typically have at least three years of experience in the field.
Credit Analyst
Average Salary: $53,778
Credit analysts are in charge of studying the granting of credit to companies or individuals through the review of financial information, such as the credit profile of clients. These professionals are responsible for preparing credit reports and meeting with clients to make decisions. Part of the job of a credit analyst role is to offer retail banking services.
Resources to Find the Best-Paying Jobs in Major Banks
- eFinancialCareers: This website caters strictly to finance sector jobs. From insurance companies, mortgage companies, and investment firms, it posts job offers from all over the world.
- FinancialJobBank: This website posts available banking industry jobs in the United States. Jobs found on the site include financial services sales agent, financial operations manager, and financial analyst.
- Association for Financial Professionals: This is a professional organization in the finance sector that shares a job post section on its website. Professionals who have industry experience can find jobs at major institutions like Morgan Stanley, Goldman Sachs, and Bank of America.
- CareerBank: This financial services job board offers jobs in accounting, finance, and banking. There are more than 6,000 jobs posted on the site.
- iHireBanking: This website is an excellent resource for banking industry talent looking for jobs such as fund manager or asset manager in the United States.
Are Major Banks a Good Career Path?
Yes, jobs in major banks are a very good career choice because of the high annual salary and strong job outlook. In addition, a degree in finance offers many opportunities and benefits, from entry-level jobs to the top of the professional ladder. The banking sector will continue to grow and with it, new and more-varied job opportunities will open up.
Best Paying Jobs in Major Banks FAQ
The best banking job, based on salary, is that of a chief financial officer (CFO). These professionals earn an average base salary of $139,501 per year, as reported by Payscale. CFOs can be found in various industries, not just in the banking field, and their high annual salary is indicative of their years of experience and the amount of responsibility they have.
Yes, a financial career in banking is a good professional option, as bank jobs offer ample opportunity for career development in addition to good job benefits, networking opportunities, a high annual salary, and a good work-life balance. There are various career paths to choose from in banking, including investment banking, mutual fund manager, or financial planner.
Yes, banking jobs pay an average annual salary ranging from $53,778 per year for credit analysts, to an average salary of $139,501 per year for chief financial officers. Even the entry-level salary for these professionals tends to be higher than most jobs in other sectors.
A job in banking usually requires a college degree in areas such as finance, accounting, or economics. It is also important and often required to have extensive knowledge of mathematics and statistics and be able to use computer programs such as Microsoft Word and Excel. Some companies even require professionals to have an advanced degree.
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