10 Best Paying Jobs in Major Banks
Do you enjoy working with numbers and have a degree in finance, economics, or business? A natural fit would be working in finance at a major bank — like the ones you use for your personal finances or banks that have local branches in your area. With banks closing physical locations, many positions have transitioned to remote work.
Banks provide various products and services to individual consumers and businesses. These can include financial accounts for checking or savings, loans, credit cards and more. Given the different products and services, you can pursue many different positions at a major bank. Each position has its own eligibility requirements, education level and salary. If you want to cut to the chase and maximize your earning potential, here are the 10 best paying jobs in major banks to consider on your job hunt.
Average salary: The 2021 median pay for a financial manager is $131,710 annually, according to the Bureau of Labor Statistics (BLS).
What this position entails: “Financial manager” is a fairly generic job title that can refer to many different roles. In more specific terms, the Bureau of Labor Statistics notes that the more specific job title under this umbrella term might be a controller, finance officer, treasurer, risk manager, or cash manager.
Being a financial manager is one of the best paying jobs in major banks and commands a high salary, making it to the top of the list. In this role, tasks may include creating financial reports and making long-term financial plans through budgeting and forecasts. On top of that, a financial manager can help guide financial decisions and make sure the numbers are working in a way that benefits the bank or financial institution.
Education and experience requirements: Must have a Bachelor’s degree and typically requires a minimum of five years of experience working in a finance-adjacent role such as an analyst or accountant.
Average salary: The median salary for a relationship manager in business banking is $107,186 annually, according to Salary.com.
What this position entails: A relationship manager, as the name suggests, manages relationships. But not with just anyone, though. In this role, the position is managing relationships with business banking clients, generally in the commercial banking arm of a major bank. Relationship managers help support business clients with the products and services they need to help run their business.
Education and experience requirements: This position requires a Bachelor’s degree. Generally, you must have 2 to 4 years of experience related to this role.
Average salary: The median salary for a credit analyst is $88,030 as of May 2021, according to the Bureau of Labor Statistics.
What this position entails: In this role, credit analysts use their skills to assess the creditworthiness of an applicant. This means assessing various risk factors and making informed lending decisions about a particular borrower.
Education and experience requirements: Typically requires a Bachelor’s degree in finance or a related field. May require additional certifications, experience, and training.
Average salary: The average salary for a wealth manager is $83,657 as of July 22, according to Salary.com.
What this position entails: Wealth managers may work at banks or financial institutions and provide support for clients by guiding investment decisions, offer financial planning support, and other activities to help build wealth.
Education and experience requirements: This position requires a Bachelor’s degree and relevant experience for a minimum of two to four years.
Average salary: The average salary for a compliance manager at a major bank is $82,872 as of July 2022, according to Salary.com.
What this position entails: A compliance manager working at a major bank ensures that activities are compliant with rules and regulations. In this role, tasks can include reviewing questionable and suspicious transactions and activities that may be part of money laundering or fraud. As needed, the manager may investigate further and take the necessary steps to alert authorities and make changes to remain in compliance.
Education and experience requirements: Must have a Bachelor’s degree and generally requires five years of experience.
Average salary: The 2021 median pay for a financial analyst is $81,410 annually, according to the Bureau of Labor Statistics.
What this position entails: Financial analysts may work in various organizations, including major banks. In this role, they analyze financial data to make informed decisions, review financial statements, and assess ways to boost profit.
Education and experience requirements: Requires a Bachelor’s degree and doesn’t have any experience requirements to get started.
Average salary: The 2021 median pay for a financial examiner is $81,410 annually, according to the Bureau of Labor Statistics.
What this position entails: Financial examiners play an important role at major banks by reviewing the stability and condition of the bank. As part of the role, financial examiners look over financial statements such as balance sheets, write reports, and offer next steps to meet regulations and compliance guidelines. This position may be a part of a consumer division or risk assessment.
Education and experience requirements: Must have a Bachelor’s degree and be trained by superiors. While no additional work experience is required, taking accounting classes or relevant coursework may help.
Average salary: The average salary for an investment banker is $79,786 annually, as of July 2022, according to Salary.com.
What this position entails: Investment bankers work with various clients such as governments and businesses to help access capital and perform various financial transactions. As part of their role, investment bankers can manage research, transactions, and offer guidance to clients.
Education and experience requirements: A Bachelor’s degree is a requirement and you may need experience before obtaining this position.
Average salary: The 2021 median pay for a loan officer is $63,380 annually, according to the Bureau of Labor Statistics.
What this position entails: Loan officers take an active role in reviewing loan applications, assessing risk, and authorizing approvals. They may also try to acquire more applicants who need a loan, review information, and make decisions about loans.
Education and experience requirements: Must have a Bachelor’s degree and typically requires training and some level of experience. Those who are employed as mortgage loan officers must obtain a license.
Average salary: The average salary for a bank manager is $59,654 as of July 2022, according to Salary.com.
What this position entails: A bank manager manages a bank, including its employees and activities. Depending on the bank and role, tasks can include training teams, execute plans and campaigns, review transactions and activities, and more.
Education and experience requirements: Must have a Bachelor’s degree and five years of experience or more.
Final Thoughts
You may have a degree in business, finance, or economics and enjoy working with numbers and wonder what to do next. You’re in luck. There are many open positions that you can apply for including these 10 best paying jobs in major banks. Whether you’re looking to make a transition or break into the field after graduation, you have many options to choose from.
Of course, you can consider the position based on the salary, tasks, or environment. But while salary is important, you want to find something that you’re good at, at a place with a company culture that fosters your growth and equips you with new skills.
Frequently Asked Questions
Which degree is best for bank jobs?
To get a bank job, good degree options include a Bachelor’s degree in finance, economics, business, accounting, or law. You may be able to pursue additional certifications such as a Chartered Financial Analyst (CFA) and pursue higher education and obtain a graduate degree as well. You may also be able to obtain an entry level position and get training on the job.
Is commercial banking a good career path?
Commercial banking is an in-demand and stable career path that offers many different opportunities. You can work at a retail bank or commercial bank. With physical bank locations closing doors, many positions are becoming remote.
You can obtain different roles including a credit analyst, loan officer, financial manager, and more. Having a degree in finance or business may be an asset if you want to pursue a career in banking.
>> Read More: Is commercial banking a good career path?
Do banking jobs pay well?
Banking jobs can pay well, depending on the position. For example, financial managers earn more than six figures per year. Loan officers, which are on the lower end, earn around $63,000 per year. What you earn in a banking role will vary based on the position and location, but you may be able to earn more than other industries.
For even higher-paying jobs, you could consider the larger financial industry. Read our guide on best-paying jobs in finance.
