Working in banking has many benefits, from high salaries to career opportunities. Depending on a person's career goals, various positions at a major bank can reward him or her with six-figure earning potential, predictable schedules, and ample days off. Job seekers can find the highest paying jobs at banks in the investment and commercial banking sectors.
Why do people want to work at banks?
Banking offers many benefits to people for long-term career growth and immediate flexibility. Banking professionals can follow the typical work week of Monday through Friday or follow an alternative schedule in supermarkets or shopping centers. Banks pay well, especially for bankers seeking additional certifications or licenses.
The generous employment benefits packages, days off and career opportunities make finding work at a bank a valuable experience. But what are the best jobs for those who want to work at big banks?
Below are some of the highest-paying banking jobs, from entry-level to management positions.
1. Investment banks
Investment banking is a lucrative career in the financial sector. These professionals combine their analytical skills, persuasive communication skills and expertise in the field of financial services. Ainvestment bankshelps corporate clients secure funds and acts as a financial advisor. Investment banking positions range from entry-level to high-level management positions.
Investment banking is a high-stakes industry and there is a range of income depending on seniority and where an investment banker works. An investment analyst atseveral years of experience can earn $94,755. An executive-level investment professional can earn more than $350,000. Either way, this role has great growth potential.
2. Financial manager
Financial managersemphasis on preparing accounts and activity reports. They also predict business results. The other responsibilities of a financial manager include supervising employees who perform financial reporting duties and assisting members of management in making financial decisions.
Different financial managers meet different organizational needs. Someone whocontrollers, direct preparation of financial report. Others manage cash and credit accounts for the organization.
CFOs typically work full-time in a corporate environment. For their skills they receivean average annual salary of $131,710.
3. Credit Officer
Loan Officersreview loan applications for a variety of personal and business loans, including home loans, student loans, auto loans, and small business loans. The credit counselor determines an applicant's ability to repay the loan. In many cases, their job involves answering questions from potential customers and even reaching new customers through sales calls.
Loan officers are also contacting borrowers who have missed loan payments. These collection agencies begin by collecting assets that a borrower has pledged as collateral.
Loan officers primarily work incredit unions, commercial banks and mortgage companies. Some mortgage brokers work out of the office and meet clients at their homes or businesses.
The average salary for loan officers is$ 63.380, but the average annual salary can be much higher depending on the sector. Loan officers working oncentral banksearning an average salary of$ 110.580Per year.
4. Merchant banker
Commercial bankers focus on helping small and medium-sized businesses meet their financial needs. Athe daily work of a commercial bankermay look different depending on the number and size of their customers, but may include:
Commercial bankers may not have to do thatspecial certificationsto do their job, but it can be an attractive sign to employers that they are committed to work and future growth. Most commercial bankers have a bachelor's degree, often in finance, business administration or related fields.
The salary for a commercial banker in the United States varies by location, skills and experience, but the national average basic income for the position is$ 96.424.
5. Stock analyst
Stock analystsfocus on providing financial guidance to investors, brokers and consultants. They use stock and bond expertise to prepare reports and develop forecasts to help their colleagues decide on investment opportunities. Stock analysts typically have a bachelor's degree in business administration or other related fields.
Stock analysts are well compensated for their efforts. The average annual salary for this position in the United States is$ 95.570.
6. Financial advisor
Personal financial advisorshelping customers manage their finances and plan for their financial future. This role requires a mix of interpersonal skills, research and the ability to explain what financial services are.
Most personal financial advisors earn a bachelor's degree, although most employers do not require any specific education. Common degree paths for financial advisors include business administration, social sciences or mathematics. They can also take classes in investing, taxes, estate planning or risk management.
Personal financial advisors can earn an average salary of$ 94.170, although this number may vary based on location or login credentials.
7. Investment Adviser
Investment advisors provide financial advice to both public and private companies. Most people in this role specialize in insurance, investments or retirement planning. An investment advisor works with companies to find opportunities to grow their money. This includes stocks, bonds, funds, or other assets that make financial sense.
Investment advisors (also called investment advisors) typically have a bachelor's degree in business administration, finance, or other related fields. More important,they must register with the SEC or state securities regulators.
The average salary for investment advisors in the United States is$ 89.160. This number may vary depending on experience, type of clients and location.Commission structures can also impact compensation.
8. Budgetanalist
INbudgetanalistprepares reports on expenditures and helps companies - including banks - maintain operating budgets. The primary duties of budget analysts include many of the following tasks:
Budget analysts often need a bachelor's degree in business administration or social sciences. The average salary for a typical budget analyst in the United States is$ 79.940.
9. Credit analyst
Credit analystsassess the creditworthiness of individuals or companies. Their primary role is to ensure that these customers meet their financial obligations. Credit analysts look at many factors to make these decisions, including past financial and credit history. Most credit analysts work for credit rating agencies, credit card companies, investment firms, and commercial and investment banks.
Most credit analysts have a four-year degree in accounting, economics, finance or other related fields. Some companies may prefer candidates with an MBA or specific certifications. The average annual salary for a credit analyst is$ 77.440.
10. Bookkeeper
Accountantsprepare accounts for their clients, including banks and other major financial institutions. Management accountants, also called cost accountants, combine their accounting skills with financial information to guide business decision making.
Accountants usually have thata bachelor's degree in their field. The average annual salary for accountants is$ 77.250.
11. Manager of the pawn shop
Mortgage department managersmentor and supervise team members at a mortgage specific bank location. They are responsible for all office activities, including sales, lending activities and administration. Much of this work involves sales management, training, and compliance with proper accounting and reporting.
Most mortgage department managers need at least three to five years of retail sales management experience, but they must also demonstrate knowledge of banking services. Although a college degree is not a strict requirement, a bachelor's degree is common among financial managers. The average salary is$ 64.119.
12. Stockbroker
At a basic level,stockbrokersbuying and selling shares for investors through orders they place on the stock market. Most stock brokers charge a commission or fee. Stockbrokers manage money to optimize financial gain for their clients. It's a fast-paced, often stressful job that rarely has a typical 'day in the life'.
Stockbrokers must have a keen eye for detail, an analytical mind and a love of research. Most stockbrokers have a bachelor's degree, although obtaining an advanced degree can be helpful. Stock brokers must obtain a license throughFinancial Industry Regulatory Authority (FINRA).
The average salary for a stockbroker in the United States is$ 62.910. Compensation may vary depending on location, commissions and the bank the broker works for.
13. Filialleder
Bank branch managershas several areas of responsibility. They oversee the day-to-day operations of a bank's office, including managing staff and resources, developing team sales goals and ensuring high-quality customer service.
The educational requirements of a branch manager usually include a bachelor's degree in finance, accounting or other business programs. Because a branch manager manages operations and a team of people, they earn an average salary$ 62.701.
Is banking a good career?
Banking is a great career for anyone with an eye for career development and an industry that is here to stay for a long time. Helping others save and invest their money, buy homes and achieve their financial goals is rewarding work. It also pays well.
Top takeaways
(Reporting by NPD)
