Working in banking has many perks, from high salaries to advancement opportunities. Depending on a person’s career goals, different positions within a major bank can reward them with six-figure earning potential, predictable schedules and plenty of days off. Jobseekers can find the best-paying jobs in banks in the investments and commercial banking sectors.
Why do people want to work in banking?
Banking offers many benefits for those with an eye toward long-term career growth and immediate flexibility. Banking professionals can follow the typical “Monday through Friday” workweek or pursue an alternative schedule in branches inside grocery stores or shopping malls. Banks pay well, especially for bankers who seek additional certifications or licenses.
The generous benefits packages, days off and advancement opportunities make finding work at a bank a rewarding experience. But what are the best jobs for those who want to work at major banks?
Below are some of the highest-paying jobs at banks, from entry-level positions to managerial roles.
1. Investment Banker
Investment banking is a lucrative career in the finance industry. These professionals combine their analytical abilities, persuasive communication skills and financial services expertise. An investment banker helps corporate clients secure funds and acts as a financial advisor. Investment banking positions range from entry-level to high-level executive roles.
Investment banking is a high-stakes industry, and there’s a range of income depending on seniority and where an investment banker works. An investment analyst with several years of experience could make $94,755. An executive-level investment professional could earn over $350,000. Either way, this role has a high potential for advancement.
2. Financial Manager
Financial managers focus on preparing financial statements and activity reports. They also forecast business results. A financial manager’s other responsibilities include supervising associates who perform financial reporting tasks and helping members of management make financial decisions.
Various financial managers fulfill different organizational needs. Some, like controllers, direct financial report preparation. Others manage cash and credit accounts for the organization.
Financial managers typically work full-time hours in a corporate setting. For their skills, they receive a median annual wage of $131,710.
3. Loan Officer
Loan officers review loan applications for various personal and business loans, including home mortgages, student loans, car loans and small business loans. The loan officer determines an applicant’s ability to repay the loan. In many cases, their work involves answering questions from prospective customers and even reaching out to new clients through sales calls.
Loan officers also contact borrowers who have missed loan payments. These collection officers start collecting assets a borrower has put up as collateral.
Loan officers primarily work in credit unions, commercial banks and mortgage companies. Some mortgage officers work outside the office and meet clients at their homes or businesses.
The median salary for loan officers is $63,380, but average annual wages can scale much higher depending on the industry. Loan officers working at central banks make an average salary of $110,580 per year.
4. Commercial Banker
Commercial bankers focus on helping small and mid-sized businesses meet their financial needs. A commercial banker’s day-to-day job might look different depending on the number and size of their clients, but it can involve:
Commercial bankers may not need special certifications to do their jobs, but it can be an attractive sign to employers that they are committed to the work and future growth. Most commercial bankers have a bachelor’s degree, often in finance, business or associated fields.
The salary for a commercial banker in the United States varies by location, skills and experience, but the nationwide median base income for the position is $96,424.
5. Equity Analyst
Equity analysts focus 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. Equity analysts typically have bachelor’s degrees in business or other related fields.
Equity analysts earn healthy compensation for their efforts. The median annual salary for this position in the United States is $95,570.
6. Financial Advisor
Personal financial advisors help clients manage their finances and create plans for their financial future. This role requires a mixture of interpersonal skills, research and being able to explain what financial services are.
Most personal financial advisors obtain a bachelor’s degree, though most employers do not require a specific course of study. Common degree paths for financial advisors include business, social science or math. They may also take classes in investments, taxes, estate planning or risk management.
Personal financial advisors can make a median salary of $94,170, although that number can vary based on location or credentials.
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7. Investment Counselor
Investment counselors provide financial advice to both public and private sector companies. Most people in this role specialize in insurance, investments or retirement planning. An investment counselor works with businesses to find opportunities to grow their money. This includes stocks, bonds, funds or other assets that make financial sense.
Investment counselors (sometimes called investment advisors) typically have a bachelor’s degree in business, finance or other related fields. More importantly, they must register with the SEC or state securities regulators.
The median salary for investment counselors in the United States is $89,160. This number can vary due to experience, type of clients and location. Commission structures can also impact compensation.
8. Budget Analyst
A budget analyst prepares reports on spending and helps companies — including banks — maintain operational budgets. Budget analysts’ primary job duties include many of the following tasks:
Budget analysts often need a bachelor’s degree in business or social sciences. The median pay for a typical budget analyst in the United States is $79,940.
9. Credit Analyst
Credit analysts assess the creditworthiness of individuals or companies. Their primary job is to ensure those clients will honor their financial obligations. Credit analysts look at many factors to make these determinations, 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 hold four-year degrees in accounting, economics, finance or other related fields. Some companies may prefer candidates with MBAs or specific certifications. The median annual salary for a credit analyst is $77,440.
10. Accountant
Accountants prepare financial records for their clients, which includes banks and other large financial institutions. Management accountants — also called cost accountants — combine their accounting skills with financial information to help guide businesses’ decision-making.
Accountants typically have a bachelor’s degree in their field. The median annual salary for accountants is $77,250.
11. Mortgage Branch Manager
Mortgage branch managers guide and supervise team members at a mortgage-specific bank location. They take charge of all activities at the office, including sales, loan operations and administration. Much of this work involves sales leadership, training and adhering to proper accounting and reporting.
Most mortgage branch managers need at least three to five years of retail sales management experience, but they must also show knowledge of banking services. While a college degree is not a strict requirement, a bachelor’s degree is common among financial managers. The median salary is $64,119.
12. Stockbroker
At a basic level, stockbrokers buy and sell stock for investors via orders they place on the stock market. Most stockbrokers charge a commission or a fee. Stockbrokers manage money to optimize financial gain for their clients. It is fast-paced, often stressful work that rarely has a typical “day in the life.”
Stockbrokers must have a keen attention to detail, an analytical mind and a love for research. Most stockbrokers have a bachelor’s degree, although earning an advanced degree can be helpful. Stockbrokers must achieve licensing through the Financial Industry Regulatory Authority (FINRA).
The median pay for a stockbroker in the United States is $62,910. Compensation can vary depending on location, commissions and the bank the broker works for.
13. Branch Manager
Bank branch managers have several responsibilities. They oversee the daily operations of a bank’s office, which includes managing staff and resources, developing team sales goals and ensuring quality customer service.
A branch manager’s education requirements usually involve undergraduate studies in finance, accounting or other business programs. Because a branch manager oversees operations and a team of people, they earn a median salary of $62,701.
Is Banking a Good Career?
Banking is a fantastic career for anyone with an eye toward career advancement and an industry that will be around for a long time. Helping others save and invest their money, buy houses and achieve their financial goals is rewarding work. It just so happens to pay well, too.
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(Reporting by NPD)
