Top 10 Highest Paying Jobs in Major Banks

Top 10 Highest Paying Positions in Major Banks

Do you find yourself drawn to numbers and possess a background in finance, economics, or business? Then pursuing a career in the financial sector of a major bank could be an excellent choice. With the rise of remote work, many banking positions are now available regardless of location.

Banks offer a wide range of products and services to both individual consumers and businesses. These can range from checking and savings accounts to loans and credit cards. The diverse range of offerings means a variety of potential career paths within a major bank are available. Each position has specific requirements for eligibility, education, and salary. If your goal is to maximize your earning potential, here are 10 of the highest paying jobs in major banks to consider as you explore your career options.

Is a career in commercial banking a smart move? Commercial banking is a consistently in-demand and stable field that offers a multitude of opportunities. You might find yourself working in a retail or commercial bank. The shift towards remote work has opened up possibilities for various positions. Roles such as credit analyst, loan officer, and financial manager are all within reach. A degree in finance or business can be a significant advantage when pursuing a career in banking.

The Best Jobs in Commercial Banking

1. Financial Manager

   Average Salary: According to the Bureau of Labor Statistics (BLS), the median annual salary for a financial manager was $131,710 in 2021.

   Job Description: The title "financial manager" encompasses a broad range of roles. Specific job titles under this umbrella include controller, finance officer, treasurer, risk manager, and cash manager. Financial managers play a vital role in creating financial reports and developing long-term financial plans through budgeting and forecasting. They also guide financial decisions and ensure the bank or financial institution is operating in a financially sound manner.

   Education and Experience Requirements: A Bachelor's degree is essential, along with at least five years of experience in a finance-related role, such as an analyst or accountant.

2. Relationship Manager in Business Banking

   Average Salary: According to Salary.com, the median annual salary for a relationship manager in business banking is $107,186.

   Job Description: As the title suggests, relationship managers focus on managing relationships with business banking clients, primarily within the commercial banking division of a major bank. They assist business clients with the financial products and services needed to operate their businesses.

   Education and Experience Requirements: A Bachelor's degree is typically required, along with two to four years of relevant experience.

3. Credit Analyst

   Average Salary: As of May 2021, the Bureau of Labor Statistics reported a median annual salary of $88,030 for credit analysts.

   Job Description: Credit analysts evaluate the creditworthiness of loan applicants by assessing various risk factors and making informed lending decisions.

   Education and Experience Requirements: A Bachelor's degree in finance or a related field is generally required. Additional certifications, experience, and training may also be necessary.

4. Wealth Manager

   Average Salary: As of July 22, Salary.com reported an average salary of $83,657 for wealth managers.

   Job Description: Wealth managers, who may work at banks or other financial institutions, provide guidance and support to clients in making investment decisions, financial planning, and other wealth-building activities.

   Education and Experience Requirements: This position usually requires a Bachelor's degree and a minimum of two to four years of relevant experience.

5. Compliance Manager

   Average Salary: According to Salary.com, the average salary for a compliance manager at a major bank was $82,872 as of July 2022.

   Job Description: Compliance managers ensure that a bank's activities adhere to all applicable rules and regulations. Their duties include reviewing potentially suspicious transactions and activities related to money laundering or fraud. They may also conduct investigations, alert authorities, and implement changes to maintain compliance.

   Education and Experience Requirements: A Bachelor's degree is required, along with approximately five years of experience.

6. Financial Analyst

   Average Salary: The Bureau of Labor Statistics reported a median annual salary of $81,410 for financial analysts in 2021.

   Job Description: Financial analysts analyze financial data to inform decision-making, review financial statements, and identify opportunities to increase profit. They may work in various organizations, including major banks.

   Education and Experience Requirements: A Bachelor's degree is required, but prior experience is not always necessary.

7. Financial Examiner

   Average Salary: The 2021 median pay for financial examiners was $81,410 annually, according to the Bureau of Labor Statistics.

   Job Description: Financial examiners play a crucial role in maintaining the stability of major banks by reviewing their financial condition. They analyze financial statements such as balance sheets, prepare reports, and recommend steps to ensure compliance with regulations. This role may be part of a consumer division or risk assessment team.

   Education and Experience Requirements: A Bachelor's degree is required, and training is provided by superiors. While experience is not mandatory, coursework in accounting or related fields can be beneficial.

8. Investment Banker

   Average Salary: As of July 2022, Salary.com reported an average annual salary of $79,786 for investment bankers.

   Job Description: Investment bankers work with a diverse range of clients, including governments and businesses, to facilitate access to capital and manage financial transactions. Their responsibilities may include managing research, overseeing transactions, and providing financial guidance.

   Education and Experience Requirements: A Bachelor's degree is a prerequisite, and prior experience may be necessary.

9. Loan Officer

   Average Salary: The Bureau of Labor Statistics reported a median annual salary of $63,380 for loan officers in 2021.

   Job Description: Loan officers actively review loan applications, assess risk, and authorize loan approvals. They also seek out potential loan applicants, evaluate information, and make loan decisions.

   Education and Experience Requirements: A Bachelor's degree is generally required, along with training and some experience. Mortgage loan officers must also obtain a license.

10. Bank Manager

    Average Salary: As of July 2022, Salary.com reported an average salary of $59,654 for bank managers.

    Job Description: A bank manager is responsible for overseeing the operations of a bank, including its employees and activities. Depending on the bank and the specific role, responsibilities may include training teams, implementing plans and campaigns, and reviewing transactions and activities.

    Education and Experience Requirements: A Bachelor's degree and five or more years of experience are typically required.

Final Thoughts

If you have a degree in business, finance, or economics and enjoy working with numbers, a career in banking could be an excellent fit. The 10 positions listed above represent some of the highest paying jobs available in major banks. Whether you're seeking a career change or entering the field after graduation, there are numerous opportunities to explore.

While salary is an important factor, consider also the specific tasks involved and the work environment. Ultimately, you want to find a role that aligns with your skills and interests, within a company culture that supports your growth and provides opportunities to develop new skills.

Frequently Asked Questions

What qualifications are typically required for the highest paying jobs in major banks?

The highest paying jobs in major banks generally demand a combination of education and experience. For example, a Chief Financial Officer (CFO) or an Investment Banker often needs a bachelor's degree in finance, business, or economics; an MBA can be highly advantageous. Professional certifications like CFA (Chartered Financial Analyst) or CPA (Certified Public Accountant) are also valuable. Relevant experience, often several years in the banking or financial sector, is crucial for these top-tier positions.

Are there opportunities for advancement in high-paying banking jobs?

Yes, there are advancement opportunities in the banking sector. Many of the best paying jobs are reached through a career ladder that involves starting in entry-level positions and moving up through mid-level management and into senior roles. For instance, an Investment Banker may start as an Analyst, progress to Associate, and then move into higher roles such as Vice President, Director, and Managing Director over time. Continuous professional development and networking are key to advancing in these careers.

How does the job market for high-paying roles in major banks vary by region?

The job market for high-paying roles in major banks can vary significantly by region, influenced by the local economy, regulatory environment, and the presence of financial hubs. Cities known as financial centers, like New York, London, and Hong Kong, typically offer more opportunities and higher salaries due to the concentration of banking headquarters and financial services firms. However, competition in these areas is also higher, and the cost of living can offset salary advantages.