Are you searching for the list of the best paying jobs in major banks? If so, you just landed on the right page. In this article, we wrote extensively about the highest paid job roles in major banks for you to choose from. So, let’s get started.
This is true even for entry-level jobs because it’s virtually unheard of to enter a sector, develop a successful career there, and then start from the bottom and work your way up. Four chief executive roles and investment professionals at hedge funds are among the highest-paying and consequently most difficult positions to obtain in the financial sector.
We shall outline the highest paying positions at the major banks below, along with the benefits of working there.
What is a Major Bank?
Any Federal Reserve Bank or its branch, which includes Credit Suisse, Chase Bank, N.A., JPMorgan, and Deutsche Bank AG, is referred to as a “major bank.” Any bank or trust company with joint capital and surplus of at least $100,000,000 and that was established under the federal laws of America or any of its states qualifies.
Is Banking and Finance a Good Career Path?
Is Banking and Finance a Good Career Path? It is, indeed. One of the most tough, rewarding, and difficult industries in business is still the banking sector. One of the most alluring career alternatives at the moment is becoming a finance expert who also happens to be tech-savvy.
Is banking a good career?
Is banking a good career? Yes. A career in banking is a fantastic choice for those interested in finance since it provides plenty of room for career advancement in addition to strong perks, networking opportunities, a high annual pay, and a healthy work-life balance.
What is the best bank jobs that pay well?
What is the best bank jobs that pay well? Chief financial officer is the best banking position in terms of pay (CFO). An annual base income of $139,501 is typical for these individuals. CFOs work in a variety of sectors, not just finance, and their high annual salaries reflect the years of experience they have.
What is the highest paying bank jobs?
Which banking positions offer the best pay? They include:
- Branch managers
- Loan officers
- Accounting managers
- Financial analysts
- Financial examiners
- Credit analysts
- Investment bankers
Best Paying Jobs in Major Banks
So, what are the best paying jobs in major banks? The highest paying job positions in the banking industry include:
Accounting Manager: $85,216 per year
Making certain that financial reports are current and accurate will fall within your purview as the accounting manager. Upper management receives regular activity reports and an annual budget plan. They are responsible for ensuring that the business’s financial records are accurate and current at all times.
Financial Analyst: $87,660 per year
Performing financial analysis for clientele inside or outside the organization is the primary responsibility of a financial analyst. Securities analyst, equity analyst, investment analyst, research analyst, ratings analyst, or another title could be used to describe the position. They are in charge of analyzing financial data and providing management or clients with advice. A bachelor’s degree in finance or economics is typically required for positions as a financial analyst.
Branch Manager: $67,558 per year
A branch manager is a senior executive who is in charge of a large corporation’s local operations or an office that serves a particular function. The branch manager is in charge of overseeing the location’s staff and resources, setting and accomplishing sales goals, offering customer service, and boosting profits.
Bank Teller: $39,810 per year
An employee’s duties as a bank teller include handling customers’ cash and negotiable instruments. This worker may also go by the titles of cashier or customer service agent. Tellers also offer standard customer service in a branch. Teller positions typically offer good compensation and a range of benefits but do require high school education or their equivalents.
Credit Analyst: $54,778 per year
A credit analyst is a professional who works for a company to assess the solvency of present and potential clients as well as to support ongoing credit risk management and modeling. A credit analyst gathers and assesses financial data about loan applicants, including payment histories, trends, and histories, earnings, savings, and spending. The credit analyst then provides advice on whether to approve or deny the loan.
Investment Banker: $62,462 per year
Investment banking describes the advisory-based financial transactions carried out on behalf of people, businesses, and governments by a financial services organization or corporate division. A financial expert who underwrites and issues securities on behalf of clients to help them acquire funds is known as an investment banker.
Accountant and Auditor: $73,000 per year
At large banks, accountants and auditors are in charge of ensuring that the financial health of their organizations. The accuracy and legitimacy of financial statements are checked by auditors and accountants. Accountants and auditors produce and examine financial records, spot possible risk and opportunity hotspots, and assist businesses and individuals with solutions.
Budget Analyst: $78,970 per year
To determine the most efficient way to use project cash, budget analysts examine budget plans. They must review budget requests and proposals, assess the need for spending, and perform cost-benefit evaluations, among other duties. The people who work in budget analysis have the duty of providing ways for more efficiently spending money.
Loan Officer: $66,960 per year
Loan officers are responsible for counseling and assisting clients as they apply for loans or mortgages and negotiating loan installments with them. Their responsibility is to examine the clients’ financial data to determine whether they are eligible for a loan. Loan officers evaluate, approve, and suggest loans for both individuals and businesses.
Equities trader: $200,000 per year
The highest paid positions in big banks are held by equity traders. An equity trader frequently assists in the purchase and sale of a company’s shares in the financial industry.
Portfolio manager: $118,760 yearly
You make investing decisions as a portfolio manager regarding the money of your clients. To make wise selections, you’ll need to regularly monitor the markets, company profitability, and stock prices. In a bank, a portfolio manager earns a significant salary.
Financial Manager: $134,180 yearly
Making sure an organization’s finances are in excellent shape is the responsibility of financial managers. In addition to producing financial reports and managing assets, they also develop plans for the organization’s long-term financial objectives. The creation of financial data and the organization of both short-term and long-term financial strategies fall under the purview of financial managers.
Chief Financial Officer (CFO): $139,501 per year
A chief financial officer (CFO) is a senior executive who oversees a company’s financial operations. The chief financial officer’s (CFO) responsibility is to monitor cash flow, plan for the business’s resources, as well as assess the firm’s financial weaknesses and strengths and offer solutions.
Bank relationship managers: $56,110 yearly
Bank relationship managers frequently consult with customers directly to determine the finest goods and services. These specialists must be knowledgeable about both the bank’s offers and the client’s particular financial status in order to speak for their bank and advise their clients.
Forex Traders: $150,000 yearly
The list of highest-paying positions in large banks unquestionably includes forex traders. Professionals that buy and sell foreign currencies are known as foreign exchange traders. Forex traders are frequently employed by large banks or trading companies.
Investment banking analyst: $80,412 per year
Investment banking analysts are focused on financial sponsors. They frequently work in the utilities, transportation, energy, and telecommunications sectors of the infrastructure sector. They regularly engage in both sell-side and buy-side transactions, as well as a variety of industries and business models.
Fixed income analyst: $76,000
The investments that constitute a portfolio’s fixed-income component are chosen by fixed-income analysts. These experts monitor their development, make investment recommendations, and evaluate the worth of the underlying stocks.
What are the Skills Required for Banking Jobs?
What are the Skills Required for Banking Jobs?
There are specific qualifications needed to be considered for some of the highest-paying positions at big banks.
1. Effective communication
In all the highest-paying positions at large banks, communication abilities are one of the most desired skill sets. Communication is a crucial ability in the workplace, and banking is no exception.
2. Customer-service expertise
Without excellent customer service abilities, one has very little chance of excelling in the banking sector. A combination of interpersonal communication and problem-solving abilities is required for possessing fundamental customer service capabilities.
3. Analytical capacity
Without the analytical skills to identify trends, patterns, and firm conclusions from the masses of data, you won’t advance very far in the banking and finance sector.
Bottom Line — Best Paying Jobs In Major Banks
At the end of this post, we hope your search for the best paying jobs in major banks, has been answered. If not, kindly drop your extra questions for us in the comments box.
Highest paying bank teller jobs:
- According to the Bureau of Labor Statistics (BLS), the median annual salary for a bank teller in the United States is around $32,960 as of May 2020. However, some banks may offer higher salaries based on experience, performance, and location. Some of the highest paying banks for tellers include:
- Chase Bank: According to Glassdoor, Chase Bank pays its tellers an average hourly rate of $16.90, which equates to an annual salary of around $35,100.
- Bank of America: Bank of America pays its tellers an average hourly rate of $16.14, which equates to an annual salary of around $33,550.
- Wells Fargo: According to Payscale, Wells Fargo pays its tellers an average hourly rate of $15.09, which equates to an annual salary of around $31,360
Highest paying banks without degree:
- Some of the highest paying banks that don’t require a degree include:
- JPMorgan Chase & Co.: According to Payscale, JPMorgan Chase & Co. pays its employees an average salary of $86,000 per year, with roles like personal banker and relationship banker earning around $48,000 to $60,000 per year.
- Bank of America: Bank of America offers high-paying positions such as personal banker, financial center manager, and relationship manager that don’t require a degree, with salaries ranging from around $50,000 to $100,000 per year.
- Wells Fargo: Wells Fargo offers positions such as personal banker, branch manager, and financial advisor that don’t require a degree, with salaries ranging from around $40,000 to $100,000 per year.
Highest paying banks:
- Some of the highest paying banks in the world, according to Forbes Global 2000 list, include:
- Industrial and Commercial Bank of China (ICBC): With a market cap of over $290 billion, ICBC is the world’s largest bank in terms of total assets and profits, with revenues of around $177 billion in 2020.
- China Construction Bank: With a market cap of over $204 billion, China Construction Bank is the world’s second-largest bank in terms of total assets, with revenues of around $141 billion in 2020.
- JPMorgan Chase & Co.: With a market cap of over $454 billion, JPMorgan Chase & Co. is one of the largest banks in the world, with revenues of around $118 billion in 2020.
Highest paying jobs at Bank of America:
- Some of the highest paying jobs at Bank of America, according to Glassdoor, include:
- Senior Vice President: With an average salary of around $207,000 per year, Senior Vice Presidents are responsible for overseeing major business units or functions within the bank.
- Managing Director: With an average salary of around $256,000 per year, Managing Directors are responsible for leading and developing the bank’s strategic initiatives.
- Vice President: With an average salary of around $142,000 per year, Vice Presidents are responsible for leading and managing teams within the bank.
- Bank job positions and salaries: There are many different job positions available in the banking industry, each with its own salary range. Some common bank job positions and their average salaries in the United States, according to Glassdoor, include:
- Bank Teller: $31,000 per year
- Personal Banker: $45,000 per year
- Branch Manager: $63,000 per year
- Financial Advisor: $74,000 per year
- Relationship Manager: $88,000 per year
Highest paying banks in the world:
According to Forbes’ 2021 ranking of the World’s Biggest Public Companies, the highest paying banks in the world include:
- JPMorgan Chase & Co. – Headquartered in New York City, JPMorgan Chase & Co. is the largest bank in the United States and the sixth-largest bank in the world. The company offers a wide range of financial services and products to clients globally. In 2020, JPMorgan Chase & Co. reported total assets of $3.4 trillion and net income of $29.1 billion. The company employs over 250,000 people worldwide and is known for offering competitive salaries to its employees.
- Industrial and Commercial Bank of China (ICBC) – Headquartered in Beijing, ICBC is the largest bank in the world in terms of total assets and market capitalization. With over 460,000 employees and more than 16,000 branches worldwide, ICBC offers a wide range of financial services to customers globally. In 2020, ICBC reported total assets of $5.3 trillion and net income of $45.5 billion.
- China Construction Bank – Headquartered in Beijing, China Construction Bank is the second-largest bank in the world in terms of total assets. With over 370,000 employees and more than 14,000 branches worldwide, China Construction Bank offers a wide range of financial services to customers globally. In 2020, the bank reported total assets of $4.2 trillion and net income of $35.4 billion.
- Agricultural Bank of China – Headquartered in Beijing, Agricultural Bank of China is one of the largest banks in the world in terms of total assets. With over 487,000 employees and more than 23,000 branches worldwide, Agricultural Bank of China offers a wide range of financial services to customers globally. In 2020, the bank reported total assets of $4.1 trillion and net income of $27.4 billion.
- Bank of China – Headquartered in Beijing, Bank of China is one of the largest banks in the world in terms of total assets. With over 310,000 employees and more than 11,000 branches worldwide, Bank of China offers a wide range of financial services to customers globally. In 2020, the bank reported total assets of $3.6 trillion and net income of $26.6 billion.
- HSBC Holdings – Headquartered in London, HSBC is one of the largest banks in the world in terms of total assets. With operations in more than 60 countries, HSBC offers a wide range of financial services to customers globally. In 2020, the bank reported total assets of $2.8 trillion and net income of $6.1 billion.
- Mitsubishi UFJ Financial Group – Headquartered in Tokyo, Mitsubishi UFJ Financial Group is one of the largest banks in Japan and one of the largest financial groups in the world. With over 150,000 employees and operations in more than 50 countries, Mitsubishi UFJ Financial Group offers a wide range of financial services to customers globally. In 2020, the bank reported total assets of $3.3 trillion and net income of $5.5 billion.
- Citigroup – Headquartered in New York City, Citigroup is one of the largest banks in the United States and one of the largest financial services firms in the world. With over 200,000 employees and operations in more than 100 countries, Citigroup offers a wide range of financial services to customers globally. In 2020, the bank reported total assets of $2.3 trillion and net income of $11.4 billion.
- Wells Fargo – Headquartered in San Francisco, Wells Fargo is one of the largest banks in the United States and one of the largest financial services firms in the world. With over 250,000 employees and operations in more than 40 countries, Wells Fargo offers a wide range of financial services to customers globally. In 2020, the bank reported total assets of $1.9 trillion and net income of $3.3 billion.
- Bank of America – Headquartered in Charlotte, North Carolina, Bank of America is one of the largest banks in the United States and one of the largest financial services firms in the world. With over 200,000 employees and operations in more than 35 countries, Bank of America offers a wide range of financial services to customers globally. In 2020, the bank reported total assets of $2.8 trillion and net income of $17.9 billion.
It’s worth noting that salaries in the banking industry can vary widely depending on factors such as location, job title, and level of experience. In addition, different banks may have different pay structures and compensation packages.
In general, investment banking and trading roles tend to offer the highest salaries within the banking industry. These roles typically require specialized skills and knowledge, as well as the ability to work long hours under high-pressure conditions.
Some other high-paying roles within the banking industry may include:
- Chief Financial Officer (CFO)
- Chief Risk Officer (CRO)
- Chief Operating Officer (COO)
- Head of Corporate Strategy
- Head of Compliance
- Head of Treasury
It’s also worth noting that salaries in the banking industry may be influenced by various external factors, such as economic conditions and regulatory changes. As such, it’s important for job seekers to stay up-to-date on industry trends and developments in order to make informed decisions about their careers.
Overall, the banking industry can offer competitive salaries and opportunities for career advancement, but it also requires hard work, dedication, and a willingness to continuously learn and adapt to changing market conditions.
When it comes to bank job positions and salaries, here are some examples of common roles in the banking industry and their average salaries in the United States (according to Glassdoor):
- Bank Teller: $30,000 – $38,000 per year
- Personal Banker: $39,000 – $55,000 per year
- Financial Analyst: $62,000 – $95,000 per year
- Loan Officer: $40,000 – $82,000 per year
- Branch Manager: $49,000 – $91,000 per year
- Investment Banker: $92,000 – $168,000 per year
- Trader: $88,000 – $140,000 per year
- Risk Manager: $92,000 – $150,000 per year
- Compliance Manager: $92,000 – $140,000 per year
- Chief Financial Officer (CFO): $144,000 – $371,000 per year
It’s important to keep in mind that these salaries are just averages and can vary based on a variety of factors, including the size of the bank, the location of the job, and the experience and qualifications of the individual.
In addition, many banks offer benefits packages that can include health insurance, retirement savings plans, and other perks that can add value to an employee’s overall compensation package.
Overall, the banking industry offers a range of job opportunities at various levels of experience and education, with the potential for competitive salaries and opportunities for career advancement.
We wish you the best of success in your chosen field. Cheers!