The Best Paying Jobs in Major Banks
Want to work at one of the major banks? Read our take on some of the best paying jobs in major banks!
Banking provides a number of interesting jobs for anyone looking to work in finance, but which ones come with the best pay? We know it’s not just the experience that you’re after. You’re also looking for a company that can offer you a competitive salary and good career growth possibilities.
Keeping in mind that salaries will always differ depending on your qualifications, the kind of bank you’re in, and which city you’re working from, we’ve compiled a list of some of the best paying jobs in major banks. And trust us, you’ll be surprised at what the average salaries can be.
1. Financial Manager: $131,710
The term “Financial Manager” is often used as an umbrella covering positions such as Financial Officer, Risk Manager, or Treasurer. These may sound like dull job titles but as one of the best paying jobs in major banks, it's certainly worth a second look.
Usually requiring a Bachelor’s degree and at least 5 years of experience in finance as an accountant or analyst, Financial Managers earn an average annual salary of $131,710 (as of May 2021). The job involves preparing things like financial forecasts, statements, and business activity reports. They’re also responsible for managing and developing financial plans for the bank and its clients to ensure the organization remains profitable.
As you might have guessed by the high salary, this is a fairly senior role with Financial Managers often running their own team of financial analysts. Besides analyzing financial trends, they’re also responsible for checking that financial decisions being made by a bank are cost-effective, tax compliant, and legally sound. This means they typically have to liaise with senior managers, regulators, and lawyers.
2. Financial Analyst: $89,422
As mentioned, a Financial Analyst often works under the supervision of a Financial Manager but even this less senior position is estimated by Glassdoor to have an average annual salary of $89,422 (November 2022). Like the job title suggests, the responsibility of a Financial Analyst is to analyze financial data and make forecasts off of this to predict trends. They’re also expected to determine ways in which a bank can gain more profits down the line.
This is why having an analytical mind and being able to put together clear, actionable plans is essential. Financial Analysts also need to be competent at conducting research, writing reports, and presenting their findings to clients and senior managers. Some larger banks in the world offer bonuses on top of the average salary which can range in value from $5,000 to $50,000 per year.
At its most basic level, it’s a research-and-recommend job for the financial directions of major banks. While it does require a Bachelor's degree. unlike other positions on this list, it’s one that you can get started in with relatively little experience. As long as you’re research-oriented and have a head for numbers, you can get your foot in the door.
3. Credit Analyst: $88,030
When people apply for a big business loan at a bank, a Credit Analyst is the person they need to get past. Credit analysts are tasked with assessing a bank’s credit applicants and their creditworthiness. They use several criteria to do this, including checking the client’s payment history, credit viability, and the overall risk factors of the loan. They have to determine whether a loan applicant is likely to be able to pay it back and based on this, present a report that recommends either approval or denial of the loan. While that may sound like a lot of pressure, the Credit Analyst isn’t working alone. They have a team of loan officers and risk analysts that they can consult with when conducting their assessments.
As one of the best paying jobs in major banks and one with a significant amount of responsibility attached, the position offers an average annual salary of $88,030 (May 2021). In terms of qualifications, the job requires a Bachelor’s degree, at least some background in risk assessment, and often further education regarding credit assessments, but many banks will offer this training for applicants upon hiring. The position is expected to grow by 2% from 2020 to 2030 and usually involves working in an office, although some banks are offering more remote positions in recent years.
4. Wealth Manager: $84,315
Wealth Managers deal directly with high-net banking clients in a job that earns them an average annual salary of $84,315 (October 2022). While less wealthy clients can also seek out their services at a bank, usually wealth managers are essentially helping very rich people manage their riches. These clients often have assets and incomes in the millions, with some of them being worth billions.
They support these clients by guiding their investments, making them happen, and generally helping to plan their finances with the intention of growing their wealth further. This can include estate and retirement planning, as well as tax advice. As one of the best paying jobs in major banks, it’s no surprise that beyond a Bachelor’s degree, this position also requires at least two years of experience. But with the right education, it’s a fairly straightforward path from an internship to this senior role.
5. Investment Banker: $80,443
Thanks to various pop culture references, investment banking is often assumed to be the flashy suit-wearing, Wall Street king of banking jobs. The reality is that while it is still one of the best paying jobs in major banks with an average annual salary of $80,443 (October 2022), it’s likely lower on this list than you’d expect.
At a minimum, investment banking jobs require a Bachelor’s degree but the amount of experience varies depending on the exact position. There are two main threads to the job: account managers and operations specialists. Account management is a client-forward banking job that mostly involves working with corporations to help grow their investment portfolios and gain capital.
While operations specialists are also dealing with big business clients, their position is more focused on putting together IPOs for clients wanting to go public, stock buyback, and other investment banking services.
Get That Bread
All jokes aside, there’s no denying that working in a major bank offers a number of lucrative and challenging job opportunities. All of them however require a Bachelor’s in accounting or finance and generally ask for applicants to have a bit of experience under their belt. Now that you know what you need, and what the best paying jobs in major banks are, which ones will you be applying for?