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Salary Information for Bankers

Career News November 13, 2013

Starting a career as a junior banker in retail will net you a comfortable mid-range income of $28,000 to $40,000 a year. How large the bank is, or where it is located, makes very little difference, as the top banks offer a beginning salary of only a few thousand dollars more than a small regional or supermarket bank. For those with mortgage loan expertise, the beginning salary is somewhat higher; from $32,000 to $43,500 a year.

What Qualifies a Bank Manager?

A few years experience and a bachelor’s degree in finance or a related field, however, can make a tremendous difference. Bank managers have a great deal of responsibility, including making hiring decisions, supervising employees, preparing financial statements, facilitating compliance requirements, planning, expansion and acquisitions. Along with these responsibilities comes a much higher expectancy in salary. The median range for bank managers is $132,220 a year. The top ten percent earn $187,000 a year, while the lowest paid bank managers take home $58,120.

Becoming a bank manager requires a great deal of expertise. A growing number of banks require their managers to undertake financial industry certification, such as becoming a Chartered Financial Assistant (CFA). Nearly all bank managers must earn five or more years of banking experience. Bank manager jobs are one of the slowest growing careers, with an expected increase in employment demand, not exceeding more than nine percent by the year 2020.

Mortgage loan officers are generally paid on a commission basis. In this competitive field, it can be a long time between commissions, sometimes requiring draws against their commission basis, to offset periods between payment. Officers who routinely require draws may eventually be dismissed. For this reason, there is a high turn-over rate of mortgage loan officers. For an industrious loan officer who sets a portion aside of the commission for difficult times, the job can become lucrative for the average loan officer who works diligently, expecting to earn an average of $42,000 a year.

Along with having the greatest amount of responsibilities, investment bankers also can expect to have some of the biggest paychecks. Starting salaries for a junior investment banker average around $100,000 to $150,000, after bonuses. Most major banks offer a beginning salary of $75,000, plus a $15,000 -$20,000 bonus upon signing with the bank. High performance junior investment bankers can receive up to $40,000 in bonuses.

Degrees worth Earning

Investment bankers with a Masters in Business Administration can expect to take an associate’s position with salaries ranging from $120,000 to $220,000 a year. Although some firms pay less at the entry level position, the quality of experience can make it worth accepting for your future portfolio. A third year analyst can earn as high as $350,000 a year and a third year financial associate, $500,000 a year.

Although investment bankers earn top salaries, their hours are long and difficult. Retail bankers generally work a forty-hour week, although an investment banker may work 90-110 hours a week in the first year, with very little time left for vacations.

The top paying banking positions in investment banking is the vice president, director, managing director/partner and department head. Vice Presidents earn between $250,000 to one million dollars and require three to six years of experience. Directors earn between $400,000 to $1.5 million and require 5-10 years of experience.

Managing directors can earn anywhere between $500,000 to $20 million and require 7 -10 years of experience. You need an excess of ten years experience to make Department Head, but the pay scale is between $800,000 to $70 million. This is a career worth targeting for the business-minded professional with determination.

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  • 100% online format, with no fixed class times, means you can earn your degree at your pace, on your schedule, while still working full-time.
  • Monthly term starts and accelerated 8-week courses so that your ideal course schedule can fit around your other commitments.
  • The B.S. in Business Management program draws from the areas management, marketing, operations, and finance.
  • Through various case studies and discussions with your classmates and faculty, you will be able to apply the theories and best practices you are learning to real-world business situations.
  • 84% of our faculty members hold terminal degrees. In addition to their academic training, instructors have years of experience working in their field
  • Every instructor has been specially trained in the technology and teaching methods that work best in CSU-Global’s 100% online learning environment.
  • Online Courses
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Named a Best for Vets school by the Military Times in 2014.
  • Has specialized in student-centered technology, business, criminal justice, health science, and culinary education for over 45 years.
  • Makes it possible for students to earn a bachelor’s degree in 2.5 years or an associate’s in 1.5 years by providing a year-round schedule.
  • Offers externships and clinical experience that help students prepare for life after they graduate.
  • Has 10 campuses across the mid-Atlantic, plus online degree programs.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Average class size is 25, allowing for more one-on-one time with instructors.
  • Has a 97% employment rate among available graduates.
  • All  graduates receive Lifetime Employment  Assistance—free and forever.
  • Michigan's largest independent college.
  • Most instructors are working professionals in the fields they teach.
  • Programs are continuously updated to ensure classes are career-relevant and in sync with what's needed in the industry
Show more [+]
  • Accredited
  • Online Courses
  • Accelerated Programs
  • Financial Aid
4 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
  • Online Courses
  • Financial Aid
  • Transferable Credits

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