9 Highest Paying Banking Jobs and Salaries

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A career in banking can be challenging, interesting and, in many cases, lucrative. There are many different jobs in retail and commercial banking. Here are some of the best paying ones.

9 Best High Paying Banking Jobs

Take a look at some of these high paying banking jobs and their salaries to help you decide if this is the right career path you want to follow.

1. Finance Manager

  • Average annual salary: $134,180

A CFO prepares forecasts, business activity reports, and financial statements for banks, nonprofits, or corporations. They may supervise financial analysts and budget analysts. They ensure that all legal requirements are met by monitoring financial details. They can analyze market trends to find opportunities and maximize profits.

To become a CFO, you must have a bachelor’s degree, preferably in business, finance, or economics, and have at least five years of experience as a financial analyst, accountant, or stockbroker.

According to the Bureau of Labor Statistics, the demand for financial managers is increasing. It is expected to grow by 17% between 2020 and 2030, which is much faster than average demand.

2. Investment banker

  • Average annual salary: $134,180

Investment bankers work for large banks that facilitate financing for large companies or organizations. When a company “goes public” by issuing shares for the first time in an initial public offering or IPO, an investment bank sets the price and manages the process. Investment bankers negotiate and execute these transactions.

The Bureau of Labor Statistics lumps investment bankers with other financial managers at an average of $134,180 with five years of experience. But an investment banker can earn up to $100,000 right out of college, according to the Corporate Finance Institute.

Investment banking is a very performance-oriented role, so many companies pay relatively low salaries as well as large performance bonuses. This leads to a culture of long hours and high stress.

To become an investment banker, you must have a bachelor’s degree in finance or economics. Many investment bankers also have an MBA. You will need to be registered with the Financial Industry Regulatory Authority by passing the required exams.

3. Financial Analyst

  • Average annual salary: $83,660

Financial analysts study and evaluate current and past financial data to recommend individual investments and investment portfolios. They can review financial statements to determine the value of a company, whether the company is planning to go public, for example, or if it is an acquisition target.

A financial analyst will usually have at least a bachelor’s degree, usually in business. Many financial analysts have a master’s degree. You can become a Chartered Financial Analyst – a certification issued by the CFA Institute – by passing several exams and having the required years of experience.

The demand for financial analysts is expected to grow 6% between 2020 and 2030, according to the Bureau of Labor Statistics. This is about the average for all professions.

4. Financial Examiner

  • Average annual salary: $81,430

A financial examiner monitors the financial condition of a bank or other financial institution by reviewing financial documents such as balance sheets, income statements, and loan documents. They may also write reports on the financial strength of an institution. A financial examiner may specialize in risk assessment (the financial health of the institution) or consumer compliance (ensuring fair treatment of borrowers).

To become a financial examiner, you must have at least a bachelor’s degree, preferably in accounting or another business discipline. Financial examiners are usually trained on the job by experienced examiners. You can become a Certified Financial Examiner by completing education requirements and passing exams.

The demand for financial examiners is growing at a much faster rate than average. The Bureau of Labor Statistics predicts an 18% increase in the number of financial examiners from 2020 to 2030.

5. Credit Analyst

  • Average annual salary: $74,970

A credit analyst reviews the financial information of businesses and individuals to determine the risk involved in lending money. The credit analyst will also prepare reports of credit information for use in decision making.

To become a credit analyst, you must have a bachelor’s degree, preferably in a business discipline such as accounting, finance, or economics. The demand for credit analysts is decreasing as more and more of their functions become automated. The position is expected to decrease by 6% from 2020 to 2030, according to the Bureau of Labor Statistics.

6. Auditor

  • Average annual salary: $73,560

Auditors review financial statements to ensure that they are accurate and comply with applicable laws. They inspect books and systems to ensure accounting principles are being followed and look for signs of fraud. They evaluate financial operations, identify risks and challenges, and make recommendations to reduce costs and improve profits. Auditors may inspect the bank’s own records as well as the records of current and potential bank customers.

To become an auditor, you must have at least a bachelor’s degree in accounting, finance, or another business discipline. Many auditors are certified public accountants, a certification that requires work experience and passing a four-part exam. An auditor can also become a certified internal auditor with the appropriate work experience and passing the exam. There are also other certifications and designations available to auditors, such as Certified Information Systems Auditor or Certified Management Accountant.

The demand for auditors is expected to increase by 7% from 2020 to 2030. This is about the same as the average increase for all occupations.

7. Securities and Commodities Sales Agent

  • Average annual salary: $64,770

Those who buy and sell securities, such as stocks, bonds, and mutual funds, are often referred to as “stockbrokers.” They can also trade commodities, such as gold, corn, or pork belly.

Commodity traders specialize only in commodities.

These finance professionals contact potential clients to present information and explain the services available. They offer advice and facilitate the purchase or sale of securities and commodities. To inform their recommendations, they will monitor financial markets and the performance of individual securities and analyze company finances.

To become a securities or commodities sales agent, you must have a bachelor’s degree in business, finance, or economics. You must be registered with FINRA, which requires you to pass state and national securities exams. You must take continuing education courses and be affiliated with a broker/dealer to maintain your license.

These sales positions are often based at least in part on commissions, so compensation can vary widely. The Bureau of Labor Statistics predicts a 4% increase in securities and commodities sales agents between 2020 and 2030, which is below the average occupation.

8. Loan Officer

  • Average annual salary: $63,960

Loan officers evaluate loan applications and recommend approval of loans, including mortgages. They use financial information to determine whether a potential borrower is likely to be able to repay the loan as agreed, often using underwriting software to inform the

To become a loan officer, you must have a bachelor’s degree, preferably in a business discipline like accounting or finance. You should have some work experience in banking and will likely receive on-the-job training.

With loan transactions increasingly conducted online, the demand for loan officers is stagnating, with only a 1% increase projected from 2020 to 2030. This is below the average for all occupations.

9. Cashier

  • Average annual salary $32,620

Tellers process routing banking transactions for customers, such as deposits and withdrawals, funds transfers, and processing money orders or cashier’s checks. Although not a high-paying job, being a teller is often an entry-level position in a bank, and experience in this position could lead to other banking jobs, such as branch manager or agent. credit.

To be a cashier, you must have at least a high school diploma. You will receive on-the-job training, and a background check may be required.

As more and more banking transactions are conducted online, the need for tellers is diminishing. The Bureau of Labor Statistics predicts a 17% decline in the number of cashiers between 2020 and 2030.

Michael Keenan contributed reporting for this article.

Data is accurate as of February 9, 2022 and subject to change.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every stat, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

About the Author

Karen Doyle is a personal finance writer with over 20 years of experience writing about investing, money management, and financial planning. His work has appeared on numerous news and finance websites, including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more.

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