our everyday life

The Salaries of Banking Jobs

by Dana Severson

The banking industry is a large one that covers dozens of different jobs, from CEOs to branch security guards. Like any industry, some jobs are much more common than others. Salaries can vary greatly from one position to the next.

Tellers

Of all banking professionals, the public probably has the most contact with tellers. They handle deposits, withdrawals and other transactions for customers. The average salary for tellers was $25,510 a year as of May 2011, according to the Bureau of Labor Statistics. Annual salaries ranged from $19,350 or less for the lowest 10 percent of earners to $33,900 or more for the highest paid 10 percent.

Credit Analysts

Any time a bank needs to determine the risk involved with lending money or extending credit, it relies on the credit analyst. A survey conducted by Robert Half Finance & Accounting, a specialized financial recruiter, found that credit analysts can expect to earn $43,500 to $57,250 a year with fewer than three years of experience, as of 2013. Those with three to five years of experience averaged $55,500 to $71,750, while those with more than five years averaged $67,500 to $88,000 annually.

Loan Officers

Loan officers evaluate, authorize or recommend whether to approve various bank loans. They often work in concert with credit analysts. Some loan officers are paid on commission, while others earn a base salary. In 2011, the average loan officer earned almost $68,000 a year, reports the Bureau of Labor Statistics.

Commercial Lenders

Business owners in need of a loan typically talk to a commercial lender. As of 2013, a commercial lender averaged $51,250 to $82,000 a year with less than three years of experience, according to Robert Half Finance & Accounting. The average pay was $66,750 to $105,500 with three to five years, and $87,000 to $124,000 with five or more years of experience.

Private Bankers

Handling wealthier and higher profile customers is often left to the private banker. Sometimes known as a wealth manager, this banking professional averaged $48,500 to $65,500 a year with less than three years of experience as of 2013, according to the Robert Half survey. Those with three to five years of experience averaged $59,500 to $80,250 a year, while those with five or more years of experience averaged $77,250 to $109,750.

Bank Manager

The bank manager, also called the operations manager, is in charge of the day-to-day activities at a bank. He’s in charge of staffing the bank, overseeing policies and ensuring that all transactions are handled accordingly. In 2011, a bank manager earned an average of $110,630 a year, according to the Bureau of Labor Statistics.

Financial Managers

Portfolio managers help bank clients plan and manage various investments and financial products. These banking professionals averaged $103,250 to $146,750 as of 2013, according to the Robert Half survey. Riskier investments are often left to fund managers, or hedge fund managers. These professionals averaged $114,750 to $166,000 a year as of 2013, according to the Robert Half survey.

About the Author

Based in Minneapolis, Minn., Dana Severson has been writing marketing materials for small-to-mid-sized businesses since 2005. Prior to this, Severson worked as a manager of business development for a marketing company, developing targeted marketing campaigns for Big G, Betty Crocker and Pillsbury, among others.

Photo Credits

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