The best-paying jobs in major banks include managing director, vice president, director of sales, and data analyst. These roles are the highest paid because of their level of responsibility and expertise in the industry. They are highly relevant to the banking job market.
Besides these high-paying positions, there are many other jobs in major banks that offer attractive compensation packages. This is why many job seekers want to work in the major banks sector. According to the Bureau of Labor Statistics, employment in the banking sector will grow by 17% from 2021 to 2031.
What Do Major Banks Jobs Pay?
The average annual salary in US major banks is $49,984. However, there are many other careers with varying pay available in the banking industry. For example, an experienced accountant working in a major bank earns up to $77,250 annually. On the other hand, an entry-level bank teller earns approximately $33,754 per year.
15 Highest Paying Major Banks Jobs with Good Salaries
The banking industry has different career opportunities for individuals interested in finance, economics, accounting, and other related fields. Many major banks offer high-paying jobs with competitive salaries, bonuses, and benefits packages.
1. Managing Director
Average Annual Salary: $604,940
Managing directors manage risk, compliance, customer service, financial reporting and analysis, budget planning, and business development. They manage the daily operations of their groups and report directly to the leaders and other stakeholders. They earn the highest salary because they dedicate their lives to closing deals and bringing clients, meeting company’s goals, and developing relationships.
To be a managing director, you must have problem-solving, analytical, strategic thinking, financial astuteness, marketing proficiency, and operation management skills.
Employers require a bachelor’s degree in finance, accounting, or business management. Others may call for a master’s degree in any related field.
The job outlook is positive and will grow by 17% from 2021 to 2031. The US Bureau of Labor Statistics predicts about 71,300 job openings for this role every year.
2. Vice President
Average Annual Salary: $274,292
Vice presidents are responsible for managing and overseeing every bank operation which includes risk management, compliance, lending, and customer service. They ensure that banks operate efficiently and effectively while maintaining compliance with regulatory requirements which earns them a high salary.
To be vice president in a major bank, you need leadership and excellent communication skills, and the ability to think strategically. Additionally, you must have a deep understanding of financial markets and regulatory requirements.
Employers require a bachelor’s degree in finance or any related field. The job outlook is positive with a 15% growth from 2019 to 2029. This role will produce 1000 jobs every year for the next 10 years.
3. Director of Sales
Average Annual Salary: $232,166
The director of sales leads the sales team to reach the financial goals of their banks. They set sales targets, make plans to increase revenue, and manage relationships with clients. The job is important because they are instrumental to a bank’s success. Financial institutions depend on them to generate profit.
Directors of sales possesses analytical, strategic thinking, business development, customer service, time management, and computer skills.
To become a director of sales, you need a bachelor’s degree in business, marketing, or a related field. Some employers require 5-7 years of experience in sales or related fields.
The job outlook for this role is positive with a growth rate of 4% from 2019 to 2029. According to BLS, this job will produce 17,500 openings every year.
4. Data Analyst
Average Annual Salary: $192,000
Data analysts collect, clean, and interpret large datasets to uncover hidden patterns, correlations, market trends, and other insights that can help banks.
A data analyst earn high because they help financial institutions understand the current state of their operations and identify growth opportunities.
To get the data analyst role, you must possess analytical, communication, problem-solving, and programming skills.
You must have a minimum of a bachelor’s degree in computer science, statistics, and mathematics to get this role. Some employers may require certifications like Certified Analytics Professional (CAP) and other certifications.
According to the Bureau of Labor Statistics, this role has a growth outlook of 19% from 2020 to 2030. Google Sites predicts that this job will produce 10,000 to 20,000 in the US in the next 10 years.
5. Portfolio Manager
Average Annual Salary: $153,440
Portfolio managers manage a group of investments that meet a client’s long-term financial goal and risk tolerance. They use Modern Portfolio Theory (MPT) to assist customers to modify the portfolio’s risk/return profile.
The job is important in the banking job market because they manage asset trading on behalf of investors, prepare reports, and communicates with clients.
A portfolio manager must possess analytical, connectedness, leadership skills, attention to detail, and knowledge of financial markets.
Employers require a bachelor’s degree in finance or a related field for this role. The growth outlook is positive with a rate of 6% from 2020-2030. According to BLS, this job will produce 71,300 per year on average over 10 years.
6. Stock Broker
Average Annual Salary: $149,666
Stock brokers are financial professionals who buy and sell stocks to clients. They serve as middlemen between the bank market and investors. Additionally, they take orders from customers and fill them at the best price possible.
Stock brokers are important because they help investors make informed decisions about buying or selling stocks.
Educational requirements for a stock broker vary by country. However, many employers require a bachelor’s degree in finance or business administration.
According to the U.S. Bureau of Labor Statistics, stock brokers have a growth outlook of 4% from 2019 to 2029. It will produce 46,600 openings each year for 10 years.
7. Investment Banker
Average Annual Salary: $133,538
Investment bankers help banks and governments raise money by writing out and selling securities. They provide advice on mergers and acquisitions and other financial operations which earns them a high salary.
To become an investment banker, you must have excellent quantitative skills and be able to perform complex financial modeling.
The minimum educational requirement for investment bankers is a bachelor’s degree in finance or accounting. However, some employers require a master’s degree in finance for advanced positions.
According to BLS, the job outlook is positive with a growth rate of 15% from 2019 to 2029. It will produce 115,365 in the next few years.
8. Financial Manager
Average Annual Salary: $131,710
Financial managers handle the financial health of a bank. They create financial reports, direct investment activities, develop plans for long-term goals, and advise management on financial choices. They save banks from making financial mistakes that will cause loss and this is why they earn high.
A financial manager must have analytical, problem-solving, communication, leadership, and mathematical skills.
The minimum requirement for this role is a bachelor’s degree in finance, accounting, and economics. Some employers may require a master’s degree in business administration (MBA) or finance.
The job outlook is positive with a growth rate of 17% from 2021 to 2031. It will produce 730,800 within this timeframe.
9. Sales Representative
Average Annual Salary: $122,286
Sales representatives reach out to clients and offer financial advice, services, or products like credit cards, and insurance. They monitor all aspects of their client’s accounts and provide them with banking services.
Sales representatives help customers and banks to manage their finances and achieve their financial goals. This is the reason they earn a high salary.
To be a sales representative, you must have knowledge of Automated Clearing House (ACH), marketing, customer service, and sales skills. Employers require a bachelor’s degree in finance, accounting, economics, marketing, or a related field.
This role has a positive job outlook with a growth of 4% from 2020 to 2030. It will produce more jobs in the next few years.
10. Options Trader
Average Annual Salary: $110,139
Options traders buy and sell options contracts on behalf of clients or their banks. They analyze market trends and use their knowledge of financial markets to make the right trading decisions.
An options trader helps investors manage risk, hedge against potential losses, and maximize returns, earning them high salaries. Skills for this role include charting and analytical abilities. They must be able to read trends and analyze data quickly to make decisions.
Employers require a degree in fundamental economics, financial markets, and technical analysis. The options trader’s role has a positive job outlook with a 5% growth rate from 2029 to 2039. There are over 1,000 job openings for this role in the United States.
11. Financial Analyst
Average Annual Salary: $95,570
Financial analysts analyze financial data and use their findings to help companies or individuals make informed business investment decisions. They create financial systems and report on financial performance regularly.
Financial analysts help businesses manage risk, identify growth opportunities, and make informed investment decisions. This is why they earn a high salary.
To be a financial analyst, you need analytical, accounting, and financial modeling skills, reading SEC filings, and knowledge of financial markets.
You need a bachelor’s degree in finance, accounting, economics, or a related field for this role. The job outlook is positive with a growth rate of 9% from 2021 through 2031. Financial analysts’ role will produce 373,800 every year for the next decades.
12. Credit Analyst
Average Annual Salary: $88,030
Credit analysts are responsible for evaluating the creditworthiness of people or businesses applying for loans. They analyze credit reports and bank statements, to determine the borrower’s ability to repay the loan. Credit analysts help banks that lend money to manage risk and make informed lending decisions.
To be a credit analyst, you must acquire for this role are strong analytical and communication skills, attention to detail, and knowledge of financial markets.
The educational requirement for a credit analyst is a bachelor’s degree in finance, accounting, economics, or a related field.
The Bureau of Labor Statistics projects that the credit analysts’ job outlook is positive with a growth rate of 5% from 2029 to 2039. This job will produce 65,761 jobs in a few years.
Average Annual Salary: $77,250
Auditors review and evaluate a bank’s financial records to ensure compliance with regulations and identify any potential risks or fraud. They maintain the integrity of the banking system and that is why they earn high.
To be an auditor, you should have excellent math, bookkeeping, accounting, and strong analytical and communication skills.
Employers require a degree in accounting or a related field. Certification like Certified Public Accountant (CPA) is also necessary.
The job growth outlook for auditors is positive with a rate of 6% from 2021 through 2031. It will produce 14,498 job openings yearly for the next 10 years
14. Securities and Commodities Sales Agent
Average Annual Salary: $62,910
Securities and commodities sales agents connect buyers and sellers in bank job markets. They buy and sell commodities in investment and trading firms and provide financial services to businesses and individuals.
They advise clients on the best investments to make based on their financial goals and risk tolerance, which is why they earn high.
A security and commodity sales agents must have strong communication, analytical, customer service, and sales skills, and knowledge of financial markets. Employers require a bachelor’s degree in business, finance, accounting, or economics for this job.
The Bureau of Labor Statistics predicts that the employment of securities and commodities sales agents will grow by 10% from 2021 to 2031. It will also produce 466,900 jobs in the coming years.
15. Branch Manager
Average Annual Salary: $59,453
Branch managers oversee and coordinate the operations of the bank market at the branch levels. They manage activities that include customer service, sales, and employee management. Branch managers earn high because of their level of responsibility and role to ensure that all branches operate efficiently and profitably.
A branch manager must possess good organizational, leadership, financial, problem-solving, and team-management skills. Employers require a degree in human resources, finance, and business administration.
CareerExplorer predicts a growth rate of 18.7% from 2016 to 2026. The Bureau of Labor Statistics projects about 71,300 openings for branch managers per year in the next 10 years.
Highest Paying Entry-Level Major Banks Jobs with Good Salaries
Major banks offer a range of entry-level opportunities that provide a solid foundation for your career. These entry-level jobs also offer competitive salaries.
Here are the 5 highest-paying entry-level jobs in the major banks market.
1. Associate Relationship Manager
Average Annual Salary: $70,000
Associate relationship managers identify new business opportunities, provide financial advice, and ensure that clients’ needs are met. They also maintain relationships between employees, partners, and clients.
Skills for this role include relationship building, client relationship management, strong work ethic, customer service, and communication abilities.
An associate relationship manager need a bachelor’s degree in finance or a related field. Some employers require certifications like Financial Planning certification.
The Bureau of Labor Statistics forecasts that the employment of relationship managers will grow by 15% from 2029 to 2030. This role will produce many jobs in the next few years.
2. Fraud Investigator
Average Annual Salary: $66,054
Fraud investigators investigate and prevent fraudulent activities such as money laundering, identity theft, and embezzlement. They ensure banks operate ethically and legally while protecting their customers’ assets
A fraud investigator must know banking rules, and analytical, investigative, problem-solving, and communication skills.
Employers require a bachelor’s degree in criminal justice and any related field. Some want certification in fraud examination.
The BLS predicts this role will grow by 18% between 2020 and 2030. This job will also produce about 6,800 openings each year, on average, over ten years.
3. Mortgage Loan Processor
Average Annual Salary: $41,241
Mortgage loan processors process and verify mortgage loan applications. They review financial documents, conduct credit checks, and ensure that all necessary documentation is complete.
A mortgage loan processor must possess knowledge of banking computer software, customer service, communication, math skills, time management skills, and organizational skills.
Employers require a bachelor’s degree in business, accounting, or finance. This job has a positive outlook with a growth rate of 3% from 2020 to 2030. This will produce more jobs in the next 10 years.
4. Customer Service Representative
Average Annual Salary: $34,000
Customer service representatives answer questions and provide basic banking services to customers. They build and maintain positive relationships with customers and ensure their needs are met.
A customer service representative must possess mathematics, problem-solving, conflict resolution, and written and spoken communication skills.
Employers require a high school diploma or equivalent. The job outlook is positive with a 4% increase from 2021 to 2031. According to the Bureau of Labor Statistics, this role will produce about 389,400 openings every year.
Average Annual Salary: $31,000
Tellers complete account transactions, provide account services to customers, and process deposits, withdrawals, and loan payments. They also cash checks, issue cashier’s checks, and money orders, and ensure compliance with the Bank Secrecy Act.
A teller requires interpersonal, attention to detail, math, problem-solving, customer service, and time management skills.
Many employers require a high school diploma for this role. The US Bureau of Labor Statistics forecasts that this role will decline by 9% from 2029 to 2030. According to Data USA, this job will produce lesser job openings in the next few years.
How to Apply for a High Paying Job in Major Banks?
There are many jobs available in major banks and applying for a high-paying job in the industry can be super competitive. With the right scheme, you can increase your chances of landing the job.
6 actionable steps that can secure you a high-paying job in major banks
1. Get the required education
Pursue a degree in finance, economics, accounting, or a related field. A master’s degree, such as an MBA is also relevant for high-level positions. Many employers in the major banks market require a strong academic record. With that, try to achieve high grades throughout your education.
2. Acquire key skills and experience
Develop skills that are relevant in the banking sector. They include analytical, problem-solving, and communication skills. Additionally, most high-paying jobs in the banking sector require some level of experience. You can develop these skills and experiences by taking relevant courses and going for internships. It will help you advance in your career.
3. Get relevant certifications
You can demonstrate your knowledge and expertise in specific areas through training and certification. Pursue certifications such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Certified Bank Auditor (CBA). They will enhance your credentials.
4. Demonstrate your understanding of regulatory compliance
Banks value employees who understand and comply with regulations because banking is a highly regulated sector. Highlighting your knowledge of regulations and experience working within compliance frameworks will help you secure a high-paying job faster.
5. Showcase your track record of success
Every employer wants workers who can deliver results. Highlight your previous achievements, like meeting sales targets, increasing revenue, or reducing costs. Be ready to explain how you achieved these results and what you learned from the experience. It will help you get a high-paying job in a major bank.
6. Apply for high paying job in major banks
You can get high paying opportunities by visiting corporate websites and job listing websites relevant to the major banks sector. Enter the job position you are looking for in the search box and filter it to fit your desire. Make sure your cover letter and CV/resume are ready before you move over to apply.
Where to Find the Best Paying Jobs in Major Banks?
The best-paying jobs in the major banks can be found on job boards such as Naukri, Bank Careers, and Global Banking and Finance.
Naukri.com is a website that posts jobs from the major banks sector. It provides lists of job openings in the banking sector. Job seekers can create a profile, upload their resume/CV, and apply for jobs through the website.
2. Bank Careers HQ
Bank Careers HQ is a website for career resources and job listings in the major banks industry. The site offers career evaluation, resume creation, interview tips, and vacant job positions in the banking sector. Bank Careers HQ is operated by the American Bankers Association (ABA) to help job seekers in the United States.
BankingCareers.ie is a job board for banking professionals. It features job listings from many companies especially the major banks sector and other financial institutions. Job seekers can find jobs on this platform by creating an account and entering their roles in the search space.
BankingJobVacancies.com is a UK-based job board that lists major banks job vacancies. They post job listings for banks and other financial institutions. You can search for jobs by location, category, and experience level.
GlobalBankingAndFinance.com is a website that provides information on banking and finance-related matters globally. The website also shares job listings from different banks and financial institutions. This platform can help you find high-paying and entry-level positions.
What are the Top-Level Skills to Get a High Paying Job in Major Banks?
Major banks value people who have top-level skills. Technical expertise, knowledge of the sector, and soft skills are necessary to land a high-paying position in major banks.
5 top-level skills you must possess to get a high-paying job in major banks
1. Compliance and regulatory knowledge
Banks are heavily regulated. It is why they need professionals who understand the rules and regulations governing the banking industry. This skill ensures that banks operate in compliance with their laws and regulations. You can take courses in banking law and regulation to develop this skill.
2. Financial analysis skills
Many major banks value employees who understand financial analysis. It is one of the most essential skills in the banking sector. You can take a course in financial analysis and get practical experiences through internships in finance or related field. It will help you learn this skill.
3. Technology skills
Technology is changing the banking industry and individuals with tech skills are in high demand. To get a high-paying job in this sector, you must develop practical tech abilities. You can pursue a degree in information technology, data analysis, or any technical course. It will help your gain this skill.
4. Sales skills
Banks need experts who can sell their products and services effectively. Every banking sector wants people with this skill. To develop sales abilities, you can take courses in sales and marketing. This skill will help you gain your desired high-paying job faster.
5. Problem-solving and critical thinking skills
Individuals who can think smartly and solve problems are in high demand in the banking sector. You need this skill to land a high-paying job. To develop this skill, you can go for courses that teach it.
Top 10 Companies with the Highest-Paying Jobs in Major Banks
There are many major banks companies that you can start and launch your career. They offer high paying jobs and many employees there have a high satisfaction.
Below are the top 10 major banks companies with the highest-paying jobs.
- Bank of China Ltd
- JP Morgan Chase Bank National Association
- Industrial and Commercial Bank of China Limited
- Agricultural Bank of China Limited
- Mitsubishi UFJ Financial Group Inc.
- HSBC Holdings Plc.
- China Construction Bank Corporation
- BNP Paribas SA
- Credit Agricole Group
- Wells Fargo & Co.
|Company Name||Size||Highest paying job title||Annual Salary|
|BNP Paribas SA||189,765||Managing Director||$604,940|
|Mitsubishi UFJ Financial Group Inc.||28,843||Managing Director||$498,324|
|Wells Fargo & Co.||238,000||Managing Director||$497,433|
|JP Morgan Chase Bank National Association||293,723||Managing Director||$472,027|
|Credit Agricole Group||142,000
|Industrial and Commercial Bank of China Limited||434,089||Vice President||$274,292|
|Bank of China Ltd||306,322||Vice President||$264,194|
|HSBC Holdings Plc.||226,000||Vice President||$247,000|
|Agricultural Bank of China Limited Annual||455,174||Director of Sales||$232,166|
|China Construction Bank Corporation||375,531
What are the Factors Affecting an Employee’s Salary in Major Banks?
Different factors influence workers’ salaries in the major bank sector. These factors include job role, working sector, and company.
5 major factors that influence a worker’s salary in major banks
1. Job Role
The roles individuals play in banks influence their salaries. Employees with more roles like the managing director earn more than a branch manager. The higher the workload, the higher the payment.
Performance is a relevant factor in the payment of salaries in major banks. Many banks have performance-based pay structures that reward employees who meet or exceed their targets. Individuals who do well earn more than those who do not.
3. Economic conditions
Inflation and changes in interest rates also affect an employee’s salary. When there are economic downturns, banks will reduce their pay rates, benefits packages, and other perks. This in turn affects employees.
Employees’ levels affect their salary. Workers who have more experience and higher ranks earn more salaries and bonuses. Others earn lesser than them.
5. Industry specialization
In the major banks’ sector, workers who have specialized skills earn more. Sections like investment banking, risk management, and technology earn more than others.
Conclusion: Best Paying Jobs in Major Banks
Many major banks provide many well-paying opportunities for people with good qualifications and experience. People without degrees can also find a variety of work options at an entry level. You can position yourself for success by honing your skills and remaining current with recent developments in the industry.
Which bank pays the highest salary?
BNP Paribas SA pays the highest salary. The highest-paying job in the bank is managing director with an annual salary of $604,940.
Is banking a hard job?
Banking is a demanding job that requires long hours of work. However, it is highly rewarding and offers a wide variety of opportunities.