9 Best Paying Jobs in Major Banks
Is the idea of finding one of the best-paying jobs in major banks something that appeals to you?
Perhaps you’re interested in making a career change, or you’re a recent college grad with a passion for the finance and banking sector.
But whatever brought you here, you’ve made the right choice!
In this article, I’ll discuss the best-paying jobs in major banks and provide an in-depth breakdown of the duties, responsibilities, and educational requirements for entering and excelling in this field.
From investment banking to private wealth management, I’ll explain how to get there.
But before that, here’s a short background about the banking sector.
About the Major Banking Industry
Since day one, the commercial banking industry has been critical to the global economy, providing financial services to individuals, businesses, and governments.
A major bank is a large financial institution that significantly impacts the global financial system.
These banks typically offer various financial operations, including savings accounts, checking accounts, loans, credit cards, and investment services.
The major banking industry is highly competitive, with banks competing for a share of financial markets and seeking to differentiate themselves.
So, many major banks have evolved and invested heavily in technology to improve their operations and enhance customer experiences.
As a result, the use of online and mobile banking services has become increasingly popular, allowing customers to manage their accounts and perform financial transactions at any time.
As highly regulated entities, major banks must comply with numerous laws and regulations designed to protect consumers and maintain financial stability.
They also play a critical role in the global economy through lending and investment banks and activities.
Generally, the major banking industry is a complex and dynamic sector that plays a critical role in the global economy and maintains financial stability.
Its continued evolution and growth will depend on ongoing innovation and adherence to regulatory requirements.
Types of Jobs in Major Banks
If you apply for best-paying bank jobs, you must choose from the financial or non-financial categories.
Statement analysis, forecasting, accounting and budgeting reports, financial planning, portfolio management, and wealth management are all common financial responsibilities.
On the other hand, customer service representatives, IT support employees, human resource personnel, and operational and administrative personnel are examples of non-financial banking jobs.
These jobs in major banks are required to ensure that the bank runs smoothly and effectively.
But at the end of the day, both roles are critical because they enable banks to provide their customers with a wide range of services and products while ensuring compliance with government regulations.
Bank employees are essential in establishing client confidence by offering trustworthy advice and assistance, successfully managing risks, and adhering to ethical standards.
9 Best Paying Jobs in Major Banks
Financial Analysts
Average Annual Salary: $74,468
There is more to becoming a financial analyst at a bank than merely doing math.
Financial analysts evaluate trends, assess risks, develop plans, and identify investment possibilities.
A financial analyst guarantees that banks make intelligent decisions in compliance with rules and long-term goals by examining financial accounts and assessing data.
They must also keep up with market developments and emerging technology that have the potential to disrupt the financial environment.
A successful financial analyst can anticipate considerable compensation from major financial firms in exchange for their skills.
Not only is being a financial analyst a well-paying career, but it also allows people to make a genuine impact in the lives of others via prudent investing.
Requirements: Usually requires a Bachelor’s degree and doesn’t have any experience requirements to get started.
Investment Banker
Average Annual Salary: $87,240
An investment banker provides financial services to the financial institution and their customers.
They assist financial institutions in evaluating the financial risks associated with investments and mutual funds, doing financial research to establish the best methods for capital investment, and providing financial advice on new investments.
Investment bankers examine financial accounts, study market circumstances, and trends, create economic models for anticipating financial performance, and advise financial institutions on suitable investments.
An Investment banker also collaborates with other financial experts to identify financial risks and offer investment strategies to financial professionals such as financial analysts and portfolio managers.
Requirements: A Bachelor’s degree is required, and you may have experience before obtaining this position.
Chief Financial Officer
Average Annual Salary: $98,980.
Many companies need the Chief Financial Officer (CFO) role, and those who excel in it are in high demand.
To take on this role, individuals should have previous experience in upper leadership positions or managing financial responsibilities within an organization, as this provides the necessary skills and knowledge.
Chief financial officers are responsible for managing an organization’s cash flow, financial planning, financial modeling, and strategic direction, which is why they receive attractive compensation.
However, becoming a CFO in a bank requires significant effort, including training, experience, and an understanding of the intricacies of banking regulations.
Despite this, the job outlook for CFOs is promising, with a 17% projected job growth from 2021 to 2031.
As a result, CFOs can expect a competitive salary and numerous opportunities for career advancement.
Requirements: A Bachelor’s degree is required, and you may have experience before obtaining this position.
Loan Officers
Average Annual Salary: $70,613
A loan officer is an expert in assisting financial institutions in providing and managing financial products, like loans and mortgages.
Their responsibilities include assessing the creditworthiness of applicants, evaluating financial risks associated with loans, and giving advice on terms and conditions.
Additionally, they collaborate with borrowers to collect the financial reports required to support their application process.
The main task of a loan officer is to analyze applications and determine the financial eligibility of borrowers.
They also participate in the decision-making process of the bank job, approving or rejecting loan applications.
Requirements: You need to have a Bachelor’s degree, typically requiring training and some experience.
Some loan officers must obtain a license first to practice.
Portfolio Manager
Average Annual Salary: $138,363
A Portfolio Manager is responsible for identifying lucrative investment opportunities for their clients.
To do so, they analyze and predict market trends and use this information to develop an investment strategy that suits their clients.
The Portfolio Manager role is highly attractive, as it offers significant potential for both status and salary growth.
However, to succeed in this role, one must have a solid understanding of risk management and strong analytical skills.
Also, they work closely with other finance professionals, such as investment bankers and credit analysts, to identify growth opportunities and develop investment strategies.
Requirements: You need to have a Bachelor’s degree and be trained by seniors.
While no other work experience is required, taking accounting lectures or relevant courses may help.
Financial Manager
Average Annual Salary: $127,938
A Financial Manager is responsible for ensuring a company’s financial well-being by managing its money and establishing long-term financial objectives.
They oversee investments, prepare financial statements and reports, and develop strategies based on the reports.
They also collaborate with senior executives and propose ways to increase profits.
To succeed in this role, individuals must possess a strong grasp of business and commerce and an analytical mindset.
A financial manager should also have proficient numeracy and technical skills.
This job entails continuously evaluating the company’s financial performance by analyzing balance sheets, income statements, market research data, and past financial data.
They work with senior leadership and budget analysts to develop strategies for effectively managing assets while identifying cost-saving opportunities.
They also create budget proposals that consider the company’s financial health sustainably.
Requirements: You need to have a Bachelor’s degree, and it usually requires a minimum of five years of experience functioning in a finance-adjacent role such as a budget analyst or accountant.
Branch Manager
Average Annual Salary: $70,574
A branch manager is to oversee the day-to-day operations of a banking branch.
This involves coordinating the activities of employees, assisting customers with banking transactions, developing bank policies and procedures, and maintaining customer relationships.
As a vital part of the bank, branch managers ensure that banking transactions are carried out accurately and efficiently while also providing customer service and answering any questions about bank policies or procedures.
In addition to supervising employee activities and carefully reviewing documents and reports, branch managers also strive to establish new policies that can improve efficiency in the workplace.
They also make an effort to build long-term relationships with customers.
Requirements: You need to have a Bachelor’s degree and five years of experience or more.
Auditor
Average Annual Salary: $86,986
Auditors examine organizations’ accounting records, operational information, and financial records to ensure that their financial records are accurate and follow generally accepted accounting standards.
They are on the lookout for any instances of financial mismanagement or fraud.
An auditor will also suggest increasing earnings while decreasing risks of mistreatment and running costs.
To survive this role, you must have excellent decision-making and communication skills.
Auditing and analytic abilities are, of course, also necessary for success in this position.
Possessing strong arithmetic and bookkeeping abilities is also highly desirable.
Requirements: Usually requires a Bachelor’s degree and doesn’t have any experience requirements to get started.
Equity Trader
Average Annual Salary: $97,986
An Equity Trader’s job is to constantly analyze and watch the stock market for possibilities to make money.
They facilitate the trading of stock in any given firm.
If you can master this part, you’ll be able to make a lot of money.
The stock market and understanding it are essential to success in this position.
If you want to succeed as an equities trader, you must have strong research abilities.
Profitability and financial success in this position depend on your ability to respond quickly and effectively to market shifts.
Requirements: A Bachelor’s degree is required, and you may have experience before obtaining this position.
Major Bank Jobs Requirements
Major bank jobs typically require education, experience, and specific skills.
A high school diploma or equivalent may be sufficient for entry-level positions such as teller or customer service representative.
However, jobs that involve higher levels of responsibility, such as loan officers or financial managers, often require a bachelor’s degree in finance, business administration, accounting, or a related field.
In addition to education, many bank jobs require relevant work experience, often in the banking or financial industry.
This can include internships, apprenticeships, or previous employment in a related field.
Depending on the role, experience may be required in areas such as customer service, sales, or financial analysis.
Specific skills and qualifications may also be necessary for certain bank jobs.
But the strong communication and interpersonal skills are essential for bank jobs, particularly those that involve interaction with customers or other stakeholders.
Bank employees must be able to explain complex financial concepts in simple terms and build relationships with clients and colleagues.
What are the Earning Opportunities Like at Major Banks?
Earning opportunities at major banks is lucrative, especially for those in high-level positions.
Executive positions such as CEO, CFO, and COO often come with substantial salaries and bonuses.
For entry-level positions, the earning potential may be lower, but major banks often offer competitive salaries and benefits and possibilities for growth and advancement.
On top of that, many major banks offer employee incentive programs and bonuses based on performance, which can increase earning potential.
Earning opportunities at major banks vary depending on the position and level of experience.
Still, there is potential for high salaries and bonuses for those in executive and high-level financial positions.
For those starting in entry-level positions, competitive salaries and benefits packages, along with opportunities for growth and advancement, at highest paying bank jobs can provide a solid foundation for future earning potential.
How to Get the Highest-Paying Jobs in Major Banks?
As mentioned above, getting the highest-paying jobs in major banks requires education, experience, and skills.
Here are some steps you can take to increase your chances:
Pursue a relevant degree: A Bachelor’s degree in finance, accounting, economics, or business administration can give you a strong foundation for a career in banking.
Build your experience: Consider internships, entry-level positions, or volunteer work in the finance industry to gain relevant experience and demonstrate your interest and commitment to the field.
Develop your skills: Skills such as financial analysis, risk assessment, leadership, and communication are highly valued in the banking sector.
Look for opportunities to develop and showcase these skills.
Obtain certifications: Earning industry certifications, such as a Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP), can demonstrate your expertise and commitment to the field.
Network: Networking is essential in the banking industry.
Attend industry events, join professional organizations, and connect with industry professionals on LinkedIn to build your network and learn about job opportunities.
Apply strategically: Research the highest-paying jobs in major banks, tailor your resume and cover letter to the specific job, and prepare for interviews by practicing common banking interview questions.
Following these steps can increase your chances of landing one of the highest-paying jobs in major banks.
Final Thoughts
The best-paying jobs in major banks are undoubtedly a gratifying and good career path for individuals with the necessary skills and qualifications.
However, these positions can also be highly competitive and demanding, with long hours and significant pressure to perform.
The banking industry is subject to a wide range of regulations.
It is closely monitored by regulatory bodies, meaning individuals in these positions must be well-versed in compliance and risk management.
It’s essential to carefully consider the demands and expectations of these positions before pursuing them and ensure they align with your personal and professional goals.
Good Luck!
