The Banking sector in the US has seen constant growth in the last decade. Naturally, the sector is home to lots of lucrative jobs. From entry-level jobs to upper management, there are lots of opportunities to be had. It is only natural that so many look for the best paying jobs in major banks.
Major Banks are vital to a country’s financial system. Personal and Commercial banking is part of the major banking sector. As you know, banks work with both individuals and companies, making it a sector with a diverse set of jobs.
So, are you good with numbers and have a degree in finance or accounting? Then you will be a perfect fit for a job in banking. To help you out, we will talk about the highest-paying jobs in major banks. Before that, let’s take a look at what the industry constitutes.
What Does the Major Banking Sector Involve?
Major Banking has got all to do with the finance and banking sector. Yet, it is not limited to that and there are jobs of all kinds available. It includes:
– Financial Analysis & Planning
– Personal and Commercial Banking
– Financial Management
Now, some banking jobs need you to have an advanced degree in a related field. But that’s not the case with entry-level jobs in the industry. Furthermore, there is lots of room for growth in the industry. So, you can gradually climb the ladder and end up in a nice six-figure job in a major bank.
A keen eye for detail, problem-solving, and communication skills are needed for a successful career in banking. So, do you have these skills and are interested in the banking sector? Well, then, let’s move ahead and list the best paying jobs in major banks.
Methodology: We have sourced the salary for these jobs from salary.com, indeed.com, and talent.com. Secondary research has also been conducted for the same.
Note: Top positions like that of Chief Executive Officers and Vice Presidents are high-level positions in all industries. In these roles, one makes the highest salary which can sometimes be up to $500K or beyond.
In this article, we will not be mentioning their wages as they might differ heavily based on the employer.
Best Paying Jobs in Major Banks (Between $100K and $150K)
1. Relationship Manager (Business Banking)
A Relationship Manager in Business Banking works with high-value clients of the bank. As the name suggests, they manage the relationships banks have with these clients. They manage expectations and ensure great rapport with business clients.
Their job is to boost customer retention for the company. For this, they plan and implement strategies and advise the senior leadership. Naturally, good written and oral communication skills are necessary for this role. One must also have experience in managing trade to secure this job.
In this role, one can earn up to $145,000 every year. Obviously, the salary will differ based on skills, years of experience, etc. Still, it is one of the best paying jobs in major banks with great potential for career growth.
2. Portfolio Manager
A Portfolio Manager’s role is to identify good investment opportunities for their clients. For this, they have to analyze and predict market trends. Based on that, they devise an investment strategy for their clients.
It is a lucrative role that offers unlimited room for growth both in terms of status and salary. But for this role, one must have a solid understanding of risk management to do well in this role. Strong analytical ability is also a must-have if you are to excel in this job.
A Portfolio Manager is one of the best paying jobs in major banks. The average annual salary in this role in the United States is $136,338. A Bachelor’s Degree in Finance, Economics, or Accounting is vital to secure a job as Portfolio Manager.
3. Financial Manager
Financial Managers see to it that a company’s finances are in order. They make sure that the money is used well and also set long-term financial goals. They also manage investments, make financial reports, and plan strategies based on them. Working with the senior leadership and suggesting ways to maximize profit is also part of the role.
This role requires one to have solid business and commercial awareness. Apart from that, one must also have an analytical approach to work in this role. Good numeracy skills and technical skills are also a plus to excel in the role.
On average, a Financial Manager in the United States earns $124,902 every year. It is one of the best paying jobs in major banks with lots of other benefits such as hefty performance bonuses. Lastly, it is a mid-management role with enormous potential for growth.
4. Equity Trader
An Equity Trader is always analyzing and monitoring the stock market to identify profitable opportunities. They aid in the buying and selling of the shares of any company. This one is a role that has great earning potential if one starts to get a knack for it.
But this role requires one to constantly keep an eye on the stock market and the knowledge to understand it. One needs solid research skills to do well as an equity trader. Adapting to the changing market is also key to maximizing profit and earning well in this role.
An Equity Trader in the United States can earn up to $115,000 every year. But as we said, the earning potential in this role goes beyond limitations. Naturally, it is one of the best paying jobs in major banks.
Best Paying Jobs in Major Banks ($60K to $100K)
5. Bank Manager
A Bank Manager oversees the day-to-day activities at a bank. It involves managing both the employees and the operations. Executing new plans, training staff, and reviewing transactions are some other responsibilities of a Bank Manager. The responsibilities in this role, though, depending upon the employer as well.
Business Management and Communication Skills are an absolute must for one to succeed in the role. Sound knowledge of accounting and economics is also required to secure this job. Also, most banks will require the candidate to have a Bachelor’s degree in Finance, Accounting, Business, or a related field.
On average, the salary of a Bank Manager in the United States is $85,000 per year. It is one of the best paying jobs in major banks with enormous potential for career advancement. There are also lots of employee benefits to be had in the role of a Bank Manager in the United States.
6. Compliance Manager
Compliance Managers in Banking make sure that everything is done within rules and regulations. This role includes taking a look at questionable transactions or any activities that can potentially be fraudulent. They may further alert the authorities and take similar steps to stop anything illegal from happening.
A Bank Compliance Manager also analyses risk areas in a bank’s operation. They identify these loopholes and suggest ways to fill them to avoid fraudulent activities. To do well in this role, thorough knowledge of rules and regulations are necessary. Good observational is also a must-have for this role.
This is one of the best paying jobs in major bags, with an average annual salary of $83,336. It is a role of authority as well, providing lots of room for growth. So, if you have an analytical eye, this can be a good career path for you.
An Auditor also examines financial statements to check if they are in compliance with the law. They keep an eye out for any fraud or mishandling of funds. At the same time, an Auditor also recommends ways to boost profits and reduce the dangers of mishandling, and operational costs.
Strong decision-making and communication are must-haves for one to survive in this role. Naturally, auditing and analytical skills are also needed to perform this role with perfection. Excellent mathematical skills and bookkeeping are some other skills one should have.
The average annual salary of an Auditor in the United States is $73,000. Performance bonuses and some exclusive employee benefits make it a lucrative career for those interested in the banking sector.
So, apart from being one of the best paying jobs in major banks, it is also a career that can go beyond one’s expectations in terms of salary and other benefits.
8. Financial Analyst
The primary role of a Financial Analyst is to study current and past financial data. They work with major banks and various other organizations as well. An analyst also reviews financial statements and comes up with strategies to maximize profit.
Securing this role requires a Bachelor’s Degree in Finance or a related field. But the good thing about this role is that one does not need to have loads of experience to secure a job. Good financial skills and critical thinking are a must-have for one to do well in this role.
It is one of the best paying jobs in major banks, with an average annual salary of $71,498. This role offers lots of flexibility while also being a solid career with job security. As you grow with experience, you can also multiply your salary in this role.
9. Loan Officer
A Loan Officer assists clients in applying for loans and mortgages. They also negotiate the loan payment with them. First of all, a loan officer conducts a background check to see if the applicant is eligible for getting the loan. They also decide what kind of loan a particular client is eligible for, commercial or personal.
In order to get this job, one must possess good financial skills and should be able to use financial software. Observation and analytical skills are also needed for one to excel in the role of a loan officer. Similarly, good communication skills are also a must-have for this role.
On average, a Loan Officer in the United States earns $70,608 every year. It is one of the best paying jobs in major banks with a lot of room for career growth. There are also lots of benefits one gets in this role.
10. Investment Banker
An Investment Banker manages IPOs and equity placements that are private. They are also tasked with discovering potential investors and conducting strategic research. Based on that, they offer financial advice and analyze risk for their employers to maximize profit via investments.
Sound financial and analytical skills are needed for anyone to become a good Investment Banker. Given the state of the world, one also needs to have a global outlook to succeed in this role. Naturally, good communication skills need to come with a package for one to look at the international market and identify good profit-making opportunities.
The average annual salary of an Investment Banker in the United States is $70,275. It is one of the best paying jobs in major banks that comes with unlimited potential for growth in terms of the money they make.
11. Credit Analyst
A Credit Analyst is responsible for assessing how creditworthy an applicant is. They look at the previous records such as payment history, run a background check, and come to the conclusion. They take into account risk factors for each and every applicant.
In order to get this role, one requires a Bachelor’s in Finance or a related field. Some employers may ask for the added certification and proven experience for the role. Financial and Quantitative aptitude is a must for this role. Also, command over statistical software is also needed.
Credit Analyst is one of the best paying jobs in the United States. In this role, one can earn well up to $61,000 per year. As you gain experience and grow in the industry, an increase in pay will definitely follow.
A career in banking has its charm because of its high earning potential. And it is only natural that so many look for the best paying jobs in major banks. The performance-based bonuses make a career in major banks even more appealing.
We hope we helped you with some good job options in the industry. Now that you have these options, find out which job role suits your skills and qualifications. And if your resume is great, you can easily land some of the best paying jobs in the industry.
A Happy Job hunting from our side! Hope you land lucrative jobs in major banks and earn the six-figure salary you’ve always dreamed of.