5 Best Paying Jobs in Major Banks (Positions and Salaries)
Banks are vital to the economy because they facilitate financial transactions and provide individuals and businesses with access to capital. Banks also offer various financial services, such as savings and checking accounts, loans, credit cards, and investment options. Each year, banks hire many people to become customer service agents to CEOs and financial analysts.
Today, we will take a look at 5 Best Paying Jobs in Major Banks!
- 5 Best Paying Jobs in Major Banks (Positions and Salaries)
1. Investment Banker
Investment bankers are responsible for helping companies and governments raise capital by underwriting and selling securities such as stocks and bonds. They also provide advisory services related to mergers and acquisitions, corporate finance, and capital structure. Investment bankers typically work in teams and collaborate with other professionals such as lawyers, accountants, and traders.
In the United States, the typical yearly income for an investment banker ranges between $120,000 and $150,000. However, this figure can vary considerably depending on the amount of expertise and the employment location. For example, investment bankers in New York City can make much more than those in other regions of the country.
2. Financial Analyst
Financial analysts analyze financial data and provide insights and suggestions to assist organizations and investors in making educated decisions. Among other things, they could work in investment banking, corporate finance, or investment management. Financial analysts need to be able to articulate complex economic ideas to customers and coworkers and have good analytical abilities. This is very important to each business.
The average salary for a financial analyst in the United States is around $70,000 to $90,000 annually. However, senior financial analysts with several years of experience can earn upwards of $150,000 annually.
3. Risk Manager
Risk managers are responsible for identifying and managing potential risks impacting a bank’s operations, financial performance, or reputation. They can develop risk management strategies, assess the effectiveness of existing risk management practices, and communicate risks to senior management and stakeholders. Risk managers must deeply understand the banking industry and the regulatory environment.
The average salary for a risk manager in the United States is around $100,000 to $130,000 per year. However, those with advanced degrees or certifications, such as a Chartered Financial Analyst (CFA) or a Certified Risk Manager (CRM), can earn significantly more.
4. Compliance Officer
Compliance officers verify that the activities of a bank are by applicable rules and regulations. They can create practices and processes, perform audits and investigations, and provide compliance training to employees. Compliance officers must be well-versed in the regulatory environment and the bank’s operations.
The average salary for a compliance officer in the United States is around $80,000 to $100,000 per year. However, those with advanced degrees or certifications, such as a Certified Anti-Money Laundering Specialist (CAMS), can earn significantly more.
5. Chief Financial Officer (CFO)
The CFO is in charge of overseeing a bank’s financial operations and ensuring that its financial objectives are realized. Accounting and financial reporting, budgeting and forecasting, and capital management are all part of the job. The CFO must be a strong leader who can collaborate with other top executives.
A CFO’s annual pay in the United States is between $250,000 and $500,000. On the other hand, those with extensive expertise and a track record of accomplishment can make up to $1 million each year.
5 Top Major Banks to Work
The average salaries for these companies can vary depending on the specific job role and location. However, according to Glassdoor data as of April 2023, the average base salary for some common roles at these banks are as follows:
1. Goldman Sachs
Goldman Sachs is a leading global investment banking firm known for its strong corporate culture and commitment to employee development. The company offers many career opportunities, from investment banking and asset management to technology and operations. Goldman Sachs is also known for its generous compensation packages, which include bonuses and stock options. We have worked with workers at Goldman Sachs and they really enjoy their job.
- Investment Banking Analyst: $94,100
- Associate: $145,000
- Vice President: $204,000
- Managing Director: $400,000
2. JPMorgan Chase
One of the biggest banks in the world, JPMorgan Chase, has operations in more than 100 nations. The organization provides a range of professional options, including investment and commercial banking, as well as retail and wealth management. JPMorgan Chase is renowned for its dedication to inclusiveness and diversity and its emphasis on employee development.
- Investment Banking Analyst: $95,000
- Associate: $160,000
- Vice President: $201,000
- Managing Director: $342,000
3. Bank of America
Bank of America is one of the largest banks in the United States, with over 66 million customers. The company offers various career opportunities, from retail and wealth management to investment and commercial banking. Bank of America is known for its strong commitment to corporate social responsibility and its focus on employee well-being. If you have chances to apply, you should definitely do it!
- Investment Banking Analyst: $86,000
- Associate: $134,000
- Vice President: $190,000
- Managing Director: $353,000
4. Wells Fargo
Wells Fargo is a large bank in the United States that specializes in retail banking, commercial banking, and wealth management. Career prospects range from branch banking and mortgage lending to investment banking and asset management. Wells Fargo is well-known for its dedication to employee development and its emphasis on diversity and inclusion.
- Investment Banking Analyst: $81,000
- Associate: $138,000
- Vice President: $175,000
- Managing Director: $329,000
Citigroup is a well-known international bank with operations in more than 160 nations. From retail banking and credit cards to investment banking and corporate finance, the organization provides a variety of professional prospects. Citigroup is renowned for its steadfast dedication to diversity and inclusion and its emphasis on the growth and welfare of its employees!
- Investment Banking Analyst: $92,000
- Associate: $148,000
- Vice President: $189,000
- Managing Director: $327,000
What is working in the financial industry like?
Working in the financial business can be both lucrative and demanding. It is a dynamic and continuously changing sector with several job options. Professionals in this field may work for banks, investment firms, insurance companies, accountancy firms, or other suppliers of financial services.
Here are some aspects of working in the financial industry that you may want to consider
- Fast-paced and high-pressure environment
The financial industry is known for its fast-paced and high-pressure environment. Professionals in this field often work long hours and meet tight deadlines. They must work well under pressure and manage multiple tasks simultaneously.
- Competitive compensation
The financial industry is one of the highest-paying industries in the world. Professionals in this field can earn lucrative salaries, bonuses, and other incentives, primarily if they work for large multinational firms.
- Constant learning and development
The financial industry constantly evolves, and professionals must stay up-to-date with the latest trends and developments. They must be willing to continue learning and developing their skills throughout their careers.
- Opportunities for growth and advancement
The financial industry offers various career opportunities, from entry-level positions to senior management roles. Professionals in this field can take advantage of opportunities for growth and advancement by developing their skills and expertise.
- Emphasis on ethics and compliance
The financial industry is highly regulated, and professionals in this field must adhere to strict ethical and compliance standards. They must also be able to navigate complex legal and regulatory frameworks.
The financial industry offers a wide range of career opportunities, and many good significant banks exist to work for. When considering a career in the financial sector, it is essential to research different companies and assess their values, culture, and commitment to employee development and well-being. Doing so lets you find a company that aligns with your values and offers the opportunities you need to succeed and grow in your career.