best paying jobs in major banks

15 Best Paying Jobs In Major Banks In 2022: Complete Guide

Eshita Pathak
By Eshita Pathak 21 Min Read

Within the financial sector, there are many job opportunities, many of which pay exceptionally well. Major banks currently offer some of the highest-paying positions. If you want to learn about the best paying jobs in major banks, keep reading. 

Although working in the banking sector is stressful, it offers the highest-paying jobs, even for entry-level employees. With years of education and experience, you can rise through the ranks in the banking and financial sectors. 

The banking industry might be your job supplier if you like managing money and watching it grow. This post will discuss everything about the best paying jobs in major banks.

What are major banks?

Before looking forward to the best paying jobs in major banks, let’s first understand what a major bank is. 

A bank with more than $50 billion in assets is a major bank. JPMorgan Chase, Citigroup, and Wells Fargo are among the world’s largest banks. These institutions are primarily multinational and provide a wide range of financial services.

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What do major banks jobs pay?

The website ZipRecruiter reports that the average annual salary at major banks is $67,330. Salaries at major banks vary greatly, with some entry-level jobs paying $22,000 annually and the 75th percentile earning $87,500 annually. 

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This wide variety implies that there may be a lot of room for development and compensation for people of different educational backgrounds and skill sets.

According to the BLS Occupational Outlook Handbook, finance occupations will experience an 8 percent growth between 2020 and 2030. This matches the typical expansion rate for best paying jobs in major banks. 

Because there will be about 750,800 new finance jobs annually, there is a strong demand for professionals in the field and a chance to advance up the corporate ladder.

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What are the advantages of a career in major banks?

A career in major banks can be very lucrative. It can offer many opportunities and rewards. Here are some advantages of a career in banking:

Job Security

Banks are a dynamic and expanding industry, despite recent challenges. Many workers consider job security to be an essential factor. Because the economy has been tough to locate a position with long-term stability, banking is a popular occupation choice. 

Banks always seek ambitious and skilled employees with numerous opportunities for promotion. Banking is an excellent alternative if you desire a safe and secure profession.

Good Pay

There are numerous advantages to working in banking, including substantial pay. Due to its industry-leading pay, banking offers an excellent chance for promotion and an impressive starting salary. 

Beyond the starting salary, banking is one of the best professions for earning a decent living. This sector might be suitable if you seek the best paying jobs in major banks.

Flexible Hours

Banking may be the right job for you if you are looking for a position with flexible hours. Some banks offer convenient work hours, which can benefit those with family or other responsibilities. In addition, some banks allow employees to work from home, increasing latitude. 

Employee Benefits

Providing employee benefits is one of the advantages of working in the best paying jobs in major banks. Banks can give several employee benefits, including health insurance, life insurance, accidental injury coverage, retirement savings plans, and paid time off. Employees of banks, therefore, have the opportunity to obtain a variety of benefits.

International Opportunities

As the global economy becomes interconnected, banks seek workers who can work in a worldwide economy. Working in banking can allow you to live and work in different countries and gain a unique perspective on different cultures and economies. Working in finance can allow you to develop personal and professional skills.

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What are the best paying jobs in major banks?

Here are some of these best paying jobs in major banks and their salaries to help you choose if this is the suitable career path you want.

1. Financial Manager

Average Salary: $134,180

Banks, non-profit organizations, and businesses employ financial managers to prepare business activity reports, forecasts, and financial statements. They supervise financial and budget analysts, ensuring that all financial requirements are met. You may analyze market trends to discover opportunities and boost profits. 

A bachelor’s degree in finance, business, or economics is required, as well as at least five years of prior experience in finance, accounting, or stock brokering. 

According to the Bureau of Labor Statistics, the profession is anticipated to increase over the next decade. It will rise 17 percent by 2030, a much faster rate than the typical demand. This makes it stand first in the list of the best paying jobs in major banks.

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2. Investment Banker

Average Salary: $80,540

Investment banks help large companies and organizations obtain funding. An investment bank sets the price for an Initial Public Offering, or IPO when a corporation goes public for the first time. Investment bankers handle and negotiate these transactions. 

Due to their performance-driven culture, investment banking firms pay relatively low wages and significant performance bonuses. Still, it is an excellent choice if looking for the best paying jobs in major banks.

Investment bankers must have a bachelor’s degree in finance or economics. Many investment bankers also hold an MBA degree.

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3. Financial Analyst

Average Salary: $83,660

A financial analyst evaluates current and past financial data to make suggestions about individual investments and investment portfolios. They might, for example, examine a company’s financial statements to determine if it is an acquisition target or plans to go public. 

Financial analysts with at least a bachelor’s degree in business are usually employed. For example, those with a Chartered Financial Analyst certificate have several exams to take and must meet specific standards in terms of experience.

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4. Financial Examiner

Average Salary: $81,430

A financial examiner examines a financial institution’s financial statements, such as balance sheets, income statements, and loan agreements, and evaluates their financial condition. 

Risk assessment (assesses the financial health of the institution) and consumer compliance (ensures that borrowers are treated fairly) are some areas in which a financial examiner may specialize. 

To become an examiner, you should have a bachelor’s degree in accounting or another business subject. Senior examiners teach new examiners how to conduct financial examinations on the job. 

You can earn the title of Certified Financial Examiner by completing the necessary educational programs and tests.

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5. Auditor

Average Salary: $73,560

An auditor examines financial statements to ensure they are accurate and in compliance with the law.

They may check for deceit or mishandling funds by inspecting the financial statements and the accounting system. They assess financial operations, identify dangers, and recommend actions to reduce costs and boost profits. 

Additionally, auditors may examine the bank’s books and those of its current and prospective clients. To become an auditor, you must have a bachelor’s degree in accounting, finance, or another business subject. Certified Public Accountants must have work experience and pass a four-part test.

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6. Budget Analyst

Average Salary: $77,813

Budget analysts examine accounting and budgeting reports to ensure they are accurate and compliant with all relevant laws and regulations. Senior management assesses proposed strategies and looks for alternative solutions if the expected results are unsatisfactory. 

Budget analysts also assist public and private entities, such as government institutions and universities, with financial planning. It is an excellent alternative to the best paying jobs in major banks. 

A bachelor’s degree in accounting, banking, finance, public administration, mathematics, statistics, or another field would be helpful.

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7. Foreign Exchange Trader

Average Salary: $67,635

A foreign exchange trader works with clients to buy or sell foreign currencies or financial assets. Foreign exchange traders assess the economic climate of foreign countries to predict the impact it will have on currency exchange rates and the global economy. 

Foreign exchange traders cultivate exceptional research abilities and international connections to know when to buy or sell currencies. 

To be a foreign exchange trader, you should have a bachelor’s degree in economics, statistics, finance, or other related subjects.

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8. Asset Manager

Average Salary: $73,923

An asset manager helps a client to determine the client’s long-term financial goals and how much risk they are ready to take to achieve them. They create an investment portfolio for the client by balancing risk reduction, current economic and political trends, and the client’s desire for risk. 

They regularly monitor portfolios, alter them as needed to prevent depreciation, and inform clients of changes, making it land among the best paying jobs in major banks. A finance bachelor’s or master’s degree is required to become an asset manager.

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9. Portfolio Manager

Average Salary: $77,642

A portfolio manager keeps track of his client’s investments. These managers research market trends, potential profits, and stock prices to make investment choices. 

Portfolio managers may advise clients on financial results, provide reports on portfolio economic activity, and keep clients informed about investment forecasting and opportunities. A portfolio manager for foreign exchange trading must have a bachelor’s degree in finance, economics, commerce, or a related field.

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10. Equity Trader

Average Salary: $82,925

An equity trader is among the best paying jobs in major banks.

They operate on behalf of a bank and its clients by purchasing and selling stocks, options, commodities, futures, and derivatives. Equity traders use trading algorithms to forecast market movements, keeping abreast of societal, economic, or political trends that may influence them. 

An equity trader may study international, domestic, or industry-specific studies to assess a company or asset’s performance. To qualify, an equity trader must have a bachelor’s degree in finance, business, economics, or a related subject.

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11. Equity Analyst

Average Salary: $84,886

An equity analyst examines financial data to determine whether a company’s stock should be purchased, sold, or held. 

Equity analysts examine bank financial statements and annual reports to forecast a firm’s performance, considering industry- or market-specific economic trends. In addition to assessing current market trends, equity analysts gain insight into the stock market from brokerage firms and funds. 

An equity analyst must have a bachelor’s degree in finance, statistics, economics, or a related field.

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12. Finance Director

Average Salary: $96,035

An organization’s finance director oversees all financial activities, including revenue reporting, budgeting, accounting staff education, money disbursement to departments, risk management, policy implementation, and financial process improvement. 

They strive to establish effective financial strategies, maintain financial stability, encourage revenue growth, comply with regulations, and maintain positive relations with investors, making it one of the best paying jobs in major banks. 

To become a finance director, you must have a bachelor’s degree in management, finance, accounting, economics, business law, or human resources. 

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13. Hedge Fund Analyst

Average Salary: $96,158

A hedge fund analyst researches investment opportunities and makes investment recommendations based on his findings. Analysts may study individual stocks, market sectors, and macroeconomic trends to develop investment strategies and raise capital. 

When providing investment guidance, they also offer marketing and risk management strategies. A bachelor’s degree in finance, accounting, economics, or business administration is required to become a hedge fund analyst.

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14. Loan Officer

Average Salary: $63,960

A loan officer reviews loan applications and suggests whether or not to lend money, particularly mortgages. Using financial data, they assess whether a prospective borrower can repay the debt as promised, relying on underwriting technology to determine whether or not a borrower is creditworthy. 

A prospective borrower should have at least a bachelor’s degree in accounting or finance and might receive on-the-job instruction. Working in finance is an excellent way to gain experience in the best paying jobs in major banks.

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15. Securities and Commodities Sales Agent

Average Salary: $64,770

Securities and Commodities Agents buy and sell stocks, bonds, and mutual funds. In addition to securities, they may also trade commodities like gold, corn, and pork bellies. These financial professionals seek out prospective customers and provide information about their services. 

A bachelor’s degree in business, finance, or economics is required to become a securities or commodities sales agent. FINRA registration is necessary, as is passing state and national securities exams. 

Continuing education classes are needed, and a broker/dealer must employ you to maintain your license.

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Summary Table: Best Paying Jobs in Major Banks

Major Banks CareersAverage SalaryMinimum Education
Financial Manager$134,180Bachelor’s Degree in finance, business, or economics
Investment Banker$80,540Bachelor’s Degree in finance or economics
Financial Analyst$83,660Bachelor’s Degree in business
Financial Examiner$81,430Bachelor’s Degree in accounting or another business subject
Auditor$73,560Bachelor’s Degree in accounting, finance, or another business subject
Budget Analyst$77,813Bachelor’s Degree in accounting, banking, finance, and public administration
Foreign Exchange Trader$67,635Bachelor’s Degree in economics, statistics, finance
Asset Manager$73,923Bachelor’s Degree in finance 
Portfolio Manager$77,642Bachelor’s Degree in finance, economics, commerce
Equity Trader$82,925Bachelor’s Degree in finance, business, economics
Equity Analyst$84,886Bachelor’s Degree in finance, statistics, economics
Finance Director$96,035Bachelor’s Degree in management, finance, accounting, economics, business law
Hedge Fund Analyst$96,158Bachelor’s Degree in finance, accounting, economics, or business administration
Loan Officer$63,960Bachelor’s Degree in accounting or finance
Securities and Commodities Agents$64,770Bachelor’s Degree in business, finance, or economics

What are the skills required for major banking jobs?

After learning about the best paying jobs in major banks, let’s consider what skills are necessary to work in banks. 

People consider the banking career one of the safest and most stable professions. However, working in the financial sector isn’t as simple as it seems. Specific talents are crucial for banking positions that not everybody has. 

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These are among the most critical skills required for a banking job.

  •  Analytical skills: This is an essential skill that helps you to identify trends, patterns, and definitive conclusions from the reams of data.
  • Attention to detail: This ability means a keen eye for detail and enables you to notice particular trends or activities that nobody else has.
  • Determination: We believe this factor is an essential ability because banking is a highly ruthless and competitive environment.
  • Stress management: Long working hours, extremely high-pressure environment, and the massive weight of expectations on you to perform will not be possible without stress management skills.
  • Communication: You must communicate clearly and concisely with customers, clients, and other employees in banks.

These skills will help you land the best paying jobs in major banks. 

Are major banks a good career path?

Major banks offer excellent pay and career prospects, in addition to a finance degree providing numerous advantages and career opportunities ranging from entry-level employment to the profession’s pinnacle. 

The financial sector will continue to develop, resulting in new and more-varied job opportunities. Working for one of the big banks may be ideal if you love banking and finance.

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Wrapping Up

The best paying jobs in major banks are entry to mid-level positions that require a bachelor’s degree in finance, business, or accounting. Those wanting to advance early in the corporate world should acquire additional certifications in finance-related fields. 

We hope this article on the best paying jobs in major banks has assisted you in understanding the job duties and demands in the banking industry. 

If you’re passionate about banking, you may gain the required skills and pursue a position that matches your interests.

FAQs

Is banking a promising career?

Certainly YES! In addition to excellent job benefits, networking opportunities, and a high annual salary, banking jobs offer ample career development opportunities. There are multiple career paths in banking, including investment banking, mutual fund management, and financial planning.

Do major banking jobs pay well?

It’s true. Banking jobs pay a wide range of annual salaries, from $53,778 for credit analysts to $139,501 for chief financial officers. Even entry-level employees receive higher wages than most job seekers in other industries.

Which bank pays the best salary in the US?

The best paying banks in the US include- American Express Amex, Capital One Financial Corporation, JP Morgan Chase, Morgan Stanley, etc.

What should I study to get a banking job?

College degrees in finance, accounting, economics, and other related fields are usually necessary for employment in banking. In some situations, professionals even must have an advanced degree. Mathematical and statistical knowledge and computer skills like Microsoft Word and Excel are also crucial. 

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