Because bank tellers interact directly with customers, you might assume that their position is among the highest paid in commercial banks. Financial institutions, however, play a wide variety of roles, some of which pay better than others.
So, what are the best paying jobs in commercial banks?
The best paying jobs in commercial banks include: investment banker, brokerage branch manager, equity trader, proprietary trader, commodity broker, business banker, foreign exchange trader…
Lending money to people or businesses so they can invest in capital ventures is the main responsibility of a commercial bank. They offer a variety of services in addition to credit cards and savings accounts. Technical and advanced positions typically pay better.
In addition, as technology develops and AI becomes more pervasive, there are fewer opportunities for human interaction, placing an even greater emphasis on highly compensated positions like those listed below.
Table of Contents
Best Paying Jobs In Commercial Banks (Average Annual Salary)
Investment Banker: $48,000
Investment bankers serve as consultants for governments and businesses looking to make investments, offering advice on the capital markets. Daily tasks include giving clients advice, managing investments, doing financial research, and buying and selling on their behalf. It is one of the highest paying positions in commercial banks.
Brokerage Branch Manager: $61,500
Your main duties as a branch manager of a brokerage company will be to supervise financial institution operations, hire new personnel, and supervise financial decisions. You deal with customers looking for accounts, credit lines, and loans. In order to strengthen ties with the community, you also collaborate with marketing. Given that much of your job entails networking with brokers and other finance professionals, you should be knowledgeable about topics related to Wall Street. Your operational responsibilities also include developing a plan to meet deadlines and branch policies, growth, and development. Microsoft Word and Excel proficiency is a requirement.
Equity Trader: $60,000
In order to choose when to buy or sell shares of a company on an equity market, an equity trader conducts research and analysis. Your duties may also involve trading futures, exchange-traded funds, options, and other derivatives in addition to common stocks. Equity traders evaluate data, examine charts, and make sure the trade complies with their employer’s and the government’s regulations. An equity trader may work for an investment bank, a private equity company, or another type of financial institution. Some traders operate alone. Your trading duties may be restricted to a single sector or class of equity.
Proprietary Trader: $44,000
A proprietary trader makes a direct profit by utilizing the capital of a financial institution. In order to maximize their initial investment, traders examine stock market trends when deciding how to trade their funds. In order to increase profit margins, traders continue trading other capital, like stock market shares, while keeping a portion of the profit they generate for businesses or banks. Arbitrage, or the difference in price of a stock or commodity on different markets, is a strategy used by some proprietary traders. In order to make money for the company, the trader uses the price discrepancy to buy in the lower market and sell in the higher market. In commercial banks, it is one of the best paying positions.
Commodity Broker: $30,000
On behalf of an investor, a commodity broker purchases or sells tangible commodities like agricultural goods, minerals, natural gas, or oil, or precious metals. They make trades on the trading floor while closely monitoring international markets for a particular commodity or group of commodities. Among the responsibilities is creating reports and forecasts. They frequently work for brokerage firms and present their research to their managers or to give trade recommendations to their clients. Some commodity brokers may visit places where commodities are produced or extracted, like a sizable farm or coal mine. The pay for this position is among the highest in commercial banks.
Business Banker: $68,500
A business banker, also referred to as a commercial or investment banker, works in a financial institution to build relationships with their clients, comprehend their business objectives, manage their business portfolios, and assist them in developing successful money management skills. Your responsibilities in this line of work include recommending the best service or item for their requirements, including stocks, loans, bonds, insurance plans, real estate, payment processing solutions, and more. Communication and customer service abilities are crucial. You may also serve as the director of a bank’s advisory division and manage loan officers or financial advisors. Because of this, some employers demand prior leadership experience.
Foreign Exchange Trader: $42,500
A specialized type of trader known as a foreign exchange (forex) trader buys and sells foreign currency for profit. You are employed by a sizable investment bank or a specialized company that conducts foreign exchange business. Your main responsibilities are to monitor the currency market, investigate price changes in currency pairs—which are made up of a base currency and a quote currency—and look after a client’s investment account. You can anticipate working long hours, frequently during times when markets in time zones other than your own are open because you are working with international markets. The pay for this position is among the highest in commercial banks.
Day Trader: $33,500
A stockbroker who specializes in day trading buys and sells stocks on behalf of clients in order to profit from market gains at the end of the day. They concentrate on boosting an account or stock portfolio in the short- and long-term. Day traders can work remotely, but they typically do so at the New York Stock Exchange on Wall Street. They closely monitor market conditions and adjust their purchasing choices accordingly. A day trader typically completes a transaction cycle in a single day, hence the name. Day traders also trade bonds and options in addition to stocks.
Business Banking Officer: $40,000
Through networking and client prospecting, a business banking officer forges new connections. Your responsibilities as a business banking offer include serving as a point of contact between the bank and its clients, determining client needs, completing loan applications, and assisting your retail branch in reaching quarterly goals. A bachelor’s degree in business, finance, or a closely related field, as well as relevant work experience in a setting similar to that in which you wish to work, are typically requirements for careers as business banking officers. Outstanding sales and customer service abilities are also required, as well as knowledge of bank services and products. In commercial banks, it is one of the best paying positions.
Banking Consultant: $37,000
Bank customers are greeted by a banking consultant, who also offers guidance on accounts and other banking services. You give clients advice about their savings accounts or the viability of investment accounts. You’re responsible for responding to client inquiries about the bank’s financial services. Maintaining comprehensive knowledge of all services offered by the bank, including lending options, is one of your other duties. Customers are told how to apply for various bank services by you. Making recommendations to customers based on their financial situation requires you to analyze their needs. Additionally, you help customers fill out loan and credit applications and direct them to the appropriate department. In commercial banks, it is one of the best paying positions.
Investment Associate: $46,500
An investment associate collaborates with investment analysts to carry out a variety of tasks required for managing the investments of corporations and municipalities. Reviewing financial information and potential investments of a company is one of your duties as an investment associate in order to develop the most effective strategy for boosting profits. In addition to performing risk analysis, reviewing a client’s portfolio, gathering and interpreting financial data, and assisting with corporate mergers, you might also help a client buy stocks. Your duties differ depending on the account due to the variety of a client’s needs. The pay for this position is among the highest in commercial banks.
Account Manager: $72,000
The bank account manager deals with both new and current clients, answering queries about the goods and services the bank provides and directing clients to the best options given their circumstances. Since you are expected to be familiar with every aspect of your bank’s services, this position comes with a lot of responsibility.
A lot of account managers start out small, managing the accounts of just a few people, before moving on to managing the accounts of businesses or high-net-worth individuals. In terms of responsibilities and pay, this position has room for expansion.
Underwriting Assistant: $36,000
Applying for loans is handled by underwriters. Their main responsibility is to ensure that the person or company applying for the loan has the necessary resources to make payments and that they have a track record of on-time payments, i.e., a good credit record.
The assistant underwriter is frequently responsible for the underwriting-related paperwork and research. This is a fantastic entry-level position because it provides valuable insight into what goes into underwriting and opens up opportunities for future employment. It ranks among the highest paying positions in commercial banks.
Customer Service Representative: $30,000
The products and services offered by their commercial banking institution must be thoroughly understood by a customer service representative within a short period of time. It is their responsibility to direct clients toward financial options that will benefit the bank and the client equally. They may also handle tasks like managing exchanges, processing refunds, and processing payments.
Loan Assistant: $37,000
The role of a loan assistant is to assist the loan officer and perform many of the same duties. The majority of your work will involve paperwork, research, and keeping up with legal developments in the loan industry.
Most banking positions require confidentiality, especially those that involve loans, both personal and business. If you want to advance in banking, this is a fantastic job to have. You can gain experience and establish your worth as a reliable and conscientious worker. It is one of the highest paying positions in commercial banks.
Options Trader: $50,000
An options trader buys and sells stock options. Managing complex capital investments for clients is typically your job at a sizable investment bank or private hedge fund. To determine the best price to purchase an option in order to maximize profit and minimize risk, you must develop forecasting models and create options contracts. You develop models and reports that outline your clients’ financial positions and add value to their portfolios. A bachelor’s degree in economics or mathematics is often required for entry-level positions in the options trading industry. Many options traders also have prior work experience at investment banks or sizable commercial banks.
Stock Broker: $65,000
Stock brokers purchase and sell securities. They assist both individuals and companies in navigating the stock exchange by working with a brokerage house or broker-dealer. The role of a stock broker is to facilitate transactions between two or more parties by serving as an intermediary between buyers and sellers. Stock brokers must be skilled communicators and negotiators.
Bank Teller: $31,000
One more of the select few jobs you might be able to apply for in a commercial bank with just a high school diploma is that of a bank teller. You’ll regularly be trusted with handling money and sensitive information. Due to the frequent contact with customers, it is also expected of you to be amiable and knowledgeable.
For those who want to enter the field, give it a try, or work part-time while going to school, this is a fantastic position. It is one of the highest paying positions in commercial banks.
Assistant Manager: $44,000
A degree is a requirement for the position of assistant manager, and most candidates have some prior managerial experience. This job, which is an entry-level one because you’re assisting the manager, can be a great springboard for developing your finance and management career.
Personal Banker: $31,000
A personal banker is a young financial expert who typically holds a bachelor’s degree. They can assist both current and potential clients who want to open simple checking and savings accounts, money markets, retirement accounts, and other types of financial accounts.
Notary Public: $61,000
There are notaries public employed by a few very large banks. In order to perform this duty, a person must hold a valid government witness certification. Smaller banks within their walls will distribute this duty among numerous positions.
Although no formal education is necessary, you will need to pass an exam, adhere to state regulations, and buy a surety bond.
Mortgage Branch Manager: $80,000
A branch manager of a mortgage company, such as the mortgage division of a commercial bank, is in charge of managing the day-to-day activities of the location. Training fresh recruits for the sales team, setting marketing and sales targets, and managing the office are just a few of your responsibilities in this position. You also handle real estate loan activities like mortgage refinancing and giving first-time homebuyers loan choices. To make sure that your department’s operations are in line with the objectives and priorities of the other units, you collaborate closely with other managers at the bank. The pay for this position is among the highest in commercial banks.
Commercial Banker: $104,500
A commercial banker is employed by a bank or other financial institution and provides services to business clients. These individuals invest time in marketing the bank to draw in new clients and keep the bonds with the ones they already have. Depending on your employer, your responsibilities as a commercial banker may vary, but they typically include managing corporate accounts, investing company profits, and facilitating loans and financing.
Natural Gas Trader: $61,000
An individual who trades natural gas does so on various stock and commodities exchanges. A financial institution that trades natural gas stocks, funds, and futures may be your employer in this position, or you may work independently as a commodities broker. Meeting with clients to discuss their financial objectives and figuring out the best ways to invest in commercial natural gas stocks listed on the NYSE or NASDAQ to achieve those objectives are among your responsibilities. While tracking the movement of numerous commodities, including oil and natural gas, other natural gas traders work for energy companies. To calculate your client’s daily profits and losses, you monitor the daily fluctuation of natural gas prices, including residential prices.
Equity Research Associate: $100,000
A financial analyst who advises a financial manager on investment strategies is known as an equity research associate. Researching market trends for bonds, options, and stocks is just one of your duties as an equity research associate. Another is creating a report with recommendations and delivering the findings to the financial manager. For this career, a bachelor’s degree is required, and while the most typical major is business, any degree that strengthens your analytical abilities may be acceptable. In the majority of financial institutions, positions for equity research analysts are available.
Investment Officer: $64,500
Investment managers locate business opportunities and acquire investments that advance a company’s financial objectives. Managing portfolio projects, managing financial transactions, and cultivating client relationships are all part of your job duties, just like an investment officer. A Master of Business Administration (MBA) degree, several years of financial industry experience, and proven business development abilities are requirements for a career as an investment officer. Positions as an investment officer are currently available at significant financial institutions, financial consulting firms, and governmental organizations. The pay for this position is among the highest in commercial banks.
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Why Choose A Career In Commercial Banking?
There are undoubtedly a lot of reasons why a career in commercial banking is a good one if you’re starting a list of benefits for the field.
- Wide variety of jobs. There are more career options in the banking sector than most people are aware, from managing staff to working security. There are other factors besides just money and numbers.
- Many people will be introduced to you. Many employees in the banking industry spend their entire days interacting with clients. If this sounds appealing to you, it won’t be difficult to locate a job in the commercial banking sector that will allow you to exercise your interpersonal abilities.
- Your mathematical skills can be put to use. Advanced math is frequently used by those working in the banking industry, despite the claims of some who claim they never used it after high school. If this concept appeals to you, a career in banking would be ideal for you because it allows you to use your mathematical prowess and get lost in numbers.
- Advancement possibilities are excellent. The banking sector offers a lot of opportunities for growth and compensation if you’re interested in working your way up the corporate ladder and earning a high salary. Entry-level positions are available, so choose one that interests you and start establishing your worth right away.
- Your own banking skills will improve. You’ll be better able to manage your own finances and choose wisely for your future investments thanks to all the knowledge you pick up working in this industry.
- Job security is high. While some sectors of the economy are in decline, banking is not one of them. Although there may be changes in how people handle their money and banking, they will always need the security that a bank provides, so you’ll always have a job.
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Is Commercial Banks A Good Career Path?
Yes, there are many rewarding career options in commercial banking. One of the things that makes it such a great option is the variety.
The majority of individuals who decide to pursue careers in commercial banking enjoy working with numbers and, more particularly, with money. It’s a very diverse industry with a variety of career paths. There are jobs for people who really enjoy working with others and jobs for those who’d rather “crunch numbers” than deal with other people.
There is job security, which is a great perk of choosing to work in commercial banking. Banking will always be around. There will undoubtedly be changes in how people manage their finances over time, such as an increase in credit usage or even the use of cryptocurrencies, but the need for bankers will never go away.
Education And Certification Requirements For A Career In A Commercial Bank
A bachelor’s degree is typically required for most commercial banking positions, and many also call for additional education or certifications like the Certified Financial Planner (CFP) or Certified Fund Specialist (CFS). However, there are some entry-level positions that can assist you in finding a starting point, whether or not you have a degree, and provide you with the contacts and essential experience to find the ideal banking job for you.
The following degrees are options to take into consideration if you are certain that banking is your dream career.
- High School Diploma. Few positions in the banking industry are available without a bachelor’s degree, but even those will require you to hold a high school diploma.
- Bachelor’s Degree. With a bachelor’s degree, there are a few different specializations you can pursue that are beneficial for working in commercial banking. Studying business, accounting, finance, or banking as a major may be a good idea.
- Master’s Degree. You might need to earn a master’s degree in order to advance in banking. The Master of Business Administration (MBA) is frequently regarded as the pinnacle degree in the field of banking, but it is by no means the only choice. You can obtain a master’s degree in a variety of subjects, including finance, economics, financial technology, accounting, mathematics, and statistics.
- Certifications. Once you’re in the banking industry, there are a huge variety of certifications you can obtain, and they are all quite specialized. The path that most closely fits your career trajectory is the one you should choose, then. Some possible certifications include:
- Certified Financial Planner (CFP)
- Certified Fund Specialist (CFS)
- Certified Public Accountant (CPA)
- Certified Management Accountant (CMA)
- Chartered Financial Analyst (CFA)
- Chartered Investment Counselor (CIA)
- Chartered Financial Consultant (CFC)
- Financial Risk Manager
What Are Commercial Bankers Responsible For?
Jobs in commercial banking offer a wide range of options and career paths. There are entry-level jobs that don’t require any additional education or experience, and there are top-tier corporate positions that demand years of experience and education.
From a customer’s perspective, most people have some experience with commercial banking. Commercial banks are institutions that handle your money in a variety of ways, including by providing savings and checking accounts, approving loans for residences, cars, and businesses, among other things.
Interest fees on loans are how commercial banks make money. Customers’ deposits provide them with the capital they need for loans. As a commercial banker, it can be interesting to observe this circle from the inside.
Conclusion
The list of best paying positions in commercial banks is lengthy. These are just the primary positions in banks; it also includes accountants, financial managers, loan officers, customer service representatives, and more.
There are numerous other jobs that have a variety of responsibilities and are compensated accordingly. The best paying jobs in commercial banks require a thorough knowledge of the field, in-demand skills, and the appropriate position to ensure that you can perform well at work.
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