It makes sense that the finance industry is widely known for offering high salaries—after all, the professionals dealing with large amounts of money should be well compensated for their work! Unfortunately, this is not always the reality for those working in entry-level banking positions.
That being said, there are a number of extremely lucrative roles in the banking field. Securing one of the best-paying jobs in major banks requires a bit of planning, as many of these positions require additional schooling or training.
Follow along to learn more about the five best-paying jobs in major banks; from salaries, educational requirements, and more.
Average Salary Range: $112,092 – $141,500
Though finance managers can be found in nearly every corporation, they serve an especially important role in major banks. Finance managers are highly paid for their work, as their tasks are varied, including:
- Compiling business finance reports and quarter forecasts
- Overseeing legal requirements regarding finances
- Managing a larger team of analysts and other finance professionals
Since finance managers oversee such a broad range of a bank’s day-to-day operations, many major banks require significant career experience from applicants. Typically, this includes at least a bachelor’s degree in business, economics, or finance, along with five or more years of professional experience. Additionally, potential finance managers should have experience managing a large team.
Though the average salary range for a finance manager is impressive, some professionals report making up to a whopping $255,000 each year.
Average Salary Range: $105,487 – $140,164
The role of risk manager is one of the highest paying jobs in major banks for a reason. Risk managers closely track a bank’s day-to-day operations to ensure that the institution has not jeopardized itself by making legal or financial mistakes. They are integral to the survival of major banks and the finances of their customers, meaning that a risk manager is extremely well compensated for their work.
The high salary of a risk manager comes with laborious requirements, as many major financial institutions ask that applicants possess:
- A bachelor’s degree in business, finance, or the management of either field.
- A Master of Business Administration (MBA) degree OR relevant finance law degree
- Certification from the Global Association of Risk Professionals (GARP) OR the Professional Risk Managers’ International Association (PRMIA)
Accounting Operations Manager
Average Salary Range: $101,836 – $129,021
Accounting operations managers are highly skilled accountants that oversee the internal or customer-facing bookkeeping for major banks, depending on the position. While supervising their own team, accounting operations managers work closely with the bank or the public regarding bills, collections, ledgers, and taxes.
Most major banks require applicants to be a Certified Public Accountant (CPA) with at least 5 to 10 years of experience as an accountant, along with managerial experience.
Average Salary Range: $73,119 – $90,787
Investment bankers aren’t limited to working on Wall Street. Many major investment banks employ these finance professionals when companies they work with release an initial public offering (IPO) and sell their stocks. Investment bankers then will manage the price, release, and sales transactions of these stocks.
To become an investment banker, you will need at least a bachelor’s degree in a relevant field—though an MBA is often preferred—and certified by the Financial Industry Regulatory Authority (FINRA). You should also have at least five years of experience in the stocks and investments industry.
Though the average salary range of an investment banker may seem low, it’s important to note that this role can be far more lucrative than the initial salary number may suggest. As is typical when working with publicly traded stocks, investment bankers often receive sizable commissions and bonuses based on the success of the IPOs they manage. For example, an investment banker with a yearly salary of $100,000 may receive closer to $280,000 per year due to these bonuses, making it one of the best-paying jobs in major banks.
Average Salary Range: $57,284 – $67,788
Working under a finance manager, a financial analyst is an outbound-facing position that carefully inspects statements from publicly traded (or soon-to-be publicly traded) companies in order to decide its worth for the bank and its customers. Financial analysts work closely with clients to sort and diversify investment portfolios using this information.
As one of the highest-paying jobs in major banks, employers require potential financial analysts to possess a bachelor’s degree relating to finance or business and at least five years of professional experience. Some financial institutions require applicants to possess a Chartered Financial Analyst (CFA) certificate from the CFA Institute.
Like an investment banker, financial analysts can receive hefty bonuses for their assistance in investment gains. Some successful financial analysts report that they are earning up to $113,000 per year.