Working in finance is a great way to make money. First of all, there are many high-paying jobs in the industry. Second, you’re surrounded by people who are knowledgable about money. So, this is definitely something to consider career-wise. Of course, not all finance jobs are equal. If you want to make the big bucks, then you should know about the best paying jobs in major banks.
Benefits Of Working in a Bank
There are many benefits to getting a job working in a bank. These include:
- Generally, these are well-paying jobs.
- There are many different banks that you can choose from to work at.
- There are finance careers available all around the world.
- Working in banking often includes great perks and benefits.
- You have access to the knowledge and assistance of all of these people who are also interested in finance.
5 Best Paying Jobs in Major Banks
You can work in all different types of finance jobs. There are finance jobs in basically every industry. For example, fintech is a huge industry. So, don’t limit yourself just to working in banks. There are lots of other opportunities, too. That said, banks are a great place to start, especially major banks that have an established history. If you’re ready to look at those types of careers, then you might want to know that these are the 5 best paying jobs in major banks:
1. “Chiefs” and Chairmans
The people who head up the bank at the “chief” level are usually the ones who make the most money. In other words the CEO and the CFO are the best paying jobs in major banks. Oftentimes, these people are also the bank’s chairman (or chairperson, we should say.)
CNN Money did a report about what top execs of major banks actually take home and some examples include:
- Bank of America CEO and Chairman Kenneth D. Lewis has an annual salary of $1.5 million and actually takes home over $24 million.
- Bank of America CFO Joe L. Price has an annual salary of $800,000 and takes home over $6 million.
- Goldman Sachs Chairman and CEO and also their CFO/President each make $600,000 in salary but take home over $70 million!!
- Goldman Sachs CFO and Chief Administrative Officers each also make $600,000 annually but take home around $50 million.
- At Wells Fargo, the Chairman earns about $1 million and takes home over $20 million. At that bank, the president and CEO earns about three quarters of one million in salary and takes home over $12 million. The CFO who is also the Senior Vice President earns $600,000 and takes home about $5 million.
Note that these numbers are slightly outdated but provide a good representation of what CEOs, CFOs, and Chairpersons earn in those best paying jobs in major banks. As you can see, people at this level often wear a couple of different hats; (the CEO may also be the Chairman or the president, for example.) Moreover, they actually earn far more than their salary, which is already high.
2. “Vice” Positions
As you might guess, there are “vice” positions underneath the best paying jobs in major banks. These also pay well. So, if you’re on your way up the banking ladder, you might want to look for these types of jobs. They include bank vice presidents and vice chairmen.
Forbes, reporting on information compiled from Glassdoor, reports that Vice Presidents have some of the best paying jobs in major banks. Of the major banks, they report that Goldman Sachs pays them the most, at an average base salary of $169,896 a year. That’s before all the extras.
The CNN Money report doesn’t provide information for Goldman Sachs vice president. However, they list a few others with a huge pay range. At Merrill Lynch alone, they list Nelson Chai as Executive Vice President and Chief Financial Officer with a salary of just over $30,000 but compensation as closer to $2 million. And yet, they also list Robert J. McCann as an executive Vice President with a salary ten times that of Chai and compensation at around $5 million. Moreover, the bank’s former executive Vice President earns over half a million salary with compensation exceeding $14 million. So, there’s a huge range of pay within and across banks for the Vice President position.
As for Vice Chairmen, there are two at Citigroup, one earning $200,000 and the other $500,000 but both getting actual compensation around $7 million. At New York Mellon Bank, there are three on the list, earning between $600,000 and $700,000 with compensation ranging from about $9 million – $20 million. Again, the people in these roles often wear multiple hats and a lot of factors go into their pay scale and take home pay.
3. Financial Managers and Financial Analysts
As you’re working you’re way up the ladder, these are some of the best paying jobs in major banks. Go Banking Rates lists them at the top. They cite an average annual salary of $134,180. A Chron article on the best paying bank exec jobs puts it slightly lower but still over $120,000. Moreover, there is high demand for this job and it’s expected to grow through 2030. Therefore, you don’t only make good money but also have good job opportunities.
Financial managers often oversee financial analysts, who also have a good job. The Forbes article also looked at Glassdoor’s review of Financial Analyst jobs. They found their average job salary at major banks was $69,461. Goldman Sachs pays their financial analysts that amount. Two other banks, Bank of America and Capital One, pay a higher rate, exceeding $70,000 annually.
After gaining financial analyst experience, you’re in a good position to head up to that higher level as a financial manager, where you’ll make more money.
4. Global Banking Positions
Some of the best paying jobs in major banks are in international or global banking. Obviously, the executives in this area make the most money. The Money CNN report notes that the Bank of America Global Risk Executive earned $800,000 annually and over $9 million in compensation.
That bank also has lots of other global positions in a similar salary range including:
- Global Technology and Operations Executive
- President of Global Consumer and Small Business Banking
- President of Global Corporate and Investment Banking
Think of it like a small business within the business. Within global banking, you can rise to the top as a president or executive in that part of the bank.
Of course, you’ll have to work your way up with other jobs. Global Risk Management is a good option. ZipRecruiter reports career salaries ranging from $58,000 to over $200,000.
5. Investment Banker
Go Banking Rates also lists this position as one of the best paying jobs in major banks. They cite an annual average salary of $134,180. Fortunly places it at over $150,000 per year and also explains that additional payment includes signing bonuses and year-end-bonuses along with lots of benefits.
Read More:
- How Mindfulness At Work Helps Your Health and Your Bank Account
- 11 Steve Jobs Money Tips Everyone Should Follow
- Side Jobs to Grow Your Bank Account
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Kathryn Vercillo is a professional writer who loves to live a balanced life. She appreciates a good work-life balance. She enjoys balance in her relationships and has worked hard to learn how to balance her finances to allow for a balanced life overall. Although she’s only blonde some of the time, she’s always striving for total balance. She’s excited to share what she’s learned with you and to discover more together along the way.
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