Are you looking for a career in the banking industry? Choosing a job at a bank could be a great step to take if you’re looking to start your career. The best paying job in the banks is that of a loan officer. A loan officer’s job is to help borrowers get loans from banks and other financial institutions, as well as assist them with any issues they may have with their loans.
With the advancement in technology, many jobs have been replaced by machines. However, some jobs are still not yet able to be fully automated. One of those jobs is that of a bank teller. The job of a bank teller is one that requires a lot of human interaction and skills like listening and understanding customers’ needs.
The financial sector is an important part of the global economy and a source of income for many people. Banks are one of the most popular employers in this sector and offer a wide range of jobs that can be rewarding.
14 Best Paying Jobs in Major Banks
Here are the top 14 jobs at banks and what they pay, along with some helpful information on each job:
1. Chief Credit Officer (CCO)
A chief credit officer (CCO) is someone who is in charge of managing the credit risk of the bank. This position requires a significant amount of experience and qualification, so it’s not for everyone.
The primary responsibilities of a CCO include:
- Credit Risk Management: The CCO will be responsible for managing the credit risk profile of an organization, which includes understanding its exposure to various forms of risk or loss. They also ensure that their organization has adequate liquidity and funding to ensure operations can continue uninterrupted when faced with financial challenges.
- Credit Policy: A good credit policy ensures that all processes within the company are properly managed according to standards set by regulators or other authorities involved in financial matters related to your industry sector where you operate as an institution offering financial services such as banking products like loans etc..
2. Chief Risk Officer
So, what does a Chief Risk Officer do? The Chief Risk Officer is responsible for managing the bank’s risk profile and ensuring that the organization is compliant with regulatory standards. This includes oversight of credit, market, operational and reputational risks.
In addition to overseeing the risk function at their own firm, they also represent their bank on industry committees such as the Financial Stability Board or G-20 Working Group on Financial Markets. They may even work with other groups such as think tanks or consulting firms to help develop new products or services in their field of expertise.
The average salary for someone working in this role was $566K per year in 2018 according Forbes data from Glassdoor (as cited by Investopedia). However it varies depending on where you live: In New York City it’s closer to $1 million while if you work out west it could be less than half that amount.”
3. Director of IT Security
A Director of IT Security is a person who is responsible for ensuring that the bank’s IT systems are secure from hackers and other threats. This involves overseeing the implementation of security policies, educating employees on security practices, monitoring the networks to detect intrusions and breaches, and taking measures to reduce the risk of such attacks.
A range of skills are required for this job, including knowledge of cybersecurity threats in general; knowledge about specific technologies used by banks; experience working as an IT Security professional in another organization; technical skills (e.g., programming) or management skills (e.g., leadership).
4. Investment Banker
Investment bankers are the ones who bring the money to companies. They help companies with mergers, acquisitions and initial public offerings (IPOs). Investment bankers also help companies raise capital by raising money from the stock market and bond markets.
There are many different types of investment banks, including:
- Corporate finance – Corporate finance focuses on helping companies raise capital through debt or equity financing.
- Corporate advisory – This is also known as merger & acquisitions (M&A) advisory services or simply “corporate advisory services.” It refers to providing advice on mergers and acquisitions (M&As), restructurings and other corporate activities such as initial public offerings (IPOs). This includes assisting in developing strategies for sale/purchase transactions between two parties that may otherwise not have considered each other candidates for a sale/purchase transaction given their respective circumstances prior to engaging in these discussions with each other’s representatives at this point in time.”
5. Executive Vice President (EVP)
An EVP is the chief operating officer, who often reports to the CEO and oversees a team of VPs. The executive vice president (EVP) is one of the highest-ranking positions in a bank, responsible for overseeing the operations of an entire institution. In many cases, they are also directly involved in selecting and directing new hires.
An EVP can earn between $250K and $1 million per year depending on their background and experience level; however, this range can vary depending on company size and industry as well as any other bonuses or incentives that come along with being an EVP at that particular company.
6. Vice President (VP)
The VP (Vice President) is a senior management position. It draws an annual salary of $200,000 to $400,000, and it’s considered as an intermediate level management position.
A VP is also a mid-level management position which can range from $120,000 to $450,000.
In addition, it’s also known as an executive management position that may pay you anywhere between $130,000 to $500K annually. The other name for this is middle-management since VPs have direct reports who report directly back to them or the Board of Directors if there are no VPs above them in their organization chart.
7. Senior Financial Analyst (SFA)
SFA is a senior analyst who is responsible for analyzing and reporting on financial data. The SFA has experience with accounting and financial analysis and is an expert in his/her field. This person typically works within the finance department of large corporations but may also be hired by investment banks, hedge funds and similar financial institutions.
The SFA typically works closely with the CFO or CEO to provide them with accurate information about a company’s fiscal status so that they can make good business decisions based on accurate information.
As an entry level position, this job requires someone with a bachelor’s degree in math or business administration as well as several years’ worth of experience working in finance departments of companies of all sizes.
8. Business/Financial/Credit Analyst
Business/Financial/Credit Analyst
- What is a business analyst?
- They are in charge of analyzing the company’s financial situation. They also look at its growth prospects, marketing strategies, and other factors that impact its success.
- What is a financial analyst?
- They focus on how to use capital to make money for the company. Financial analysts study different sources of funding (for example, debt or equity) and determine which source would be most beneficial for the business.
- What is a credit analyst? They analyze risk using credit scores and other metrics related to paying off loans or borrowing money from lenders like banks or credit unions
9. Internal Auditor
According to the ICA website, internal auditors are responsible for assessing, monitoring and improving the effectiveness of the bank’s risk management, control and governance processes. They also ensure compliance with regulatory requirements.
Internal auditors assess the effectiveness of risk management, control and governance processes; ensure compliance with internal policies and procedures; review financial statements; monitor activities related to assets or liabilities under their custody; review transactions involving significant amounts of cash or other assets that were executed manually by employees without following established policies or procedures; audit payroll records for accuracy and completeness in order to prevent fraud or theft of funds from employee paychecks.
10. Quantitative Analysts (QA)
Quantitative analysts (QAs) use computer models to predict financial behavior. They use data to make predictions about the future, and their work is used by traders and portfolio managers. In addition to quantitative analysis, QAs are also involved in the development of trading strategies, risk management and even regulatory compliance.
Quantitative analysts are also called quants because they use formulas to solve complex problems every day.
11. Compliance Associate
What is a compliance associate?
A compliance associate is someone who works in banking and finance to ensure that employees comply with the rules and regulations of their companies. They usually handle internal investigations, but they also review contracts, policies, and procedures to make sure they are in line with industry standards.
What do they earn?
The average salary for a compliance associate is between $80K-120K per year (and sometimes more), according to Payscale.com.
12. Customer Support Associates (CSA)
Customer Support Associates (CSA) are the first point of contact for all customers, and they are the face of your company. These professionals represent your brand in every interaction with clients. The ability to be friendly, helpful and give good advice is crucial to this job.
Working as a CSA can be very rewarding because you get to interact with people every day and help them solve their problems or answer their questions about different products or services offered by your bank or credit union.
13. Credit Risk Manager / Director of Credit Risk Management
As the title suggests, a credit risk manager is responsible for identifying and mitigating the risks associated with financing or investing in a company, project or individual. In short, they are in charge of managing credit. This can include reviewing contracts, transactions and debts to determine how much money should be lent out to each borrower.
Credit Risk Manager also oversees the work of Credit Risk Analyst (and possibly other staff). The position requires at least a bachelor’s degree in accounting, business finance or economics. In addition to education requirements and technical skills needed for this job, it’s important that you have strong communication skills so that you can convey information clearly both verbally and written form
Good careers are available in banking.
It’s true, good careers are available in banking. The best paying jobs are found in major banks where demand for skilled professionals is high. Major banks pay well because they require highly skilled workers to operate their business.
Conclusion
The good news is that there are many career opportunities available in banking. You will not go wrong if you take up one of these jobs and put in your best effort.