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Published: Dec 30, 2022 12 min read
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With the banking industry increasingly turning toward innovation and technology, many new job opportunities have arisen for individuals interested in pursuing a career in banking, as evidenced by the numerous job postings from major banks found on ZipRecruiter.

These roles often require specialized knowledge or previous experience in the industry but can also come with attractive compensation packages and benefits. What are the best paying jobs in major banks? Read on to find out.

Our Top 7 Picks for the Best Paying Jobs in Major Banks

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Financial analyst

A financial analyst monitors and studies the performance of financial institutions and investments. Analysts use statements, economic trends and other data to evaluate the fiscal health of an organization.

On a daily basis, they examine past performance, conduct relevant research, review regulations and compliance requirements, develop models for forecasting future performance and provide advice to financial institutions.

The role is essential in making the financial decisions to keep banks in business. They are responsible for assessing risks, developing strategies and recommending investment opportunities consistent with the bank's risk profile and long-term goals. Analysts also work closely with financial advisors and money managers to evaluate the financial health of their clients.

The median salary for financial analysts is $91,580 per year. This figure varies depending on experience and geographic location.

Loan officer

A loan officer specializes in helping financial institutions offer and administer financial products, such as loans and mortgages. Loan officers evaluate applications for creditworthiness, assess financial risks associated with the loan and make recommendations on terms and conditions. They also work with borrowers to collect financial documents to support the application process.

Loan officers review the applications to determine the borrower’s financial eligibility and help make decisions on the approval or rejection of a loan.

As per the U.S. Bureau of Labor Statistics, the mean annual salary of loan officers is $63,380.

Investment banker

Investment bankers specialize in financial services for financial institutions and their clients. They help financial institutions evaluate financial risks associated with investments, conduct financial analysis to determine the best strategies for investing capital and provide financial advice on potential investments.

Investment bankers review financial statements, analyze market conditions and trends, develop economic models for forecasting financial performance and provide financial advice to financial institutions on potential investments. Investment bankers also work closely with other financial professionals, such as financial analysts and portfolio managers, to assess financial risks and recommend investment strategies.

The mean salary for investment bankers is $124,020 per year.

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Credit analyst

A credit analyst assesses financial risks associated with lending decisions, reviews financial documents to determine loan eligibility and repayment capacity, and advises financial institutions on appropriate credit policies.

Credit analysts review financial documents such as bank statements, tax returns and credit reports to determine the creditworthiness of loan applicants. They also recommend terms and conditions to the financial institution, such as interest rates, repayment schedules, collateral requirements and closing costs. In addition, they may provide advice to potential borrowers on creditworthiness or financial strategies.

According to the U.S. Bureau of Labor Statistics, in 2021 the mean annual salary for a credit analyst was $88,030.

Financial manager

A financial manager develops long-term plans and strategies for assets, investments and capital structures for an organization. They evaluate all economic aspects of the organization to understand its financial performance and recommend strategies for improvement.

The role requires a continual assessment of an organization's monetary accomplishments by studying balance sheets, earnings declarations, market research data and other financial documents. Along with upper management, they create strategies to manage assets effectively while looking for cost-saving solutions. They also come up with budget suggestions that consider the business' financial well-being in a sustainable manner.

Financial manager jobs have a median annual salary of $131,710.

Portfolio manager

Those interested in a financial manager job may also consider a portfolio manager role.Portfolio managers come up with investment strategies and handle assets such as stocks, bonds and mutual funds to achieve the best possible returns for investors.

Portfolio managers track the markets, evaluate documents and figures, create investment plans for customers, give advice on prospective investments and study asset performance. They also partner with other finance professionals like investment bankers and credit analysts to review potential growth opportunities and propose strategies.

According to the U.S. Bureau of Labor Statistics, the median annual salary for a portfolio manager in 2021 was $131,710.

Branch manager

Branch managers are responsible for the day-to-day operations of a banking branch. They supervise and coordinate the activities of employees, review documents and reports, assist customers with banking transactions, develop bank policies and procedures and maintain customer relationships.

As the cornerstone of a bank, branch managers take responsibility for completing banking transactions with precision and speed. Additionally, they are available to offer customer service and answer any inquiries on policies or procedures.

Branch managers supervise employee activity, scanning documents and reports scrutinously before signing off. Apart from setting up new laws to ensure efficiency at the workplace too, these supervisors also strive to nurture long-term relationships with customers.

According to ZipRecruiter, branch managers receive an annual average pay of $59,453, as of December 2022.

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Best Paying Jobs in Major Banks Guide

Among the reasons workers in the U.S. leave jobs is to find one with a better salary, and workers in the banking sector are no exception. But to land the best-paying job in banking, you need to have the right skill set and qualifications. Whether you’re looking to join a major bank as an executive or work your way up from entry-level jobs, this guide will help you get the most out of your career in banking.

What is considered a major bank?

A major bank is one that is well-capitalized, provides a wide range of financial services, administers borrowing and lending activities and has the ability to generate large amounts of capital. They are typically characterized by having considerable operational resources and an international presence.

Major banks also tend to offer clients multiple financial services such as loans, deposit accounts, investments and trust accounts. They are also expected to file regular financial statements with regulators that include assets, liabilities, income statements, balance sheet information and other metrics.

Major banks have a significant influence on the economy due to their size and the high number of assets they control. As such, they must be in strict compliance with all local and federal regulations to safeguard those assets and to protect the public from financial risk.

Types of bank jobs

Banking jobs can be broadly classified into financial and non-financial roles. Financial roles typically include statement analysis, forecasting, planning and budgeting, product sales and trading, reporting and compliance, portfolio management, risk management and wealth management.

Non-financial jobs include customer service representatives, IT support staff, human resource personnel, as well as operations and administrative staff. These roles are necessary so that the bank operates smoothly and efficiently.

Both types of roles are important as they help banks offer customers a wide range of services and products while also ensuring compliance with government regulations. Bank professionals play an essential role in building customer trust by providing reliable advice and services, managing risks properly and adhering to ethical standards.

Requirements for a major bank job

The skills and qualifications required for a major bank job vary depending on the role. For some roles, an applicant needs to have a bachelor's degree in finance or a related field. Additionally, experience with financial analysis, budgeting and banking regulations are important to employers when hiring for certain roles. Good communication and customer service skills are also paramount for bank jobs that interact with customers daily.

Overall, having a solid educational background and financial experience can guide you towards success in a banking job.

How to find the highest paying jobs in major banks

Bank jobs can offer you a stable salary that's above average in many sectors. But to find the highest-paying bank jobs, you'll need to be deliberate in your search and take specific steps. Here are four tips to help you find the bank job that pays best:

Look for job postings on bank websites and job search sites

Many bank employers post their open positions online, so start your search by visiting bank websites and job search sites. Pay attention to the details in the job descriptions — particularly the qualifications and pay levels — to determine if it's worth pursuing.

Network and make connections with bank employees and recruiters

Networking is a great way to learn about job opportunities in banking that may not be widely advertised. Reach out to individuals who have experience working in the banking industry so you can learn more about how to apply for a bank job, prepare for an interview and negotiate the best salary.

Create a resume that stands out from the competition

Having an excellent resume is especially important when seeking the best-paying jobs in finance, as employers will be looking for candidates with the best qualifications and experience. Make sure to highlight your skills and successes in the resume, and consider hiring a professional resume writer if you need assistance. They can also help you write a cover letter for a job that will catch the employer's attention.

Develop your skills and gain experience in finance

Gaining additional education and professional experience related to banking can give you an edge over other applicants and put you in line for higher pay grades. Consider taking classes or obtaining certificates in related fields. Additionally, make sure to stay up-to-date on industry trends and news.

Best Paying Jobs in Major Banks FAQ

How many major bank jobs are available?

Currently, over two million people in the U.S. work in the commercial banking industry, many of whom work for major banks. Between 2019 and 2029, job openings in the financial industry will increase by five percent, faster than any other occupation.

How do you start a career in banking?

A career in banking can begin with an entry-level job or — if you have the right educational background or previous experience in banking — with a high-level corporate position. It all depends on your background and the type of role you're interested in.

What other jobs can you get with banking experience?

Having experience in banking can open the doors to job opportunities in businesses across various industries. By learning about bank processes and how the industry works, you can bring valuable knowledge to other fields such as accounting, finance, economics, business, and even marketing or sales. 

Is a job in a major bank a good career path?

Working at a major bank is a great career path to consider, as you can obtain valuable experience and industry knowledge from the position. Further, these jobs usually offer competitive salaries and benefits compared to other occupations.

How We Chose the Best Paying Jobs in Major Banks

To come up with a list of the highest-paying jobs in banking, we used data from the U.S. Bureau of Labor Statistics and job postings from major banks across the country. We then combined this information to create our list of the best bank jobs available today.

When researching these positions, we paid particular attention to factors such as educational requirements, salary levels, job duties and the potential for career growth. We also included information about what qualifications and skills employers are looking for when hiring for these positions.

Finally, we analyzed current banking trends to better understand the industry’s needs and opportunities. This helped us identify which banking jobs offer the highest pay scales and the most long-term career potential.

Summary of Money's Best-Paying Jobs in Major Banks