Best Paying Jobs In Major Banks – Our 9 Top Career Picks

Over the last decade, the banking sector in the United States has been encountering rapid growth. So, this space can be really lucrative for people with good knowledge of banking and related skills.

There are many job opportunities that also pay exceptionally well to talented professionals. The banking sector offers some of the best-paying jobs in major banks across the country. Having an idea about the best jobs in this industry can help you achieve the right career with a solid income.

Top 9 High-Paying Careers in Major Banks

Here, we have listed some of the best-paying jobs in major banks along with a complete guide on each job. Keep reading to find out which job suits you the best.

1. Investment Banking

Investment banking is a type of banking that comes under the category of financial services including the organization of large, complex financial transactions like selling securities and underwriting a company’s sale of new equity shares to raise capital.

Such banks manage a corporation’s initial public offering (IPO) and also provide advice in mergers, reorganizations, and acquisitions. 

Role of Investment Bankers

The main role of investment bankers includes raising money for new initiatives or expansions, recruiting investors who buy stocks or bonds that pay for the initiative, and assisting clients by working through complex legal needs. 

Average Salary of Investment Bankers

The average annual salary of investment bankers is estimated to be $70,275. This job comes with great growth potential and is one of the best-paying jobs in major banks.

Key Skills Required

To become a good investment banker, the skills required are sound financial and analytical skills, a global outlook, and good communication skills to analyze the international market and spot good profit-making opportunities. 

2. Risk Management

Risk management is an area of banking that focuses on defining and structuring organizational set-up to manage risks associated with banking, overseeing the implementation of risk management policies in the organization, codification, and articulation of these policies and principles, and so on.

This area is completely concerned with the regulation of the bank’s functions and examining and keeping track of the risks involved in all aspects of banking. 

Role of Risk Management Professionals

The main role of risk management professionals is risk management, research and study procedures, models, and financial aspects to share the level of risk in banking.

The things included in risk management are risk governance, risk assistance, risk mitigation, and risk identification. 

Average Salary of Risk Management Professionals

The average salary of risk management professionals in the United States is $69,819 per year. The salary also depends on the bank that you are working in and the roles that you handle. 

Key Skills Required

In managing all risks involved in banking effectively, a risk management professional should have skills like analytical, quantitative, and technical skills, anticipate regulation changes, soft skills, work under pressure, planning and organization, and teamwork. 

3. Trading and Portfolio Management

Trading and portfolio management in banks is the process of effectively managing a mix of assets and liabilities. For this, banks acquire and dispose of meant for earning income.

There are countless investment vehicles available. Portfolio management provides specific knowledge and expertise on all these matters.

Role of Traders and Portfolio Managers

Traders and portfolio managers are professionals who manage the investment portfolio and their goal is to achieve the investment goals of clients.

These professionals determine the client’s objective, choose the optimal asset classes, conduct strategic asset allocation and tactical or insured asset allocation, manage risks, and analyze performance. 

Average Salary of Traders and Portfolio Managers

It is estimated that the average annual salary of traders and portfolio managers is $114,671 in the United States. Location is a major factor that decides how much traders and portfolio managers can earn per year.

Key Skills Required

Traders and portfolio managers should have good communication skills, tenacity, analytical ability, decisiveness, competitive spirit, strong emotional control, ability to work independently, and humility.

This job in the banking sector requires great skills and is among the best-paying jobs in major banks in the United States. 

4. Private Banking

Private banking falls under the personal financial services category where products and services are offered to the high net-worth individual (HNWI) clients of a retail bank or other financial institutions.

Private banking includes a wide array of wealth management services like investing and portfolio management, tax services, insurance, and trust and estate planning. This type of banking offers its clients discounts or preferential pricing on financial products and services.

That being said, the products and services offered by private banks might be limited when compared to other providers. 

Role of Private Bankers

Private bankers work in different parts of financial institutions and cater to the needs of high and ultra-high-net-worth individuals.

The main role of private bankers is to evaluate their client’s circumstances and make recommendations on how to position investments and savings.  Private bankers should also research to identify great opportunities and monitor the performance of the client’s account. 

Average Salary of Private Bankers

The total annual compensation of private bankers in the United States ranges from $40,000 to $1,26,000. The compensation comprises a fixed salary plus commissions depending on assets under the management fee. 

Key Skills Required

Some of the skills that private bankers require include a good understanding of the banking and financial systems, knowledge about credit and lending practices, staying up-to-date on current economic and market news, ability to deal with all types of clients, establishing a rapport with individuals, and good interpersonal and communication skills. 

5. Financial Analysis

Financial analysis is a fast-growing field in banking that evaluates finance-related transactions to determine their performance and suitability. In banking, this analysis is used to analyze whether an entity is profitable enough to warrant a monetary investment.

Financial analysis includes two categories namely, fundamental analysis and technical analysis. This strategy is used to evaluate set financial policies, economic trends, and so on.

Role of Financial Analysts

The main role of financial analysts is to study and examine current and past financial data. These professionals work with major banks as well as other financial organizations.

Another role of a financial analyst is to review financial statements and develop strategies to maximize profit. They also conduct financial modeling, find market trends, measure financial risk, create a financial broadcast, and provide recommendations regarding investments and other financial decisions. 

Average Salary of Financial Analysts

The average annual income of a Financial Analyst in the United States is $74,016. So, this is also one of the best-paying jobs in major banks that ensures a solid career with 100% job security. 

Key Skills Required

The key skills expected from a financial analyst include accounting skills, financial modeling, project financing skills, business evaluation, communication and interpersonal skills, problem-solving skills, variance analysis, ad-hoc analysis, and so on.

6. Wealth Management

Wealth Management in banking is an investment advisory service that focuses on the needs of affluent clients. The advisor uses a consultative approach and gleans details about the customer’s wants.

Then, the wealth manager creates a personalized strategy and uses a wide range of financial products and services. Wealth management tries all ways to meet the complex requirements of a client by providing services like estate planning, investment advice, retirement, and tax services. 

Role of Wealth Managers

Wealth managers are high-level professionals who procure data, evaluate information, make wise financial decisions, solve problems, establish interpersonal relationships, analyze data, identify goals, develop tailored strategies, and execute them thereby catering to all the complex needs of the clients.

They provide estate planning, accounting services, retirement planning, strategic tax planning, banking services, investment advisory services, and general long-term financial planning.

Average Salary of Wealth Managers

The latest update is that the average annual salary of wealth managers is $69,334. This indicates that the per-hour salary of these professionals is approximately $33.33. So, wealth management is one of the top-paying jobs in major banks.

Key Skills Required

The skills that wealth managers require include analytical skills, knowledge of financial instruments and markets, communication skills, proactive nature, problem-solving skills, attention to detail, and good customer service. 

7. Hedge Fund Management

Hedge fund management is the management of financial partnerships that utilize pooled funds and administer different strategies to earn active returns for their investors. High returns are generated by using derivates and leverage or through aggressive management.

The main hedge fund strategies include market neutral, long-short equity, merger arbitrage, and volatility arbitrage. These funds are usually accessible only to accredited investors. 

Role of Hedge Fund Managers

The main role of a hedge fund manager is to manage, make investment decisions, and oversee the operations of a hedge fund. These experts usually specialize in a particular investment strategy that can be used as the mandate of their fund portfolio.

Hedge fund managers have to manage a team, do rigorous research and analysis, and reconcile investment values regularly. 

Average Salary of Hedge Fund Managers

The average salary of a hedge fund manager is $30,795 per year and is dependent on the roles they take up. 

Key Skills Required

The main skills required of hedge fund managers are in-depth knowledge of financial instruments and strategies, detailed knowledge of markets, quantitative expertise, understanding of risk, clear idea about portfolio construction, communication skills, and teamwork.

8. Compliance

Compliance is the set of rules to be followed, the duties and responsibilities of personnel, and the communication between senior management and staff.

Compliance managers carry out tasks related to this and are one of the best-paying jobs in major banks. 

Role of Compliance Managers

The main role of compliance managers is to ensure that everything is done as per rules and regulations.

A compliance manager will have to take a look at questionable transactions or any activities that can be fraudulent and alert the authorities and take action to stop anything illegal from happening. They also analyze risk areas in bank operations.

Average Salary of Compliance Managers

The average salary of compliance managers is $95,130 per year. This is just the base salary that varies depending on your position and posting in major banks. 

Key Skills Required

Compliance managers should have skills like attention to detail, communication, problem-solving, critical thinking, integrity, and organization. These skills as well as a few more will make a person apt for the compliance manager position. 

9. Credit Analysis

Credit analysis is where banks consider and evaluate every loan application based on merits.

Before giving loans, they analyze the worth of individuals or organizations to determine the risk that they have to take up by lending money. Based on this creditworthiness determination, banks allot loans to individuals and entities.

Role of Credit Analysts

The main role of credit analysts is to manage the issuing of loans to individuals and other entities like businesses.

These experts help banks to review the credit profiles of borrowers by looking at previous records like payment history, running a background check, and coming to a conclusion. 

Average Salary of Credit Analysts

The average compensation received by credit analysts per year is $61,422. So, their salary per hour is approximately $29.53. Location is also a factor that determines how much a credit analyst can earn. 

Key Skills Required  

The skills expected from credit analysts include accounting skills, knowledge of banking, communication skills, problem-solving, knowledge of risk analysis, investigative skills, math and data analysis, analytical and critical thinking, financial forecasts, performing audits, research, and budgeting skills.

Conclusion

With the significant growth of the banking sector and the coming of high-paying jobs, people with the necessary skills can easily achieve a great career in this field.

Here, the best-paying jobs in major banks are listed based on detailed research and analysis. Each job requires specific skills and is right now paying huge amounts per year.

Individuals with good accounting skills, knowledge of the banking industry, and much more can utilize the high earning potential of these jobs.

A good resume will improve your chance of getting any of these best-paying jobs in major banks across the United States.