Best Paying Jobs in Major Banks-If you’re looking to work in the financial industry, but aren’t sure which bank will best suit your needs, it can be hard to know where to start.
Luckily, we have researched some of the most popular and prestigious financial institutions in the country and identified five of the best-paying jobs they offer, so you can easily find the job that fits your career goals.
These bankers advise corporations and governments on merger, acquisition, and divestiture deals.
According to Payscale, investment bankers earn a median salary of $86,000. They also receive bonuses that can double their annual pay.
Investment banking is one of most prestigious jobs in finance, but it’s also one of most competitive fields for entry-level candidates—the competition is fierce for positions in mergers and acquisitions (M&A) departments.
If you want to work as an investment banker but don’t have experience working with corporate clients or understand complex financial transactions, consider getting your foot in the door by joining a bank’s research department first.
Research analysts gather information about companies they cover and create reports that are distributed internally or sold externally to clients who want information about specific companies before making investments decisions.
Research analysts typically earn between $50,000 and $60,000 per year depending on their level of experience.
Bank relationship managers are in charge of developing and nurturing relationships with key clients. Because banks operate on massive scales, a bank’s relationship manager could have as many as 100 different clients under his or her care. The role is often seen as an entry point into more senior positions within a bank, but it can also be a standalone position for those who prefer to stay put. The average salary for relationship managers is $85,000 per year.
A financial analyst analyzes a company’s business and financial situation to determine potential risks, profit potential and more. The mean annual wage for a financial analyst is $89,000. There are about 50,800 financial analysts employed in America today. To become a financial analyst you must have an undergraduate degree in finance or accounting and several years of experience in finance or accounting work (at least five years).
Financial analysts typically need at least two years of experience before they can be hired as an associate. With respect to skills required, employers prefer candidates who have excellent analytical skills, computer skills and communication skills (both written and oral). Employers also look for candidates who are self-motivated individuals with strong interpersonal skills.
A quantitative analyst uses a wealth of data to assess trends and come up with compelling investment recommendations. Quantitative analysts are often hired by hedge funds, private equity firms, and other financial institutions. Average salary: $141,000/year. Entry-level education: Bachelor’s degree in finance or math.
If you’re serious about going into banking, make sure to do your research and learn more about a bank’s culture before applying.
Even if a position seems like it will be great, you should remember that as an entry-level employee, you are expendable and easily replaceable just another number in a sea of employees.
Just because there aren’t other applicants doesn’t mean you should take a low salary or take a job below your skill level.
Instead, leverage your skills and use them to negotiate for a higher salary or better benefits package.
You might even want to consider looking for work with smaller banks; they often offer better opportunities for growth than larger banks. Whatever you decide, always keep your eyes open for new opportunities so that you can get ahead in life.