If you are looking for a career that offers you a high pay scale in the banking sector, finance is the go-to option. Although a finance job in banks is a little more challenging than the rest, a person working in this field gets compensated well.
Someone looking for a finance-related job in the bank industry can find several options, ranging from a financial analyst to becoming a bank manager. The salary scale for each position depends on the qualification and experience of an individual. However, bigger banks generally pay higher than the banks of the medium-scale category.
This article discusses the eight highest paying finance jobs in the banking sector and the education and skills you would need to qualify for those positions.
- 1. Credit Analyst:
As of 2020, the annual income of a person working in credit analysis in the banking sector is around $ 48,000. A credit analyst’s job description is to determine whether the bank should grant a loan to a particular individual or organization by analyzing their credit profiles. A credit analyst is an expert in studying the detrimental factors in the borrower’s financial profile and evaluates the measure of risk associated with the loan granted.
A credit analyst must also know the latest software and tools to assess the borrower’s risk level. However, all is not possible behind the screen. These professionals have to visit the clients and survey their assets to make sure they qualify for the loan by all legal means. To earn a position as a credit analyst in the banking sector, you need at least a bachelor’s degree with majors in either finance or accounting. However, online masters in accounting could brighten your chances to by-pass the lot.
- Budget Analyst:
A professional budget analyst makes approximately an annual income of more than $ 54,000. Their responsibility is to create a sound strategy for organizations on how to spend their funds effectively. Throughout the year, a budget analyst assesses the expenditure of money in all departments of the organization and sorts out ways to invest in more efficient ways.
To get yourself in the budget analyst profession, you must at least hold a bachelor’s degree in finance or economics. However, a renowned bank might also demand a master’s degree in the respective fields. A budget analyst adds more value to his credentials through extensive work experience. So the more experienced a candidate is, the more are his chances to fetch a top-tier pay scale.
- Internal Auditor:
An internal auditor could earn somewhere around $ 60,000 annually. He is entitled to review the bank’s finances and assess the performance on how efficiently it gets utilized. An internal auditor makes vital recommendations on ways to generate better profits by restructuring streamline operations.
A candidate with a bachelor’s degree in either accounting or administration could enter the role of an internal auditor. Additional knowledge in computer systems and finance could give him the edge over other candidates applying for the same position. Furthermore, internal auditors who carry the Fraud Examiner Certification from a recognized institute earn approximately 25 per cent more than others.
- Bank Manager:
A bank manager is one of the senior positions in the banking field and gets paid more than $ 60, 000 annually. The responsibility of a bank manager is to look after all the branch’s operations and monitor the upselling goals. Also, bank managers are required to provide customer service and manage the employees of the department.
People, preferably with a master’s degree in business administration, accounting, or economics, pursue bank manager jobs. Also, high target achievers in the banking sector and those with decent experience get selected by reputed banks for this position.
- Executive Relationship Manager:
People who are working in the position of executive relationship manager earn up to $ 66, 000 on an annual basis. Their job is to determine what are the best-suited products or services for a client and to find healthy investment accounts. Also, an executive relationship officer guides the clients to choose the best mortgage and loan plans for their needs.
Executive relationship managers mostly focus on working with a corporate client rather than individuals. However, they assess the other relationship officers on their dealership with individuals and small-medium scale businesses. A candidate eager to apply for the position of an executive relationship manager must possess exceptional communication and selling skills. Besides, a master’s degree in management or finance could provide you with the prerequisites for this job.
- Equities Trader:
Equity traders can make up to $ 71,900 annually. Typically, their job is to buy and sell stocks, keeping in perspective futures options and derivatives on behalf of the organizations. Moreover, they are also responsible for the development of strategies for clients to use for tracking market trends of their preference. It also helps in predicting how the markets will move in the future.
Most of the equity trader vacancies are open in the larger metro areas, for example, London, New York, Berlin, etc. Equity traders are typically from fields such as finance and business; however, they must register themselves with the Financial Industry Regulatory Authority.
Conclusion
Despite their differences in curriculum and experience required, finance jobs in the banking industry have many characteristics in common. Careers in the finance field tend to be overwhelming but offer lucrative incentives to people looking for high pay scale white-collar jobs.
