Branch Manager, Banking Salary
The majority of Banking Branch Managers in the United States — slightly more than half — boast more than 10 years of experience in their profession. Salaries stretch from $38K to $80K per year, and the median is $55K annually. Total cash earnings of Banking Branch Managers range from $38K on the low end to $80K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $12K and $5K, respectively. The specific employer is the main element affecting pay for this group — geography and experience level are driving factors as well. Work is enjoyable for Banking Branch Managers, who typically claim high levels of job satisfaction. Medical benefits are awarded to most, and a large number earn dental coverage. The data for this synopsis comes from respondents who took the PayScale salary survey.
Job Description for Branch Manager, Banking
Banking branch managers lead a team of bank employees. They must make sure that they, and their staff, build strong relationships with their customers or clients. They must work to recognize their customers’ financial needs and financial goals. They must have exceptional interpersonal, leadership, and customer service skills. They must have excellent oral and written communication skills. They must be able to build strong teamwork. They must ensure operational excellence. They must manage their branch’s budget. They closely monitor their branch’s revenue and expenses. They lead staff meetings.Read More...
Employers require that candidates have a bachelor’s degree in marketing, business, finance, or a related fields and/or commensurate work experience in banking and branch management. Depending on the size of their branches, they may be required to pass the series 6 or/and 7 exams, which are administered by the Financial Industry Regulatory Authority (FINRA).
They must be ethical and honest. They must maintain integrity. They must follow relevant government rules and regulations. They must follow their company’s guidelines, policies, and procedures, and they must make sure that their staff follow the same requirements. They must be motivated and driven, in order to expand their branch’s customer base. Employers often prefer candidates who have consumer and real estate lending experience. They must be able to multitask and pay attention to details.
Branch Manager, Banking Tasks
- Develop, implement, and manage all bank administrative and sales orientated plans and goals.
- Promotes business development and customer service standards.
- Drives sales and loan quotas.
Common Career Paths for Branch Manager, Banking
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Popular Employer Salaries for Branch Manager, Banking
Many Banking Branch Managers can be found at U.S. Bank, Wells Fargo Bank, The PNC Financial Services Group, Inc., SunTrust Banks Inc., and Chase Bank, firms that are at the top of the field. Pay for Banking Branch Managers is best at Chase Bank, which offers a median salary of $76K. However, the highest reported salaries don't seem to be much higher than the lowest ones; the pay range here runs from $53K to $90K. Banking Branch Managers can also look forward to large paychecks at J.P. Morgan Chase & Co. (JPMCC) ($71K), The PNC Financial Services Group, Inc. ($68K), and Wells Fargo Bank ($66K).
The consistently lowest paying firm on the list is Federal Credit Union, where the median salary is just $44K — 74 percent less than the top paying company. Also sliding in at the lower end of the scale are Woodforest National Bank ($49K), Regions Bank ($56K), and Charter One Bank ($59K).
Popular Skills for Branch Manager, Banking
Banking Branch Managers seem to exploit a large range of skills on the job. Most notably, skills in Sales Management, Business Development, Leadership, and Team Leadership are correlated to pay that is above average, with boosts between 3 percent and 11 percent. Skills that are correlated to lower pay, on the other hand, include Training, Scheduling, and Customer Service. Those familiar with Banking also tend to know Team Leadership and Consumer Loans.
Pay by Experience Level for Branch Manager, Banking
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $52K; however, individuals with five to 10 years of experience bring in $58K on average — a distinctly larger sum. On average, Banking Branch Managers make $60K following one to two decades on the job. Folks who have racked up more than 20 years in the field report incomes that aren't higher than less experienced individuals' earnings.
Pay Difference by Location
For Banking Branch Managers, New York provides a pay rate that is 36 percent greater than the national average. Banking Branch Managers can also look forward to large paychecks in cities like Los Angeles (+30 percent), Boston (+20 percent), Seattle (+19 percent), and Denver (+19 percent). Trailing the national average by 6 percent, Richmond is the market with the smallest paychecks. Employers pay around 4 percent less in Knoxville and 3 percent less in Houston, below-median salaries for those in this field.
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Key Stats for Branch Manager, Banking
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