Branch Manager, Banking Salary
Banking Branch Managers in the United States are often veterans in their line of work, with just under three-fifths bringing more than 10 years of experience to the table. Salaries slide in at $55K per year on average but can range from $39K to $81K per year. Cash earnings of Banking Branch Managers — including $12K in bonuses, $5K in profit sharing proceeds, and $13K in commissions near the top of the pay scale — stretch from approximately $39K to approximately $81K depending on individual performance. The most influential factor affecting pay for this group is the particular firm, though the particular city and tenure have a (lesser) impact as well. Banking Branch Managers survey participants are largely women, dominating at 60 percent. For the most part, Banking Branch Managers enjoy their work and report high levels of job satisfaction. A large number enjoy medical while most get dental coverage. Vision coverage is also available to a fair number.
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
Dominating the field, U.S. Bank, Wells Fargo Bank, The PNC Financial Services Group, Inc., SunTrust Banks Inc., and Chase Bank are top firms with a reputation for hiring a great number of Banking Branch Managers. Chase Bank offers the best pay with a median salary of $76K, though salaries there don't seem that varied, bottoming out near $54K and maxing out at just $90K. J.P. Morgan Chase & Co. (JPMCC), The PNC Financial Services Group, Inc., and Wells Fargo Bank also offer top salaries for Banking Branch Managers. Workers at these firms can expect to earn about $71K, $69K, and $66K, respectively.
Federal Credit Union reports the lowest median salary in the area by far — it's only $44K, 74 percent lower than the top payer. Workers also receive paychecks lighter than average at The Huntington National Bank ($56K), 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. Skills that seem to negatively impact pay 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.
For Banking Branch Managers, more experience in the field does not usually mean bigger paychecks. The average worker who claims fewer than five years of experience earns around $52K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $58K. On average, Banking Branch Managers make $60K following one to two decades on the job. Banking Branch Managers who surpass 20 years on the job report pay that isn't higher than those with 10 to 20 years.
Pay Difference by Location
For Banking Branch Managers, busy New York offers a higher-than-average pay rate, 42 percent above the national average. Banking Branch Managers will also find cushy salaries in Los Angeles (+29 percent), Boston (+20 percent), Seattle (+19 percent), and Denver (+18 percent). Knoxville ranks last in the field for pay, reporting salaries 5 percent below the national average. Not at the bottom but still paying below the median are employers in Houston and Atlanta (3 percent less).
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