Business Analyst, Finance/Banking Salary
The median total income of Finance & Banking Business Analysts is around $62K, and for the average worker in this area, a good chunk of that (more than two-fifths, in fact) comes from commissions. Including potential for bonuses and profit sharing — peaking near $15K and $11K, respectively — total cash payment to Finance & Banking Business Analysts can bottom out near $41K or peak near $101K depending on individual performance. Compensation for this group is mainly affected by geography, but the company and years of experience are influential factors as well. Men make up a slight majority of Finance & Banking Business Analysts (58 percent) who responded to the survey. Most workers in this position report high levels of job satisfaction. A large number report receiving medical coverage from their employers and a fair number collect dental insurance.
|Salary||$41,180 - $94,596|
|Bonus||$727 - $14,589|
|Profit Sharing||$0.00 - $11,200|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$40,863 - $101,260|
|Hourly Rate||$16.16 - $50.19|
|Overtime||$18.55 - $49.86|
|Bonus||$727 - $14,589|
|Profit Sharing||$0.00 - $11,200|
|Total Pay (||$40,863 - $101,260|
Job Description for Business Analyst, Finance/Banking
A business analyst is someone who scrutinizes the financial aspects of the business and determines if there are any changes that could be made to make the business more successful. A successful analyst needs a detailed mind that is able to analyze data and come to conclusions based on this data. Based on these conclusions the analyst makes recommendations and changes to improve the business.Read More...
A business analyst requires essentially two overarching goals. One is to be able to gather, analyze and interpret data in areas such as budgets, financial planning and forecasting, and cash flow projections. Secondly, the business analyst must be able to coordinate, organize and direct organizations of projects and processes related to the financial sector of business. They must develop and implement goals and procedures based off of the data that they analyze.
A business analyst will often require a bachelor's degree in accounting, finance or information technologies. They may also have a technical background as a programmer or computer engineer. A successful business analyst must have this background as they draw upon this as the means to be able to interpret the data. However, they must also be able to work with people within the business to design feasible and obtainable goals to improve the business. Thus, they must not only be able to identify the problem but also come up with the solution to fix it.
A business analyst is a job that requires attention to detail and an innovative mind to fix problems. It is mentally stimulating and very fulfilling when they lead the business into the green!
Business Analyst, Finance/Banking Tasks
- Coordinate, organize and direct organization of projects and processes related to the financial sector of the business.
- Develop and implement goals and procedures related to management of financial aspects of the business.
- Gather, analyze and interpret data in areas such as budgets, financial planning and forecasting, cash flow projections, etc.
Common Career Paths for Business Analyst, Finance/Banking
Finance & Banking Business Analysts' salaries may rise greatly for those who assume a higher-end position such as a Management Consultant. The average Management Consultant brings home $93K per year. The most common next step for a Finance & Banking Business Analyst is to become a Senior Financial Analyst or a Senior Business Analyst. The former position pays an additional $14K per year on average, and the latter position pays $23K more per year.
Popular Employer Salaries for Business Analyst, Finance/Banking
Many Finance & Banking Business Analysts can be found at J.P. Morgan Chase & Co. (JPMCC), Bank of America Corp. (BOFA), U.S. Bank, The PNC Financial Services Group, Inc., and M&T Bank Corp, firms that are at the top of the field. Capital One Financial Corp does shell out the biggest paychecks — the median in that office is $79K — but the company pay scale is greatly mixed, meaning that workers on the low end may earn only $50K while workers on the upper end may rake in up to $103K. The Bank of New York Mellon Corporation (BNY Mellon), Bank of America Corp. (BOFA), and Chase Bank are a few other companies that offer generous salaries, with Finance & Banking Business Analysts earning around $75K, $73K, or $64K at each firm, respectively.
While select M&T Bank Corp employees may bring in up to $151K, a median salary of only $48K — the lowest in the field — suggests a serious lag in the earnings department. Employees at U.S. Bank, The Northern Trust Company, and Citibank can also expect below-average earnings of $52K, $55K, and $59K.
Popular Skills for Business Analyst, Finance/Banking
Finance & Banking Business Analysts report using a deep pool of skills on the job. Most notably, facility with SAS, Process Improvement, and SQL are correlated to pay that is significantly above average, leading to increases of 21 percent, 13 percent, and 11 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Windows Operating System General Use, Document Review and Distribution, and Microsoft Word. Those who learned Microsoft Excel also tend to know Microsoft Office and Financial Analysis. Those familiar with Data Analysis also tend to know Financial Analysis and Microsoft Office.
Pay by Experience Level for Business Analyst, Finance/Banking
Pay by Experience for a Business Analyst, Finance/Banking has a positive trend. An entry-level Business Analyst, Finance/Banking with less than 5 years of experience can expect to earn an average total compensation of $58,000 based on 926 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Business Analyst, Finance/Banking with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $72,000 based on 379 salaries. An experienced Business Analyst, Finance/Banking which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $79,000 based on 255 salaries. A Business Analyst, Finance/Banking with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $83,000 based on 62 salaries.
Pay Difference by Location
For Finance & Banking Business Analysts, busy San Francisco offers a higher-than-average pay rate, 32 percent above the national average. Finance & Banking Business Analysts will also find cushy salaries in New York (+31 percent), Houston (+19 percent), Seattle (+15 percent), and Washington (+10 percent). Location is a huge contributor to overall pay, with Finance & Banking Business Analysts in Buffalo earning a whopping 31 percent below the national average. Below-median salaries also turn up in Pittsburgh and Columbus (13 percent lower and 9 percent lower, respectively).
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Key Stats for Business Analyst, Finance/Banking
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