Commercial Banker Salary
On average, Commercial Bankers in the United States earn six-figure salaries ($88K) annually, making for a very well-paid profession. In the world of Commercial Bankers, overall cash allowance can occasionally include more than $49K from bonuses and, in some exceptional cases, $10K from profit sharing, causing incomes to vary widely between $49K and $181K. Geographic location and career duration each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to almost all, and a large number earn dental coverage. Men make up the vast majority of Commercial Bankers (84 percent) who took the survey. Most workers in this position report high levels of job satisfaction. The numbers in this rundown were provided by PayScale's salary survey participants.
|Salary||$48,980 - $141,931|
|Bonus||$2,970 - $49,003|
|Profit Sharing||$0.00 - $10,279|
|Total Pay (||$49,499 - $180,567|
Job Description for Commercial Banker
Many financial institutions work with businesses and corporate clients in addition to individuals, and the person responsible for handling corporate clients is a commercial banker. These specialized bankers maintain and build existing relationships with business clients, while also actively marketing the institution’s services to attract new commercial clients.Read More...
For businesses, money management is an essential task. While businesses may leave large lump sums in accounts, most companies prefer to invest their profits and use small revolving credit lines to handle routine cash outlays. Commercial bankers handle these accounts for companies and help these businesses invest profits wisely while maintaining ready access to needed funds in a flexible way.
Additionally, commercial bankers facilitate larger loans and financing for capital improvements, building new facilities, and renovating existing space. In these cases, the commercial banker researches the best interest rate for their clients and works within the client's needs to ensure loans are approved if possible. Commercial bankers may also be the point person to help manage employee retirement accounts and pensions for businesses as well.
Most banks prefer commercial bankers who possess at least a bachelor's degree business, finance, or a related field. Relevant experience is generally required or preferred as well. Commercial bankers typically work during regular business hours, but they may spend time outside these hours and outside the bank itself promoting and marketing the institution to prospective clients.
Commercial Banker Tasks
- Develop and expand commercial client relationships, as well as cross sell existing clients.
- Participate in the business development activities of the bank.
- Grow deposits, loans, and fee income in a profitable manner.
- Sell full range of commercial banking services to client base.
- Originate, negotiate, and close commercial loans.
Commercial Banker Job Listings
Pay by Experience Level for Commercial Banker
Pay by Experience for a Commercial Banker has a positive trend. An entry-level Commercial Banker with less than 5 years of experience can expect to earn an average total compensation of $70,000 based on 62 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Commercial Banker with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $94,000 based on 72 salaries. An experienced Commercial Banker which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $121,000 based on 89 salaries. A Commercial Banker with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $127,000 based on 39 salaries.
Pay Difference by Location
For Commercial Bankers, working in the bustling city of Boston has its advantages, including an above-average pay rate. Commercial Bankers will also find cushy salaries in New York (+54 percent), Jacksonville (+49 percent), Seattle (+48 percent), and Louisville (+31 percent). The lowest-paying market is Honolulu, which sits 35 percent below the national average, proving that location is a significant contributor to overall pay. Chicago and Kansas City are a couple other places where companies are known to pay below the median — salaries are 35 percent lower and 34 percent lower, respectively.
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Key Stats for Commercial Banker
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