Commercial Banker Salary
Commercial Bankers in the United States can expect to earn a very generous salary, with average salaries (in the ballpark of $89K) surpassing six figures annually. Total cash compensation to Commercial Bankers bottoms out near $50K and approaches $163K on the high end; the biggest paychecks include approximately $41K from bonuses and almost $10K from profit sharing. 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 (86 percent) who took the survey. Most workers in this position report high levels of job satisfaction.
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
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Pay by Experience Level for Commercial Banker
Median of all compensation (including tips, bonus, and overtime) by years of experience.
In general, experience and pay appear to be strongly linked; those with more experience usually bring in higher incomes. Relatively untried employees who have less than five years' experience make $69K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $96K. Between 10 and 20 years, pay surpasses six figures; at this stage, the average professional scores around $120K. Commercial Bankers with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $128K.