Personal Banker Salary
Personal Bankers in the United States take home an average $15.90 per hour. In the world of Personal Bankers, overall cash allowance can occasionally include more than $9K from bonuses and, in some exceptional cases, $8K from profit sharing, causing incomes to vary widely between $28K and $47K. The specific employer is the biggest factor affecting pay for this group, followed by geography and tenure. Women Personal Bankers who took the survey just slightly outnumber men. Medical benefits are awarded to most, and a strong majority earn dental coverage. Job satisfaction is high and work is enjoyable for most Personal Bankers. The data in this summary comes from the PayScale salary survey.
Job Description for Personal Banker
Personal bankers are responsible for helping individual clients manage their money in order to balance financial risks and returns. These bankers typically work in indoor office environments, and some limited travel may be required to attend social networking events and appeal to potential clients. Although they generally work during traditional business hours, extended hours may be required depending on the organization and needs of the client.Read More...
Most entry-level personal banking positions require a bachelor's degree in a field such as economics or finance, as well as experience in business statistics, economics, and calculus, and many upper-level positions require further education. Prior experience in risk management, corporate finance, quantitative reasoning, and investment theory is also beneficial. Personal bankers may need to be registered with the financial industry regulatory authority, wherein an exam is required, and other license requirements may apply depending on the employer.
Personal bankers have a variety of responsibilities, including: various banking duties; overseeing all financial activities of accounts; marketing to potential clients; building a reputable customer base; maintaining proper licensing; selling financial services; and accessing and updating account information of clients.
Aspiring bankers should be highly knowledgeable in their fields and willing to constantly expand their knowledge. Strong communication skills, including the ability to explain highly technical terms to “everyday” customers, are also important.
Personal Banker Tasks
- Provides customer service, explaining bank services and assisting with new accounts, loans, bonds, and securities.
- Enters new and updated customer account information into computer system.
- Collects customer information for new loans and begins review process.
- Sells financial products and services to potential and current customers.
Common Career Paths for Personal Banker
As Personal Bankers transition into upper-level roles such as Private Banker, they may see a strong upturn in salary. Private Bankers earn $80K on average per year. Career advancement for the typical Personal Banker often leads to becoming a Banking Branch Manager or an Assistant Branch Manager of Banking; median salaries in these positions are $16K higher and $3K higher, respectively.
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Popular Employer Salaries for Personal Banker
Leading companies who hire large numbers of Personal Bankers include Wells Fargo Bank, Bank of America Corp. (BOFA), Wells Fargo & Co., Chase Bank, and U.S. Bank. Employees at Citibank enjoy the biggest paychecks, and $47K is the median salary. Range in pay, on the other hand, is narrow, with lower figures hovering around $34K and higher ones not far away at only $57K. Bank of America Corp. (BOFA), KeyBank, and J.P. Morgan Chase & Co. (JPMCC) are a few other companies that offer generous salaries, with Personal Bankers earning around $41K, $41K, or $41K at each firm, respectively.
Woodforest National Bank lags the field greatly in terms of pay, offering a median salary about half the top paying employer's rate ($24K). Others at the bottom of the scale for this job include Associated Bank Corp. at $32K, The PNC Financial Services Group, Inc. at $32K, and U.S. Bank, where $34K is the norm.
Popular Skills for Personal Banker
Personal Bankers report using a large range of skills on the job. Most notably, skills in Customer Relationship Management, Spanish Language, Sales, and Consumer Loans are correlated to pay that is above average. Most people experienced in Banking also know Sales.
Pay by Experience Level for Personal Banker
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Personal Bankers with more experience do not necessarily bring home bigger paychecks. In fact, experience in this field tends to impact compensation minimally. The average worker who claims fewer than five years of experience earns around $35K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $38K. Personal Bankers with one to two decades of relevant experience report an average salary of approximately $39K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $40K.
Pay Difference by Location
New York is home to an above-average pay rate for Personal Bankers, 19 percent higher than the national average. Personal Bankers can also look forward to large paychecks in cities like Seattle (+14 percent), Los Angeles (+11 percent), Miami (+10 percent), and Chicago (+8 percent). Milwaukee is the lowest-paying area, 6 percent south of the national average. Below-median salaries also turn up in Denver and Phoenix (4 percent lower and 1 percent lower, respectively).
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