Personal Banker Salary
Personal Bankers in the United States pull down an average of $15.82 per hour. Total cash earnings of Personal Bankers range from $27K near the bottom to $46K near the top, where some exceptional performers can get $8K each from bonuses and profit sharing, plus, in very few cases, commissions exceeding $10K. This group's pay is mainly influenced by the particular firm, followed by the particular city and tenure. Work is enjoyable for Personal Bankers, who typically claim high levels of job satisfaction. Women make up a slight majority of Personal Bankers (58 percent) survey respondents. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
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
Personal Bankers who transition into a Private Banker role may receive large pay increases as the latter position pays an average $79K per year. The most common next step for a Personal Banker is to become a Banking Branch Manager or an Assistant Branch Manager of Banking. The former position pays an additional $16K per year on average, and the latter position pays $3K more per year.
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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 $46K 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 $58K. Bank of America Corp. (BOFA), KeyBank, and J.P. Morgan Chase & Co. (JPMCC) also offer top salaries for Personal Bankers. Workers at these firms can expect to earn about $41K, $41K, and $40K, respectively.
Earnings fall especially short at Woodforest National Bank, where the median salary of $24K is the lowest in the field, just about half of the top paying company's median. Workers at Associated Bank Corp., The PNC Financial Services Group, Inc., and U.S. Bank also face smaller salaries than the rest of the field — average earnings for these employers come to $32K, $32K, and $33K respectively.
Popular Skills for Personal Banker
Survey results imply that Personal Bankers deploy a substantial tool kit of skills at work. Most notably, skills in Customer Relationship Management, Spanish Language, Sales, and Consumer Loans are correlated to pay that is above average. At the other end of the pay range are skills like Microsoft Office. 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.
For many Personal Bankers, extensive experience does not lead to significantly more money. Those in the early stages of their career can expect to make around $35K; however, individuals with five to 10 years of experience bring in $38K on average — a distinctly larger sum. People with 10 to 20 years of experience make an average of about $39K in this role. Personal Bankers who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $40K on average.
Pay Difference by Location
New York is home to an above-average pay rate for Personal Bankers, 20 percent higher than the national average. Personal Bankers will also find cushy salaries in Seattle (+18 percent), Miami (+10 percent), Los Angeles (+9 percent), and Chicago (+7 percent). Those in the field find the lowest salaries in Denver, 4 percent below the national average.
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