Relationship Manager, Banking Salary
Banking Relationship Managers in the United States can expect wages of $80K annually on average. Including potential for bonuses and profit sharing — peaking near $31K and $20K, respectively — total cash payment to Banking Relationship Managers can bottom out near $45K or peak near $135K depending on individual performance. The most influential factor affecting pay for this group is career duration, though geography and the specific company have a (lesser) impact as well. The majority of Banking Relationship Managers (63 percent) who took the survey are men. Medical and dental benefits are awarded to nearly all, and a strong majority earn vision coverage. Most Banking Relationship Managers report high levels of job satisfaction. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Job Description for Relationship Manager, Banking
A banking relationship manager is an important liaison between customers and their institution. They must establish new client relationships and maintain existing relationships. Daily responsibilities for the banking relationship manager are as diverse as the customers being served. They typically handle customer issues with accounts, investment offerings, and loans; these issues require the manager be knowledgeable of their bank's products and services, as well as those offered by competitors. The banking relationship manager also performs a number of managerial responsibilities. They must accurately portray customer relations to their supervisors, research customer trends, and report these findings to the bank president or general manager.Read More...
In addition to these responsibilities, relationship managers often organize and make presentations at community gatherings to showcase their institution and its products; this helps generates awareness among potential new customers and conveys to current customers the bank's commitment to community involvement. These managers primarily work in banking institutions during regular business hours. A relationship manager may also be employed in various financial investment organizations, which may be subsidiaries or extensions of a home bank.
This position generally requires a bachelor's degree in banking, finance, management, or a related field. Previous employment in a related environment, often as a bank teller or in another entry-level position, is needed as well. Ongoing training and professional development may also be required.
Relationship Manager, Banking Tasks
- Identify potential bank clients and develop proposals detailing how the bank can benefit them.
- Analyze client's cash, capital, and investment needs.
- Establish relationships with a bank's business clients.
- Monitor the performance of client accounts and suggest ways to improve returns.
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Popular Employer Salaries for Relationship Manager, Banking
U.S. Bank leads the field in terms of pay, with a median salary of $83K.
Popular Skills for Relationship Manager, Banking
Survey takers who work as Banking Relationship Managers report a focused set of job skills. Most notably, skills in Financial Analysis, Investment Planning, Customer Relationship Management, and Sales are correlated to pay that is above average. Most people familiar with Customer Relationship Management also know Financial Analysis.
Pay by Experience Level for Relationship Manager, Banking
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Respondents with less than five years' experience take home $57K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $88K. Experienced professionals who have spent one to two decades on the job can score lucrative paychecks that average out to $101K. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $97K by contrast.
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Key Stats for Relationship Manager, Banking
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