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Banking is not known for high salaries (it's a margin business which puts downward pressure on pay). Starting salaries in commercial banking with a bachelor's degree range in 1999/2000 have been in the $24,000 to $38,000 range. Starting salaries with an MBA degree range from $30,000 to $50,000 (up to low $60s at money center banks). After five to ten years in banking you should expect a salary in the $50,000 to $60,000 range. Below are salaries and typical qualification prerequisites for bankers:
Salaries in Commercial Banking |
|||
| Job Level | Salary | Prerequisite (degree/yrs experience) |
|
| Trainee/credit analyst | $27,000 | Bachelor's Degree | |
| Junior Loan Officer | $38,000 | Bachelor's Degree + 3 Years | |
| Loan Officer | $60,000 | 5-7 years | |
| Senior Corporate Loan Officer | $65,000 | 10 years | |
| Department Manager | $100,000 | 10 years or more | |
Offers made by major regionals and money center banks in 1999 to MBA students have ranged from the high 40s to low 80s. A good offer would be somewhere in the high 50s. The following describe average salaries for money center/regional banks from the Robert Half Salary Guide. Deduct 15% for banks with less than $100 million in assets.
Detailed Banking Salary Information |
|
| Job | Salary |
| Senior VP/Head of Lending | $194-219K |
| Lending Division Head | $92-$139K |
| Commercial Lending (3yrs + exp. in asset-based lending, Middle-market) | $43-$64K |
| Commercial Real Estate Mortgage Lender | $51-81K |
| Residential Real Estate Mortgage Lender | $34-54K |
| Consumer Loan Officer | $32-56K |
| Investment Banker/Corporate Finance | $53-92K |
| Executive/Professional Lender | $36-$74K |
| Loan Review Officer | $45-66K |
| Loan Workout Officer | $58-90K |
| Branch Manager | $36-56K (plus a bonus) |
| Branch Administrator/Market Manager | $42-75K |
| Marketing Director | $68-103K |
| Asset/Liability Investment Manager | $55-87K |
| Operations Officer | $38-59K |
| Corporate Trust Officer | $39-59K |
| Personal Trust Officer | $35-55K |
| Employee Benefit Trust Officer | $35-55K |
For those of you after the big bucks, they can be had in banking. A good portfolio manager can get hired at a bank with a salary in excess of $500,000. Chief Financial Officers at money center banks can command $300,000 to $500,000 with a hefty bonus added in. Chief technology officers only make slighly less.