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Commercial Banking: Salaries

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 2009 have been in the $40,000 to $60,000 range. Starting salaries with an MBA degree range from $70,000 to $100,000. After five to ten years in banking you should expect a salary in the $80,000 to $120,000 range. Below are salaries and typical qualification prerequisites for bankers:

Salaries in Commercial Banking

Job Level Salary Prerequisite(degree + yrs experience)
Trainee/credit analyst $48,000 Bachelor's Degree
Junior Loan Officer $60,000 Bachelor's + 3 Years
Loan Officer $100,000 5-7 years
Senior Corporate Loan Officer $115,000 10 years
Mortgage Originator $40,000 1 year or more
Financial Analyst $58,000 3 years or more
Personal Banker $40,000 1-3 years

Offers made by major regionals and money center banks in 2009 to MBA students have ranged from the high 70s to low 120s A good offer would be somewhere in the high 90s.
These numbers are average salaries for money center/regional banks from the Robert Half Salary Guide. You should expect to deduct 15% for banks with less than $100 million in assets.

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.

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