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Banking Average Salaries in United States 2024

How much money does a person working in Banking make in United States?


Average Yearly Salary
104,000 USD
( 8,640 USD monthly)

LOW
32,400
USD
AVERAGE
104,000
USD
HIGH
211,000
USD
All salary figures displayed here are per year except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Banking in United States typically earns around 104,000 USD. Salaries range from 32,400 USD (lowest average) to 211,000 USD (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Banking domain in United States exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Banking
AML Analyst147,000 USD
Assistant Bank Branch Manager126,000 USD
Assistant Bank Manager170,000 USD
ATM Manager148,000 USD
ATM Service Technician37,900 USD
Bank Accounts Analyst54,000 USD
Bank Accounts Collector33,700 USD
Bank Accounts Controller74,200 USD
Bank Accounts Executive103,000 USD
Bank Accounts Manager122,000 USD
Bank Auditing Manager126,000 USD
Bank Branch Manager166,000 USD
Bank Branch Operations Coordinator73,300 USD
Bank Clerk32,000 USD
Bank Client Service Associate48,700 USD
Bank Collector36,200 USD
Bank Compliance Specialist90,300 USD
Bank Manager192,000 USD
Bank Operational Risk Manager204,000 USD
Bank Operations Head204,000 USD
Bank Operations Officer81,600 USD
Bank Operations Specialist123,000 USD
Bank Process Manager119,000 USD
Bank Product Manager 134,000 USD
Bank Programme Manager137,000 USD
Bank Project Manager159,000 USD
Bank Propositions Manager138,000 USD
Bank Quantitative Analyst106,000 USD
Bank Regional Manager220,000 USD
Bank Regional Risk Officer109,000 USD
Bank Relationship Manager150,000 USD
Bank Relationship Officer72,100 USD
Bank Sustainability Analyst117,000 USD
Bank Teller36,300 USD
Banker74,500 USD
Banking Business Analyst107,000 USD
Banking Business Development Officer64,800 USD
Banking Business Planning Executive157,000 USD
Banking Data Analyst123,000 USD
Banking Product Manager134,000 USD
Banking Reference Data Manager121,000 USD
Banking Regulatory Compliance Officer130,000 USD
Banking Risk Analyst105,000 USD
Banking Technical Analyst54,400 USD
Bankruptcy Coordinator75,600 USD
Bill and Account Collector38,200 USD
Blockchain Analyst90,900 USD
Blockchain Architect109,000 USD
Blockchain Auditor89,600 USD
Blockchain Compliance Analyst95,300 USD
Blockchain Consultant103,000 USD
Blockchain Trade Facilitator84,300 USD
Budget Analyst107,000 USD
Capital Risk Manager195,000 USD
Cards Marketing Manager127,000 USD
Cash Management Manager187,000 USD
Check Processing Manager142,000 USD
Chief Blockchain Officer121,000 USD
Commercial Vault Associate99,000 USD
Corporate Banker76,900 USD
Corporate Dealer112,000 USD
Credit Analyst84,000 USD
Credit and Collections Manager136,000 USD
Credit Card Fraud Investigator107,000 USD
Credit Portfolio Manager198,000 USD
Credit Risk Analyst123,000 USD
Credit Risk Associate110,000 USD
Cryptocurrency Accountant65,800 USD
Cryptocurrency Adviser131,000 USD
Cryptocurrency Analyst101,000 USD
Cryptocurrency Compliance Manager117,000 USD
Cryptocurrency Trader108,000 USD
Digital Banking Manager142,000 USD
Digital Currency Analyst109,000 USD
Direct Bank Sales Representative75,700 USD
Exchange Control Consultant110,000 USD
Executive Account Analyst104,000 USD
Financial Bank Planning Consultant139,000 USD
Financial Banking Analysis Manager151,000 USD
Financial Banking Assistant50,300 USD
Financial Banking Systems Manager148,000 USD
Foreign Exchange Manager147,000 USD
Fraud Analyst116,000 USD
Fraud Detection Associate75,200 USD
Fraud Detection Manager170,000 USD
Fraud Detection Supervisor93,500 USD
Internal Bank Audit Manager187,000 USD
Internal Bank Auditor102,000 USD
Internal Private Banker78,100 USD
International Banking Manager222,000 USD
Investment Banking Analyst154,000 USD
Loan Analyst108,000 USD
Loan Area Manager129,000 USD
Loan Audit Team Leader120,000 USD
Loan Branch Manager123,000 USD
Loan Business Development Officer61,600 USD
Loan Clerk37,100 USD
Loan Collection and Recovery Manager133,000 USD
Loan Collection Manager129,000 USD
Loan Collector33,800 USD
Loan Examiner46,400 USD
Loan Officer39,800 USD
Loan Processing Manager118,000 USD
Loan Processor45,800 USD
Loan Quality Assurance Auditor106,000 USD
Loan Quality Assurance Manager121,000 USD
Loan Quality Assurance Representative75,300 USD
Loan Review Manager117,000 USD
Loan Team Leader108,000 USD
Loans Manager136,000 USD
Mortgage Advisor76,200 USD
Mortgage Collection Manager120,000 USD
Mortgage Collector34,400 USD
Mortgage Credit Analyst57,600 USD
Mortgage Credit Manager113,000 USD
Mortgage Development Manager133,000 USD
Mortgage Document Reviewer46,600 USD
Mortgage Funding Manager142,000 USD
Mortgage Operations Manager180,000 USD
Mortgage Payment Processing Clerk40,900 USD
Mortgage Processing Manager117,000 USD
Mortgage Processor47,500 USD
Mortgage Quality Assurance Auditor109,000 USD
Mortgage Quality Assurance Manager116,000 USD
Mortgage Servicing Clerk37,800 USD
Mortgage Servicing Manager112,000 USD
Mortgage Underwriter44,700 USD
Online Banking Manager176,000 USD
Open Banking Strategist114,000 USD
Payment Processing Clerk37,000 USD
Personal Banker74,600 USD
Personal Banking Advisor 78,600 USD
Phone Banker49,300 USD
Private Banker77,600 USD
Reconciliation and Investigation Specialist86,600 USD
Tax Officer60,900 USD
Teller36,100 USD
Trade Officer43,800 USD
Trade Product Manager129,000 USD
Trader50,400 USD
Treasury Operations Officer91,600 USD
Wealth Management Advisor160,000 USD


Banking Jobs Pay Scale and Salaries in United States

Median and salary distribution United States Banking yearly
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Salary Structure and Pay Scale Comparison

5% of people earn
106,000 USD or more
10% of people earn
87,900 to 106,000 USD
20% of people earn
47,700 USD or less
65% of people earn
47,700 to 87,900 USD
Minimum Salary
32,400 USD
Median
94,800 USD
Maximum
211,000 USD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per year except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Banking in United States range from 32,400 USD (starting average salary) to 211,000 USD (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Banking is 94,800 USD, implying that half of the workforce in United States earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Banking in United States earn less than 70,800 USD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 117,000 USD, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Banking in United States. The analysis revealed that roughly 65% of all reported salaries fell within the range of 47,700 USD to 87,900 USD. Approximately 20% of salaries were below the 47,700 USD mark, while 10% ranged from 87,900 USD to 106,000 USD. Only 5% of individuals earned a gross salary of 106,000 USD or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Banking in United States having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Banking in United States, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in United States costs anywhere from 39,600 USD to 119,000 USD and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Banking / United States

Salary comparison by gender United States Banking yearly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Banking in United States, the average difference between the salary of male and female employees is 5%.

Male
106,000 USD
Female-5%
101,000 USD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in United States for all Careers

Salary comparison by gender yearly United States
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Average Annual Salary Increment Percentage / Banking / United States

How much are annual salary increments in United States for individuals working in Banking? How often do employees get salary raises?

Professionals working in Banking in United States are likely to observe a salary increase of approximately 10% every 14 months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate United States Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

United States / All Professions

Annual Salary Increment Rate United States
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in United States is 6%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Banking / United States

How much and how often are bonuses being awarded?Annual Salary Bonus Rate United States Banking
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19% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 81% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
81%
No Bonus
19%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Hourly Average Wage / Banking / United States


50 USD per hour

The average hourly wage (pay per hour) in Banking in United States is 50 USD.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Banking in United States is 16 USD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Atlanta105,000 USD
Austin121,000 USD
Baltimore106,000 USD
Boston113,000 USD
Bristol87,800 USD
Chicago120,000 USD
Cincinnati88,700 USD
Cleveland91,700 USD
Dallas124,000 USD
Denver112,000 USD
Detroit113,000 USD
Honolulu87,500 USD
Houston129,000 USD
Indianapolis110,000 USD
Iowa City85,600 USD
Jacksonville119,000 USD
Kansas City101,000 USD
Kent86,500 USD
Las Vegas106,000 USD
Long Beach99,700 USD
Los Angeles125,000 USD
Memphis110,000 USD
Miami102,000 USD
Minneapolis92,200 USD
New Orleans96,400 USD
New York133,000 USD
Oakland97,700 USD
Oklahoma City104,000 USD
Orlando93,000 USD
Philadelphia122,000 USD
Phoenix120,000 USD
Sacramento103,000 USD
San Antonio126,000 USD
San Diego119,000 USD
San Francisco114,000 USD
San Jose117,000 USD
Seattle110,000 USD
Tampa96,100 USD
Vancouver87,100 USD
Washington D.C.113,000 USD

Salary Comparison By State

StateAverage Salary
Alabama111,000 USD
Alaska97,000 USD
Arizona115,000 USD
Arkansas107,000 USD
California122,000 USD
Colorado110,000 USD
Connecticut107,000 USD
Delaware99,700 USD
District of Columbia97,700 USD
Florida122,000 USD
Georgia120,000 USD
Hawaii102,000 USD
Idaho102,000 USD
Illinois121,000 USD
Indiana116,000 USD
Iowa107,000 USD
Kansas107,000 USD
Kentucky111,000 USD
Louisiana111,000 USD
Maine102,000 USD
Maryland115,000 USD
Massachusetts115,000 USD
Michigan120,000 USD
Minnesota113,000 USD
Mississippi107,000 USD
Missouri115,000 USD
Montana102,000 USD
Nebraska105,000 USD
Nevada107,000 USD
New Hampshire103,000 USD
New Jersey120,000 USD
New Mexico107,000 USD
New York124,000 USD
North Carolina110,000 USD
North Dakota89,600 USD
Ohio111,000 USD
Oklahoma101,000 USD
Oregon101,000 USD
Pennsylvania112,000 USD
Rhode Island92,100 USD
South Carolina103,000 USD
South Dakota92,300 USD
Tennessee108,000 USD
Texas115,000 USD
Utah97,700 USD
Vermont90,600 USD
Virginia110,000 USD
Washington109,000 USD
West Virginia97,100 USD
Wisconsin106,000 USD
Wyoming90,100 USD

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in United States is 5% on average across all career fields.

Private Sector
92,800 USD
Public Sector+5%
97,500 USD
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Banking in United States?

A good and competitive compensation would range anywhere between 94,800 USD and 117,000 USD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Banking in United States ranges from 32,400 USD to 70,800 USD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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