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

Salaries for specific jobs

Banking Jobs Pay Scale and Salaries in United States

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

• 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?

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.

Salary Comparison By Education

How does the education level affect your salary?

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.

Salary and Compensation Comparison By Gender / Banking / United States

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%.

Salary Comparison By Gender in United States for all Careers

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.

United States / All Professions

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

Worldwide Salary Raises: All Countries and All Jobs

Bonus and Incentive Rates / Banking / United States

How much and how often are bonuses being awarded?

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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?

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.

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.

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

Salary Comparison By State

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.

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.