Banker Salary Information
Bankers have salaries that vary based on several factors. Some of these factors are based on the individual, such as the banker's level of experience of type of certification, but others are related to the company for which the banker works.
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Experience
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Personal bankers with the most experience in the field generally have the highest salaries. According to PayScale.com, veteran bankers, or those with 20 plus years of experience, have a salary range of $35,500 to $58,400. As experience decreases, the personal banker's salary decreases. Those with 10 to 19 years of experience have a salary range of $34,100 to $47,800 and those with 5 to 9 years have a salary range of $32,000 to $41,400. Those with the least experience generally have the lowest salaries, which range from $29,400 to $37,700.
Certification
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There are several different certifications that personal bankers may acquire. Those with a National Association of Security Dealers (NASD) Series 6 License, NASD Series 63 License and a NASD Series 66 License all have similar salary ranges ($31,900 to $42,600, $31,900 to $43,400 and $30,100 to $42,300, respectively). Individuals with the NASD Series 7 License have a slightly higher salary range of $32,600 to $46,200. Some personal bankers have other certifications such as the Licensed Health Insurance Agent. These bankers have a salary range of $31,200 to $40,500, according to PayScale.com.
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Company Size
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Bankers have the opportunity to work with the largest of employers as well as those with just a few employees. Salaries for bankers, however, do not vary much based on the company's size. For example, personal bankers working for companies with 50,000 plus employees have a salary range of $31,700 to $41,000, while those working for companies with 20,000 to 49,999 employees have a range that is $30,700 to $40,400. Bankers working for very small companies that employ one to nine employees have a salary range of $27,700 to $39,500, which is lower, but not much lower, than that of the largest companies.
Industry
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Various industries employ personal bankers. Those working in the banking industry have a salary range of $30,400 to $38,800 while those working in financial services have a salary range of $31,100 to $40,400. In 2010, personal bankers working in the investment banking industry have the highest salary range of $31,200 to $45,100 according to PayScale.com. Personal bankers working in the Mortgage Lending/Loans/Credit Products have one of the lower salary ranges of $30,700 to $36,700.
Location
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A personal banker's potential salary often varies based on where they decide to work. Of the reported salaries in 2010, those working in San Francisco generally have higher salaries with a range of $47,400 to $49,600. Those in Los Angeles aren't too far behind with a salary range of $34,000 to $47,700. New York City bankers, however, fall in the middle of the reported salaries with a range of $36,700 to $43,800, according to PayScale.com. Southwestern cities such as Dallas and Phoenix have salary ranges of $31,800 to $39,200 and $30,500 to $38,300 respectively. Bankers in the Midwestern city of Chicago have a salary range of $31,000 to $38,800.
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References
- Photo Credit bank image by Pefkos from Fotolia.com
