Banks guard money and process financial transactions through checking and savings accounts, debit cards, loans and automated teller machines. As managers of these tasks, bankers typically require at least a bachelor’s degree and a criminal background check. The Bureau of Labor Statistics predicts that as of May 2008, employment and salaries for bankers will increase by eight percent from 2008 to 2018, which is slightly below average.
Bankers usually work standard forty-hour weeks, with holidays and weekends off. However, those in establishments with long hours, such as grocery store bank branches, may work different shifts for the convenience of clients. Bankers make a base salary of $30,471 to $39,325 annually as of December 2010, according to the PayScale Report. Adding to that bonuses of $994 to $5,018, profit sharing of $493 to $1,993 and commissions of $2,389 to $12,223, boosts total annual pay to a range of $29,719 to $42,153.
The greater the experience, the higher the salary as bankers develop deeper understanding of complex financial transactions, determine additional ways of earning higher commissions and increase their client base. For example, new bankers receive $29,360 to $35,439 per year, but those with one to four years of work earn $29,925 to $37,468. At five to nine years of experience, they make $31,996 to $41,665, and at 10 to 19 years, they get $33,716 to $47,162. Finally, with 20 or more years under their belts, bankers top out at $34,622 to $50,003.
Specialized knowledge and training can yield differences in salaries. The most lucrative of these is mortgage loan expertise, which enables banks to collect profitable interest for decades, and pays mortgage loan bankers $31,866 to $43,467 per year. Finally, being bilingual in Spanish is especially important in areas with a large Spanish-speaking population, such as the southwest. This knowledge pays $31,046 to $39,462.
The size of the bank makes little to no difference in terms of salary. For example, banks with one to nine employees pay $27,773 to $38,801 annually, but those with 50 to 199 pay only slightly higher wages at $28,476 to $39,798. Compensation does not increase for establishments with 600 to 1,999 employees, since they pay $29,691 to $39,690. The largest banks, with 50,000 professionals or more, top out with only slightly higher salariest at $31,406 or $40,553.