The Average Salary of Bank Employees
Banks employ a wide variety of workers, each with different roles and responsibilities. The overall function of a bank employee's job is to protect the bank's interests and profits. This is typically done through customer service strategies and upsell techniques. Most bank employees earn reasonable wages that depend on their responsibilities and experience.
Other People Are Reading
-
Tellers
-
Bank tellers process routine transactions for clients. They cash checks, process loan payments, make deposits and perform withdrawals for bank customers. According to the Bureau of Labor Statistics (BLS), bank tellers earned a median annual wage of $23,610 as of May 2008. As of that time, tellers held approximately 600,000 bank jobs. Growth in the occupation is expected to grow slower than average according to the BLS because of downward trends in the banking industry.
Loan Officers
-
Loan officers assist bank customers with opening and closing accounts, applying for credit cards and applying for bank loans. They determine which bank products are most suitable for the customer's needs. They also provide guidance to customers who have trouble qualifying for a particular product or loan. According to the BLS, loan officers earned an average salary of $54,700 as of May 2008. Depending on their duties and responsibilities, geographic location and compensation and commission structure, these employees can earn as little as $30,850 or as much as $106,360.
-
Managers
-
Bank managers and assistant bank managers oversee the day-to-day operations of their branch. They supervise tellers and other lower-level personnel and ensure bank goals and objectives are being met. PayScale indicates that bank managers earn annual wages ranging between $40,512 and $61,311. Assistant bank managers earn salaries ranging from $32,964 to $43,022. Additional pay is based on the bonuses, profit sharing and commission structures within the branch. Factors that may affect the earnings of managers and assistant managers include the size and location of the bank, as well as the profits and earnings of the institution.
Financial Advisors
-
Financial advisors typically work in large, national bank branches. They assist bank customers with their investment needs and often counsel them on taxes, insurance and retirement planning. Most financial advisors are licensed insurance agents and/or securities dealers. According to the Bureau of Labor Statistics, financial advisors earned median annual wages of $69,050 as of May 2008. Employment growth in the occupation is expected to reach 30 percent through 2018, according to the BLS.
-
References
- Photo Credit counting money image by Albert Lozano from Fotolia.com
