Banking is a viable career choice for anyone who has a proficiency or aptitude for numbers, sales, compliance, or customer service. Banks and building societies consider candidates who are leaving school at the age of sixteen, degree graduates, and older individuals with experience or changing career paths. If you choose to work in the business of banking, you could hold a job title such as cashier, statement clerk, bank manager, broker, or relationship banker.
So, if you are a student considering becoming a banker, a newly qualified bank clerk looking to rise up through the ranks, or hold a senior position and are seeking the highest salary, our career advice is invaluable in understanding the average salary for different job titles and how to earn more.
If you are pursuing a career as an investment banker in investment banking, read our article How Much Do You Earn Working In Investment Banking Jobs?
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Highlights And Key Takeaways:
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How much do bankers make? The average base salaries for bankers is £29,600 per calendar year.
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Banker pay ranges: First year junior employees earn total compensation from £19,700 annually. Career progression leads to more money, with senior staff earning £54,900 or more.
HOW MUCH BANKERS GET PAID - BANKER SALARIES
Here are the banking salaries for the most popular building society and bank jobs:
ASSESSOR PAY
The average salary of a Assessor is £33,500 per year. An Assessor is responsible for evaluating loan applications and determining whether they meet the bank's lending criteria. They assess the borrower's creditworthiness and analyse their financial information to ensure that the loan is a sound investment for the bank.
CASHIER PAY
The average salary of a Cashier is £22,700 per year. A Cashier works in a branch and is responsible for handling customer transactions, such as deposits, withdrawals, and cheque cashing. They must also balance their cash drawer at the end of the day and ensure that all transactions are accurate.
BANKING MANAGER PAY
The average salary of a Banking Manager is £42,200 per year. A Banking Manager oversees the daily operations of a bank branch or department. They manage a team of employees, ensure that customer service standards are met, and monitor financial performance.
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BANK MANAGER PAY
The average salary of a Bank Manager is £46,400 per year. Bank Manager duties include overseeing multiple branches or departments within a bank. They set goals, develop strategies, and work with other executives to ensure the bank is profitable and meets its objectives.
TELLER PAY
The average salary of a Teller is £25,700 per year. A Teller is responsible for processing customer transactions in a bank branch. They handle deposits, withdrawals, and other financial transactions, as well as answer customer questions and provide excellent customer service.
WEALTH MANAGEMENT PAY
The average salary for Wealth Management is £53,700 per year. Wealth Management involves managing the assets and investments of high-net-worth individuals or families. Wealth managers provide advice and guidance on investment opportunities and work to grow and protect their client's wealth.
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RELATIONSHIP BANKER PAY
The average salary of a Relationship Banker is £31,400 per year. A Relationship Banker works to establish and maintain relationships with bank customers. They help customers identify their financial goals and needs, and offer products and services to help them achieve those goals.
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BROKER PAY
The average salary of a Broker is £39,500 per year. A Broker buys and sells securities on behalf of clients, such as stocks, bonds, and other financial instruments. They earn a commission for each transaction they complete.
BROKERAGE CLERK PAY
The average salary of a Brokerage Clerk is £20,200 per year. A Brokerage Clerk supports brokers and traders by performing administrative tasks, such as processing paperwork and maintaining records. They may also assist with research and analysis.
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TRADER PAY
The average salary of a Trader is £46,600 per year. A Trader buys and sells financial instruments on behalf of a bank or other financial institution. They use their knowledge of the markets and financial instruments to make informed investment decisions and generate profits for the bank.
BANKER PAY
The average salary of a Banker is £24,500 per year. Banker is a general term that refers to anyone who works in the banking industry. The title can describe various roles, such as tellers, managers, loan officers, and other positions.
STATEMENT CLERK PAY
The average salary of a Statement Clerk is £81,100 per year. A Statement Clerk is responsible for processing bank statements and ensuring they are accurate and up-to-date. They may also be responsible for responding to clients’ inquiries and resolving issues related to bank statements.
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SETTLEMENT CLERK PAY
The average salary of a Settlement Clerk is £24,900 per year. A Settlement Clerk is responsible for processing transactions and ensuring that they are settled in a timely and accurate manner. They work to ensure that all parties involved in a transaction receive their funds and resolve any outstanding issues.
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HOW MUCH DO BANKER JOBS PAY?
The average banker salary is £29,650 per year. The average starting salary for bankers is £19,800, with high salaries of £54,900 per annum, for those who have accumulated experience and relevant qualifications.
The average banker salary is further affected by where financial companies have positions available. For example, bank positions in the regions of London and the North East offer the highest salaries. The best wages are also found in major cities in the United Kingdom such as London, Belfast, Reading, and Sunderland.
HOW TO EARN MORE AS A BANKER
We encourage you to follow our banking career advice to advance your career and earn more as a banker. Our career advice resources include free CV templates and advice on how to ask for a wage rise.
You may earn a higher banker salary in the banking sector through:
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Gaining experience: Bankers earn more as they gain maximum experience in their 30s and continue to earn high salaries in the 40-49 age range.
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Choosing the right geographical location: Banker salary varies by region, so we suggest checking the average salary for areas such as Outer and Inner London, and for cities across England, Scotland, Wales, and Northern Ireland.
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Earning qualifications and proving your skills: Your education and earning new qualifications, certifications, and associations will help you secure a wage rise or a promotion. You could study for a degree in economics or finance, or Chartered Banker Status through the Chartered Banker Institute.
If you seek one of the highest-paid jobs in the UK, begin your job search here.
INVESTMENT BANKERS CAREER PATH
In the high-stakes world of finance, investment banker salaries have always been a topic of keen interest and speculation. In our blog, How Much Do You Earn Working In Investment Banking Jobs?, we delve into the intricate details of the profession, exploring the various roles within investment banks, what they entail, and, importantly, the remuneration attached to them. An investment banker's average salary is an impressive £48,540 per annum. However, this figure only scratches the surface of the potential earnings in this career, as compensation packages often include a complex mix of base salary, deferred compensation, year-end bonuses, and coveted stub bonus for newcomers.
Entering the profession of investment banking and working for an investment bank is as challenging as it is rewarding. Aspiring bankers must have a strong educational background, typically in finance, economics, or a related field, and stellar academic records. Investment banks seek individuals who possess analytical prowess and a keen understanding of financial markets and exhibit exceptional interpersonal and negotiation skills. The recruitment process is rigorous, often starting with internships that provide a vital foot in the door, allowing candidates to showcase their capabilities and network with professionals in the field.
Investment banker salaries are structured to reward performance, experience, and the level of responsibility undertaken. The base salary is the foundation of an investment banker's earnings, with other components of the compensation package designed to incentivise and reward. Year-end bonuses, which can sometimes eclipse the base salary, reflect both the individual's contribution and the firm's performance. Deferred compensation and stub bonuses offer additional financial incentives, aligning the bankers' interests with the bank's long-term success. It's worth noting that salaries and bonus structures can vary significantly between firms, with some banks renowned for their generous compensation packages, making them highly attractive to top talent.
Moreover, the benefits accompanying investment banker salaries extend beyond the monetary. Health insurance, retirement plans, and other perks contribute to the overall compensation package, enhancing the appeal of a career in investment banking. While the financial rewards are undeniably attractive, the profession demands long hours, dedication, and a high level of commitment. Those considering a career in investment banking should weigh these factors carefully. For an in-depth exploration of investment banking roles, remuneration, and how to enter investment banking and this lucrative profession, our blog offers comprehensive insights and guidance, serving as an essential resource for ambitious individuals looking to make good money in the competitive world of investment banks.
BANKERS AVERAGE SALARY FAQS
Here we answer your questions on banker salaries and pay.
HOW MUCH DOES A BANKER GET PAID UK?
The salary of a banker in the UK varies depending on several factors, such as job title, experience, and the size of the organisation they work for. According to our data, the average salary for a banker in the UK is around £29,600 per year, while the range typically falls between £19,700 and £54,900 per year.
DO BANKERS GET A LOT OF MONEY?
Yes, bankers can earn a lot of money in the UK, especially those in senior positions or with many years of experience. In addition to their base salary, bankers may receive bonuses, commissions, and other incentives, which can significantly increase their income. However, it's important to note that not all bankers earn high salaries, and the amount of money they make will depend on various factors.
WHAT IS THE HIGHEST PAYING BANKER?
The highest-paying banker in the UK is typically the CEO or other senior executive of a large financial institution. According to our data, some of the highest-paying banking jobs in the UK include Wealth Management, Bank Manager, Relationship Banker, Assessor, Broker, and Trader. However, these positions typically require many years of experience and specialised skills.
IS BANKING A GOOD CAREER IN UK?
Banking can be a good career choice in the UK, as there are many opportunities for growth and advancement, as well as competitive salaries and benefits. However, the industry is also highly competitive and demanding, and it can be challenging to succeed without a strong work ethic and a willingness to continuously learn and adapt. Additionally, banking jobs may be subject to economic fluctuations and changes in the financial industry.
ALL BANKER SALARIES
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