Banking and Insurance Salaries

Average Salary: £36,034.95

Min: £19,500.00 Max: £74,880.00

Average Banking and Insurance Salary in UK: £36,034.95

A career in banking and insurance can cover many sectors of business. With over 1 million people employed in banking and insurance services, this industry has a lot to offer. The financial services industry will always demand skilled people, so if you are looking for a career with many paths to choose from and career development opportunities, banking and insurance are a great choice. 

There are many choices when it comes to roles within the banking and insurance business sector, so you will be able to find a job that suits your specific skills.

Core responsibilities in banking and insurance

Typically working within a bank or other financial institution, banking jobs will require you to work with individuals and businesses to help them manage their money. You may work in the company’s sales side to bring new people in or work in bank management, which will require people management skills and ensure financial practices comply with regulations.

Jobs in insurance will mean you work in either an office-based environment or you could be on the road visiting clients. You will work with individuals and other professionals to resolve insurance claims or sell insurance products.

Average banking and insurance salary

The average banking salary depends on your experience and qualifications. You can start at a junior banking level and work your way up to a bank manager job, which provides a salary of around £30,000. Roles within large organisations or specialised banking jobs can give you a much higher salary.

Starting as an insurance claims clerk can provide a salary of up to £18,000. If you gain further qualifications and experience, you can become an insurance adjuster with a wage of £26,000 or more.

What to expect from a career in business and insurance

Careers can start at a junior banking level with training and experience, allowing you to move to higher positions in time. Graduate banking jobs are varied and are on offer with financial institutions of all sizes.

Insurance jobs for graduates will usually involve working in an office and dealing with selling policies or settling claims for clients. You will work with individuals, business owners, and other professionals. You may work with colleagues in a team or on your own in smaller companies.

Core banking and insurance skills

You will need excellent numerical skills and have excellent attention to detail. Problem-solving and analytical thinking is a crucial skill, as well as working with others as part of a team or being able to complete complex tasks on your own.

Banking and insurance professionals should be organised as you will sometimes have to work to strict deadlines. Effective communication of complex data is essential as you will need to make this understandable to a broad audience, such as team members, customers, or business professionals of all levels.

If this sounds like you, then now is the time to kick-start a banking and insurance career.


Banking and Insurance Salaries by Region

Compare Banking and Insurance salaries across different regions

Region Salary
East Midlands £29,890.00
Eastern £32,021.64
London £54,726.29
North East £30,540.33
North West £30,642.36
Northern Ireland £27,266.22
Scotland £32,669.55
South East £32,599.31
South West £29,958.52
Wales £30,052.14
West Midlands £32,728.82
Yorkshire and the Humber £30,825.25