Banking and Insurance Salaries

Average Salary: £37,525.60

Min: £18,221.00 Max: £79,932.00

Average Banking and Insurance Salary in UK: £37,525.60

The average Banking and Insurance salary is £37,526.
Working in Banking and Insurance you can earn between £18,221 and £79,932.
The starting salary for junior Banking and Insurance jobs is £18,221.
The hourly pay range for Banking and Insurance jobs is £8.76 to £38.43.

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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.

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 £42,600. 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 £24,800. If you gain further qualifications and experience, you can become an insurance adjuster with a wage of £57,000 or more.

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.

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.

What to expect from a career in Banking 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.

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Banking and Insurance Salaries by Region

Compare Banking and Insurance salaries across different regions

Region Salary
East Midlands £33,809.53
Eastern £32,452.95
Isle of Man £19,750.91
London £53,911.48
North East £31,606.24
North West £32,070.85
Northern Ireland £31,786.57
Scotland £34,080.96
South East £33,397.04
South West £33,025.93
Wales £31,229.83
West Midlands £34,291.19
Yorkshire and the Humber £32,952.45

Top Paying Locations for Banking and Insurance Jobs in the UK

The average salary for Banking and Insurance professionals in the United Kingdom is significantly influenced by location. The general region and area will affect your base salary in Banking and Insurance jobs. However, you are not alone if relocating is not something you want to consider, and it doesn't mean that you can't make a higher income.

For example, you could choose to work for a Banking and Insurance business that is city-based. While London leads the way, working for employers located in cities such as Birmingham, Manchester, Edinburgh, Reading, Leeds, and Cardiff will help you earn higher wages per year, compared to companies situated in smaller villages and towns.

Banking and Insurance Professional Development

The answer to 'how much do Banking and Insurance professionals earn?' can only be answered by considering where along the career path the individual and job title sit. The total year's experience in the Banking and Insurance sector will change what the employer is prepared to offer. An entry-level Banking and Insurance salary will be the lowest, followed by fully qualified workers, senior-level staff, and management.

While you can expect a starting salary for Banking and Insurance workers to be at the bottom of the pay scale, graduates with a relevant qualification have a higher worth, commanding a better starting salary. UK training opportunities are plentiful, so even if attaining a university degree is out of the question, increasing your skills through workshops and online courses will help you raise the money you can earn a year in your chosen role.

How much are Banking and Insurance professionals paid? Our data and graphs give you guidance on the wage range and earning per annum for junior, intermediate, and senior roles. 

Banking and Insurance Work Experience

Gaining Banking and Insurance pre-entry work experience can be crucial in helping you secure employment and a decent rate per hour. Work placements, internships, apprenticeships, shadowing, and vacation work can all help you gain the experience you need. If you cannot find work experience in the Banking and Insurance industry, you might be able to show potential employers that you have acquired transferable skills elsewhere.

Banking and Insurance Working Hours

As with all business sectors, the working hours in Banking and Insurance will affect what you earned during the month. Small, medium, and larger firms may pay a higher overtime rate or offer more money if you work unsociable hours, such as evenings, nights, weekends, and national holidays.

Salaries of part-time, full-time, permanent, temporary, and contract staff all differ and will affect your decision on whether you are earning fair compensation.

Banking and Insurance Salary Negotiations

Before you enter salary negotiations with employers, hiring managers, or the head of HR, it pays to get prepared. Compare the salaries for the Banking and Insurance sector on this page to help determine what you are worth. You can perform a salary search for different job titles and locations.

It is worth remembering that you can profit from more than just financial benefits and performance-related commission. Is a high salary in the UK worth more than the freedom to work from home, have more paid holiday, a gym membership, or have private healthcare benefits?

Banking and Insurance Job Search

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