Best Paying Jobs in Commercial Banks [Top 12 Jobs] • Money Rook

Many job seekers are interested in working for commercial banks. There are many job opportunities here – not to mention that they are well-paying jobs too. So, what are the best paying jobs in commercial banks?

The top 12 best paying jobs in commercial banks include the following:

Credit Analyst
Budget Analyst
Internal Auditor
Bank Manager
Relationship Manager
Asset Manager
Equity Trader
Fixed Income Analyst
Foreign Exchange Trader
Wealth Manager
Equity Analyst
Portfolio Manager

Read on to learn more about the best paying commercial banking jobs and other topics related to it.

Best Paying Jobs in Commercial Banks

The best-paying jobs in commercial banks include Credit Analyst, Budget Analyst, Internal Auditor, Bank Manager, and Relationship Manager, among many others.

How many jobs are available in commercial banks? You can find at least 20 different job positions in commercial banking; however, the 12 listed below are the most common.

In this article, we will talk about the 12 best paying commercial banking jobs and their corresponding job description:

1. Credit Analyst

The main job of credit analysts is to help banks decide whether to approve loan applications or not. They review the credit profiles of potential borrowers and study the latter’s financial information. More than anything else, credit analysts determine the level of risk that corresponds to the loan.

To validate the borrowers’ risk levels, credit analysts make use of computer programs. But aside from that, they also personally meet with the clients. That way, they can assist clients in case of any issues.

The duties and responsibilities of credit analysts can either make or break the bank they are working for. Their companies rely on their analysis on whether they should lend money to borrowers or not. If their analysis is wrong, the bank can lose a huge amount of money. The complexity of their work is what makes this job position a high-paying one.

If you are interested in becoming a financial analyst, you must graduate with a bachelor’s degree in business, finance, or accountancy.

2. Budget Analyst

The job of a budget analyst is basically to prepare and monitor the budgets of companies. They make budget reports year-round to update companies on how their money is being spent. Budget analysts then offer suggestions on how to spend corporate funds more wisely.

Budget analysts must commit errors because it can lead companies to bankruptcy. Companies rely on their analysis and trust in them when it comes to long-term growth. That’s why budget analysts are among the highest-paid employees in organizations.

Some companies hire entry-level budget analysts, but those with minimal experience are still preferred. Also, applicants must have a bachelor’s degree in economics, finance, or any other similar field. When hiring senior budget analysts, companies prefer those with a master’s degree.

3. Internal Auditor

If a budget analyst reviews a bank’s budget, the internal auditor reviews the entire finances. Internal auditors look into the bank’s internal control structure. They offer suggestions on how the company can streamline its operations to generate greater profits eventually.

The failure of internal auditors to correctly look into the funds of a bank can lead to bankruptcy. In fact, a single mistake can be equivalent to millions of dollars of losses. Their job is risky, and it’s like there isn’t any room for errors. This makes their job a high-paying one.

Commercial banks prefer to hire internal auditors with a bachelor’s degree in finance, business administration, accounting, or computer information systems. If you are a graduate of any of these courses, you can apply for this job. Also, if you have a Certified Fraud Examiner designation, you will most likely earn higher than other internal auditors.

4. Bank Manager

Next on our list of the top commercial banking jobs is the bank manager. Bank managers are assigned to bank branches. They are responsible for overseeing the day-to-day operations of the banks assigned to them. This means that bank managers should be highly knowledgeable of all the functions of each employee working in the branch. All employees in the branch are their direct subordinates.

Commercial banks hire bank managers with a bachelor’s degree in business, finance, accounting, or economics. In most cases, banks prefer to promote employees who have been working for them for years or those who started as their entry-level employees. That way, banks know that their bank managers are highly familiar with their day-to-day operations.

So, if you aim to become a bank manager, you can start your career growth by applying for an entry-level job position in a bank. Then, work your way up by being an outstanding employee. Improve your technical, behavioral, and leadership skills. You should attend workshops, seminars, or short courses that will help you with your career growth.

5. Relationship Manager

Relationship managers form part of the bank’s sales department. They meet with clients every day with the aim of closing deals. More than anything else, they recommend several bank products and services that will address client needs.

The clients that relationship managers deal with can either be individuals or corporate ones. They conduct sales presentations in front of a small or a big audience.

Suffice it to say that the main job of relationship managers is to educate the public about financial management. Their end goal is to convince clients how this particular bank can help them manage their finances on their behalf.

Relationship managers help banks generate sales. They bring in money to their company, and they take care of the clients. This then explains why relationship management is a high-paying job.

If you’re interested in becoming a relationship manager, you can apply as soon as you’re fresh out of college. It also doesn’t matter if you’re a graduate of a business degree or not. As long as you have a bachelor’s degree, you can apply for the job. More than anything else, what you need to have are extraordinary communication and selling skills.

6. Asset Manager

how many jobs are available in commercial banks

The role of asset managers is a complex one. They decide where to invest the bank’s funds to generate more profits and mitigate risks. That way, they protect both the bank and their clients from financial losses.

In other words, asset managers are fund allocators. They manage the funds of the bank. If they make a wrong decision, it’s not only the bank that will lose its money. The clients’ funds are at risk too. This high level of risk is what makes their job a high-paying one.

Hiring asset managers is a critical role. Applicants must have the expertise to get the job. They should have a bachelor’s degree in finance or any similar field. But they are required to pursue continuing education in finance, especially if they aim for career growth.

7. Equity Trader

Another one of the most popular commercial banking jobs is an equity trader. The job of equity traders is basically similar to the job of asset managers, but it is a more complex one. Equity traders deal with stocks. They decide which stocks to buy and which ones to sell daily.

In essence, they allocate and manage the funds of the bank they work for. Equity traders track the historical data of the corporate stocks they invest in. They should have the expertise in terms of predicting the movement of the stock market.

Banks heavily rely on the expertise of equity traders. One wrong stock investment made by equity traders can wipe out the funds of a bank. But when they make the best stock investments, they can even triple the bank’s funds. This highly critical task of equity traders makes them one of the high-paying employees.

In most cases, equity traders do not only have a bachelor’s degree in business or finance. They pursue continuing education too and must be registered with the Financial Industry Regulatory Authority.

8. Fixed Income Analyst

Fixed-income analysts help banks decide where to invest funds. Their function is somewhat similar to the function of equity traders or equity analysts. It’s just that fixed-income analysts do not deal with corporate stocks. Instead, they deal with fixed-income securities. These are also known as government securities such as Treasury Bills, Treasury Bonds, or Treasury Notes.

If banks have a stock portfolio, they also have a fixed income portfolio. The job of fixed-income analysts is to review fixed-income securities’ performance and decide which ones will form part of the bank’s portfolio.

While this job is complex, it’s not as critical as an equity analyst or trader job. This is because the government guarantees fixed-income securities. Therefore, any wrong move made by a fixed income analyst will not lead to extreme financial losses. Nonetheless, it is a complex job which makes it a high-paying one.

If you’re interested in becoming a fixed income analyst, you must have a bachelor’s degree in finance, business, or accounting. You are also required to pursue continuing education.

9. Foreign Exchange Trader

Another one of the best jobs in commercial banks is that of foreign exchange traders. They analyze the trend of the currency market and decide which currencies will increase in value. Currencies are subject to extreme fluctuations, and, similar to the stock market, fluctuations happen daily.

Therefore, any wrong move made by foreign exchange traders will have a huge impact on the bank’s funds. The complexity of the task is what makes it a high-paying job.

If you have a bachelor’s degree in statistics, economics, or math, you can apply for this job. However, in most cases, banks prefer those with work experience and those who pursue continuing education.

10. Wealth Manager

Next on our list of the top jobs in commercial banks is the wealth manager. The job of a wealth manager is somewhat similar to that of a relationship manager. It’s just that the responsibilities of wealth managers are more complex. They don’t merely close deals and explain the products and services of their company. Instead, they are like the financial planners of their clients.

Clients put their utmost trust in wealth managers. In most cases, these clients have millions of dollars deposited in commercial banks. That’s why they need wealth managers to help them manage their funds for them. This is what makes this job a high-paying one.

If you’re interested in becoming a wealth manager, you must not only have a bachelor’s degree related to business or finance. Wealth managers are preferred to have a master’s degree too. If not, you must acquire designations such as becoming a Certified Financial Planner or a Chartered Financial Analyst. You need to pass several exams to earn these designations.

11. Equity Analyst

Equity analysts work hand in hand with equity traders. Their job is generally similar to that of fixed income analysts. It’s just that equity analysts deal with corporate stocks and not fixed-income securities. In essence, the job of equity analysts is more complex than that of fixed income analysts.

They study stock market trends daily. They analyze the historical data of stocks and predict future stock performances. Similar to equity traders, equity analysts must be an expert in their craft. Their responsibilities greatly contribute to the success or failure of their company. The complexity of their job is what makes them high-paying employees.

Equity analysts do not only have a bachelor’s degree but must also have a master’s degree in finance. They must also pursue continuing education related to stock analysis.

12. Portfolio Manager

Portfolio managers are responsible for deciding where they should invest the funds from all clients. They also decide the percentage of funds that their clients should invest in fixed-income securities. In the same way that they decide the percentage of funds invested in equities.

Portfolio managers work hand in hand with fixed income analysts, equity analysts, fixed income traders, and equity traders. This means that portfolio managers play a big role too when banks experience profits and losses.

If you are interested in becoming a portfolio manager, you must have a bachelor’s degree and a master’s degree in economics or finance. Continuing education is a must too. You must be a Chartered Financial Analyst and must earn certifications related to capital markets, stock valuation, and bond valuation, among others.

Conclusion – Best Paying Jobs in Commercial Banks