How Much Does A Bank Officer Make?

Bankers will tell you they don't make much money, compared to other executives. Observers will point out that job security and outstanding fringe benefits packages normally including guaranteed mortgage and personal loans at reduced interest rates more than make up for any deficit. And arriving at a national average for the earnings of America's 1,400,000 bank officers is an almost meaningless task because pay scales vary so widely. 

How Much Do Bank Officers Make?

So we know that an installment loan collection manager in a small bank averages only $26,000-$ 36,000 but would earn $40,000-$600,000 if he had the same job at a large bank. A large bank's portfolio manager earns $75,000-$90,000 average while top officers (in departments such as trusts, administration, investment, and international banking) average annual salaries of $110,000-$180,000. Presidents of large banks may earn $400,000-$800,000 or more. 

For would be bank presidents, it all begins right after college or graduate school when they're hired as officer trainees. The training program may last anywhere from nine months to two years and tends to be quite general. But, as months pass, the newcomers develop their own interests in specific areas of banking, company officers explain their areas of operation to the current "class," and the bank eventually tries to match trainee interests and employer needs. 

If you have high aspirations, consider becoming a lending officer. "They're the movers and the shakers," explains Charles Luther, a New York banker now specializing in loan agreements for limited partnership enterprises. "Every corporate entity has something that it does, and lending money is what a bank does. So these people are in line positions and move to the top." 

You can't go to college and major in lending, but you can enter the training program with that goal in mind. Other possible specialties include trusts, operations management, retail credit, retail service, or the "money desk" where banks buy and sell securities. International banking is a popular specialty, but normally is not the path to the top. Planning is one of the few staff functions that can lead to bigger things. 

Job Market Outlook: 

Excellent. Increases in international investment and trade plus rising costs are creating faster than average occupational growth. 

Education: 

Bachelor's degree in business administration or liberal arts minimum. A graduate degree is becoming more important each year. 

How Much Do Loan Officers REALLY Make?


Competition: 

Growing. An MBA, backed up by a bachelor's in English or social science, makes you an ideal job candidate. 

Work Style: 

Office work, usually in attractive and comfortable surroundings. Occasional overtime. 

Best Locations: 

Heavily populated states such as New York, California, Illinois, Pennsylvania, and Texas. New York City is the nation's banking capital. 

Work Force: 

62 percent male, 38 percent female, 6 percent minorities. 

Part Time Work Available: 

Rarely.

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