How much does a banker make? A banker earns an average to good salary for the work they perform. Banks provide safeguarding of customer money and provide credit, loans, and payment services such as debit cards, cashier's checks, and checking accounts. Banks also offer insurance and investment and products. Banks continue to perform their primary function of accepting deposits and lending money. Financial managers manage the operation of the bank, helping the bank to run efficiently. Branch managers of banks administer and manage all functions of the bank's branch office. Bankers may manage the staff or supervisors of the staff in a bank.
Financial institutions such as credit unions, savings and loan associations, commercial banks, and mortgage and finance companiesŃemploy financial managers who oversee bank functions, such as mortgages, trusts, lending, and investments. Financial managers may also oversee programs, including operations, sales, or electronic financial services. Financial managers may authorize loans, solicit business, and adhering to Federal and State laws and regulations, direct the investment of funds.
Financial managers or branch managers may be responsible for hiring staff, assisting customers with account problems, approving lines of credit and loans, establishing a connection with the local community to attract business. As part of their bank duties, branch managers are becoming more oriented toward marketing and sales, making it imperative that bankers have substantial knowledge about products that the bank sells.
The majority of workers in business, management, and financial occupations typically have a college degree. A bachelor's degree in business administration is preferable, as is a bachelor's degree in any field along with a master's degree in business administration (MBA). Experience may as important to those hiring a bank manager than formal education, particularly regarding branch managers in banks. Banks often fill branch manager positions by promoting excellent bank workers, such as experienced loan officers and other professionals. Some financial managers may enter the banking profession through management training programs available through the company.
Employment growth for banking and financial managers will be as fast as the average for all occupations, however, banking applicants will face competition for banking management jobs. Bankers with a master's degree and certification have the best opportunity to acquire management positions. Well-trained, experienced banking managers with a strong understanding of department operations are prime candidates for promotion to top management positions. Financial managers positions is expected to grow 8 percent over 2008 to 2018.
How much does a banker make per hour?
A May 2008 Bureau of Labor Statistics report shows the median hourly wages for bank financial managers was $47.76.
Industry And Hourly Wage
General and operations managers $44.02
Financial managers $47.76
Loan officers $26.30
How much does a banker make per year?
The median yearly salary for bank managers, according to a July 2010 PayScale.com report was $39,988 – $61,686.