Financial Institution Officers and Managers

Those who enter banking in the next few years will find their earnings to be dependent on their experience, the size of the institution, and its location. In general, starting salaries in financial institutions are not usually the highest, although among larger financial institutions in big cities, starting salaries often compare favorably with salaries in large corporations. After five to 10 years' experience, the salaries of officers usually are slightly higher than those in large corporations for people of comparable experience.

Financial managers who worked in credit intermediation and related activities (which includes commercial and savings banks) earned a median annual salary of $143,870 in May 2023, according to the U.S. Department of Labor. The lowest paid 10 percent of financial managers made less than $82,870, while the highest paid 25 percent earned $210,830 or more.

Group life insurance, paid vacations, profit-sharing plans, and health care and retirement plans are some of the benefits offered to financial officers and managers.