Personal Banker Salary

By Henry R. Steele - April 15, 2018
Reading Time: 11 minutes

The following article discusses the career path of Personal Banker. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Personal Bankers.

Job Duties

Personal bankers work with clients to ensure they are able to properly manage their finances, balancing risks and returns. Typically, they work inside an office, although some travel may be required to meet with clients. Additionally, they are often requested to attend social events, either with clients or to find new clients. Typically, they work regular business hours.

They have banking duties, including ensuring that the financial activities of their clients are appropriate. They must also market their bank and banking products, find new customers, ensure that licenses are maintained, sell financial plans, and ensure that accounts are up to date. They must always keep their knowledge up to date, therefore, particularly in line with new financial regulations.

Other duties of personal bankers are:

  • To provide clients with excellent customer service, helping them to choose new securities, bonds, loans, and accounts
  • To create new customer accounts and update existing ones
  • To gather information from clients and customers in relation to financial products and review them
  • To sell financial services and protects to existing and potential clients

Where We Work

According to the U.S. Bureau of Labor Statistics, there were 271,900 personal financial advisors in 2016. The largest employers of these professionals are:

  • Securities, commodity contracts, and other financial investments and related activities: 51%
  • Self-employed workers: 24%
  • Credit intermediation and related activities: 13%
  • Insurance carriers and related activities: 5%
  • Management of companies and enterprises: 3%

How to Become

At the entry level, personal bankers will be required to hold a bachelor’s degree in finance or economics. They must also be able to demonstrate knowledge of calculus and business statistics. With larger banks, a master’s degree is almost always required. They must also have experience in investment theory, quantitative reasoning, corporate finance, and risk management. Furthermore, they may have to hold a license with the FINRA (Financial Industry Regulatory Authority), which requires them to pass an exam. Other licenses may also be required.

Once on the job, these professionals also need to undergo further training. They start by being supervised by senior advisors. Then they will work their way up to more senior positions, taking on more complex cases.

Education Requirements

Typically, a bachelor’s degree is the minimum requirement for a personal banker. What they major in is of less importance, although most prefer law, mathematics, business, accounting, economics, or finance. They should also complete courses in risk management, estate planning, taxes, and investments. It is becoming increasingly common for colleges to offer financial planning courses. Larger banks, which most personal bankers want to work for, will require a relevant graduate degree.

If they want to sell or buy bonds, stocks, or insurance policies, or if they want to provide more specific investment advice, they have to be licensed to do so, with each product requiring its own license. They may also have to register with the Securities and Exchange Commission (SEC) or with state regulators. Most certifications and licenses are available through the North American Securities Administrators Association.

The Certified Financial Planner (CFP) certification is quite popular for personal bankers. However, they must have been employed in the field for at least three years before they can become certified. It also requires passing an exam and a commitment to adhere to a code of ethics. Those who have a master’s degree, particularly the master in business administration (MBA), have the greatest chance of career advancement.

Traits & Qualities

The most effective personal bankers have the following traits to some degree or other:

– Excellent analytical skills
– Strong interpersonal skills
– Great mathematical skills
– Excellent sales skills
– Strong communication skills, particularly speaking skills

Minimum Education

Bachelor’s, but master’s preferred Degree

National Salary

The national average salary estimate for Personal Banker was $34,631. This number is estimated from over 761,636 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $18.04 and monthly of $2,886.

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$14,000

$88,000

Salary Distribution

Salary by State

The following section lists Personal Banker salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Connecticut had the largest quoted salary of $42,980 while Oklahoma had the smallest quoted salary of $22,291.

Alaska Idaho Montana Pennsylvania
Alabama Illinois North Carolina Rhode Island
Arizona Indiana North Dakota South Carolina
California Kansas Nebraska South Dakota
Colorado Kentucky New Hampshire Tennessee
Connecticut Louisiana New Jersey Texas
DC Massachusetts New Mexico Utah
Delaware Maryland Nevada Virginia
Florida Michigan New York Washington
Georgia Minnesota Ohio Wisconsin
Hawaii Missouri Oklahoma West Virginia
Iowa Mississippi Oregon Wyoming
Alaska$42,500 Rank: 2nd

The average salary ranks 2nd among states in the country. There were also job openings from employers like Wells Fargo.

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$20,000

$73,000

Salary Distribution
Alabama$35,482 Rank: 19th

The average salary ranks 19th among states in the country. There were also job openings from employers like Wells Fargo.

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$17,000

$56,000

Salary Distribution
Arizona$35,787 Rank: 18th

The average salary ranks 18th among states in the country. There were also job openings from employers like Bank Of America, JPMorgan Chase, BMO Harris Bank, and Chase Bank.

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$16,000

$62,000

Salary Distribution
California$38,522 Rank: 7th

The average salary ranks 7th among states in the country. There were also job openings from employers like Professional Career Placements, Accounting Career Network, Citi, and Chase.

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$14,000

$96,000

Salary Distribution
Colorado$26,860 Rank: 44th

The average salary ranks 44th among states in the country. There were also job openings from employers like Academy Bank, Wells Fargo, Public Service Credit Union, and Home State Bank.

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$7.25

$22.85

Salary Distribution
Connecticut$42,980 Rank: 1st

The average salary ranks 1st among states in the country. There were also job openings from employers like Citi, JPMorgan Chase, Bank Of America, and Wells Fargo.

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$19,000

$77,000

Salary Distribution
DC$42,370 Rank: 3rd

The average salary ranks 3rd among states in the country. There were also job openings from employers like Bank Of America, Citi, SunTrust, and Wells Fargo.

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$21,000

$65,000

Salary Distribution
Delaware$28,825 Rank: 40th

The average salary ranks 40th among states in the country. There were also job openings from employers like Citizens Bank and WSFS Bank.

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$14,000

$44,000

Salary Distribution
Florida$37,981 Rank: 10th

The average salary ranks 10th among states in the country. There were also job openings from employers like Citi, SunTrust, JPMorgan Chase, and Bank Of America.

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$18,000

$64,000

Salary Distribution
Georgia$32,536 Rank: 32nd

The average salary ranks 32nd among states in the country. There were also job openings from employers like JPMorgan Chase, Bank Of America, SunTrust, and Staffing NOW.

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$14,000

$93,000

Salary Distribution
Hawaii$35,046 Rank: 20th

The average salary ranks 20th among states in the country. There were also job openings from employers like American Savings Bank.

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$17,000

$53,000

Salary Distribution
Iowa$33,805 Rank: 28th

The average salary ranks 28th among states in the country. There were also job openings from employers like Wells Fargo.

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$16,000

$57,000

Salary Distribution
Idaho$34,655 Rank: 24th

The average salary ranks 24th among states in the country. There were also job openings from employers like Wells Fargo and U.S. Bank.

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$17,000

$57,000

Salary Distribution
Illinois$32,804 Rank: 31st

The average salary ranks 31st among states in the country. There were also job openings from employers like Fifth Third Bank, Citi, CR Search Inc, and JPMorgan Chase.

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$14,000

$91,000

Salary Distribution
Indiana$28,487 Rank: 41st

The average salary ranks 41st among states in the country. There were also job openings from employers like Old National Bank, Fifth Third Bank, JPMorgan Chase, and Wells Fargo.

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$14,000

$96,000

Salary Distribution
Kansas$23,481 Rank: 46th

The average salary ranks 46th among states in the country. There were also job openings from employers like Bank Of America, Fidelity Bank, Ajilon, and U.S. Bank.

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$7.25

$20.15

Salary Distribution
Kentucky$34,379 Rank: 26th

The average salary ranks 26th among states in the country. There were also job openings from employers like Fifth Third Bank, Citi, and U.S. Bank.

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$14,000

$62,000

Salary Distribution
Louisiana$32,928 Rank: 29th

The average salary ranks 29th among states in the country. There were also job openings from employers like JPMorgan Chase and Chase Bank.

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$16,000

$55,000

Salary Distribution
Massachusetts$37,147 Rank: 12th

The average salary ranks 12th among states in the country. There were also job openings from employers like Citi, Bank Of America, and Citizens Bank.

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$17,000

$65,000

Salary Distribution
Maryland$41,674 Rank: 4th

The average salary ranks 4th among states in the country. There were also job openings from employers like Wells Fargo, SunTrust, Bank Of America, and Citi.

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$21,000

$66,000

Salary Distribution
Michigan$28,070 Rank: 43rd

The average salary ranks 43rd among states in the country. There were also job openings from employers like JPMorgan Chase, Citizens Bank, Chase Bank, and Fifth Third Bank.

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$7.35

$22.10

Salary Distribution
Minnesota$35,842 Rank: 16th

The average salary ranks 16th among states in the country. There were also job openings from employers like Flagship Bank Minnesota, Wells Fargo, U.S. Bank, and Ultimate.

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$18,000

$56,000

Salary Distribution
Missouri$22,752 Rank: 47th

The average salary ranks 47th among states in the country. There were also job openings from employers like Fifth Third Bank, Bank Of America, Simmons Bank, and UMB Financial Corporation.

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$7.25

$18.75

Salary Distribution
Mississippi$31,076 Rank: 38th

The average salary ranks 38th among states in the country. There were also job openings from employers like Wells Fargo.

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$14,000

$55,000

Salary Distribution
Montana$32,080 Rank: 33rd

The average salary ranks 33rd among states in the country. There were also job openings from employers like First Interstate Bank.

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$16,000

$50,000

Salary Distribution
North Carolina$37,632 Rank: 11th

The average salary ranks 11th among states in the country. There were also job openings from employers like SunTrust, Fifth Third Bank, Bank Of America, and Wells Fargo.

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$19,000

$61,000

Salary Distribution
North Dakota$34,666 Rank: 23rd

The average salary ranks 23rd among states in the country. There were also job openings from employers like Wells Fargo.

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$17,000

$58,000

Salary Distribution
Nebraska$26,035 Rank: 45th

The average salary ranks 45th among states in the country. There were also job openings from employers like Wells Fargo, SAC Federal Credit Union, and Pinnacle Bank.

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$7.25

$20.45

Salary Distribution
New Hampshire$35,832 Rank: 17th

The average salary ranks 17th among states in the country. There were also job openings from employers like Citizens Bank.

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$15,000

$65,000

Salary Distribution
New Jersey$39,357 Rank: 6th

The average salary ranks 6th among states in the country. There were also job openings from employers like Citi, Wells Fargo, JPMorgan Chase, and Bank Of America.

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$14,000

$103,000

Salary Distribution
New Mexico$31,651 Rank: 37th

The average salary ranks 37th among states in the country. There were also job openings from employers like Wells Fargo and FCB – First Convenience Bank.

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$14,000

$93,000

Salary Distribution
Nevada$32,882 Rank: 30th

The average salary ranks 30th among states in the country. There were also job openings from employers like Bank Of America, Wells Fargo, and U.S. Bank.

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$14,000

$98,000

Salary Distribution
New York$41,219 Rank: 5th

The average salary ranks 5th among states in the country. There were also job openings from employers like The Shelly Group, Citi, Wells Fargo, and Fran Rogers Personnel.

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$14,000

$96,000

Salary Distribution
Ohio$31,848 Rank: 35th

The average salary ranks 35th among states in the country. There were also job openings from employers like KeyBank, Chase Bank, JPMorgan Chase, and FirstMerit Corporation.

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$14,000

$87,000

Salary Distribution
Oklahoma$22,291 Rank: 48th

The average salary ranks 48th among states in the country. There were also job openings from employers like MidFirst Bank, Trinity Employment Specialist, Trinity Employment Specialists, and Commerce Bank.

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$7.25

$18.70

Salary Distribution
Oregon$36,762 Rank: 13th

The average salary ranks 13th among states in the country. There were also job openings from employers like AppleOne, Bank Of America, JPMorgan Chase, and Chase Bank.

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$18,000

$62,000

Salary Distribution
Pennsylvania$34,872 Rank: 21st

The average salary ranks 21st among states in the country. There were also job openings from employers like Wells Fargo, Bank Of America, Santander Bank, and Citizens Bank.

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$15,000

$61,000

Salary Distribution
Rhode Island$35,843 Rank: 15th

The average salary ranks 15th among states in the country. There were also job openings from employers like Bank Of America and Citizens Bank.

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$17,000

$61,000

Salary Distribution
South Carolina$30,487 Rank: 39th

The average salary ranks 39th among states in the country. There were also job openings from employers like Bank Of America, First Citizens Bank, and Wells Fargo.

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$14,000

$87,000

Salary Distribution
South Dakota$34,835 Rank: 22nd

The average salary ranks 22nd among states in the country. There were also job openings from employers like Wells Fargo.

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$17,000

$53,000

Salary Distribution
Tennessee$38,247 Rank: 8th

The average salary ranks 8th among states in the country. There were also job openings from employers like Fifth Third Bank, Bank Of America, SunTrust, and Capital Bank.

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$17,000

$67,000

Salary Distribution
Texas$31,816 Rank: 36th

The average salary ranks 36th among states in the country. There were also job openings from employers like Bank Of America, Comerica Bank, JPMorgan Chase, and Amegy Bank of Texas.

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$14,000

$82,000

Salary Distribution
Utah$35,862 Rank: 14th

The average salary ranks 14th among states in the country. There were also job openings from employers like Wells Fargo and U.S. Bank.

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$15,000

$65,000

Salary Distribution
Virginia$34,121 Rank: 27th

The average salary ranks 27th among states in the country. There were also job openings from employers like Bank Of America, SunTrust, Wells Fargo, and InTouch Credit Union.

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$14,000

$91,000

Salary Distribution
Washington$38,039 Rank: 9th

The average salary ranks 9th among states in the country. There were also job openings from employers like KeyBank, Bank Of America, Wells Fargo, and Chase Bank.

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$16,000

$69,000

Salary Distribution
Wisconsin$28,437 Rank: 42nd

The average salary ranks 42nd among states in the country. There were also job openings from employers like Aerotek, JPMorgan Chase, BMO Harris Bank, and North Shore Bank.

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$14,000

$88,000

Salary Distribution
West Virginia$34,470 Rank: 25th

The average salary ranks 25th among states in the country. There were also job openings from employers like Huntington Bank.

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$14,000

$63,000

Salary Distribution
Wyoming$31,873 Rank: 34th

The average salary ranks 34th among states in the country. There were also job openings from employers like First Interstate Bank.

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$14,000

$65,000

Salary Distribution

Top 20 National Employers

According to Indeed.com, the following states had employers looking to hire a Personal Banker. The quoted salary figure represents the average salary from all job postings by this employer.

Employer Name Location Average Salary

Learn More

Related Careers

Career Name Average Salary
Henry R. Steele
Henry R. Steele
Managing Editor
Henry is Managing Editor of BusinessStudent.com. He is a seasoned business professional who regularly consults with local business's throughout Southern California. Henry pursued his undergrad in Business and Economics at the University of San Diego and gained valuable life changing experience through a unique internship upon graduation.Follow on Twitter.com

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