Banks rely on personal bankers to increase deposits for their checking, savings, money markets and certificates of deposit accounts, which increases the amounts they can loan to consumers and businesses. Senior personal bankers help customers select the accounts that best meet their needs and financial goals. They may also supervise other personal bankers who perform similar functions. Senior personal bankers earned salaries averaging more than $40,000 annually.
Salary and Qualifications:
The average salary for a senior personal banker was $41,000 as of 2013, according to the job site Simply Hired. The minimum educational requirement for this job is either a high school diploma or GED. Most senior personal bankers have experience -- two or more years in cash handling, sales or customer service, for example -- or work their way up with the same company through promotions. Other essential qualifications are initiative and organizational, communication, customer service, selling, teamwork and decision-making skills.
In 2013, average salaries for senior personal bankers varied the most in the South, according to Simply Hired, where they earned the least in Mississippi and most in Washington, D.C., at $32,000 and $65,000, respectively. Those in the Northeast made $37,000 to $50,000 per year in Maine and Massachusetts, respectively. Senior personal bankers earned average salaries of $32,000 and $44,000, respectively, in South Dakota and Minnesota, which represented the lowest and highest earnings in the Midwest. In the West, they made the most in California and Alaska and least in Montana -- $47,000 and $33,000, respectively.
A senior personal banker earns more in Massachusetts and Washington, D.C., because living and housing expenses are typically higher in that state and district. For example, a senior personal banker who earns $40,000 in Columbus, Ohio, would need to make $63,813 in Boston to enjoy a similar living standard, according to CNN Money's "Cost of Living" calculator. She'd have to make $65,302 in Washington, D.C., to enjoy the same living standard, or approximately 63 percent more. Personal bankers may also earn more at larger banks or financial institutions, which usually have more financial resources to pay the higher salaries.
The U.S. Bureau of Labor Statistics doesn't forecast jobs for senior personal bankers. It predicts a 14 percent increase in employment for loan officers from 2010 to 2020, which is on par with the national growth rate for all occupations. Demand for senior personal bankers, as loan officers, is typically highest during strong economies. If the economy continues improving, these banking professionals may find more job opportunities. An increase in online applications and money management may temper job growth to some extent.