Entry level jobs in banking are the best way to learn the basics of the industry and build connections with other professionals. Entry level jobs in banking generally have an increased workload and less vacation compared to more senior positions, so it is important to understand what you can expect before applying for these jobs.
highest paying entry level jobs in banking
1. Actuary
Actuaries are professionals in charge of analyzing and assessing the financial consequences of potential risk. They study uncertain future events concerning banking by using mathematics, financial theory, and statistics.
Actuaries can work in various industries, such as consulting firms, insurance companies, large corporations, the government, banks, hospitals, investment firms, etc. Generally, an actuary career is considered more of a business one rather than a mathematical career.
Salary of an actuary
With a degree in banking, going for an actuary career will often result in a six-figure income. The average salary of an actuary is somewhere around $102,000.
2. Financial Analyst
Financial analysts are responsible for analyzing data, and identifying opportunities, evaluating outcomes for potential business activities, or other investment decisions. These professionals can have both junior and senior positions at a given firm.
A financial analyst’s duties consist of gathering data, financial modeling, maintaining spreadsheets, developing investment theses, coming up with marketing ideas, communicating with company management teams, etc.
Salary of a financial analyst
The salary of a financial analyst depends on their level of experience. However, the average salary is around $85,660.
3. Personal Financial Advisor
A personal financial advisor is one of the entry-level financial positions, where part of the job description is to advise someone on how best to deal with money matters, such as investments and other courses of action.
Personal financial advisors also make personalized financial plans for their clients. These plans include investments, savings, insurance, budget, and tax strategies. Additionally, they check up on their clients’ current financial situation and make additional changes if needed.
Salary of a personal financial advisor
The salary of a personal financial advisor depends on some factors such as their experience, the clientele they work with, etc. The median salary of these professionals is around $88,890.
4. Budget Analyst
A budget analyst takes care of budget balancing and taking care of both small and big companies’ bankings. They do that by running financial reports, communicating with executives regarding funding needs, assessing budget decisions, etc.
Apart from helping companies with current and past financial dilemmas, these professionals also help a company’s financial future by weighing the advantages and disadvantages of certain hefty purchases.
Salary of a budget analyst
Budget analysts salary varies; however, the average salary is around $76,230.
5. Credit Analyst
Credit analysts are professionals in charge of assessing the creditworthiness of individuals, companies, and securities. These professionals determine whether the borrower will be able to repay their financial debt by reviewing their financial and credit history.
A credit analyst is usually employed by credit card issuing institutions, investment banks, investment companies, and credit rating agencies. Their duties include interpreting financial statements, using ratios for analyzing fiduciary behavior and the history of a potential buyer, etc.
Salary of a credit analyst
Credit analysts earn an average salary of around $71,290.
You can get an entry level job in banking if you have a college degree or you can also take some online courses to learn more about what to expect. Speaking of expectations the pay for these entry level jobs isn’t that high but there wouldn’t be any need to worry about that because you will be working with the best investors and traders who will provide you with a ton of opportunities to prove yourself and your choice of career.
