Bank branch managers generally earn high salaries even in areas that don't pay top wages for the occupation, based on data from the U.S. Bureau of Labor Statistics. However, managers trained in insurance and investment transactions may have some of the best future job opportunities. That may be especially true for managers who hold licenses offered by insurance and investment sectors.
Branch managers at banks approve consumer loans and sort out customers' account problems. They also hire bank staff and get involved with sales and marketing campaigns to attract more customers to their bank. Branch managers must keep abreast of changes in financial services and products to ensure customers and staff are up to date on what their bank provides. The BLS includes branch managers' salaries with its data on financial managers. Branch managers earned a mean annual salary of $116,970 in 2010, according to the bureau.
New York and Texas have some of the highest employment levels for branch managers. BLS data shows more than 45,000 branch mangers worked in New York in 2010, and they earned a mean annual salary of $155,600. That same year, Texas employed just over 27,700 branch managers who earned a mean wage of $112,940. The bureau indicates that experience may outweigh a formal education when it comes to getting a job as a branch manager. That's because banks usually fill their manager positions by promoting experienced loan officers and other personnel to management positions.
Top Paying States
Bank branch managers can earn some of the top wages for their occupation in New Jersey and Delaware. Managers who worked in New Jersey in 2010 earned a mean annual salary of $136,960, based on BLS data. Delaware managers earned a mean wage of $134,790 that year. Branch managers licensed to sell insurance and investment products may earn some of the highest salaries through 2018. The bureau predicts banks will expand the range of insurance and investment products they offer through that year. Therefore, managers trained and licensed to sell such products may have the best job opportunities.
Top Paying Cities
Los Angeles and Chicago are among big cities that employ large numbers of bank branch managers. BLS data shows 17,920 managers worked in Los Angeles in 2010 and earned a mean wage of $133,680. About 16,400 managers worked in Chicago that year and earned a mean salary of $120,540. The bureau expects the banking industry to create more branch operations through 2018. The increased number of branches may create more jobs for bank managers. However, job growth also may stall due to bank mergers and acquisitions that often result in layoffs.
2016 Salary Information for Financial Managers
Financial managers earned a median annual salary of $121,750 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, financial managers earned a 25th percentile salary of $87,530, meaning 75 percent earned more than this amount. The 75th percentile salary is $168,790, meaning 25 percent earn more. In 2016, 580,400 people were employed in the U.S. as financial managers.