Executives form the management staff that ensures that a bank functions efficiently and profitably for the benefit of customers and shareholders. In small establishments or branches, individuals can perform several management tasks. In larger institutions they might specialize in a function and delegate responsibilities to subordinates. The salaries of bank executives vary according to their job titles.
Chief executive officers are ultimately responsible for the success or failure of their financial institutions. They formulate goals and develop the strategies to achieve those goals. They meet frequently with other bank executives and are assisted by an administrative staff. Many CEOs rise through different banking positions, perhaps starting as a bank teller before working through jobs with increasing responsibility. Most have master’s degrees in business or finance. The Bureau of Labor Statistics shows that bank CEOs earned an average of $86.32 per hour or $179,550 annually as of May 2011. They were the highest paid of all bank management occupations, which averaged $23.09 per hour or $48,030 per year.
Operations managers are responsible for translating the CEO’s vision into daily tasks, though many of their functions might overlap those of the top executive. They hire and fire department heads, oversee the managers of other departments such as mortgages or human resources, assign projects, and determine the best use of staff, material, time and financial resources. They normally have advanced degrees in financial fields but like the CEO, rise through the ranks to their positions. Average pay was $53.19 per hour or $110,630 per year as of May 2011.
Financial managers coordinate the financial activities of banks by heading up such departments as mortgages, savings and loans. They prepare and analyze financial reports, supervise financial personnel such as accountants and help other bank executives make financial decisions. A bachelor’s degree in accounting, finance, economics or business is the minimum required education. However, at higher levels, they might need a master’s degree in related fields. They might have started their banking careers as loan officers, accountants or financial analysts. They earned an average of $48.29 per hour or $100,440 per year in May 2011.
Banks can access millions of dollars worth of financial information and hundreds of thousands of customers only with the help of computers. Computer managers, sometimes called information technology managers, ensure that hardware and software function securely, efficiently and accurately. They plan the best systems to use for processing financial transactions, safeguard communications among internal and external networks, hire and train computer staff, and determine how systems can best meet their banks business goals. They must keep up-to-date with ever-changing technology to find the best technological solutions. Those in banking earn an average pay of $59.51 per hour or $123,780 per year.
- Bureau of Labor Statistics: What Top Executives Do
- Bureau of Labor Statistics: Depository Credit Intermediation Wages
- Bureau of Labor Statistics: What Financial Managers Do
- Bureau of Labor Statistics: How to Become a Financial Manager
- Bureau of Labor Statistics: What Computer and Information Systems Managers Do
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