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Banking Average Salaries in Canada 2024

How much money does a person working in Banking make in Canada?


Average Yearly Salary
131,000 CAD
( 10,900 CAD monthly)

LOW
40,900
CAD
AVERAGE
131,000
CAD
HIGH
267,000
CAD
All salary figures displayed here are per year except when noted otherwise.
All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

A person working in Banking in Canada typically earns around 131,000 CAD. Salaries range from 40,900 CAD (lowest average) to 267,000 CAD (highest average, actual maximum salary is higher).


Salary Variance

The provided figure represents the median compensation that encompasses housing, transportation, and other perks. The salaries within the Banking domain in Canada exhibit significant discrepancies across various professions. In case you seek information about the remuneration of a specific position, please refer to the salaries listed below for respective job titles.

Salaries for specific jobs

Job TitleAverage Salary
Banking
AML Analyst187,000 CAD
Assistant Bank Branch Manager154,000 CAD
Assistant Bank Manager218,000 CAD
ATM Manager174,000 CAD
ATM Service Technician49,700 CAD
Bank Accounts Analyst71,200 CAD
Bank Accounts Collector43,200 CAD
Bank Accounts Controller92,900 CAD
Bank Accounts Executive130,000 CAD
Bank Accounts Manager156,000 CAD
Bank Auditing Manager150,000 CAD
Bank Branch Manager224,000 CAD
Bank Branch Operations Coordinator92,500 CAD
Bank Clerk41,500 CAD
Bank Client Service Associate55,700 CAD
Bank Collector42,500 CAD
Bank Compliance Specialist118,000 CAD
Bank Manager245,000 CAD
Bank Operational Risk Manager242,000 CAD
Bank Operations Head256,000 CAD
Bank Operations Officer102,000 CAD
Bank Operations Specialist159,000 CAD
Bank Process Manager148,000 CAD
Bank Product Manager 169,000 CAD
Bank Programme Manager168,000 CAD
Bank Project Manager203,000 CAD
Bank Propositions Manager181,000 CAD
Bank Quantitative Analyst121,000 CAD
Bank Regional Manager253,000 CAD
Bank Regional Risk Officer130,000 CAD
Bank Relationship Manager193,000 CAD
Bank Relationship Officer86,100 CAD
Bank Sustainability Analyst151,000 CAD
Bank Teller46,200 CAD
Banker91,800 CAD
Banking Business Analyst134,000 CAD
Banking Business Development Officer81,800 CAD
Banking Business Planning Executive195,000 CAD
Banking Data Analyst146,000 CAD
Banking Product Manager159,000 CAD
Banking Reference Data Manager142,000 CAD
Banking Regulatory Compliance Officer155,000 CAD
Banking Risk Analyst133,000 CAD
Banking Technical Analyst73,400 CAD
Bankruptcy Coordinator98,100 CAD
Bill and Account Collector46,300 CAD
Blockchain Analyst113,000 CAD
Blockchain Architect137,000 CAD
Blockchain Auditor114,000 CAD
Blockchain Compliance Analyst122,000 CAD
Blockchain Consultant120,000 CAD
Blockchain Trade Facilitator114,000 CAD
Budget Analyst132,000 CAD
Capital Risk Manager250,000 CAD
Cards Marketing Manager168,000 CAD
Cash Management Manager237,000 CAD
Check Processing Manager165,000 CAD
Chief Blockchain Officer148,000 CAD
Commercial Vault Associate135,000 CAD
Corporate Banker97,900 CAD
Corporate Dealer143,000 CAD
Credit Analyst100,000 CAD
Credit and Collections Manager181,000 CAD
Credit Card Fraud Investigator130,000 CAD
Credit Portfolio Manager242,000 CAD
Credit Risk Analyst144,000 CAD
Credit Risk Associate138,000 CAD
Cryptocurrency Accountant84,700 CAD
Cryptocurrency Adviser171,000 CAD
Cryptocurrency Analyst120,000 CAD
Cryptocurrency Compliance Manager155,000 CAD
Cryptocurrency Trader131,000 CAD
Digital Banking Manager179,000 CAD
Digital Currency Analyst130,000 CAD
Direct Bank Sales Representative92,900 CAD
Exchange Control Consultant138,000 CAD
Executive Account Analyst130,000 CAD
Financial Bank Planning Consultant165,000 CAD
Financial Banking Analysis Manager188,000 CAD
Financial Banking Assistant63,400 CAD
Financial Banking Systems Manager188,000 CAD
Foreign Exchange Manager189,000 CAD
Fraud Analyst143,000 CAD
Fraud Detection Associate97,300 CAD
Fraud Detection Manager202,000 CAD
Fraud Detection Supervisor110,000 CAD
Internal Bank Audit Manager248,000 CAD
Internal Bank Auditor124,000 CAD
Internal Private Banker91,200 CAD
International Banking Manager273,000 CAD
Investment Banking Analyst189,000 CAD
Loan Analyst125,000 CAD
Loan Area Manager163,000 CAD
Loan Audit Team Leader152,000 CAD
Loan Branch Manager142,000 CAD
Loan Business Development Officer79,500 CAD
Loan Clerk48,200 CAD
Loan Collection and Recovery Manager159,000 CAD
Loan Collection Manager153,000 CAD
Loan Collector45,100 CAD
Loan Examiner56,600 CAD
Loan Officer49,700 CAD
Loan Processing Manager145,000 CAD
Loan Processor56,900 CAD
Loan Quality Assurance Auditor133,000 CAD
Loan Quality Assurance Manager154,000 CAD
Loan Quality Assurance Representative96,200 CAD
Loan Review Manager151,000 CAD
Loan Team Leader140,000 CAD
Loans Manager179,000 CAD
Mortgage Advisor90,500 CAD
Mortgage Collection Manager159,000 CAD
Mortgage Collector41,600 CAD
Mortgage Credit Analyst70,200 CAD
Mortgage Credit Manager153,000 CAD
Mortgage Development Manager165,000 CAD
Mortgage Document Reviewer58,400 CAD
Mortgage Funding Manager163,000 CAD
Mortgage Operations Manager238,000 CAD
Mortgage Payment Processing Clerk49,400 CAD
Mortgage Processing Manager150,000 CAD
Mortgage Processor61,100 CAD
Mortgage Quality Assurance Auditor133,000 CAD
Mortgage Quality Assurance Manager143,000 CAD
Mortgage Servicing Clerk44,300 CAD
Mortgage Servicing Manager146,000 CAD
Mortgage Underwriter55,500 CAD
Online Banking Manager241,000 CAD
Open Banking Strategist136,000 CAD
Payment Processing Clerk46,100 CAD
Personal Banker92,200 CAD
Personal Banking Advisor 96,400 CAD
Phone Banker65,500 CAD
Private Banker97,700 CAD
Reconciliation and Investigation Specialist107,000 CAD
Tax Officer80,300 CAD
Teller46,700 CAD
Trade Officer52,900 CAD
Trade Product Manager158,000 CAD
Trader61,900 CAD
Treasury Operations Officer116,000 CAD
Wealth Management Advisor201,000 CAD


Banking Jobs Pay Scale and Salaries in Canada

Median and salary distribution Canada Banking yearly
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Salary Structure and Pay Scale Comparison

5% of people earn
135,000 CAD or more
10% of people earn
112,000 to 135,000 CAD
20% of people earn
60,700 CAD or less
65% of people earn
60,700 to 112,000 CAD
Minimum Salary
40,900 CAD
Median
121,000 CAD
Maximum
267,000 CAD




Median Salary, maximum and minimum salary, minimum wage, starting salary, and the salary range

All salary figures displayed here are per year except when noted otherwise.
  • Salary Range, Minimum Wage, and Starting Salary

    Salaries in Banking in Canada range from 40,900 CAD (starting average salary) to 267,000 CAD (maximum average salary, actual maximum is higher). To clarify, the number presented is not the legally mandated minimum wage. Rather, it represents the lowest figure reported in a salary survey that involved thousands of participants and professionals from across the entire country.

  • Median Salary

    The median income in the field of Banking is 121,000 CAD, implying that half of the workforce in Canada earns less than this figure, and the other half earns more. It represents the central value of salaries. As a rule of thumb, you would prefer to be part of the group earning above the median wage, situated on the right-hand side of the salary distribution chart.

  • Percentiles and Salary Scale

    Two values that are highly correlated with the median are the 25th and 75th percentiles. By examining the salary distribution diagram, it is possible to determine that 25% of individuals employed in Banking in Canada earn less than 90,300 CAD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 149,000 CAD, while 25% earn more than that.

  • Pay Scale Structure

    Data was regrouped into brackets to provide a better understanding of what salaries can be expected. This approach was deemed more accurate than relying solely on the average salary, as it offers greater insights into the distribution of salaries in the field of Banking in Canada. The analysis revealed that roughly 65% of all reported salaries fell within the range of 60,700 CAD to 112,000 CAD. Approximately 20% of salaries were below the 60,700 CAD mark, while 10% ranged from 112,000 CAD to 135,000 CAD. Only 5% of individuals earned a gross salary of 135,000 CAD or higher.

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally, the more years of experience the higher the wage.

Generally speaking, employees in Banking in Canada having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.
On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.


Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income?

We compared the salaries of professionals at the same level but with different college degree levels across many jobs in Banking in Canada, below are our findings.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a certificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Canada costs anywhere from 50,000 CAD to 150,000 CAD and lasts approximately two years. That is quite an investment.

Employees can't expect any salary increases during the study period, assuming they already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch to a higher-paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on the situation and experience among many other factors. Putting all variables aside, if a person can afford the costs of higher education then the return on investment is definitely worth it. Degree costs can be recovered roughly in a year or so.



Salary and Compensation Comparison By Gender / Banking / Canada

Salary comparison by gender Canada Banking yearly
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? In the field of Banking in Canada, the average difference between the salary of male and female employees is 5%.

Male
134,000 CAD
Female-5%
128,000 CAD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Canada for all Careers

Salary comparison by gender yearly Canada
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Average Annual Salary Increment Percentage / Banking / Canada

How much are annual salary increments in Canada for individuals working in Banking? How often do employees get salary raises?

Professionals working in Banking in Canada are likely to observe a salary increase of approximately 11% every 13 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Canada Banking
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Canada / All Professions

Annual Salary Increment Rate Canada
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The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 / Increase Frequency

The average salary increase in one year (12 months) in Canada is 7%.

Worldwide Salary Raises: All Countries and All Jobs

World Average Annual Salary Increment
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Salary Packages and Schemes

Not all compensation increases are reflected directly in the salary. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary.

Bonus and Incentive Rates / Banking / Canada

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Canada Banking
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17% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while 83% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
83%
No Bonus
17%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus, where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Hourly Average Wage / Banking / Canada


63 CAD per hour

The average hourly wage (pay per hour) in Banking in Canada is 63 CAD.This is the rate they get paid for every worked hour.


Hourly Wage = Annual Salary / ( 52 x 5 x 8 )

About The Hourly Pay Rate

The hourly wage is the salary paid in one worked hour. Usually, jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fixed amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

What is the minimum hourly rate of pay?

The minimum pay rate per hour for people working in Banking in Canada is 20 CAD. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.

Salary Comparison By City

CityAverage Salary
Brampton134,000 CAD
Calgary138,000 CAD
Edmonton137,000 CAD
Gatineau126,000 CAD
Halifax128,000 CAD
Hamilton135,000 CAD
Kitchener132,000 CAD
Markham130,000 CAD
Mississauga139,000 CAD
Montreal147,000 CAD
Ottawa140,000 CAD
Quebec138,000 CAD
Regina124,000 CAD
Richmond118,000 CAD
Saskatoon125,000 CAD
Surrey129,000 CAD
Toronto147,000 CAD
Vancouver141,000 CAD
Vaughan128,000 CAD
Windsor126,000 CAD
Winnipeg136,000 CAD

Salary Comparison By State

StateAverage Salary
Alberta141,000 CAD
British Columbia143,000 CAD
Manitoba135,000 CAD
New Brunswick120,000 CAD
Newfoundland-Labrador118,000 CAD
Northwest Territories131,000 CAD
Nova Scotia123,000 CAD
Nunavut136,000 CAD
Ontario147,000 CAD
Prince Edward Island113,000 CAD
Quebec145,000 CAD
Saskatchewan127,000 CAD
Yukon116,000 CAD

Government vs Private Sector Salary Comparison

Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in Canada is 4% on average across all career fields.

Private Sector
117,000 CAD
Public Sector+4%
122,000 CAD
Percentage increase and decrease are relative to the previous value

Salary Statistics and Calculation Guide

What is considered to be a good and competitive salary in Banking in Canada?

A good and competitive compensation would range anywhere between 121,000 CAD and 149,000 CAD. This is a very rough estimate. Experience and education play a very huge part in the final earnings.

Gross Salary (before tax) and Net Salary (after tax)

All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.

Base / Basic Salary

The base salary for jobs in Banking in Canada ranges from 40,900 CAD to 90,300 CAD. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both the average and the median then you are doing very well. If your salary is lower than both, then many people earn more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary


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