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Banking Average Salaries in Minnesota 2024

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


Average Yearly Salary
113,000 USD
( 9,450 USD monthly)

LOW
35,500
USD
AVERAGE
113,000
USD
HIGH
231,000
USD
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 Minnesota typically earns around 113,000 USD. Salaries range from 35,500 USD (lowest average) to 231,000 USD (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 Minnesota 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 Analyst159,000 USD
Assistant Bank Branch Manager127,000 USD
Assistant Bank Manager177,000 USD
ATM Manager148,000 USD
ATM Service Technician40,500 USD
Bank Accounts Analyst56,100 USD
Bank Accounts Collector35,600 USD
Bank Accounts Controller71,200 USD
Bank Accounts Executive105,000 USD
Bank Accounts Manager133,000 USD
Bank Auditing Manager129,000 USD
Bank Branch Manager174,000 USD
Bank Branch Operations Coordinator74,700 USD
Bank Clerk34,500 USD
Bank Client Service Associate46,300 USD
Bank Collector36,300 USD
Bank Compliance Specialist93,400 USD
Bank Manager199,000 USD
Bank Operational Risk Manager214,000 USD
Bank Operations Head208,000 USD
Bank Operations Officer80,600 USD
Bank Operations Specialist123,000 USD
Bank Process Manager117,000 USD
Bank Product Manager 131,000 USD
Bank Programme Manager138,000 USD
Bank Project Manager168,000 USD
Bank Propositions Manager145,000 USD
Bank Quantitative Analyst101,000 USD
Bank Regional Manager219,000 USD
Bank Regional Risk Officer109,000 USD
Bank Relationship Manager159,000 USD
Bank Relationship Officer69,800 USD
Bank Sustainability Analyst122,000 USD
Bank Teller38,200 USD
Banker74,200 USD
Banking Business Analyst110,000 USD
Banking Business Development Officer71,000 USD
Banking Business Planning Executive148,000 USD
Banking Data Analyst124,000 USD
Banking Product Manager140,000 USD
Banking Reference Data Manager121,000 USD
Banking Regulatory Compliance Officer126,000 USD
Banking Risk Analyst105,000 USD
Banking Technical Analyst59,600 USD
Bankruptcy Coordinator80,200 USD
Bill and Account Collector36,600 USD
Blockchain Analyst94,900 USD
Blockchain Architect109,000 USD
Blockchain Auditor95,700 USD
Blockchain Compliance Analyst97,800 USD
Blockchain Consultant101,000 USD
Blockchain Trade Facilitator92,400 USD
Budget Analyst103,000 USD
Capital Risk Manager206,000 USD
Cards Marketing Manager132,000 USD
Cash Management Manager196,000 USD
Check Processing Manager144,000 USD
Chief Blockchain Officer122,000 USD
Commercial Vault Associate111,000 USD
Corporate Banker81,000 USD
Corporate Dealer115,000 USD
Credit Analyst83,700 USD
Credit and Collections Manager144,000 USD
Credit Card Fraud Investigator109,000 USD
Credit Portfolio Manager205,000 USD
Credit Risk Analyst118,000 USD
Credit Risk Associate115,000 USD
Cryptocurrency Accountant65,700 USD
Cryptocurrency Adviser140,000 USD
Cryptocurrency Analyst104,000 USD
Cryptocurrency Compliance Manager127,000 USD
Cryptocurrency Trader113,000 USD
Digital Banking Manager151,000 USD
Digital Currency Analyst105,000 USD
Direct Bank Sales Representative74,000 USD
Exchange Control Consultant118,000 USD
Executive Account Analyst109,000 USD
Financial Bank Planning Consultant138,000 USD
Financial Banking Analysis Manager167,000 USD
Financial Banking Assistant53,500 USD
Financial Banking Systems Manager151,000 USD
Foreign Exchange Manager160,000 USD
Fraud Analyst116,000 USD
Fraud Detection Associate78,600 USD
Fraud Detection Manager174,000 USD
Fraud Detection Supervisor94,000 USD
Internal Bank Audit Manager192,000 USD
Internal Bank Auditor101,000 USD
Internal Private Banker77,000 USD
International Banking Manager211,000 USD
Investment Banking Analyst151,000 USD
Loan Analyst104,000 USD
Loan Area Manager129,000 USD
Loan Audit Team Leader121,000 USD
Loan Branch Manager119,000 USD
Loan Business Development Officer63,400 USD
Loan Clerk36,600 USD
Loan Collection and Recovery Manager134,000 USD
Loan Collection Manager136,000 USD
Loan Collector36,300 USD
Loan Examiner47,900 USD
Loan Officer42,800 USD
Loan Processing Manager117,000 USD
Loan Processor48,500 USD
Loan Quality Assurance Auditor108,000 USD
Loan Quality Assurance Manager119,000 USD
Loan Quality Assurance Representative78,300 USD
Loan Review Manager117,000 USD
Loan Team Leader114,000 USD
Loans Manager141,000 USD
Mortgage Advisor77,900 USD
Mortgage Collection Manager130,000 USD
Mortgage Collector36,000 USD
Mortgage Credit Analyst57,800 USD
Mortgage Credit Manager120,000 USD
Mortgage Development Manager137,000 USD
Mortgage Document Reviewer46,000 USD
Mortgage Funding Manager135,000 USD
Mortgage Operations Manager190,000 USD
Mortgage Payment Processing Clerk41,500 USD
Mortgage Processing Manager118,000 USD
Mortgage Processor50,900 USD
Mortgage Quality Assurance Auditor106,000 USD
Mortgage Quality Assurance Manager121,000 USD
Mortgage Servicing Clerk39,000 USD
Mortgage Servicing Manager123,000 USD
Mortgage Underwriter44,600 USD
Online Banking Manager197,000 USD
Open Banking Strategist110,000 USD
Payment Processing Clerk39,700 USD
Personal Banker81,000 USD
Personal Banking Advisor 76,900 USD
Phone Banker50,600 USD
Private Banker80,200 USD
Reconciliation and Investigation Specialist86,300 USD
Tax Officer63,300 USD
Teller36,700 USD
Trade Officer44,500 USD
Trade Product Manager126,000 USD
Trader52,300 USD
Treasury Operations Officer100,000 USD
Wealth Management Advisor160,000 USD


Banking Jobs Pay Scale and Salaries in Minnesota

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

5% of people earn
118,000 USD or more
10% of people earn
98,000 to 118,000 USD
20% of people earn
53,200 USD or less
65% of people earn
53,200 to 98,000 USD
Minimum Salary
35,500 USD
Median
106,000 USD
Maximum
231,000 USD




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 Minnesota range from 35,500 USD (starting average salary) to 231,000 USD (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 106,000 USD, implying that half of the workforce in Minnesota 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 Minnesota earn less than 79,000 USD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 130,000 USD, 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 Minnesota. The analysis revealed that roughly 65% of all reported salaries fell within the range of 53,200 USD to 98,000 USD. Approximately 20% of salaries were below the 53,200 USD mark, while 10% ranged from 98,000 USD to 118,000 USD. Only 5% of individuals earned a gross salary of 118,000 USD 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 Minnesota 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 Minnesota, 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 United States costs anywhere from 39,600 USD to 119,000 USD 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 / Minnesota

Salary comparison by gender United States 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 United States, the average difference between the salary of male and female employees is 5%.

Male
106,000 USD
Female-5%
101,000 USD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in United States for all Careers

Salary comparison by gender yearly United States
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Average Annual Salary Increment Percentage / Banking / Minnesota

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

Professionals working in Banking in United States are likely to observe a salary increase of approximately % every months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate United States 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.

United States / All Professions

Annual Salary Increment Rate United States
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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 United States is 6%.

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 / United States

How much and how often are bonuses being awarded?Annual Salary Bonus Rate United States Banking
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100% of surveyed staff in Banking reported that they haven't received any bonuses or incentives in the previous year while % said that they received at least one form of monetary bonus.

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

Received Bonus
%
No Bonus
100%

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 / Minnesota


55 USD per hour

The average hourly wage (pay per hour) in Banking in Minnesota is 55 USD.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 Minnesota is 17 USD. 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
Minneapolis92,200 USD

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 United States is 5% on average across all career fields.

Private Sector
92,800 USD
Public Sector+5%
97,500 USD
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 Minnesota?

A good and competitive compensation would range anywhere between 106,000 USD and 130,000 USD. 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 Minnesota ranges from 35,500 USD to 79,000 USD. 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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