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Banking Average Salaries in Sweden 2020

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


Average Monthly Salary
132,000 SEK
( 1,590,000 SEK yearly)

LOW
74,800
SEK
AVERAGE
132,000
SEK
HIGH
245,000
SEK

A person working in Banking in Sweden typically earns around 132,000 SEK per month. Salaries range from 74,800 SEK (lowest average) to 245,000 SEK (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Banking careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
AML Analyst160,000 SEK
Assistant Bank Branch Manager156,000 SEK
Assistant Bank Manager169,000 SEK
ATM Manager160,000 SEK
ATM Service Technician85,200 SEK
Bank Accounts Analyst113,000 SEK
Bank Accounts Controller117,000 SEK
Bank Accounts Executive128,000 SEK
Bank Accounts Manager138,000 SEK
Bank Auditing Manager146,000 SEK
Bank Branch Manager178,000 SEK
Bank Clerk84,300 SEK
Bank Compliance Specialist121,000 SEK
Bank Manager248,000 SEK
Bank Operational Risk Manager187,000 SEK
Bank Operations Head194,000 SEK
Bank Operations Officer111,000 SEK
Bank Operations Specialist154,000 SEK
Bank Process Manager133,000 SEK
Bank Product Manager 128,000 SEK
Bank Programme Manager166,000 SEK
Bank Project Manager159,000 SEK
Bank Propositions Manager162,000 SEK
Bank Quantitative Analyst123,000 SEK
Bank Regional Manager180,000 SEK
Bank Regional Risk Officer123,000 SEK
Bank Relationship Manager149,000 SEK
Bank Relationship Officer114,000 SEK
Banker118,000 SEK
Banking Business Analyst134,000 SEK
Banking Business Development Officer109,000 SEK
Banking Business Planning Executive175,000 SEK
Banking Product Manager159,000 SEK
Banking Reference Data Manager142,000 SEK
Banking Risk Analyst126,000 SEK
Banking Technical Analyst116,000 SEK
Bankruptcy Coordinator139,000 SEK
Budget Analyst136,000 SEK
Cards Marketing Manager161,000 SEK
Cash Management Manager173,000 SEK
Check Processing Manager166,000 SEK
Commercial Vault Associate134,000 SEK
Corporate Dealer132,000 SEK
Credit Analyst151,000 SEK
Credit and Collections Manager163,000 SEK
Credit Card Fraud Investigator139,000 SEK
Credit Portfolio Manager200,000 SEK
Credit Risk Analyst158,000 SEK
Credit Risk Associate135,000 SEK
Direct Bank Sales Representative127,000 SEK
Financial Bank Planning Consultant148,000 SEK
Financial Banking Analysis Manager172,000 SEK
Financial Banking Assistant106,000 SEK
Financial Banking Systems Manager152,000 SEK
Foreign Exchange Manager160,000 SEK
Fraud Analyst141,000 SEK
Fraud Detection Associate133,000 SEK
Fraud Detection Manager171,000 SEK
Fraud Detection Supervisor136,000 SEK
Internal Bank Audit Manager176,000 SEK
Internal Bank Auditor130,000 SEK
International Banking Manager224,000 SEK
Loan Analyst127,000 SEK
Loan Area Manager142,000 SEK
Loan Audit Team Leader144,000 SEK
Loan Branch Manager144,000 SEK
Loan Business Development Officer124,000 SEK
Loan Clerk93,600 SEK
Loan Collection Manager147,000 SEK
Loan Collector82,400 SEK
Loan Examiner105,000 SEK
Loan Processing Manager130,000 SEK
Loan Processor122,000 SEK
Loan Quality Assurance Auditor127,000 SEK
Loan Quality Assurance Manager143,000 SEK
Loan Quality Assurance Representative115,000 SEK
Loan Review Manager131,000 SEK
Loan Team Leader132,000 SEK
Mortgage Advisor127,000 SEK
Mortgage Collection Manager144,000 SEK
Mortgage Collector99,100 SEK
Mortgage Credit Analyst115,000 SEK
Mortgage Credit Manager132,000 SEK
Mortgage Development Manager164,000 SEK
Mortgage Document Reviewer95,700 SEK
Mortgage Funding Manager154,000 SEK
Mortgage Operations Manager177,000 SEK
Mortgage Payment Processing Clerk92,900 SEK
Mortgage Processing Manager141,000 SEK
Mortgage Processor101,000 SEK
Mortgage Quality Assurance Auditor134,000 SEK
Mortgage Quality Assurance Manager141,000 SEK
Mortgage Servicing Clerk80,000 SEK
Mortgage Servicing Manager141,000 SEK
Mortgage Underwriter98,500 SEK
Online Banking Manager189,000 SEK
Payment Processing Clerk92,800 SEK
Personal Banker134,000 SEK
Personal Banking Advisor 136,000 SEK
Phone Banker112,000 SEK
Private Banker135,000 SEK
Reconciliation and Investigation Specialist127,000 SEK
Teller79,700 SEK
Trade Officer95,900 SEK
Trade Product Manager143,000 SEK
Trader115,000 SEK
Treasury Operations Officer119,000 SEK

Banking Jobs Salary Distribution in Sweden

Median and salary distribution monthly Sweden Banking
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The median, the maximum, the minimum, and the range

  • Salary Range

    Banking salaries in Sweden range from 74,800 SEK per month (minimum average salary) to 245,000 SEK per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 140,000 SEK per month, which means that half (50%) of people working in Banking are earning less than 140,000 SEK while the other half are earning more than 140,000 SEK. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Banking are earning less than 96,700 SEK while 75% of them are earning more than 96,700 SEK. Also from the diagram, 75% of people working in Banking are earning less than 204,000 SEK while 25% are earning more than 204,000 SEK.


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

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning 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

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 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.


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.

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.

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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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 degrees levels across many jobs, below are our findings.


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.

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 cerificate 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 Sweden costs anywhere from 585,000 Swedish Krona(s) to 1,750,000 Swedish Krona(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you 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 into 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 your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Banking Salary Comparison By Gender

Salary comparison by gender monthly Sweden Banking
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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? Male employees earn 5% more than their female counterparts.

Female
129,000 SEK
Male+5%
136,000 SEK
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Sweden for all Careers

Salary comparison by gender monthly Sweden
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Banking Average Annual Salary Increment Percentage in Sweden

How much are annual salary increments in Sweden for Banking professionals? How often do employees get salary raises?

Banking

Banking professionals in Sweden are likely to observe a salary increase of approximately 10% every 14 months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Annual Salary Increment Rate Sweden 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.

Sweden / All Professions

Annual Salary Increment Rate Sweden
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The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely 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 Sweden is 6%.

Annual Increment Rate By Industry 2019

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Sweden for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Banking Bonus and Incentive Rates in Sweden

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Sweden Banking
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Banking is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

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.

Government vs Private Sector Salary Comparison

Public vs private sector salaries monthly Sweden
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Where can you get paid more, working for a private company or for the government? Public sector employees in Sweden earn 5% more than their private sector counterparts.

Private Sector
114,000 SEK
Public Sector+5%
120,000 SEK
Percentage increase and decrease are relative to the previous value

Banking Salary Forecast and Trend in Sweden

How do Banking salaries change over time? Listed below is a chart that shows the average salary in recent years.

Salary trends and forecast monthly Sweden Banking
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Average Salary 2016
116,000 SEK
Average Salary 2017+4%
121,000 SEK
Average Salary 2018+3%
125,000 SEK
Average Salary 2019+3%
129,000 SEK
Percentage increase and decrease are relative to the previous value

Banking salaries in Sweden are rising in the year 2020 based on recent submitted salaries and reports. As displayed in the chart, salaries in 2019 are 3% higher than those of 2018. The trend suggests a slow yet continuous increase in pay in 2021 and future years. These numbers may vary from industry to another.

Banking Hourly Average Wage in Sweden


760 SEK per hour

The average hourly wage (pay per hour) in Sweden is 760 SEK. This means that the average person in Sweden earns approximately 760 SEK for every worked hour.


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

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 fix 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.

Banking VS Other Jobs

Salary Comparison Between Banking and Banking monthly Sweden
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The average salary for Banking is 13% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Goteborg133,000 SEK
Malmo120,000 SEK
Stockholm144,000 SEK
33110 - 4

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