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Banking Average Salaries in Montreal 2024

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


Average Yearly Salary
147,000 CAD
( 12,300 CAD monthly)

LOW
46,000
CAD
AVERAGE
147,000
CAD
HIGH
300,000
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 Montreal typically earns around 147,000 CAD. Salaries range from 46,000 CAD (lowest average) to 300,000 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 Montreal 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 Analyst206,000 CAD
Assistant Bank Branch Manager174,000 CAD
Assistant Bank Manager225,000 CAD
ATM Manager185,000 CAD
ATM Service Technician54,600 CAD
Bank Accounts Analyst77,300 CAD
Bank Accounts Collector47,100 CAD
Bank Accounts Controller96,100 CAD
Bank Accounts Executive138,000 CAD
Bank Accounts Manager172,000 CAD
Bank Auditing Manager171,000 CAD
Bank Branch Manager245,000 CAD
Bank Branch Operations Coordinator98,800 CAD
Bank Clerk46,500 CAD
Bank Client Service Associate62,500 CAD
Bank Collector45,200 CAD
Bank Compliance Specialist124,000 CAD
Bank Manager269,000 CAD
Bank Operational Risk Manager278,000 CAD
Bank Operations Head292,000 CAD
Bank Operations Officer111,000 CAD
Bank Operations Specialist163,000 CAD
Bank Process Manager155,000 CAD
Bank Product Manager 180,000 CAD
Bank Programme Manager190,000 CAD
Bank Project Manager222,000 CAD
Bank Propositions Manager200,000 CAD
Bank Quantitative Analyst136,000 CAD
Bank Regional Manager295,000 CAD
Bank Regional Risk Officer141,000 CAD
Bank Relationship Manager210,000 CAD
Bank Relationship Officer97,900 CAD
Bank Sustainability Analyst161,000 CAD
Bank Teller48,600 CAD
Banker98,100 CAD
Banking Business Analyst146,000 CAD
Banking Business Development Officer92,100 CAD
Banking Business Planning Executive196,000 CAD
Banking Data Analyst161,000 CAD
Banking Product Manager182,000 CAD
Banking Reference Data Manager151,000 CAD
Banking Regulatory Compliance Officer177,000 CAD
Banking Risk Analyst148,000 CAD
Banking Technical Analyst75,800 CAD
Bankruptcy Coordinator104,000 CAD
Bill and Account Collector48,500 CAD
Blockchain Analyst118,000 CAD
Blockchain Architect147,000 CAD
Blockchain Auditor127,000 CAD
Blockchain Compliance Analyst127,000 CAD
Blockchain Consultant142,000 CAD
Blockchain Trade Facilitator118,000 CAD
Budget Analyst139,000 CAD
Capital Risk Manager273,000 CAD
Cards Marketing Manager182,000 CAD
Cash Management Manager250,000 CAD
Check Processing Manager179,000 CAD
Chief Blockchain Officer161,000 CAD
Commercial Vault Associate143,000 CAD
Corporate Banker103,000 CAD
Corporate Dealer143,000 CAD
Credit Analyst108,000 CAD
Credit and Collections Manager202,000 CAD
Credit Card Fraud Investigator150,000 CAD
Credit Portfolio Manager277,000 CAD
Credit Risk Analyst162,000 CAD
Credit Risk Associate149,000 CAD
Cryptocurrency Accountant86,900 CAD
Cryptocurrency Adviser181,000 CAD
Cryptocurrency Analyst132,000 CAD
Cryptocurrency Compliance Manager159,000 CAD
Cryptocurrency Trader152,000 CAD
Digital Banking Manager192,000 CAD
Digital Currency Analyst148,000 CAD
Direct Bank Sales Representative100,000 CAD
Exchange Control Consultant151,000 CAD
Executive Account Analyst136,000 CAD
Financial Bank Planning Consultant179,000 CAD
Financial Banking Analysis Manager216,000 CAD
Financial Banking Assistant68,000 CAD
Financial Banking Systems Manager188,000 CAD
Foreign Exchange Manager216,000 CAD
Fraud Analyst153,000 CAD
Fraud Detection Associate104,000 CAD
Fraud Detection Manager221,000 CAD
Fraud Detection Supervisor122,000 CAD
Internal Bank Audit Manager265,000 CAD
Internal Bank Auditor137,000 CAD
Internal Private Banker108,000 CAD
International Banking Manager280,000 CAD
Investment Banking Analyst204,000 CAD
Loan Analyst144,000 CAD
Loan Area Manager182,000 CAD
Loan Audit Team Leader170,000 CAD
Loan Branch Manager163,000 CAD
Loan Business Development Officer85,600 CAD
Loan Clerk48,500 CAD
Loan Collection and Recovery Manager171,000 CAD
Loan Collection Manager176,000 CAD
Loan Collector45,200 CAD
Loan Examiner64,700 CAD
Loan Officer54,400 CAD
Loan Processing Manager155,000 CAD
Loan Processor62,800 CAD
Loan Quality Assurance Auditor151,000 CAD
Loan Quality Assurance Manager163,000 CAD
Loan Quality Assurance Representative106,000 CAD
Loan Review Manager155,000 CAD
Loan Team Leader148,000 CAD
Loans Manager194,000 CAD
Mortgage Advisor99,100 CAD
Mortgage Collection Manager162,000 CAD
Mortgage Collector48,500 CAD
Mortgage Credit Analyst76,500 CAD
Mortgage Credit Manager156,000 CAD
Mortgage Development Manager192,000 CAD
Mortgage Document Reviewer63,400 CAD
Mortgage Funding Manager183,000 CAD
Mortgage Operations Manager257,000 CAD
Mortgage Payment Processing Clerk54,900 CAD
Mortgage Processing Manager157,000 CAD
Mortgage Processor66,000 CAD
Mortgage Quality Assurance Auditor138,000 CAD
Mortgage Quality Assurance Manager169,000 CAD
Mortgage Servicing Clerk49,500 CAD
Mortgage Servicing Manager153,000 CAD
Mortgage Underwriter61,400 CAD
Online Banking Manager255,000 CAD
Open Banking Strategist155,000 CAD
Payment Processing Clerk50,500 CAD
Personal Banker103,000 CAD
Personal Banking Advisor 104,000 CAD
Phone Banker69,800 CAD
Private Banker99,800 CAD
Reconciliation and Investigation Specialist119,000 CAD
Tax Officer87,200 CAD
Teller47,600 CAD
Trade Officer58,900 CAD
Trade Product Manager164,000 CAD
Trader73,500 CAD
Treasury Operations Officer130,000 CAD
Wealth Management Advisor216,000 CAD


Banking Jobs Pay Scale and Salaries in Montreal

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

5% of people earn
151,000 CAD or more
10% of people earn
125,000 to 151,000 CAD
20% of people earn
67,700 CAD or less
65% of people earn
67,700 to 125,000 CAD
Minimum Salary
46,000 CAD
Median
135,000 CAD
Maximum
300,000 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 Montreal range from 46,000 CAD (starting average salary) to 300,000 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 135,000 CAD, implying that half of the workforce in Montreal 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 Montreal earn less than 101,000 CAD, while 75% of them earn more. Additionally, the diagram reveals that 75% of individuals earn less than 166,000 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 Montreal. The analysis revealed that roughly 65% of all reported salaries fell within the range of 67,700 CAD to 125,000 CAD. Approximately 20% of salaries were below the 67,700 CAD mark, while 10% ranged from 125,000 CAD to 151,000 CAD. Only 5% of individuals earned a gross salary of 151,000 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 Montreal 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 Montreal, 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 / Montreal

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 / Montreal

How much are annual salary increments in Montreal 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 % every 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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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 / Montreal


71 CAD per hour

The average hourly wage (pay per hour) in Banking in Montreal is 71 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 Montreal is 22 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
Gatineau126,000 CAD
Montreal147,000 CAD
Quebec138,000 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 Montreal?

A good and competitive compensation would range anywhere between 135,000 CAD and 166,000 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 Montreal ranges from 46,000 CAD to 101,000 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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