It’s not always easy to find out exactly how much money you can make in a new job, especially if you haven’t worked in that industry before.
But finding out salary information before accepting the position can help you avoid a major case of sticker shock when you get your first paycheck from your new employer!
We’ve got all the details on how much banking jobs pay in Canada, as well as tips on getting started with your banking career in Canada. Check it out!
Salaries Across Different Sectors
We all have different financial needs and goals. And while $80,000 may seem like a lot of money, it’s not enough to support a family. If you’re looking for a bigger paycheck, consider banking jobs in Canada.
In fact, salaries are often based on years of experience with no connections or an undergraduate degree required; if you have ambition and dedication, you could make upwards of $100,000 per year after climbing up through middle management positions—but that may require living and working outside major urban centers like Toronto or Vancouver.
Salaries in different provinces
Most of you are probably thinking, What does my province have to do with what I’m being paid for banking jobs in Canada? That answer is simple.
Your level of education and experience will be one factor that determines how much you make as a bank teller, but where you live also plays a role.
The general rule is that major cities tend to pay more than rural areas (this holds true for most industries). As well, salary tends to increase with increased education level.
For example, if you hold a BA (as opposed to an HND), you may be able to earn up to 12% more on average than your less-educated peers doing banking jobs in Canada.
The Highest-Paying Banks
Banking jobs in Canada can be difficult to secure, so it’s important to know what type of position you want before applying.
Bank of Montreal (BMO) is one of Canada’s Big Five financial institutions, meaning you can count on it for stability and well-paying positions.
Last year, BMO bank tellers made between $26,000 and $29,000 per year; junior account executives earned around $38,000 annually.
The Largest and Most Lucrative Financial Institutions
Big banks are typically considered to be too bloated, bureaucratic and complex for small business owners. If you want to do banking with a small financial institution, it’s best to start looking at smaller banks or credit unions as a starting point.
You’ll likely find better rates on loans and more personal service than you would with big banks like CIBC or TD Canada Trust. For more personal service with banking jobs in Canada, I recommend reading reviews on personal finance sites like Rate Supermarket or MoneySense magazine.
Both of these sites have extensive listings of where to go for your banking needs; whether you’re looking for checking accounts, saving accounts or mortgages.
Job Prospects and Competition
The oil and gas industry continues to grow, particularly in western Canada. This is good news for job seekers, as it’s estimated that over 500,000 jobs will be created by 2021.
While some positions come with high salaries, those working on an entry-level basis may have a more difficult time securing employment—especially if they’re not qualified or well versed in a particular language or skill set.
In Alberta, for example, 70% of jobs are filled by applicants from outside of province. However, many others move to Alberta temporarily before going elsewhere; within three years only 50% are still living there permanently. Be sure to consider these factors when looking at salary estimates for banking jobs!
In addition to knowledge and experience, you’ll need a college degree in order to enter banking jobs in Canada. While there is no set list of required degrees, most employers prefer candidates with degrees related to business administration or accounting.
You should also get certified as a Chartered Professional Accountant (CPA) after finishing school if your career goals involve management or executive positions.
Not only does CPA certification provide proof of your skills, it shows that you have acquired relevant education and gained experience through an internship at a reputable financial institution or accounting firm.
Regardless of your career path within finance, you will likely be working for a bank; these institutions don’t typically hire professionals who are unqualified for their positions.
Trade Certificates, Diplomas, and Degrees
The average salary for a banking profession (e.g., banker, credit officer) is a lucrative $66,000 per year, with top earners taking home about $88,000 per year.
Entry-level jobs in banking pay well but vary depending on your industry and location. Bank of America pays entry-level workers more than other large banks like Wells Fargo and Chase Bank; but it’s also important to consider that BoA is based in Charlotte and many workers are likely paid according to North Carolina’s cost of living.
If you’re working for a smaller bank with less competition (or outside of financial services altogether), then it may be possible to negotiate higher wages based on local employment statistics or your own talents and personality traits.
Experience Required for Entry-Level Positions
While a few entry-level positions for banking jobs in Canada do not require prior experience, most Canadian employers prefer to hire candidates with two years of professional experience.
An undergraduate degree from an accredited university is also required. Candidates are required to have excellent oral and written communication skills, as well as basic math and financial skills.
Applicants must also be able to work both independently and as part of a team. Candidates should be highly organized, dedicated, punctual, flexible, reliable and able to work under pressure. Computer literacy is mandatory for many banking jobs in Canada.
Additional Skills That Can Help Advance Your Career
There are many other skills that can help make you a more desirable candidate, including project management, public speaking, and business development.
You should also consider volunteering for non-profit organizations and even considering becoming a board member of an organization to gain experience.
Of course, those looking to advance their careers should be sure to stay up-to-date on market trends so they can better answer questions or challenges presented by prospects.
Having an understanding of where your specific field is going ensures that you are always prepared when presenting yourself as a potential employee.
Do banking jobs in Canada pay well?
The answer to that question really depends on what type of banking jobs you’re interested in. Canada is well known for its high-paying, white-collar employment opportunities, and there are a number of career options that fall into that category—if you’re willing to make your way into one of them.
This is a booming industry with lots of opportunity, especially for those who are willing to climb up the ladder. That said, bank jobs aren’t easy to come by; there are very strict hiring practices due to federal regulations and lots of competition from other candidates who are also looking for work.