Private Bankers
Overview
Introduction
Private bankers provide financial management and concierge-like services to high-net-worth individuals—typically defined as those who have liquid assets of more than $1 million (not including the value of one’s primary residence). The most prestigious banks have much higher minimums, more than $5 million in some cases.
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
Private bankers earned salaries that ranged from $46,000 to $141,000 in 2025, according to PayScale.com. They received average salaries of $78,718. PayScale.com reports that private bankers received bonuses that ranged from $3,000 to $44,000. They also received profit sharing benefits of $486 to $17,000, as well as commissions that ranged from $7,000 to $65,000.
Fringe benefits for priva...
Work Environment
The work environment for private bankers is much better than it is in investment banking or the hedge fund or private equity sectors. Private bankers may occasionally need to work at night and on weekends—taking clients out to dinner, responding to a client request, or organizing and hosting special events for clients—but they won’t be in the office till 2:00 a.m. like their counterparts in inv...
Outlook
Employment for personal financial advisors (including private bankers) is expected to grow by 17 percent (much faster than average) from 2023 to 2033, according to the U.S. Department of Labor. The number of millionaires and billionaires worldwide has increased rapidly in the last three decades. "There will be new and varied opportunities for wealth generation and asset diversification," accord...
