Financial advisors are making a lot more than they used to these days in San Diego, and in White Plains, N.Y., loan officers are making much less than they did just three years ago. Those are just two of the findings from NAFCU's latest salary comparison report, released today by the trade association.
The report compiles salary survey data at the state and metropolitan statistical area levels from the Occupational Employment Statistics survey released annually by the Bureau of Labor Statistics. The statistics come from a variety of industries and include data for 32 occupations commonly found in credit unions, from tellers to compliance officers to advisors.
“As we approach budget season, this report is going to be a great tool for NAFCU members in determining the salary dynamics of their local markets,” NAFCU Executive Vice President and COO Anthony Demangone said.
In the San Diego, Calif. area, for example, median salaries for marketing managers spiked by 18% between 2011 and 2014; their median wage was $139,270, according to NAFCU. Salaries for administrative services managers and computer and information systems managers also posted double-digit gains, rising to $90,280 and $145,680, respectively, from $78,450 and $127,840 three years ago.
Loan officers and personal financial advisors also saw huge salary bumps – they were up by 27.6% and 62.9% over the period to $72,880 and $89,040, respectively. Median salaries for executive secretaries and administrative assistants in the area also jumped by 24.3% to $57,200 between 2011 and 2014, according to the data.
Of course, San Diego is just one dot on the map. On the other side of the country, in the White Plains, N.Y. area, for example, the percentage increases generally weren't as robust. Median salaries for loan officers there fell by 16% between 2011 and 2014, according to the data, dropping from $111,140 in 2011 to $93,380 in 2014. However, securities, commodities and financial services sales agents in the area saw 22.2% higher paychecks over the period; their median salaries rose from $120,510 to $147,230, according to the data.
General and operations managers in both areas were one of the few occupations to see salary declines, according to the report. In San Diego, those positions have taken a 9.7% pay cut over the last three years, going from $111,080 in 2011 to $100,360 in 2014. In White Plains, general and operating managers' salaries slumped 3.4% over the same period; they now earn a median $143,840.
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