Bank Marketing Salary Trends for 2022

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In the post-pandemic world, financial marketers can expect a high-paying, yet competitive market. The fight for the right talent across all sectors, combined with the ongoing ‘Great Resignation’, means that talented and qualified people from all sides will be in demand. With an all-time low unemployment rate of 3.8% in February, as reported by the Bureau of Labor Statistics, it is indeed a job seekers market. More than half of marketing and creative managers said they plan to strengthen their teams this year, according to Robert Half’s 2022 salary guide.

This is in stark contrast to the spring of 2020, when economic disaster prevailed. The unemployment rate stood at nearly 15% in April 2020. At that time, a survey of financial marketers by the Gramercy Institute predicted that financial marketing teams would reduce their workforce by more than 8% over the course of the next three months and that it would take at least a year for the industry to return to normal in terms of staff numbers.

Global Financial Marketing Compensation Trends

Now that the job market is more robust for financial marketers, what might reasonable salaries look like for those in the industry? Much depends on experience, title, and location, of course, but there are still some general trends that can be examined.

ZipRecruiter lists an average national salary for the generic title of “financial marketing” at just north of $60,000, with about 12% in this category earning more than $100,000 per year. The Comparably website also lists the average salary for a financial marketer at $60,000, while Payscale lists the average salary for a generic financial marketing role at $57,000.

Of course, many of these can be entry-level or limited-experience roles. In terms of general marketing salaries, Robert Half puts the median CMO salary at $170,000; a vice president of marketing at $151,000; UX director at $135,250; and Digital Marketing Manager at $86,000 (see table).

Marketing Salaries in USA 2022 (All Industries)

Source: Robert Half Salary Guide 2022

Additional Marketing Compensation Data

Analysis of some of the job posting platforms reveals both differences and similarities to the Robert Half data. Indeed.com, for example, lists slightly lower salaries for the same titles: while the site has the average salary for a vice president of marketing at $151,382, it lists an average CMO salary at $131,000; Director of Marketing at $81,355 and UX Designer at $92,303. However, it should be noted that these are general averages for the entire United States. When filtered only for CMO jobs in New York, for example, Indeed returns an average salary of $210,962. So where you live matters.

Read more: How banks and credit unions are rethinking marketing for 2022

LinkedIn lists the average US salary for a marketing manager at $180,000, more in line with data from Robert Half. Other average salaries listed on LinkedIn are VP, Marketing at $160,000; director of product marketing also at $160,000; UX director at $165,000; marketing director at $70,000; Content Marketing Manager at $85,000; $53,000 Marketer and $52,000 Digital Marketer

Finally, financial services marketing managers can expect to earn an average of $151,000, with a range between $129,000 and $176,000, according to Salary.com.

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Benefits and work arrangements are changing

Along with generally higher salaries in financial marketing, fringe benefits are also likely to be more robust, as attracting and retaining talent is a key struggle for banks and credit unions in 2022. Many marketing and creative leaders have struggled to retain their employees, all at the same time. times more than a third of marketing and creative professionals said they plan to look for a new job, according to Robert Half. This is a key reason why employers, including many financial institutions, are also offering remote or hybrid working arrangements to keep top employees in place, the Robert Half survey notes.

Takeaway key:

Banks are increasingly offering benefits such as flexible working options and more PTOs in order to attract and retain marketing talent.

“46% of marketing and creative employees said they felt more burnt out than a year ago,” the survey continues. “Employers are responding with new benefits that can help.” Two examples:

  • 47% of U.S. employers are giving their employees more paid time off.
  • 32% of employers offer workers the option to work remotely.

Among the most in-demand marketing jobs are creatives who can develop intuitive and engaging UX and UI design, professionals with expertise in digital marketing and analytics, and content strategists, according to Robert Half research.

Read more: Engaging Employees to Accelerate Digital Banking Transformation

The changing role and remuneration of the bank’s marketing manager

Despite the fact that two of the Big Four U.S. banks – Bank of America and Wells Fargo – have retired the CMO designation, general banking CMOs are still in high demand and appear to earn more than the average CMO. While Robert Half lists the median CMO salary at $170,000 and Glassdoor gives a figure of $161,000, comparatively, CMO salaries at major US banks are much higher than that.

The website puts the CMO’s salary at US Bank at $283,000, Santander at $292,000, Citi at $278,000, and $273,000 at TD Bank, to name a few examples.

Conclusion :

More than delivering memorable creative spots, a banking CMO’s job is to show how marketing efforts drive business growth and increase revenue.

It is therefore not surprising that CMO positions in financial institutions are in demand. Often they can also lead to even bigger things. In a LinkedIn post, Kristin Lemkau, CEO of Wealth Management at JPMorgan Chase, explains how her previous role as CMO of Chase was a launch pad for her current role as CEO.

“A lot of it depends on how we handle marketing here,” says Lemkau. “In marketing, as I always tell people, your job is to drive business growth. It’s not about winning awards. It’s not about speaking at conferences. It’s not about not to go to Cannes, it’s about stimulating the growth of the company.

Echoing that sentiment, marketing is much more about producing tangible results now than just creating awareness or coming up with great creativity, says Justin Morcelle, CMO of KeyBank, in an interview with Insider Intelligence.

“Knowing the brand image and the creative side are table stakes,” says Morcelle. “Your understanding of digital technology, numbers and analytics, and your focus on customer experience – these are now the defining characteristics of great marketers.”

He adds, “People want to understand how you generate returns. Every dollar should be worked hard to advance the brand in the long term and the conversion in the short term. »