This Is How Much Swiss Bankers Really Earn

Salaries in the Swiss financial sector consistently make the headlines – especially those paid out to people in management positions. But how much do Swiss financial professionals actually earn? Could a bank analyst also afford a private yacht? Or are there certain jobs with disproportionately low pay? To find out, moneyland.ch analyzed the median, average, and recommended salaries of banking and insurance jobs recommended by the Lohnbuch Schweiz. You can find excerpts of the results in the tables below.

According to the Federal Statistical Office, the median gross salary across all fulltime employees who are resident in Switzerland is 83,700 francs per year. That means half of all employees in Switzerland earn more than that amount if they work fulltime, while the other half earns less than that.

Above-average salaries in the banking sector

The overview of fulltime gross salaries in the banking sector (table 1) shows that many conventional banking jobs do pay above-average salaries. But that does not mean that everyone who works at a bank earns an exorbitant salary. With annual paychecks totaling 78,000 per year, a bookkeeper with average work experience earns somewhat less than the median Swiss salary.

But the majority of jobs related to finance pay at least 100,000 francs per year. That may not be enough to afford a private yacht, but it is significantly higher than the average salary (at least 20 percent more than the Swiss median).

Table 1: Salaries in the banking sector

Source: Lohnbuch Schweiz 2022
Median: Half of employees receive this salary or higher
Average: Arithmetic average of all employee salaries

Employees with more work experience can generally expect higher salaries. People in management positions can, in many cases, receive salaries in excess of 200,000 francs. On top of that they may receive bonuses, and the size of these tends to correspond to work hours.

A director of asset management, for example, enjoys an average salary of 340,002 francs per annum. Annual bonuses can be as high as 70 percent of salaries, adding up to nearly another quarter of a million francs. So the average salary of an asset management director is seven times higher than the median Swiss salary.

Salaries at insurance companies are lower

At first sight, jobs at insurance companies (table 2) look somewhat less attractive. While salaries at the management level are often high above the Swiss median, even salaries for specialists generally fall below 200,000 francs per year.

But it important to understand that a portion of the published salaries for this sector are simply recommendations for the middle-income regions (Basel and central, eastern, western Switzerland). These salaries are indicators rather than effective minimum salaries.

It is possible that the actual salaries earned by employees can be much higher, because many insurance companies are in the high-income regions of Zurich and Geneva. Depending on the employment position, salaries in these locations can be up to 15 percent higher. Additionally, insurance companies may use high salaries to attract and keep key employees, just like other employers do.

Table 2: Salaries in the insurance and pension fund sector

Source: Lohnbuch Schweiz 2022
Recommendation: Salary recommended by employee and employer associations (guide salaries for minimum wages)
Median: Half of employees receive this salary or higher
Average: Arithmetic average of all employee salaries

What stands out in the insurance sector is that the people with whom Swiss consumers are most likely to come into contact – namely call center workers and receptionists – earn salaries far below the average. At 63,505 francs per year, the median salary for experiences call center workers is nearly 25 percent lower than the median Swiss salary. People who work at call centers located outside of Switzerland likely earn less than that, but do not have to contend with the high cost of living in Switzerland.

High salaries, but not luxury yachts

Salaries are higher than average in both the banking and insurance sectors. But the figures make one thing clear: Just because the CEOs of Swiss banks and insurance companies may be paid hundreds of thousands or even millions of francs per year does not mean that all other employees earn extravagant salaries.

The pay of certain insurance employees, in particular, is lower than the median Swiss salary. If you want to earn more than 200,000 francs per year, you have a better chance of reaching that goal as a bank employee – especially if you have experience and are able to fill a leading role.

More on this topic:
Gross and net salary calculator
Swiss salary cost calculator for employers