According to the Compensation Data 2007 survey results, financial services’ pay increase budgets were 3.76 percent, which is higher than the national average. The industry also had high voluntary turnover rate, 13.3 percent. These two factors could signal an opportunity for individuals seeking a new career. With salaries ranging from $27,400 to $62,600, Compdata Surveys compiled a list of five entry-level positions in financial services. Jobs were selected based on years of experience, salary and opportunities for growth.

1. New Accounts Representative
Earning $27,400 annually, these individuals are responsible for activities related to opening, selling and processing new accounts. A high school education and basic clerical skills are required for this entry-level job; however, representatives in more senior positions can earn $31,700 on average.

2. Collector
Collectors evaluate and adjust delinquent lines of credit. A high school education or equivalent is required for this position, which averages an annual salary of $29,800. Opportunities for growth exist, and experienced collectors can earn $39,900 annually.

3. Loan Processor
Loan processors typically earn around $30,500 per year and must have a high school education. Senior loan processors must have a minimum of one year of experience, which could translate to a 24 percent increase in pay.

4. Credit Analyst
With a bachelor’s degree in finance, accounting or business administration, a credit analyst can make $39,800 annually. Experienced credit analysts can apply for more senior positions where they could earn $53,000 on average. Responsibilities include conducting investigations of financial data to help make decisions regarding credit extensions.

5. Compliance Officer – Banking
Compliance officers are required to have a bachelor’s degree or equivalent experience. They typically earn $62,600, and their responsibilities include implementing, coordinating and monitoring compliance programs.

About the Survey
Compensation Data 2007 contains data on 539 job titles ranging from entry-level to top executives. Annually, more than 5,000 organizations participate in the survey. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007.

Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Odle at (800) 300-9570 or lodle@compdatasurveys.com.