The Bank of Montreal (BMO) may be a fantastic choice if you’re looking forward to working with a good bank with outstanding client service. The bank’s headquarters are in Toronto, and it has been in business since 1817. BMO has different Salary levels for different roles. Let us know about “BMO Salary Levels”
Salary levels at the Bank of Montreal vary depending on a variety of factors (eg. experience and education). Salaries at BMO typically range from $41k to $104k /annum. The pays are usually higher than average salaries elsewhere in the workforce.
BMO Salary Levels: What You Should Know
BMO is one of the largest Canadian banking enterprises and it offers a varied variety of pay levels. Many BMO employees, for example, start at the bottom of the corporate ladder and work their way up. The most common pay grade at BMO is a Junior Analyst (QA) to the senior manager (SI). The average annual salary for these vocations is between $60,000 and $110,000, and it varies based on experience and skill.
Customer service responsibilities are frequent among associate roles in BMO’s organizational structure, which are lower on the totem pole. These positions pay less than QA or SI jobs, but they still have competitive hourly wages that can reach $25 an hour or more.
Finally, some managers supervise a team of associates and report to BMO’s upper management. As you can see from this overview, your starting wage is determined by where you stand concerning other candidates fighting for similar job positions, along with your expertise or experience level.
What Is The Salary For An Analysts At The BMO?
According to BMO, the average analyst’s salary is around $63,700. With a Senior Financial Analyst’s $76,042 and a Financial Analyst’s $60,153 per year. The per-year average salary of a Senior Business Analyst is around $77,843. A Credit Analyst gets around $59,312 per year. The average yearly salary of a Data Analyst is $67,693. A Business Analyst in IT gets $63,853 per year. And for a Fraud Analyst, the salary goes to $41,096 per year on average.
The pay also varies with the qualification of an employee. For example, a Master of Business Administration (MBA) gets a salary of $69k to $120k per year while a Bachelor of Business Administration (BBA) gets $60k to $92k. The average yearly salary of a Bachelor of Finance (BaFin) is $96k.
Women make up 37.2% of roles with their average yearly salary ranging between $40k – $116k. Meanwhile, men dominate with 61.7% male employees and their average pay is $45k – $127k per year.
Different Salary Levels At BMO According To Posts
There are different posts at BMO from financial to engineering-related. So the pay also varies at different posts.
- In the finance and accounting department, there are posts like Financial Analyst, Loan Processor, and AML (Anti-Money Laundering) Analyst. The salaries are $85k, $45k, and $68.5k per annum respectively.
- Posts in engineering include Software Engineer, QA Engineer, Network Engineer, Performance Engineer, etc. And their salaries are on average $96.5k, $84.6k, $96.7k, and $92.4k per year. A diploma in engineering or a similar subject is necessary to qualify for these posts.
- In posts like Customer Service Representative (CSR), Customer Experience Manager, Bank Teller, and Branch Manager salaries are $35.6k, $74k, $28.6k, and $72k per year respectively.
Bonuses and benefits like health insurance, 401k savings plan, flexible working hours, etc. are available in these roles. The starting salary for a professional can be around $75,000 per year. Professionals with five years of experience or more can make up to $100,000 per year. The income will rise as you gain experience and take on more responsibilities in your field.
Additional Perks Of Working At BMO
Other than BMO’s lucrative salary, the perks that make jobs at BMO a great catch, are
- Insurances – BMO offers its employees many health insurances. They are – health benefits, disability insurance, life insurance, dental insurance, vision insurance, Health Savings Account (HSA), Flexible Spending Account (FSA), accidental death and dismemberment insurance, mental health care, occupational accident insurance, retiree health & medical, supplemental life insurance, etc.
- Retirement Benefits – 401K Plan, Employee Stock Purchase Plan, Performance Bonus, Charitable Gift Matching, Equity Incentive Plan, Supplemental Workers’ Compensation Retirement Plan, and Pension Plan.
- Family-related leaves and helps – BMO also has many paid and unpaid leaves that employees can use. Some of them are maternity and paternity leave, Adoption Assistance, Dependent Care, family medical leave, Military Leave, Unpaid Extended Leave, Childcare, reduced or flexible hours
- Vacation – Paid time off, sick days, paid holidays, bereavement leave, etc.
Additionally, BMO offers its employees many discounts, programs, and professional assistance like diversity programs, tuition assistance, professional development, employee discounts, etc.
Conclusion
Salary levels at BMO are a crucial part of every job seeker’s toolkit. You can better tailor your search and avoid any unpleasant shocks down the road if you understand what the various income levels entail. Now with your knowledge of that aspect, you can apply for different posts at BMO and fulfill your dream of working there along with having a good salary and other perks.
FAQs
- What is the best way to ace a Bank of Montreal interview?
Studying the bank’s history and strategy, practicing answering questions from various hiring managers, and dressing professionally yet comfortably for the occasion are all helpful recommendations.
- What is the minimum monthly sufficient amount to live comfortably in Toronto?
In Toronto, a comfortable living cost would be roughly $75,000. This figure is calculated using the cost of housing and food, as well as other costs like utilities, transportation, and taxes.
- Why do you believe getting hired as an analyst at BMO is so difficult?
The reason why getting hired as an analyst at BMO can be tough is that the organization is highly competitive, with a significant number of people fighting for vacant positions.
- What is a BMO manager’s entry-level salary?
BMO Managers’ entry-level pay varies depending on location and experience level. An average pay, on the other hand, goes from $60,000 to $80,000.
