First Bank Nigeria Salary Scale: How Much First Bank Pay Staff (2024)
It is the dream of most graduates to work in a bank due to the kind of salary they pay their staff. First Bank Nigeria is no exception as their entry level basic salary is fair compared to what other top companies in Nigeria pay their workers.
The Banking sector just like the oil and gas industry is one of the highest paying sectors in terms of salary. Although there exist some differences in how much banks in Nigeria pay their workers as no specific law compels them to have a fixed amount for their staff.
On the salary level, First bank Nigeria has been able to prove itself as a bank of repute. That’s why First bank of Nigeria salary structure is one of the most sought after information in the country. If you want to have a career in the banking sector or a banker seeking to migrate, this article is here to give you the answers you seek in terms of FBN salary structure.
First Bank of Nigeria (FBN) is a multinational bank founded in 1894 and is regarded as Nigeria’s oldest bank with its headquarters in Lagos. Its network is over 750 businesses across the world. It has the biggest total deposits, highest gross earning and the largest retail banking client base among other banks in Nigeria. FBN has a customer base of over 10 million persons and more than 7,000 staff. It has assets worth N3.9 trillion ($12.2billion) with 1.3 million shareholders.
Just as the name implies, First Bank of Nigeria is one of the big banks in Nigeria. This bank was established even before Nigeria got her independence from the British colony and has since then stood the test of time, showing results for its many years of existence. First Bank of Nigeria has a vision of being the clear leader and the first choice in the banking sector. This bank is persistent in providing the best financial services ever in history.
HOW MUCH DOES FIRST BANK PAY THEIR STAFF
Without adequate information as regards what First Bank of Nigeria pay their staff, you will tend to fumble when you are asked your expected remuneration during an interview session in First Bank of Nigeria (FBN) and at this stage, you will be confused about the exact amount to mention. Definitely, you won’t want to scare your interviewer away with a high salary expectation knowing very well that you are not experienced in the job but also you will not want to be cheated or under paid. This article will keep you abreast with the necessary information you need to know.
Based on statistics, 70% of job seeker price themselves lower than their actual worth in order to stand a better chance of being employed. This will have a negative on your psyche and will affect your overall performance. When the applicant is well informed, there’s bound to be long term satisfaction. First Bank of Nigeria (FBN) salary structure is one of the best in the banking sector, the salary goes with a high responsibility too. If you are planning to work with First Bank of Nigeria, you should know what you are in for and be up and doing.
For its entry level staff salary, First Bank Nigeria pays an amount of ₦180,000 to ₦250,000 monthly according to department and unit. Graduate trainees at First Bank earn about ₦105,000 monthly, while contract staffs earn a salary of ₦120,000 at FBN. Those workers who earn the highest at the Bank are those occupying managerial positions. They earn within the range of ₦500,000 to ₦1, million. Your pay may also rise as time passes as long as you are still in the system. Apart from the basic salary you receive, there are other allowances and benefits that the bank pays and you are also entitled to a leave break.
First Bank of Nigeria (FBN) is among the highest paying banks in Nigeria. A lot of people want to know First Bank Salary structures. In this article, you’ll get to see how much First Bank pay their staff at different levels. For many years now, First Bank of Nigeria (FBN) has maintained a high salary structure for staff, both junior and senior banking officers.
HOW MUCH DOES FIRST BANK OF NIGERIA (FBN) PAY THEIR GRADUATE TRAINEE?
First bank of Nigeria pays a compulsory monthly salary of ₦105,000 to their graduate trainee for a period of 4 months as they train them to know the nitty gritty and the norms of the bank. This training is compulsory for any new employee regardless of whether the person has been working in the banking sector before.
This exposes the graduate trainees to both practical and real-life experiences which would get them prepared for the task ahead and adjust with the internal workings of the bank. The ₦105,000 caters for their transport and feeding during the training session. By the end of the 4 months, the graduate trainees will be sent on a two weeks compulsory attachment with various First Bank of Nigeria branches within the city and by the time the training is completed, successful trainees would be selected.
FIRST BANK SALARY STRUCTURE FOR CONTRACT STAFF
These categories of staff are not direct staff of FBN, rather they are hired by outsourcing companies hired by FBN. They pay obeisance to the regulations of First Bank of Nigeria and are also entitled to the compulsory 21 days annual leave just like the core staff of First bank. Contract staff FBN earn ₦120,000 monthly and ₦1,208,000 annually.
HOW MUCH DOES FIRST BANK OF NIGERIA PAY THEIR ENTRY LEVEL STAFF?
First Bank of Nigeria salary structure for fresh entry level graduate is quite impressive although it comes with a lot of responsibilities and targets to meet. After the training, the selected persons are now employed as staff of the bank and thus, given some responsibilities in the bank. This is when the person would be seen in the banking hall carrying out specific assignments within the bank.
First bank pays ₦250,000 monthly and ₦3,000,000 annually for Entry Level staff plus bonuses and profit sharing that is often shared by the end of their financial year end not necessarily the end of the year. Companies have their financial year based on when they started operation.
These persons are in charge of the loan disbursement and retrieving. You’ll have to work in the bank for quite a number of years to gain enough experience to occupy that position and are paid up to ₦420,000 monthly plus other allowances that suit the position.
Credit analysts are paid handsomely which sometimes is equal to that of the manager. This position comes with a lot of responsibilities. They are paid from ₦600,000 – ₦720,000 naira worth of money.
FIRST BANK OF NIGERIA SALARY STRUCTURE FOR SENIOR BANKING OFFICERS
The Senior Banking Officers, that is Managers and above earn from ₦700,000 to ₦1million monthly. This position comes with big responsibilities and a lot of benefits too. A branch manager gets allowances such as an official car and house, travel allowances and another petty bite into the company’s profit at the end of the year especially if his branch made the greatest turnover. They earn in salary up to ₦920,000.
FIRST BANK MANAGEMENT ASSOCIATE PROGRAMME
This Programme is a 24-month comprehensive developmental programme, and it is targeted to equip young, dynamic, self-motivated and highly driven individuals who desire to be part of the next generation of leaders in the Bank. The programme is consciously incorporate leadership into the Bank’s culture, as well as create avenue to groom highly resourceful and talented individuals to drive the Bank’s vision of being Africa’s first choice.
The Bank is constantly seeking applications from eligible and qualified candidates with the right leadership skills, critical thinking skills and financial skills as well as good communication skills (verbal and non-verbal) to communicate effectively and digest ideas, information and data to aid decision making.
Once an individual completes the programme, he automatically becomes a Management Associates and will be promoted to Assistant Manager grade, irrespective of their grades at the point of entry. The individuals will now be referred to as High-Potential staff (HiPos) in the Bank and will enjoy regular promotion as his performance ratings increases in the yearly appraisal exercise.
- The individual must not be more than 30 years old.
- He must have a minimum of 3 years’ work experience in a structured organization, preferably financial services sector or global consulting firm.
- A minimum of Second-Class Upper division in any discipline from a reputable higher institution.
- The individual must also have a postgraduate degree (minimum: Master’s degree) from a reputable university; or equivalent professional qualifications such as ACCA, ACA, CPA, CFA, ACIB.