“Is working at a major banks a good career path?” is becoming a more common question as young people graduate from college without knowing what they want to do. Banking is a great career to have, and the reason for this is very lucrative.
Banks provide access to accounts and various services, based on the principle of supply and demand. Here are the pros and cons of banking, along with tips for securing a good job.
What Are Banking Careers?
Banking careers are crucial for the global economy and highly competitive. They have diverse requirements and expectations, but excellence is essential for success.
Bankers work in various positions and locations, but they all have one thing in common: They make sure that money makes its way from one place to another safely and securely. This is no easy task, as banks have strict money transfer and storage regulations.
What are the perks of a banking career.
Banking is an exciting career option. Banking professionals are the ones who are responsible for managing money and other financial transactions for their customers. They are not only well-known but also respected in society.
Banking professionals have some very exciting perks that make their job more enjoyable. Here are some of them:
- Competitive salaries
- Medical insurance, paid time off, sick leave, and disability insurance are just a few of the great perks that come with the job.
- There are a variety of positions to pick from.
- Job stability
- Prospects for advancement
- Working times are favorable, and the hours are consistent.
- Opportunities for advancement in your career
Many banks will recruit and train people eager to gain experience and take ownership of their responsibilities. Some banks will even set up matching funds and help programs for employees who want to take work-related seminars or courses to improve their skills.
Various types of Major Bank careers.
Major banks’ careers include many different types of positions, including entry-level jobs, management positions, and executive-level jobs. Significant banks offer a wide variety of career opportunities that can suit any individual’s interests and needs.
The following are some of the most common types of careers available at major banks:
Bank teller
A bank teller is responsible for handling customer transactions at a bank branch or ATM location. Teller duties vary by institution but generally include processing deposits and withdrawals, cashing checks, and selling traveler’s checks or foreign currency. Some banks have ATMs that dispense cash without using traditional tellers altogether.
Loan officer
Loan officers assist customers in obtaining financing from lenders like banks. They work in branch offices, requiring access to confidential data like credit reports. Salaries for bank tellers vary from $20,000 to $30,000 annually, depending on experience and location.
Accountant
An account is a record of financial transactions that shows the money coming in and going out. An accountant keeps track of these transactions and prepares financial statements based on them. Accountants also prepare tax returns for businesses and individuals and oversee payrolls.
Accountant salaries range from $50,000 to $80,000 per year. A senior accountant with several years of experience can earn upwards of $60,000 per year.
Financial clerks
Financial clerks are in charge of many financial administration responsibilities, such as generating invoices, maintaining financial records, keeping proper books of accounts, and evaluating financial data and papers. The average salaries of a Financial clerk are $30,550 per year.
Investment Banking Associate
Investment banking has various roles, with the most common being an associate position in a major bank’s investment banking division. Associates have a basic understanding of markets and products but lack specialization. They conduct research, build knowledge, and make recommendations to senior staff. Associates typically earn $55,000 to $80,000 annually.
Credit Analyst
Credit analysts assess customers’ creditworthiness at banks or credit unions. They must be detail-oriented, organized, and able to work under pressure to make quick loan decisions based on available information. A credit analyst at a major bank earns an average salary of $60,000 per year.
Auditor
Auditors play a crucial role in the financial industry by keeping track of transactions and helping companies stay compliant with regulations. This job requires advanced knowledge of accounting and finance, which can be obtained through a bachelor’s degree in business administration or accounting. Auditor salaries vary depending on the auditor’s experience and location. On average, auditors earn $67,000 per year.
Commercial Banking Officer
A commercial banking officer’s job description includes credit analysis, risk management, and customer service skills. The main responsibilities include negotiating loans with customers and gathering information about their financial status and business plans. The average salary for a commercial banking officer is $70,857 and ranges from $60,570 to $80,232.
Financial Advisor
A financial advisor is a professional who advises clients on financial matters, including investments and retirement planning. The salary for financial advisors depends on their level of education, years of experience, and the company they work for. The average annual salary for a financial advisor was $71,000.
Is Working At A Major Banks A good Career Path?
Major banks are a great place to start your career if you’re interested in finance, but they can be a poor choice for ambitious young professionals who want to make their mark early on.
Major banks are usually slow to promote from within, making it difficult for young employees to build the skills and experience needed to advance up the corporate ladder.
In addition, major banks tend to have strict hierarchical structures and rigid job descriptions that make it difficult for high performers to take on new responsibilities or move into other company areas.
Working at a major bank can be ideal if you’re looking for a stable career path with good benefits and financial security. But if you’re looking for personal growth and advancement opportunities, this may not be the right choice for you.
Is working at a major banks a good career path? – How to begin a career in a major bank:
If you are looking to start a career in a major bank, you will need to follow these steps:
1. Earn a high school diploma or an equivalent qualification.
2. Research the company and its competitors.
3. Apply for the job using an application letter and resume.
4. Prepare for the interview by researching questions that might be asked and prepare answers for them.
5. Be enthusiastic during the interview and show that you are interested in working for this company.
Is working at a major banks a good career path? – Pros and Cons
Most people use the services of a bank at some point in their lives. The advantages of banks include:
Banks are reliable and stable institutions. They are regulated by government agencies, such as the Federal Deposit Insurance Corporation (FDIC) in the U.S., which protects your deposits up to $250,000 per account if the bank fails.
Banks offer advice on how best to manage your finances. For example, they can help you choose an investment strategy or provide advice if you are thinking about buying a house.
Banks have access to low-cost funds through the central bank (the Federal Reserve in the U.S.). This means they can offer competitive rates on deposit accounts and other savings products.
But there are also some disadvantages to using a bank:
You may not be happy with the interest rates offered by your institution for savings accounts or other investments like certificates of deposit (CDs). In some cases, these rates may even be below inflation levels — meaning that you’re actually losing money by saving it.
Final Thoughts
Is working at major banks a good career path? Yes, it is. However, consider other options too. Banks offer financial experience, but climbing the corporate ladder may be tough. Major banks have strict guidelines and regulations, so an optimistic attitude is necessary.
