Is Major Banks A Good Career Path?

5KShares

135.1KViews

Is major banks a good career path? Yes, major banks offer a variety of employment prospects and job stability, so they can be a fantastic place to start your career.

There are many different career possibilities available at major banks, including entry-level positions for bank tellers and analysts as well as options for seasoned finance professionals. Major banks often offer retail, commercial, and corporate banking activities.

Major Banks

The largest banks in the United States are often ranked by total assets (the amount of money the bank owns) or market capitalization (the number of the bank's publicly traded shares multiplied by the stock price at the time of the ranking).

The largest and best-known major banks in America are JPMorgan Chase and Bank of America, both of which will have total assets of $3.17 trillion and $3.74 trillion, respectively, in 2021.

COPYRIGHT_BP: Published on https://bingepost.com/is-major-banks-a-good-career-path/ by Hilda Workman on 2023-02-02T11:20:56.041Z

Bank of America building

What Do Major Banks Do?

Retail banking (direct to individual consumers), commercial banking (for enterprises), and corporate finance are the three main divisions of the banking sector (investment banking). Most major banks take care of all of these tasks, sometimes through subsidiaries or different names.

For retail banking services like credit cards, JPMorgan Chase & Co., for instance, operates under the brand Chase. You can conduct business banking with JPMorgan Chase & Co. through J.P. Morgan or Chase. However, JPMorgan Chase is the name of the division that handles corporate and investment banking.

Major banks provide their clients with a wide range of financial services by operating in all those areas of the banking sector. These goods and services include credit cards and personal loans, savings accounts, and ATMs, as well as helping big businesses combine or acquire one another.

Major Banks Job Titles And Descriptions

Is major banks a good career path? Yes, it is. Major banks offer a wide range of financial services, and they also have a variety of finance opportunities accessible. Typical jobs at a sizable bank include:

Teller

Tellers assist consumers with check cashing, money withdrawals, and depositing in the retail and commercial banking sectors. A bank teller is also in charge of resolving account disputes and responding to customers' queries and complaints.

Underwriting Assistant

A client's eligibility for products including loans, mortgages, and insurance policies is determined by an underwriting analysis. Underwriting assistants carry out a variety of activities, such as data entry, information gathering, and administrative duties, working under a lead or supervising an underwriter.

Loan Officer

Based on their credit histories and present financial situations, loan officers in retail and commercial banking decide whether clients and customers are qualified for loans. Loan officers recommend clients for loan approval while collaborating with underwriters.

Accountant

Accountants might work in the corporate, retail, or commercial divisions of a bank. Regardless of the field they operate in, an accountant's job often entails examining and reporting financial data for the organization. Some accountants might also concentrate on making sure the bank complies with local and national laws.

A girl counting cash

Investment Banker

An area of finance that focuses on investment capital markets is investment banking. Working with businesses to assist in capital raising through stock or debt offerings is a part of this job.

Due to their involvement in the demise of some of the biggest financial institutions in history, investment bankers are frequently blamed. Investment banks, however, can provide competitive income and a variety of entry-level jobs with prospects for advancement and a wide range of skill sets.

Risk Management

Risk assessment, mitigation, and communication are all parts of the broad concept of risk management.

Working with tools like loss prevention, control systems, financial forecasting models, credit rating/underwriting systems, decision support software, and conventional qualitative methods like interviewing techniques, professionals in this field assess risks and take steps to mitigate them.

Compliance Work

Compliance work is all about abiding by rules to prevent legal liabilities from business or employee conduct. It may also entail gathering data to determine whether each employee or organization has complied with the requirements of international or national law and regulation, as well as those in the nation where your bank is based.

Portfolio Manager

Financial managers who handle investment strategies for customers like well-off people and major corporations are called portfolio managers. In a bank, a portfolio manager primarily deals with corporate finance. However, a lot of portfolio managers might work for organizations other than banks, such as hedge funds and private equity firms.

Chief Financial Officer

The person in charge of a company's finances is known as the chief financial officer or CFO. The CFO of a bank is in charge of budgeting, planning, and managing the bank's finances. He or she also helps set the bank's financial strategy.

In addition to these occupations, banks also require individuals to support the indirect financial operations of the company. For instance, banks require engineers to develop safe websites and mobile banking apps.

Additionally, banks require administrative staff to maintain the smooth operation of the offices and security personnel to safeguard branch locations.

Salaries At Major Banks

Salary ranges for jobs at big banks depend on the position's needed level of seniority and experience. For instance, obtaining a high school diploma and prior customer service experience are often requirements for becoming a bank teller. Bank tellers made an average of $34,930 a year in 2021, according to the U.S. Bureau of Labor Statistics (BLS).

To work as a loan officer, you must possess a bachelor's degree. However, the additional education needed is compensated for by a greater income; loan officers made an average of $80,570 per year.

In the end, jobs that call for more education, training, or certification frequently pay more. For instance, a profession in financial management, such as that of a portfolio manager, calls for at least a bachelor's degree and several years of expertise in corporate finance. The average salary for financial managers in 2021 was $153,460 even with these new standards.

Why Major Banks Is A Good Career Path?

If you enjoy interacting with customers, assisting them in finding the services they require, and regularly using your math and research skills, major banking is a great career option for you. Major banks are a great career choice for a number of additional reasons in addition to this:

Several Work Opportunities

Due to the vast range of needs that big banks have, there are many job opportunities within them. Though you might also discover jobs in information technology (IT), security, and customer service, the majority of the employment available are in the financial and investment sectors. When choosing your career path in major banks, you have a lot of flexibility due to the abundance of opportunities accessible.

Even if there are many job openings, working for major banks is competitive, so it's crucial to develop the abilities you'll need to be successful before applying for the position. For instance, knowing investments and assets and having prior expertise in such areas can help you land the roles you want. If you want to be a portfolio manager.

Job Satisfaction

Because they receive several advantages, many people find working for large banks to be quite fulfilling. These might include the chance to work in corporate environments, paid time off (PTO), leave, and high compensation. During busy times, your hours may increase, but you will also have a lot of holidays where you may take it easy.

Job Stability

Banks are significant organizations that can provide a lot of job security. They are unlikely to need to reduce their spending through layoffs because they have so many clients who depend on their services. Due to different government initiatives that support banks in continuing to operate even during times of economic slump, they might also offer increased stability.

A man counting dollars next to a laptop

Benefits And Drawbacks Of Working For Major Banks

There are many benefits to working for a major bank. The size of the major banks means there are numerous opportunities to grow in different directions without switching businesses, which is one of the main advantages. Especially for more senior positions in management and investing, major banks pay generously.

As a result, you'll have a steady income and few problems with your day-to-day work, since the banking industry is usually very stable and resistant to downturns.

However, not everyone should pursue a career in a major bank. The competition for available positions extends to day-to-day activities. There is a lot of pressure to perform better than your peers and even small errors can result in significant financial loss for the bank.

Furthermore, major banks frequently operate outside of conventional working hours, and employees may be forced to remain late or put in extra effort to fulfill deadlines.

How Does The Work-life Balance In Major Banks Compare To Other Industries?

Achieving a healthy work-life balance is a crucial aspect of a fulfilling career. It involves effectively managing the demands of work while maintaining personal well-being and pursuing activities outside of the workplace.

When considering the work-life balance in major banks compared to other industries, several factors come into play. These factors include the nature of the industry, job roles within the bank, company culture, and individual preferences. In this section, we will delve into the topic and discuss how the work-life balance in major banks compares to other industries.

Demands Of The Industry

The financial industry, including major banks, is known for its fast-paced and dynamic nature. Banking operations often involve dealing with large amounts of data, complex financial transactions, and stringent regulatory requirements.

As a result, employees in major banks may experience higher pressure and longer working hours compared to certain other industries. The need for accuracy, attention to detail, and meeting tight deadlines can contribute to a more demanding work environment.

Job Roles And Positions

Within major banks, work-life balance can vary depending on job roles and positions. Front-office roles, such as investment banking or trading, tend to involve high-intensity work and longer hours, especially during busy periods like mergers and acquisitions or financial market volatility.

On the other hand, roles in support functions like human resources, marketing, or operations may offer more predictable schedules and greater work-life balance. It's important to note that work-life balance can differ significantly across different job functions within the same bank.

Company Culture And Policies

The work-life balance in major banks is influenced by the culture and policies of the specific institution. While some banks prioritize work-life balance and offer flexible work arrangements, such as remote work options, compressed work weeks, or sabbatical programs, others may have a more traditional and rigid approach to work hours.

Banks with a culture of long working hours may place a higher emphasis on dedication and commitment to the job, potentially impacting work-life balance.

Workload And Seasonality

The workload and seasonality in major banks can also affect work-life balance. Certain periods, such as financial reporting cycles, regulatory deadlines, or project launches, may require employees to work longer hours or be on-call.

Conversely, there may be quieter periods where work demands are relatively lower. Balancing these high and low workloads can impact the overall work-life balance in major banks.

Personal Priorities And Individual Choices

Work-life balance is subjective and can vary based on individual priorities and choices. Some individuals may thrive in a high-pressure, fast-paced banking environment, finding fulfillment in their work despite long hours.

Others may prioritize their personal lives and seek careers with more flexibility and reduced time commitments. It is essential for individuals to assess their personal preferences and align them with the demands of the banking industry before making career choices.

Conclusion

Bankers make an average of $101,295 per year in income, and employment opportunities are expected to increase by 4% in the upcoming years. Is major banks a good career path? Yes, it's reasonable to conclude that major banks can provide a wealth of high-paying employment options if you're looking for a prosperous profession.

Candidates for these specialist occupations must have the necessary academic credentials and may also need to complete further training or obtain certifications.

Share: Twitter | Facebook | Linkedin

About The Authors

Hilda Workman - Hilda Workman is a licensed financial advisor with years of expertise in the industry. She has assisted a range of clients, from sole proprietors to large corporations, in reaching their financial objectives. She is informed about many different financial subjects, including tax preparation, investment planning and also in fashion. She believes that the best things are those that are imperfect.