Indeed, major banks are a good career path because of high salaries, job security, and the potential for career growth and advancement. High salaries, career advancement, and job security make a career in major banks a very attractive option for many people. This is why major banks jobs are high in demand.
Major banks provide financial security and offer skills that are applicable as you climb your way up in a banking career. Individuals who are interested in banking, accounting, and finance can build a career in major banks.
The major banks industry was worth $154,211 billion in 2022. According to the Bureau of Labor Statistics, the major banks sector will produce many jobs. BLS predicts that it will have a growth rate of 9% from 2021 to 2031.
What Do Major Banks Do?
The financial system and economy depend on major banks to distribute money from depositors to borrowers. They protect assets and give credit to people and companies, which boosts the growth of the global economy. Many economic transactions that take place in the markets for products, labor, and financial capital are made easier by banks.
Why work in a major bank?
There are many reasons why you might choose to work in a bank. There are many jobs available in the major banks and they offer high salaries, good benefits, and retirement options. It also provides opportunities for professional training and development.
Why is Major Banks a Good Career Path?
Major banks are a good career path. For starters, entry-level jobs in banking help individuals to build their resumes and network. A banking career provides equal chances to everyone no matter their race, gender, national origin, age, or physical capabilities. Additionally, it is very lucrative with rewarding experiences.
Advantages of Choosing a Career Path in Major Banks
Choosing a career path in major banks can be a lucrative and rewarding experience with many advantages.
5 benefits of choosing a career path in the major banks sector
1. Fast-paced environment
The major banks industry is fast-paced and continuously challenging, which makes it an exciting career path. People who love activities will find this career thrilling.
2. Job security
Job stability is high in the banking sector because of the large volume of work and high demand for entry-level employees. The bank provides many essential services to individuals and businesses in the economy which makes their jobs secure.
3. Work-life balance and flexibility
Many employers in the major banks sector businesses give their workers flexible schedules. This includes remote work and off days. This is appealing to people who seek balance in their personal and professional lives.
4. Societal relevance
Workers in the major banking industry are highly respected in society because they connect directly with clients and participate in many social projects that benefit society.
5. Training and development
The major banks sector provides professional training and development opportunities that can lead to long-term career prospects. Due to the evolution of technology, workers are always trained on using the latest technology. This makes them relevant and keeps them updated.
Disadvantages of Choosing a Career in Major Banks
Choosing a career path in the major bank sector has lots of advantages. However, there are some challenges employees face in the industry.
5 disadvantages of choosing a career path in the major banks sector
1. Customer complaints
Bank employees may have to deal with unhappy or dissatisfied customers, which can be stressful and difficult to handle.
2. Monotonous work
Depending on the specific role, bank employees may have to perform repetitive tasks, which can be tedious and monotonous.
3. Regulatory scrutiny
Banks are subject to a wide range of regulations and compliance requirements, which can be time-consuming and stressful for employees.
4. Long working hours
Bank employees often have to work longer hours than other industries due to the nature of the work and the need to provide round-the-clock services.
5. High-stress levels
Bank employees often work in high-pressure environments, dealing with large sums of money and high-stakes transactions.
Benefits Package for Employees in Major Banks
Employees in the major bank sector enjoy many perks. Benefits packages for employees in major banks vary depending on the bank and its policies.
5 common benefits package for employees in the major banks sector
1. Life insurance
Many banks provide life insurance benefits to their employees. They include a basic life insurance policy and the option to purchase additional coverage for themselves and their dependents.
2. Employee discounts on banking products
Banks provide discounts on their products and services for their employees. These discounts can be waived or reduced fees on checking accounts, credit cards, and loans.
3. Employee stock purchase plans (ESPP)
Employee stock purchase plans give workers the chance to buy the company’s shares at a discounted price. It provides employees the opportunity to invest in the company and potentially benefit from it too.
4. Retirement benefits
Major banks offer a retirement plan, such as a 401(k) or pension plan. Banks sometimes match a portion of the employee’s contributions, which helps to increase their retirement savings.
5. Commuter benefits
Many major banks provide commuter benefits like pre-tax transportation expenses for public transportation, parking expenses, or bike-sharing programs. It helps employees to save money on their commute.
What is the Level of Job Satisfaction in Major Banks?
The general level of job satisfaction for workers in the major banks sector is high. According toPayscale, many employees rate their job as 3.75 out of 5.This is because many banking companies provide growth and development which makes their careers successful.
Why is major banks one of the best career?
Working in major banks is a good career choice because it offers job opportunities in diverse fields. They also provide competitive salaries and benefits, career growth, and advancement.
Deciding to pursue a career in the big banks sector can be stimulating and profitable. There are many professional routes to consider, regardless of your area of expertise. You can choose the career that is best for you by researching the field and assessing your interests and abilities.
Here are 5 simple steps that will guide you in choosing a career in major banks
1. Decide your career goals
Know what you want for your career by creating professional goals. Think of many other career options and research top career choices that can help you identify potential paths to follow. Be focused and allow your goals to guide you in picking a career path.
2. Develop your soft skills
Many employers in the banks value soft skills like communication, teamwork, and problem-solving. You can develop these skills through different volunteering, and participating in team projects. These skills can also be developed by taking a course in any relevant one you want to acquire. They will also help you land the best-paying jobs in the major banks sector.
3. Gain relevant experience
Experiences make you stand out in the major banks sector. You can achieve this through internships, co-op programs, and entry-level positions in the banks. It will help you to build your skills, knowledge, and network. Additionally, it will make you more attractive to employers.
4. Identify your strengths
Know your strength and interest. They are the determinants of which sector of the major banks is good for you. If you are good with numbers and analyzing financial data, a career in finance or investment banking will be a good fit for you.
5. Determine the qualifications
Review the qualifications required for the roles you are interested in, including educational requirements, certifications, and experience. This will help you to understand the skills and knowledge you need to acquire to be competitive in the job market.
How can I decide if working in major banks is right for me?
Before you decide if working in major banks is right for you, make a thorough assessment of your personal and professional goals. You should also consider your strengths and weaknesses.
Here are 5 things to consider to help you decide if working in major banks is right for you
1. Assess your skills
The major banks require different skills, from analytical and technical to interpersonal and communication skills. Check yourself and see whether your existing skills and strengths match the requirements of the job. If they don’t, develop new skills to succeed.
2. Think about your passion
There are many good career path in the major banks industry, but it’s important to be passionate about what you do. Your passion will make it easier. Know if you are truly interested in finance, economics, and business. If you have the drive and motivation, you will succeed in this field.
3. Think about the impact you want to make
Many employees want a career that has a direct impact on society. If this is you, consider the kind of impact you want to make in your career, and see if a major bank aligns with your goals.
4. Consider your values
Working for major banks is financially rewarding, but there are ethical issues to take into account. Consider your values and whether they concur with those of the bank you want to work with.
5. Evaluate the potential for job satisfaction
Job satisfaction is important for long-term career success. Know if working in a major bank will provide you with a sense of purpose, fulfillment, and enjoyment. Also, check if the rewards outweigh the challenges.
How to Start a Career in Major Banks?
Starting a career in major banks requires education, experience, and relevant skills. However, research the banks you want to work in and know their specific requirements for job applicants.
Here are 5 guides on how to start a career in major banks
1. Build a strong educational foundation
Many employers in the major banks require at least a bachelor’s degree in business, finance, economics, or a related field. Pursue a master’s degree in finance or business to have a better career in the competitive job market.
2. Research and understand the industry
Before you start a career in major banks, try and understand the industry and all that it entails. Research various banks and what they do. Also, follow up on trends and challenges that the industry is currently facing.
3. Apply for internships and entry-level positions
Internships and entry-level positions at major banks can help you gain hands-on experience and exposure to how the banks work. They can give you a full-time employment opportunity within the bank.
4. Stay up-to-date with industry trends
The major banks industry is constantly evolving. It is necessary to stay up-to-date with the latest trends and developments. Go to industry conferences, and read industry publications to stay informed and knowledgeable about the industry.
5. Be proactive in your job search
Don’t wait until job opportunities fall on your table. Be consistent in your job search by networking and reaching out to hiring managers directly. You can also use online job boards and professional networking sites like LinkedIn to find job openings.
What does a career in major banks entails?
Employees in major banks perform a variety of roles within their respective companies. What they do depends on their job function and level of experience.
Here are 5 common examples of what working in the major banks industry entails
1. Wealth management
Major bank employees work with high-net-worth individuals and families to manage their investments. They also plan their finances and provide personalized investment advice which can help them achieve their financial goals.
2. Project management
Employees in major banks take up complex projects that need robust project management skills. Workers in the banking sector plan, organize and implement projects to achieve desired outcomes.
Bank workers manage investment portfolios, which include stocks, bonds, and other assets. They also develop investment strategies, analyze market trends, and monitor the performances of portfolios.
4. Marketing
Major bank professionals develop and execute marketing strategies to promote bank products and services. Additionally, they conduct market research, develop advertising campaigns, and use social media to bring in customers.
5. Operations
Workers in the major banks sector also manage the back-office functions of banks like transaction processing, account reconciliation, and record-keeping. They also ensure that all banking activities are done perfectly without hitches.
Which bank career is the best?
The best bank career depends on an individual’s skills and qualifications. People who enjoy data analysis will find it the best while others who enjoy management would find jobs like bank management as the best.
Which field is best for banking?
The best fields in banking include financial analysis, investment banking, accounting, auditing, and risk management. However, other fields in the major banks sector are relevant.
What majors or certifications do banks hire?
Employers in the major banks sector require some educational qualification and certification before employing a candidate for a career in the industry.
Here are educational qualifications and certifications major banks hire
1. Educational qualifications
Many major banks role require a minimum of a bachelor’s degree, preferably in a field such as finance, economics, accounting, or business administration. Some entry-level roles require a high school diploma. Most advanced-level roles need an MBA.
The CFA is highly valued in the banking sector and this award is given by the CFA Institute. CFAs are experts in investment analysis and portfolio management.
3. Financial Risk Manager (FRM) certification
The FRM is an excellent certification for risk managers. It is awarded by the Global Association of Risk Professionals (GARP). It requires passing two levels of exams and meeting other eligibility requirements. With this, you can be an expert in identifying, analyzing, and managing financial risks.
What are the Skills Required for a Career in Major Banks?
Major banks want an excellent combination of technical and soft skills relevant to finance and banking. Individuals who possess these skills are in high demand and can build successful and rewarding careers in the banking industry.
5 essential skills that are valuable for a career in major banks
1. Compliance and regulatory knowledge
Due to the heavily regulated nature of a bank, they comply with lots of regulations. Individuals who know of the regulatory laws and regulations are highly sort after. If you have this skill, you will have a wonderful career in the banking sector.
2. Risk management
Employees who are experts in risk management are in high demand. Banks need people who can ensure the safety of their operations. If you want to work in major banks, know how to assess risks and how to develop strategies to mitigate them.
3. Financial and analytical skills
Major banks want individuals who can understand financial statements, analyze data, and make informed financial decisions. These skills are essential for working in banking. Also, individuals must be able to interpret financial information and make sound decisions based on that information.
4. Technology skills
Technology is a huge aspect of banking, so to have a successful career in major banks, you must have the skills to use software, databases, and other technical tools.
5. Customer service skills
Banks rely heavily on providing excellent customer service. Workers must have customer service skills to build relationships with clients and provide excellent services to meet their needs.
Tips for a Successful Career in Major Banks
Having a successful career in major banks requires good attributes and attitudes. Individuals who have these qualities and are committed build rewarding and fulfilling careers in the banking industry.
Here are 7 tips for a successful career in major banks
1. Employ emotional intelligence
Emotional intelligence is the ability to understand and manage one’s own emotions and the emotions of others. To have a successful career in major banks, you need this quality to build strong relationships with clients and colleagues.
2. Be customer-service oriented
Customer satisfaction is the major aim of banks. Employees must provide exceptional customer service. They must be responsive to customer needs, resolve issues quickly, and provide personalized service.
3. Be results-oriented
As a career builder in the major bank industry, you should be highly results-driven. Learn how to set goals, develop strategies, and execute plans to achieve desired outcomes.
4. Embrace technology
Technology keeps transforming the banking industry. You must embrace new technologies, learn how they work, and use them to your advantage.
5. Develop a strong work ethic
To succeed in the major banks, you must be dedicated, hardworking, and committed to achieving your goals. A strong work ethic is essential for a successful career in the banking industry.
6. Focus on professional development
If you want to have a successful career, be committed to learning and developing yourself. Pursue training, certifications, and other opportunities that will keep you updated with the latest trends and best company practices.
7. Be financially savvy
Employees in the major banks industry need a better understanding of financial products, markets, and instruments. You must be able to analyze financial data and make informed decisions based on that data.
Who are the major banks?
The top major banks in the world include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, HSBC Holdings, Barclays PLC, Deutsche Bank AG, Credit Suisse Group AG, and Goldman Sachs Group Inc. They are all influential in the global financial markets.
Which bank is best to work for?
JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, HSBC Holdings, Barclays PLC, Deutsche Bank AG, Credit Suisse Group AG, and Goldman Sachs Group Inc are the best banks to work for. However, choose a bank that shares the same values as you before you decide on the best bank to work for. Additionally, they should have positive work culture, career growth opportunities, compensation, and benefits packages.
Accountants in major banks review financial information and prepare accounting reports for financial institutions. They also maintain records on financial assets and liabilities and handle numerical data. You need technical, analytical, communication, organizational, and customer service skills for this role.
2. Mortgage Consultants
Mortgage accountants manage the financial aspects of mortgage loans. They create account entries and modify loans. This role requires management, bookkeeping, and accounting skills.
3. Investment Bankers
Investment bankers raise capital for clients by issuing debt and selling equity. They also conduct research on investment opportunities, assess valuations, and provide information to clients. Analytical, numerical, and spreadsheet skills are a must for this role.
4. Financial Examiner
Financial examiners review financial documents, like balance sheets, and loan documents, and operate income and expense accounts. They ensure accurate records of the banks’ assets and liabilities. Financial examiners in major banks must know accounting principles, and analytical, communication, and problem-solving skills.
Credit analysts analyze financial data to determine the creditworthiness of individuals or companies applying for loans. If you want to build a career in this field, acquire financial and quantitative skills, and understand statistical software.
What are the Alternative Career Paths to Major Banks?
There are many alternative career paths to major bank industries. They are closely related and also provide support services or rely on the banking industry for their operations.
5 alternative career paths to major banks
1. Insurance
The insurance industry is also closely related to the major banks’ sector. They provide life, health, and property insurance majorly sold by banks. The banking sector also provides insurance services such as annuities. These products make provision for steady profit.
2.Real Estate
The real estate industry is intertwined with the banking industry because banks provide finance for real estate projects. Banks also invest in real estate through Real Estate Investment Trusts (REITs). It is also a good alternative career path.
3. Technology
Many industries are deeply reliant on technology to provide services such as online banking, mobile payments, and digital currencies. The technology (Tech) industry provides banks with tools and they need to develop their services for their customers. This makes Tech companies partners with the banking sector.
4. Legal Services
Legal service companies provide contract drafting, compliance consulting, and litigation services. These are essential to the major banks. Banks depend on legal services to understand complex regulatory requirements and prepare against legal issues.
5. Management Consulting
Management consulting companies provide strategic advice and support to businesses, including banks. This is similar to what the banking sector does. Their services involve strategic development and risk management.
Career Trends in Major Banks
Major banks have constant trends due to changes in various aspects of the industry. Knowing the current career trends in major banks is essential for employees who want to have a successful career.
5 major career trends in major banks
1. Remote service delivery
The COVID-19 pandemic is the main reason why many industries opted for remote service delivery. Major banks have a series of digital and virtual services. This has led to a high demand for individuals who are experts in digital banking, virtual customer service, and digital marketing.
2. Data-driven decision making
Major banks now use data analytics to make more decisions and improve their outcomes. The banking sector has an increased demand for experts in data analysis and data visualization.
3. Sustainability and social responsibility
Due to global change, major banks now incorporate sustainability and social responsibility into their activities. This trend has created room for professionals in corporate social responsibility, sustainable finance, and environmental, social, and governance (ESG) investing.
4. Technology Integration
Many major banks cannot function without heavy technology. Technology trends improve banks’ experiences and operations. It also enhances customer experience and reduces costs. Individuals who are experts in cybersecurity, digital banking, and artificial intelligence are high in demand in the banking sector.
5. Globalization
Major banks are now global due to changes happening in the economy. The banking sector operates in a globalized business environment. This makes people who have international experience, language skills, and cultural sensitivity high in demand.
What is the Future of Major Banks?
The major banks industry is constantly evolving, and the future of the industry is going to be shaped by a combination of technology, regulation, sustainability, customer expectations, and competition from fintech. Nonetheless, major banks experts who can adjust to these future changes will have a successful careers.
Conclusion: Is Major Banks a Good Career Path?
Yes, major banks are a good career path. To work in this banking sector, you must be flexible and have the relevant skills needed in the industry. If you want to have a successful career, you must consistently develop yourself and stay updated.
