How Many Jobs Are Available In Major Banks?

Major banks offer a wide range of job opportunities. A major bank is a great place to start if you want to work in finance. 

Major banks provide excellent pay and career opportunities, and it offers numerous benefits, ranging from entry-level employment to the profession’s pinnacle. However, it is critical to understand which degree is required for bank jobs.

This article will go over the degrees required for various positions in a bank. We will also explain how to apply for these positions. So, if you want to work in finance, continue reading this article!

Why Do Major Banks Stand Out as a Career Path in 2022?

Major banks provide excellent pay and career opportunities, and a finance degree offers numerous benefits, ranging from entry-level employment to the profession’s pinnacle.

The financial sector will continue to grow, creating new and diverse job opportunities. 

Therefore, working for one of the major banks could be a good idea if you enjoy banking and finance.

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How Many Jobs are Available in the Major Banks?

According to a recent study, approximately 27,000 jobs are currently available in majorbanks across the United States. 

This figure has been steadily rising and is expected to rise further in the coming years. If you want to work in finance, a job at a major bank is a great place to start.

On that note, here are some of the highest-paying jobs in the Major banks:

1. Internal Auditor

Average Salary: $77,250/year

Auditors typically hold bachelor’s degrees and have a finance and banking background. Certification may or may not be required depending on your field and the organization you want to work for. 

Obtaining certification as a bank auditor will undoubtedly enhance your resume and help you stand out from the crowd.

This position is ideal for those who enjoy data analysis and review. You’re meticulous and well-organized. 

Working in auditing allows you to transition into other careers in the future, such as cost estimator or financial analyst, to name a few.

2. Financial Analyst

Average Salary: $81,410/year

Financial analysts are in charge of scrutinizing and analyzing financial data. They analyze the data and make financial recommendations.

Financial analysts analyze stock performance, collect and organize financial data, and perform financial forecasting, modeling, and presentations.

You must have a bachelor’s degree and a finance, accounting, or statistics background.

Financial analysis work is complex and necessitates a wide range of knowledge.

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3. Financial Examiner

Average Salary: $81,410/year

Financial examiners check financial documents for accuracy and ensure regulatory compliance. This position necessitates extensive review and analysis of bank transactions. 

Because the work is usually done on-site, you may need to travel to the bank to conduct the financial examination.

Also, because of the background, skills, and educational requirements, this is one of the higher-paying banking careers.

4. Loan Officer

Average Salary: $63,380/year

Loan officers accept and review loan applications with banking customers. Personal loans, home mortgage loans, and other consumer and commercial lending products are all available to loan officers. 

They can also specialize in a particular product, such as mortgage loans.

You will interview customers one-on-one to determine their needs so that you can refer them to appropriate banking products.

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5. Securities and Commodities Agent

Average Salary: $62,910/year

A securities and commodities agent and stockbroker connect buyers and sellers in the financial markets.

Working as a stockbroker can be difficult. In a competitive environment, you will work one-on-one with customers.

6. Bank Teller

Average Salary: $36,310/year

Bank tellers assist customers by cashing checks, depositing and withdrawing money from bank accounts, transferring funds and wire transfers, issuing money orders and cashier’s checks, and performing other financial transactions.

Because this is a customer-facing position, you must be able to communicate effectively and provide excellent customer service. 

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7. Financial Manager

Average Salary: $131,710/year

A financial manager is responsible for financial reporting and assists in developing long-term financial plans for the organization. You have a significant impact on an organization’s financial health. 

You will analyze an organization’s profitability and cash flow, review financial data, including expense management, and perform long-term financial planning.

8. Chief Financial Officer

Average Salary: $98,980/year

Chief Financial Officers are typically the organization’s second-highest level of leadership. CFOs frequently report directly to the CEO in banking leadership (CEO).

Working as a CFO does not necessitate prior experience in the banking industry, though it can be advantageous.

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9. Budget Analyst

Average Salary: $79,940/year

Budget analysts examine and analyze corporate budgets. This is important because it directly impacts the company’s budgeting activities. 

Organizations set aside funds for various marketing, organization, and planning activities. They must not go over budget, which is where the budget analyst comes in.

This position is ideal for someone with a strong background in finance.

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10. Branch Manager

Average Salary: $64,143/year

Branch managers oversee the day-to-day operations and activities of the bank branch. This leadership role may entail hiring, onboarding, and training new team members. 

You’ll also be in charge of setting goals and overseeing sales performance.

Branch managers are typically required to have a banking background.

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11. Investment Banker

Average Salary: $80,540

Investment banks assist large corporations and organizations in obtaining funding. When a corporation goes public for the first time, an investment bank determines the price of the Initial Public Offering or IPO. These transactions are handled and negotiated by investment bankers.

Investment banks pay relatively low wages and significant performance bonuses due to their performance-driven culture. 

Nonetheless, it is an excellent choice for the highest-paying jobs in central banks.

12. Foreign Exchange Trader

Average Salary: $67,635

A foreign exchange trader assists clients in purchasing or selling foreign currencies or financial assets. 

Foreign exchange traders assess foreign countries’ economic climates to forecast the impact on currency exchange rates and the global economy.

Currency traders must develop exceptional research skills and international connections to know when to buy or sell currencies.

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13. Asset Manager

Average Salary: $73,923

An asset manager assists a client in determining their long-term financial goals and the amount of risk they are willing to take to achieve them. 

They design an investment portfolio for the client by balancing risk reduction, current economic and political trends, and the client’s willingness to take risks.

They regularly monitor portfolios, make adjustments as needed to avoid depreciation, and notify clients of changes, making it one of the highest-paying jobs in major banks.

14. Portfolio Manager

Average Salary: $77,642

A portfolio manager monitors his clients’ investments. These managers research market trends, potential profits, and stock prices to make investment decisions.

Portfolio managers may provide financial advice to clients, provide reports on portfolio economic activity, and keep clients updated on investment forecasting and opportunities.

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15. Equity Trader

Average Salary: $82,925

An equity trader is one of the highest-paying positions in major banks.

They buy and sell stocks, options, commodities, futures, and derivatives on behalf of a bank and its clients. 

Equity traders use trading algorithms to forecast market movements while keeping up with societal, economic, and political trends that may influence them. 

16. Equity Analyst

Average Salary: $84,886

An equity analyst examines financial data to determine whether a company’s stock should be bought, sold, or held.

Equity analysts examine bank financial statements and annual reports to forecast a company’s performance while considering industry- or market-specific economic trends. 

Also, Equity analysts learn about the stock market from brokerage firms and funds, in addition to assessing current market trends.

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17. Finance Director

Average Salary: $96,035

The finance director of an organization is in charge of all financial activities, such as revenue reporting, budgeting, accounting staff education, money distribution to departments, risk management, policy implementation, and financial process improvement.

They work hard to develop effective financial strategies, maintain financial stability, encourage revenue growth, comply with regulations, and maintain positive relationships with investors, making it one of the highest-paying jobs in major banks.

18. Hedge Fund Analyst 

Average Salary: $96,158

A hedge fund analyst conducts investment research and makes investment recommendations based on his findings. 

Analysts may research individual stocks, market sectors, and macroeconomic trends to develop investment strategies and raise capital.

They offer marketing and risk management strategies in addition to investment advice.

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19. Chief Financial Officer

Average Salary: $139,501

The chief financial officer oversees a bank’s financial operations, financial planning, and growth. 

Their job entails evaluating assets and liabilities and managing cash flow while leading a team of analysts.

These professionals have in-depth knowledge of financial markets, market trends, and the stock market, among other skills required for this position. A Bachelor’s Degree in Business or a related field is required.

20. Accounting Manager

Average Salary: $75,216

Accounting managers are in charge of general accounting and general ledger accounts. 

Because they work with the company’s financial statements, these professionals must have a finance degree. 

They should also be familiar with investment banking, financial records, and banking transactions.

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What Companies are in the Major Banks Field?

There are many companies in the major banks, but in this section, we will talk about the top 5 companies in major banks.

Here they are:

JPMorgan Chase

This bank has $3.5 trillion in total assets and nearly 5,000 branches in the United States alone. 

JPMorgan Chase, which has roots dating back to the 18th century, is a multinational bank formed in December 2000 by the merger of the Chase Manhattan Corporation and J.P. Morgan & Co.

Bank of America

This is a major player in the commercial banking sector in the United States, with nearly 4,000 branches and $2.5 trillion in assets. 

It is the world’s eighth-largest bank by total assets and specializes in commercial banking, investment banking, and wealth management.

Wells Fargo

This bank has nearly 5,000 domestic branches and consolidated assets of $1.8 trillion. 

It is one of America’s Big Four banks, specializing in commercial and retail banking, investment banking, and wealth and asset management.

Citigroup (Citi)

It is the parent company of several subsidiaries, including Citicorp and Citibank. Citigroup is a multinational investment bank with assets of $1.7 trillion but fewer than a thousand domestic branches. 

Although U.S. Bancorp and PNC Financial Services have more retail banking branches than Citi, the latter has significantly more assets.

U.S. Bancorp

U.S. Bancorp, the parent company of U.S. Bank, has nearly $600 billion in assets and over 2,000 branches in the United States. 

U.S. Bancorp was founded in the late 1800s and had the nation’s second-oldest charter.

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What do Major Banks Jobs Pay?

According to ZipRecruiter, the average annual salary at major banks is $67,330.

Salaries at major banks range widely, with some entry-level positions paying $22,000 per year and the 75th percentile earning $87,500 per year.

This wide range implies that people with various educational backgrounds and skill sets may have a lot of room for advancement and compensation.

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What is the Job Outlook for Major Banks Careers?

According to the BLS Occupational Outlook Handbook, finance jobs are expected to grow by 8% between 2020 and 2030. 

This figure corresponds to the average growth rate for most occupations. 

This growth means that approximately 750,800 new jobs will be added to the field each year, indicating high demand and an opportunity to advance in the corporate ladder for professionals already in the area.

Financial institutions provide their employees with various benefits, including a higher annual salary than most jobs in other industries. 

Although a career in banking can require long hours, the rewards and results are often well worth it. High salaries and a bright job outlook contribute to job stability and security, which leads to greater job satisfaction.

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How to Find the Major Banks Jobs Near You

You can look for jobs in major banks online in various places. Make sure your professional resume is ready before you begin your job search. 

This is one of the essential requirements for submitting a job application.

Here are the best websites to find jobs in Major banks:

ZipRecruiter

ZipRecruiter is one of the most popular job search websites on the internet. You can look for jobs, compare salaries, and read job seeker reviews. 

It’s the ideal website for conducting all your career research in one location.

Glassdoor

Glassdoor is a great place to start if you’re looking for a career resource to help you with your job search, salary comparisons, and employee reviews. 

You can use this website for free to search for banking jobs and potential research employers before submitting your application.

Indeed

Another popular job search website is True. It’s free and straightforward to use and allows you to search for jobs by keyword and location. 

You can also set up job alerts and use their career resources, such as the resume upload feature, which allows you to save your resume on the site and easily submit it to job applications.

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What are the Alternatives to a Career in the Major Banks?

There are several reasons someone might want to change careers from commercial banking to something else. 

The constant demand and poor work-life balance are two main reasons people leave their banking careers. This can cause you to become dissatisfied with your banking career. 

Fortunately, you do have options. If you have a degree in mathematics, economics, accounting, or business, the transition to a new job will be relatively easy. 

Those without a degree can still consider some of the alternative career options in Major banks listed below.

1. Personal Finance Advisor

Average salary: $57,997

Personal finance advisors work with people from all walks of life. Their primary goal is to assist them in managing their finances. 

You could create a budget, savings, or retirement plan or give general financial advice. 

Personal finance advisors typically work long weeks, but those who work for themselves can set their hours.

2. Fraud Examiners

Average salary: $61,473

Fraud examiners must investigate fraud claims to determine whether they are true or false. 

Examiners in this field must collect evidence, report on their findings, and conduct interviews with those involved in the claim. 

Each step of the process must be meticulously documented. Fraud examiners are frequently called to testify in court to explain what they discovered.

3. Stock Broker/Traders

Average salary: $135,264

Stockbrokers and traders are frequently confused, but they are very different. Brokers have direct contact with their clients. 

They buy and sell securities based on the requests of their clients. Some may go so far as to act as financial planners for their clients. 

Brokers spend a lot of time informing their clients about stock prices. Traders buy and sell based on the recommendations of portfolio managers or investment firms.

4. Actuary

Average salary: $108,350

Actuaries investigate financial risks. They assess the risks of events using math, statistics, and theories. 

They assist their clients in developing policies and models to reduce risk and save money. Actuaries will perform calculations to determine the likelihood of an event occurring. 

As an actuary, you will need to present your outcomes to insurance executives, marketing managers, investment bankers, and pension directors.

5. Bank Compliance Officer

Average salary: $71,409

Bank compliance officers inspect banks to ensure they adhere to and meet internal and external laws. 

You will be responsible for monitoring and analyzing any risk areas in the bank’s organization to improve them. 

This will assist in avoiding any violations of the law. When the bank implements new policies and procedures, these officers evaluate them.

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FAQs on How Many Jobs Are Available In Major Banks

Conclusion

Finally, it is difficult to say how many jobs are available in major banks. The number of job openings varies greatly depending on the bank, the time of year, and the state of the economy. 

There are, however, a few ways to get a general idea of how many jobs are available. You can look for positions on online job boards, contact your local chamber of commerce, or speak with a banker directly. 

You should get a good idea of how many jobs are available in major banks in your area with some research.

References

• teledocjobs.com– How Many Jobs Are Available In Major Banks
• careercloud.com– How Many Jobs Are Available In Major Banks

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