When one thinks of a high-paying job, the financial sector always comes to mind. So, if you’re wondering whether a career in a major bank is right for you, you’ve come to the right place.
Major banking jobs are diverse, requiring a combination of skills, education, and experience. Some banking jobs require a graduate degree, while others are entry-level and suitable for people with no degree or experience.
In this article, we will learn what it means to work in major banks, some of the jobs available in major banks, their salaries, and the pros and cons of working in major banks. Also, we got to answer the question; Is Major Banks A Good Career Path?
What are Major Banks?
The finance and banking sector is made up of major banks. It includes the following:
- Personal Banking
- Commercial banking
- Investments
- Financial planning
- Financial management and analysis
Major banking jobs are diverse, requiring a combination of skills, education, and experience. Some banking jobs require a graduate degree, while others are entry-level and suitable for people with no degree or experience.
Stand-alone hedge funds, credit unions, industry niche banks, neobanks (online-only banks), and social impact-driven banks like Amalgamated Bank are not included under the umbrella of “major banks.”
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Is Major Banks A Good Career Path?
Major Banks are a viable career option. Working for a major bank is a rewarding career open to almost anyone interested in banking and finance.
Bank tellers, accountants, and bankers are common careers, but any position within a financial institution can qualify.
Banking can be an excellent career choice for people who want a consistent schedule, enjoy interacting with others, and pay close attention to detail.
It’s also an excellent career path for those who are just starting out, as there is plenty of room for advancement.
Furthermore, banking is a very stable career path so you will have job security for a long time.
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What are the Pros and Cons of a Career in Major Banks?
It is always best to weigh the pros and cons of a career before deciding whether it is a good career.
Pros/Advantages of a Career in Major Banks
- Most jobs in major banks pay more in terms of remuneration/salary and benefits than comparable jobs in other industries.
- With many jobs available at all levels, your chances of progressing in your career to a better position are also very good.
- A career in a major bank is a well-respected career that may result in greater job satisfaction for you.
- A career in major banks is secure because commercial banks have been around for a long time and will continue to grow and evolve in the future.
- A career in a major bank entails dealing with many people, which will allow you to advance in your career and society.
Cons/Disadvantages of a career in Major Banks
- Working in a bank entails dealing with mountains of paperwork daily, which can be tedious for some people.
- Jobs in major banks are in high demand, and you may have to put in a lot of effort to get one.
- The corporate ladder of major banks can be difficult to climb due to bureaucratic issues.
- Dealing with people regularly can be exhausting, especially when the customers are uncooperative.
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What are the Skills Required to Succeed in a Career in Major Banks?
Is Major Banks A Good Career Path? We can’t answer this question without considering the skills needed to scale in this industry. Getting a lucrative job in a major bank can be extremely difficult because almost all jobs require specialized skills and knowledge.
In fact, a good career path almost always begins with an entry-level position and climbing the corporate ladder.
Some of the skills required to succeed and advance in the banking industry include the following:
Educational Qualification:
A finance, economics, accounting, marketing, or management degree is almost always required for entry-level positions in major banks.
While a bachelor’s degree is the most common requirement, obtaining a master’s degree is a significant advantage.
Analytical Skills:
What distinguishes someone with a good future in major banks from a crowd of applicants with similar degree certificates is his or her analytical skills.
You’ll need a sharp mathematical mind to see through data clutter and detect trends, errors, or conclusions.
Managerial skills:
While managers account for a sizable portion of the high-paying major bank positions, the need for managerial skills is not limited to them. Working in a large bank can be stressful if you lack managerial skills.
Communication and soft skills:
Because most jobs in major banks involve constantly dealing with people, explaining data, or even convincing results, you must have good communication and soft skills.
Computer Skills:
Almost all banking jobs are now digitized. So, if you don’t know your way around a computer, majoring in banking isn’t a good career path for you.
However, a tech-savvy individual who understands finance, accounting, and economics can establish the best career in major banks.
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What are the Education and Training Requirements for a Career in Major Banks?
Banking employees can take on a variety of positions. Because the range is broad, the education and certification requirements will differ depending on the path you choose.
A banking career is an excellent choice for those who excel at math and enjoy working with people. Here are a few examples of common educational and certification requirements:
Consider an undergraduate degree program. Many people in banking earn a Bachelor of Science in Finance, which provides a solid foundation in financial fundamentals and topics like financial management and investment principles.
Consider an accounting-specific degree if you’re interested in the field. Accounting systems and multinational accounting may be taught in schools that offer a Bachelor of Science in Accounting.
Consider an advanced degree for higher-level banking positions. Many employees pursue a Master of Business Administration or a Master of Science in finance program. An advanced degree can lead to new opportunities.
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What are the Salary and Job Outlook for a Career in Major Banks?
Individuals in charge of monitoring the flow of money in the country are, predictably, well compensated.
Professionals in management earn six figures on average, but salaries only tell part of the story. Brokers and other salespeople are highly motivated by bonuses and commissions.
Many of the figures below, which are 2014 median averages, are baseline figures with much room for growth.
Furthermore, all banking jobs include additional employee benefits and services.
Consequently, the US Bureau of Labor Statistics predicts an 8% increase in the number of jobs in the financial sector between 2020 and 2030. This equates to more than 750,000 new jobs being added to the labor force yearly.
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How Much Can You Make From Major Banks?
The annual average salary for jobs in major banks is $67,691, which is higher than the national average salary in the United States.
There is a significant difference between the lowest and highest annual salaries in this industry, which are $23,000 and $138,000, respectively.
This is clear evidence that job opportunities in the banking sector are diverse. You have several options for advancing your career to a more lucrative pay grade based on your skills, education, and experience.
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List of Best Paying Jobs in Major Banks
Is Major Banks A Good Career Path? Let’s talk about the best paying jobs in this industry. Below are the best paying jobs in major banks:
1. Budget Analyst
The average annual base salary is $63,098.
A budget analyst is in charge of preparing and managing a major bank’s budget. Forecasting expenses, analyzing financial data, and recommending them to senior management are all part of the job.
To be a successful budget analyst, you must have strong analytical skills and the ability to work well under pressure. You should also be detail-oriented and proficient in Excel.
2. Portfolio manager
Average base salary: $100,408 per year
A portfolio manager is in charge of overseeing a large bank’s investments. This includes deciding what to buy and sell as well as tracking the performance of the investments.
A strong analytical and decision-making ability is required to be a successful portfolio manager. You should also be able to deal with stress and communicate effectively.
3. Accounting Manager
Average base salary: $80,644 per year
Accounting managers supervise accountants, design systems for analyzing financial data, and monitor organizations’ legal compliance.
You must have excellent attention to detail and strong analytical skills to be a successful accounting manager. You must also be able to work effectively under duress and meet deadlines.
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4. Equities trader
Average base salary: $75,847 per year
An equities trader is in charge of purchasing and selling stocks on behalf of a large bank. This includes determining when to buy and sell and tracking stock performance.
A strong analytical and decision-making ability is required to be a successful stock trader. You must also be able to deal with stress and communicate effectively.
5. Accountant and Auditor
Average base salary: $65,143 per year
These individuals create and study documents, investigate risks, and solve problems. They ensure that all records are correct and that all debts are paid on time.
To become a successful accountant or auditor, you must have a good education and excellent knowledge of economics, be detail-oriented, and complete your work on time.
6. Asset managers
Average base salary: $70,213 per year
The asset manager is in charge of overseeing a group of investments for a major bank. This includes making investment decisions, advising banks, and other responsibilities.
To be a successful asset manager, you must have strong analytical skills and market knowledge. You must also be able to get along with others and communicate your point of view.
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7. Internal auditor
Average base salary: $61,033 per year
The internal auditor ensures that a major bank’s financial statements are accurate and independent. This includes reviewing and analyzing all documents and correcting any errors.
To be a successful internal auditor at a large bank, you must have experience, be able to look at the bank’s operations independently, be detail-oriented, and pass several special exams.
8. Branch Manager
Average base salary: $61,441 per year
A branch manager is in charge of managing the operations of a major bank’s branch. This includes making lending, deposit, and investment decisions.
You must have strong leadership and decision-making abilities to be a successful branch manager.
Should also be able to deal with stress and understand financial regulations. You must also be on good terms with your team.
9. Bank relationship manager
Average base salary: $80,906 per year
A bank manager is in charge of managing a large bank’s customer relationships. This includes giving financial product and service advisors and dealing with any issues that arise.
You must have excellent communication and interpersonal skills to be a successful bank relationship manager.
You must also be able to give clear and concise advice and have excellent verbal and written communication skills.
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10. Investment Banker
Average base salary: $131,966 per year
An investment banker is in charge of providing financial advice to clients of a large bank. This includes evaluating clients’ financial needs and advising them on the best course of action.
To be a successful investment banker, you must be analytical and have decision-making.
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What Companies are in the Major Banks Field?
Is Major Banks A Good Career Path? 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:
1. JPMorgan Chase
Chase’s total assets are $3.5 trillion, with nearly 5,000 branches in the United States alone.
JPMorgan Chase, a multinational bank with roots dating back to the 18th century, was formed in December 2000 by the merger of the Chase Manhattan Corporation and J.P. Morgan & Co.
2. Bank of America
With nearly 4,000 branches and $2.5 trillion in assets, Bank of America is a major player in the commercial banking sector in the United States.
Bank of America specializes in commercial banking, investment banking, and wealth management and is the world’s eighth-largest bank by total assets.
3. Wells Fargo
It has nearly 5,000 domestic branches and $1.8 trillion in consolidated assets.
Wells Fargo is one of the Big Four banks in the United States, with operations in commercial and retail banking, as well as investment banking and wealth and asset management.
4. Citigroup (Citi)
It is a holding company for several subsidiaries, including Citicorp and Citibank. Citigroup is a multinational investment bank with $1.7 trillion in assets but only a few thousand domestic branches.
Despite having more retail banking branches than Citi, US Bancorp and PNC Financial Services have significantly more assets.
5. US Bancorp
The parent company of US Bank, US Bancorp, has nearly $600 billion in assets and over 2,000 branches in the United States.
U.S. Bancorp was established in the late 1800s and held the country’s second-oldest charter.
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How to Get Started in a Career in Major Banks
Banking professionals come from a wide range of educational backgrounds, levels of experience, and skill sets. If you want to work in banking, take the following steps:
1. Finish high school
A high school diploma or GED is required for some entry-level banking positions. Following high school graduation, you can apply for bank teller, loan officer, or accounting clerk jobs.
2. Complete a bachelor’s degree
A bachelor’s degree is required for many banking jobs. While any degree can help you prepare for a banking career, consider majoring in finance, accounting, economics, or business.
3. Develop the necessary skills
Develop hard and soft banking skills you can list on your resume and explain during job interviews.
4. Select a banking specialty
While pursuing your degree, you may discover that you are most skilled and interested in a particular banking area.
5. Consult with a career counselor
Make an appointment with a career advisor at your university to learn how to prepare for a banking job and find an internship or entry-level job opportunity.
6. Obtain an internship
Pursue a paid or unpaid internship with a bank or financial institution while in college or after graduation.
These opportunities can provide you with valuable experience in a variety of bank departments and assist you in deciding what type of banking job you want to pursue.
7. Establish a network
Make as many connections as possible with people in the banking industry.
8. Participate in training programs
You can find a variety of financial training courses online to help you develop your banking knowledge, especially if you have no banking experience or a banking-related degree.
9. Pay attention to the market.
Learn banking to prepare for a banking job and demonstrate to employers your determination to succeed in the industry by learning banking terminology and methods.
10. Set up a website or a blog.
Start a finance blog or website to demonstrate your banking knowledge and establish yourself as an industry voice. Post and comment on banking news, market observations, and investment ideas.
11. Get your master’s degree
Master’s degree programs typically last two years. A master’s degree in business administration, finance, financial engineering, or legal studies is one program that can help you get into banking.
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FAQs on Is Major Banks A Good Career Path
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Is Major Banks A Good Career Path?
Conclusion
Because of the high salaries, benefits, and convenience of a corporate office, a career in a major bank is lucrative.
If you have the necessary academic qualifications and analytical, communication, managerial, and computer skills, it can be a great career choice for you.
There are numerous jobs available in major banks, with salaries ranging from low to high. This article has answered the question- Is Major Banks A Good Career Path? You can start your career in Major banks today!