Is major banks a good career path? Finding a career path that suits your life and personal goals can be a very hard task. Today we will enlighten you with all the important information regarding the major banking industry.
What are major banks?
Major banks are financial institutions. Major banks provide several services, such as banking products and services, investment advice and they loan products. Some of the biggest major banks in the USA are JPMorgan Chase, Bank of America and Citigroup.
Benefits of working in Major Banks
Is major banks a good career path in terms of job security? Major banks are unlikely to go bankrupt, due to the huge number of customers. This gives you security in your employment at a major bank. Most banks are also related to government institutions, that insure employees and customers their money.
There are several major banks worldwide. This gives you the option to work in a foreign country. So, if you aspire to work in a country abroad the major banking industry could be a great career path.
A lot of major banks give new employees a big starters bonus. Bonusses are a pretty common occurrence in major banking. When employees perform really well, they are likely to get a large bonus besides their salary.
Major banks are known to offer a lot of opportunities for promotion. Reaching the next step in your career is very likely, if you show good results and work hard. If you get a promotion, you often get a big bonus.
One of the biggest benefits of working in major banking is the experience and knowledge you get from working in the industry. A job in major banking can give you a lot of experience and knowledge, that will help you the rest of your career and life. Major banks can also help you build your resume and network.
A big resume in major banking can attract a lot of job opportunities. Major banks also offer competitive salaries. A good resume in major banking is very valuable.
Disadvantages of working in Major Banks
We have just given you the benefits of working in major banks. To give you an even better answer on the question “Is major banks a good career path?”, we will also give you the disadvantages of working in the major banks industry.
The major banks industry often has very long workhours. The major banks industry is also known to be a very stressful and competitive market. Having a job in the industry can be tiring and could result in stress.
A big cause for stress in the major banks industry is usually a result of the high expectations and strict deadlines in the industry.
It can be hard to get a job in this competitive industry. There are a lot of applicants, so to make sure you stand out, you need to be able to offer more value than the other applicants. With a good resume in the major banks industry, you stand out very easily. Once you get at this point, you will get a lot of offers for work with different salaries and positions.
What are the different types of jobs and salaries in Major Banks?
Is major banks a good career path in terms of job functions? There are a lot of different jobs in the major banks industry. There is a wide variety in jobs, for example you can become a security guard, bank teller, accountant or a financial analyst. The type of job, is all dependent on what your interests and skills are within the industry.
Are your interests in giving clients financial advice? Some jobs you might like:
Financial Advisor (Average yearly salary: $120K+)
A Financial Advisor is paid to offer financial advice to corporate clients. As a Financial Advisor you stay in contact with clients and you try to learn as much as possible about your clients work field and industry. A Financial Advisor can also be giving away his service to individual clients that just want to invest their savings.
Investment Banker (Average yearly salary: $120K+)
An Investment Banker is nearly the same as a Financial Advisor. Investment Bankers offer financial advice to corporate clients and help corporate clients by providing guidance and support with certain transactions.
Financial Analyst (Average yearly salary: $80K+)
A Financial Analyst, analyzes data and organizes financial data into accessible reports. Financial Analysts also look for investment opportunities and look for financial trends within the industry for clients.
Are you interested in Risk Management? Some jobs you might like:
Underwriter (Average yearly salary: $65K+)
Underwriters review if potential clients can afford to take loans. Underwriters also make draft contracts for potential clients that surpass this review.
Credit Analyst (Average yearly salary: $50K+)
Credit Analysts review potential clients’ financial history and credit score and give their recommendation to the firm they are working at.
Fraud Analyst (Average yearly salary: $50K+)
Fraud Analysts are responsible for reviewing customer transactions and flag fraudulent transactions.
Other job functions involve accounting, asset management or banking. Like we mentioned before, the major banks industry has a lot of variety in job functions. It all depends on where your personal goals are and what skillset you already acquired.
Want to know the 10 best paying jobs in major banks? Take a look at this video made by Careercloud.
Is major banks a good career path suited for you? Make sure to keep reading, next up we will tell you what skills are required for a job in the major banks industry.
What are the skills required for a career in Major Banks?
Is major banks a good career path for your skillset? The most important skills required for a career in the major banks industry are communication and you must be eager to learn new skills.
Communication
Communication is very important, because a lot of tasks will be done in cooperation with coworkers. A lot of jobs also include being with clients. Good communication skills are a must-have if you want to succeed in your major banks career.
Eager to learn new skills
When you start your career in the major banks industry, there will be a lot of new skills that you need to learn. If you don’t like learning new information and skills, then the major banks industry might not be suited for you. Staying up-to-date of the industry is also pretty important.
Knowledge of finance and accounting is also really important. You will need to be able to solve financial problems, a lot of jobs require problem-solving skills.
Conclusion: Is Major Banks a good career path?
Is major banks a good career path? Yes, a job in major banks is very valuable and will more than definitely be worth your time investment and possible future. The big bonusses and career opportunities are a big factor that shed all the negatives of working in major banking. The knowledge, experience and new people you will get to know along the way is unlike any other career path.
We hope you got your answer to the question “Is major banks a good career path” and wish you good luck in your career!
Still not sure if you want to work in the major banks industry? Maybe some of these career paths fit your personal goals and life:
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