Is Working in Major Banks a Good Career Path : Everything You Need to Know
Money makes the world go around, and that is as true today as it ever was. From individual people to families to small businesses and the juggernauts of commerce, money flows through all great successes across the world. And since there is so much money floating around, there needs to be a place to keep it all.
There was a time when banking was a boring but necessary part of life and doing business. People would store their money in banks and hardly ever think about it. It was very dry and unexciting.
But times have changed, and the banking industry has altered a lot, especially over the last few decades. Now, banking is completely different, with many different jobs associated with it. There are far more jobs than simply being a bank teller or some sort of bank manager.
If you are looking to enter the industry of banking, now would be a great time. Major banks have become even more vital and essential in the world, and they are offering a lot of amazing jobs that pay very well, provide employees with a lot, and give you a chance at experiencing things you never have before.
It doesn’t matter if you’re good with money or not. A career path in the banking world is a very smart idea that you can, quite literally, bank on.
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What Are Major Banks?
Before you can learn about why working in major banks is a good idea, you have to have a solid understanding of just what major banks are. Knowing this will give you a better idea of how these positions will fit you and what they will offer in return for your hard work.
Major banks are large American banking institutions that are ranked high because of the total assets they hold and the publicly traded stocks that they have.
When we talk about major banks, the institutions we are speaking of are:
They hold literally trillions of dollars in assets, and the impact that they have on the world is immense.
Major banks do a wide number of things. Back in the day, banking services were more limited. But today, they are doing not only personal and business banking, but they are also investing money in massive projects, from new companies to construction and more.
All of these banks also run credit card companies built within them and offer other huge financial services, like mortgages, loans, business loans, and more.
From personal banking to corporate financial services and a number of other things, major banks are now more than just a place where people cash checks or open savings accounts.
And because of this growth, each of these major banks now has numerous jobs that are not commonly seen by the public. The days of banks only employing tellers are long gone.
Common Major Banking Jobs
If you are looking to get into the major bank industry, you have a lot of options laid before. Understanding what positions are available in these companies will help you better formulate which direction you should take.
This is the most well-known banking job since we have all interacted with tellers at one point or another.
A bank teller works in both commercial and retail banking capacities. They help customers cash their checks, pull funds, make deposits, and handle a number of inquiries and requests. In many ways, tellers are on the front lines of the banking industry.
They are the ones who have the most hands-on work with customers and business representatives. A major part of being a bank teller is customer service, so if this is the job that you focus on, you should be sure that you work well with others and like to interact with people and their questions and requests.
Discover the process of becoming a bank teller.
One of the biggest things that major banks do today is that they offer people and companies loans. These loans can help people get a house, buy a car, or start a business of their own.
And every loan needs to be approved by a bank’s loan officer. The job of a loan officer is to figure out if customers are capable of getting a loan, paying it back, and investing it wisely.
They will do this in a number of ways, like looking at a person’s credit rating, financial past, and business plan. A lot of work goes into approving a loan at a bank, and a loan officer’s job is quite intense and quite important too.
A loan officer will work in tandem with underwriters for the loan and will do their job within an entire team of the bank’s loan department.
Today, banks are one of the places people go to when they want to get into the stock market. Most major banks will help individuals and businesses invest in stocks, futures, and other commodities in various markets.
A portfolio manager is the person who oversees all of that. They will come up with strategies for people and will help them manage stocks, investments, withdrawals, and more.
An accountant holds a very special position in the major banking industry, and it’s one of the most important jobs there is. As you can guess, an account will review and report on financial information from companies, both large and small.
Accountants are also in charge of making sure that banks work within the federal and state laws of the land.
Banks are all about numbers, and accountants are completely in charge of numbers, studying them, making projections based on them, doing math that sets the course for the future of both customers and huge companies too.
Check out the process of becoming an accountant.
What Sort Of Education Do You Need?
Depending on the type of job that you pursue in major banking, there are certain education requirements you might need to meet.
When it comes to being a teller at a bank, the education requirements you need will not be too high or steep. In fact, many banks allow you to be a teller even if you haven’t finished college and received a degree.
The higher you climb up the major banking ladder, the more education you will need. You might need at least a bachelor’s degree for certain jobs, like branch management.
Then there are other, higher-paying jobs within the major banking industry that will require a Master of Business Administration (MBA). Those are jobs like investing roles and chief financial officers.
Financial analysts within banks will need a chartered financial analyst (CFA) certification, while mortgage loan officers might need a mortgage loan originator license, and an account will require a certified public account (CPA) license.
Necessary Skills To Work In a Major Bank
Additionally, there are certain skills that banks will look for when they are hiring for these coveted positions. There is a lot you will have to be good at.
Firstly, depending on the job, the following hard skills could be useful:
- Strong math and numerical skills
- Analytical skills
- Understanding of financial markets
Some relevant soft skills might include:
- Communication abilities
- Attention to detail
Perhaps the most important of any of those is the ability to communicate well with others. Without that, you won’t be able to do the job well, and your team will not be able to succeed.
Whether you are communicating with customers and businesses, people applying for loans, members within your branch, or more, communication is key when you are trying to make it in the major bank industry.
Why You Should Pursue a Major Bank Career
The pay that you will receive can be very enticing. A branch manager at a branch can make upwards of $60,000 a year, but there is even more money to be made in positions like portfolio managers and budget analysts and loan officers, who can make $90,000 and $80,000, and $64,000, respectively.
Competitive pay is one of the biggest reasons people are attracted to this field, but it’s not the last one. The stability of working in major banking is a huge draw for all types of people. Banks have been around forever, and they will remain an important part of society for the rest of time.
This means that you will be sure that your job isn’t going to go out of style or lose popularity. People will always be banking which provides those who work within the field with a strong sense of job security.
And no one should forget about the benefits that come with a career in banking. From health insurance to a 401k and even stock options, being employed by a big bank will help you have financial and health security in the present and in the future as well.
You can work for many years in the banking industry. People who start as a bank teller in their early 20s often retire with the same bank decades later with a much nicer, higher-paying, and more rewarding position. There is a lot of room for upward mobility when it comes to working in the major bank field.
Working in banks is a highly-respected and essential career that comes not only with good pay and a lot of chances for growth but also a level of responsibility and importance that has and will be well-regarded for years to come. It feels good to work in the banking industry, and people often respect and celebrate those who do.
The world will change a lot, but we all know that money will never go out of style. People will always need ways to keep their income and savings safe and invest as well.
Banks are a huge part of modern society, and they will be for the rest of time. That is one of the biggest reasons why choosing a career in banking is smart. It is a job that will always be mandatory.
But there are, in fact, other reasons why you should decide to work in banks, from the benefits of the job to the competitive pay to the respect you will receive from others to so much more. And depending on the job you choose, your educational requirements are completely achievable.
Working in major banking is the sort of job that pays you back in more ways than one.
Sarah is an accomplished educator, researcher and author in the field of testing and assessment. She has worked with various educational institutions and organisations to develop innovative evaluation methods and enhance student learning. Sarah has published numerous articles and books on assessment and learning. Her passion for promoting equity and fairness in the education system fuels her commitment to sharing insights and best practices with educators and policymakers around the world.