Whenever one imagines a job with high salaries, a job in the financial sector always comes to mind. So, if you’re wondering whether major banks is indeed a good career path for you, you’ve come to the right place. In this article, we’ll understand what it means to be working in major banks, some of the jobs in major banks and their salaries, and the pros and cons of working in major banks.
Before moving further, let us first discuss what it takes to start a career in major banks:
What are the requirements for working in major banks?
Getting a lucrative job in major banks can be really challenging since almost all jobs require specialized skills and knowledge. In fact, making a good career path almost starts by getting employed in an entry-level position and climbing the corporate ladder. Some of the skills required to get a job and move up the ranks in the banking sector are:
- Educational Qualifications:
A degree in finance, economics, accounting, marketing, or management is almost always a prerequisite for getting started in major banks. While the most common requirement is a bachelor’s degree, getting a master’s degree will be a huge plus point.
- Analytical Skills:
In a crowd of applicants with similar degree certificates, what sets someone with a good future in major banks is his/her analytical skills. You’ll need to have a sharp mathematical mind to be able to look through the clutter of data to detect trends, and errors or establish inferences.
- Managerial skills:
While managers make a good part of the high-paid major bank job holders, the need for managerial skill is not only limited to them. Working in a major bank can be hectic if a person has no managerial skills.
- Communication and soft skills:
Most of the jobs in major banks require you to have good communication and soft skills since they involve constantly dealing with people, explaining data or even convincing results.
- Computer Skills:
Almost all jobs in banks today are now digitalized. So, if you are someone who doesn’t know his/her way around a computer, major banks is not a good career path for you. However, a tech-savvy person who understands finance, accounting and economics is the one who will have the greatest chance of establishing the best career in major banks.
How much do Major Banks Jobs Pay?
The annual average salary of jobs in major banks, which is $67,691 is higher than the US national average salary. There is a wide gap between the common lowest annual salaries and the highest salaries in this industry, i.e. $23,000 and $138,000 respectively. This is a clear indication of the fact that job opportunities in the banking sector are diversified, and you have several opportunities to advance your career towards a more lucrative paygrade depending on your skills, education and experience.
Additionally, all jobs in the banking sector come with extra employee benefits and services.
Also, the United States Bureau of Labor Statistics projects an 8% growth in the number of jobs in the financial sector from 2020 to 2030. This translates into just over 750,000 jobs being added to the job market every year.
List of Jobs Available in Major Banks Career
Some of the best jobs in major banks with their responsibilities and salary information are as follows:
1. Accountant and Auditors:
Accountants and auditors are responsible for preparing and examining financial records and preparing financial reports. The entry-level education is a bachelor’s degree.
Median Pay: $77,250 per year (2021)
2. Budget Analyst:
Major banks have a demand for a budget analyst to make recommendations to the companies they manage about optimizing their budget to minimize expenses so as to maximize returns. One much have at least a bachelor’s degree to be a budget analyst and a sound understanding of the corporate financial world.
Median Pay: $79,940 per year (2021)
3. Loan Officers:
We all know what a loan officer does. He/she studies the applications for loans in detail and after evaluating the application, he/she either authorizes the application or recommends for authorization. The loan officer is a crucial job in banks.
Median Pay: $63,380 per year (2021)
4. Chief Financial Officer:
Chief Financial Officer is one of the highest jobs you can get in the banking sector. You will be responsible for the entire financial operations of the bank. Usually, you will become a chief financial officer after several years of experience in the finance sector when you have a deep understanding of the finance and stock market and a good managerial and decision-making ability.
Median Pay: $140,000 per year (2021)
5. Portfolio Manager:
As a portfolio manager, you must understand the economic market in much detail so that you can manage the organization’s or a personal client’s money to gain the maximum returns from the investment. Major Investment Banks are always in search of good portfolio managers. The scope of tech-savvy portfolio managers is increasing with the rise in cryptocurrency, NFTs, etc.
Median Pay: $90,800 per year (2021)
6. Branch Manager:
Most major banks have hundreds of branches across the country and each branch needs a branch manager to coordinate the financial as well as the managerial aspects of that branch. So, it is a position of authority and comes with strong responsibility.
Median Pay: $61,420 per year (2021)
The Pros and Cons of Major Banks Career
Finally, before deciding whether any career is a good career or not, it is always best to weigh the pros and cons of that career.
Pros/Advantages of a career in Major Banks
- The remuneration /salary and the benefits of most of the jobs in major banks are higher than other comparable jobs from other industries.
- With very high numbers of jobs available at all levels, the chances of advancing your career towards a better position are also very high.
- A career in major banks is a well-respected career which might turn into higher job satisfaction for you.
- A career in major banks is a stable career since commercial banks have existed for a very time and will continue to grow and evolve long into the future.
- A career in major banks involves dealing with a lot of people which will make it easier for you to advance in your career and in society.
Cons/Disadvantages of a career in Major Banks
- Working in a bank involves piles of paperwork which can be tedious to deal with on a day-to-day basis for some people.
- The demand for jobs in major banks is excessive and you may have to put in a lot of effort for landing a job.
- The corporate ladder of major banks can be hard to climb because of bureaucracy issues.
- Dealing with people regularly can be tiring, especially when the customers aren’t cooperative.
A career in major banks is a lucrative one because of the high salaries, benefits and comfort of a corporate office. It can be a great career choice for you if you have the right academic qualifications for it and the necessary analytical, communication, managerial and computer skills. There are plenty of jobs in major banks starting with a wide range of salaries. To establish a secure future with your career in major banks, you must be ready to get low-paid entry-level jobs or even internships so that you can showcase your talent and skills to move towards your target job.