Is major banks a good career path? Yes, because it provides a wide number of opportunities in the concerned industry. Working in such a field is one of the greatest ways of ensuring the stability and security of a job in the career of – well, banking.
In this article, I will be discussing “Is major banks a good career path” and other things related to it. Keep reading till the end to find out more information about the same!
7 High Paying Jobs In Major Banks
Seeing the list of jobs that are related to this field is going to help you in determining whether “is major banks a good career path”. Here is a list of jobs that you are going to get to choose from when opting for a career in Major Banks:
1. Chief Financial Officer
Often abbreviated as CFO, a Chief Financial Officer is a responsible head of the company. They help a bank in directing their financial strategy and also oversee the planning and budgeting operations. These people need to thoroughly check that the finances of the bank are being properly managed.
2. Underwriting Assistant
These assistants aid in determining the eligibility of a client for things like mortgages, insurance policies, and loans. They often work under a managing underwriter or a lead and perform various duties like information collection, data entry, and other administrative-related tasks.
3. Teller
The Tellers are known to work in both settings – commercial and retail banking sectors. They aid the customers in the withdrawal and deposit of funds, cashing in checks, etc. A bank teller is also effectively responsible for answering the more common queries of the customers. They even work in handling accounts-related discrepancies as well.
4. Portfolio Manager
They are financial managers who look after the strategies pertaining to investment for the clients. The target client types for these strategies are large corporations and wealthy individuals. These people also work primarily in the corporate financing of a bank.
It is also to be noted that there are several portfolio managers out there who work for different entities outside of banking institutions. For example, private firms and hedge funds.
Keep reading till the end to find out more about ‘Is major banks a good career path’!
5. Loan Officer
Loan officers work in commercial and retail banking to determine whether the customers and clients are available for the application of loans. This is determined after analyzing and determining their history of credit and their current finances. The Loan officers also work with the underwriters and at the same time make recommendations to customers for approval of loans.
6. Investment Banker
An investment banker is the one who works on the finance industry’s corporate side. For instance, these investment bankers primarily focus on facilitating acquisitions and mergers. The others aid the corporate clients in finding more opportunities for investment and selling/purchasing of bonds and stocks.
7. Accountant
The accountants work for all of the sectors of a bank – corporate, retail, and commercial. Generally, the job of an accountant is similar regardless of the area in which they work.
Their primary duties revolve around reporting and reviewing the financial stats/information of the company. There are also various accountants, who focus on making sure that the bank complies with various state and federal regulations.
Pros Of Opting This Career Path
Here is a list of some of the pros that this career path poses for the people who opt for it:
Higher Salary
Jobs related to the banking sector come with good compensation. With jobs like this, you can be assured that you are going to get a steady income source – with handsome salaries.
It depends on the type of job that you get of course but even in an entry-level position, you can expect to get around $30,000.
Job Securities
The answer to “Is major banks a good career path” – is a strong yes as it entails this. Even if you are looking for an entry-level position, you are going to get a steady source of income. There is a vast range of needs within this sector – choose the one that you feel fits you the most.
Because these present a wide range of needs, you are going to be able to always get a job in this sector no matter what – but that also needs you to be qualified for the position as well.
Opportunities For Advancement
A majority of the banks are known to have very clear and set paths for increment and promotion as these types of large organizations have several hundreds of departments. Here, the employees can expand to and also gain knowledge about the business’s various aspects.
Cons Of Opting For This Career Path
Here is a list of some of the cons that this career path poses for the people who opt for it: After reading it, decide yourself whether ”is major banks a good career path or not.
Longer Working Hours
The banks work for global markets and hence there’s a constant need for them to operate for longer hours. Some banks require the employees to work according to various time zones and also work more than a typical 9-5 job. The banks also have set deadlines that they have to meet – this requires people to work for a longer amount of hours.
Workload
This industry attracts many ambitious and talented job seekers, who compete for different positions. Due to the industry’s demand for a higher level of skills, experience, and qualifications – the competition gets tough.
Competitive Work Atmosphere
It can be stressful and hectic, working with large sums of money. It becomes a huge responsibility on the part of the person, to see that the work is being performed well and effectively. This puts a lot of pressure on the people to always be accurate.
To Wrap It Up!
That was all for information regarding “Is major banks a good career path” and other things related to it. Thank you for reading up till here. I hope you found the information useful.
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