Is major banks a good career path? Yes, major banks are a good choice for your career while you have a passion for banking and finance. Whether you are good in math and numbers, your skills might lend themselves to a good career in this field.
In this case, if you want, you can go with finance jobs at major banks. Along with these, other advantages include good working conditions, the chance to learn new skills, and a little flexibility.
JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Charles Schwab Corporation, The Bank of New York Mellon, Capital One, TIAA, State Street Corporation, HSBC Bank USA, USAA, Fifth Third Bank, BMO Harris Bank, etc are names of major banks.
What Are The Major Banks In The U.S.?
The major banks in the United States are:
- JPMorgan Chase: It has a market capitalization of $488.47 billion, while its total asset has $3.31 trillion.
- Bank of America: It has a market capitalization of $325.33 billion, while its total asset has $2.52 trillion.
- Citigroup: It has a market capitalization of $123.94 billion, while its total asset has $1.67 trillion.
- Wells Fargo: It has a market capitalization of $197 billion while its total asset has $1.78 trillion.
- Goldman Sachs: It has a market capitalization of $100.7 billion.
- Morgan Stanley: It has a market capitalization of $182 billion.
- Charles Schwab Corporation: It has a market capitalization of $105.62 billion.
These are a few which belong to the top twenty in the United States, including Bancorp, PNC Financial Services, TD Bank N.A., The Bank of New York Mellon, Capital One, TIAA, State Street Corporation, HSBC Bank USA, USAA, Fifth Third Bank, BMO Harris Bank, and SVB Financial Group.
How Many Jobs Are Available In Major Banks?
What do you think are major banks a good career path? As of July 2022, according to the reports, 2,027,667 employed people are in the commercial banking industry. Employment in commercial banking has grown 4.7 % in 2022.
Between 2017 and 2022, employment increased by 0.9 % overall. But when 2021 comes, the commercial banking industry shrank and has lost 33,000 jobs.
It experienced a decline in employment in commercial banking during the Pandemic-related closures of bank branches. The rise of digital banking can also contribute to the loss of jobs.
Banks in the US shut down 2927 branches in 2021, while in the previous year, we experienced a shutdown of 2,126 bank branches. However, only 1,417 branches shut down their doors in 2019.
In 2022, Wells Fargo, U.S. Bancorp, Bank of America, and JPMorganChase shut down 267 branches, 200 branches, 166 branches, and 129 branches, respectively. Closures were up 38 % from 2020.
In addition, banks keep on closing at a 2-3 % rate per year. With bank closures continuing at this rate, commercial banking jobs will decline. It indicates declining job prospects for people who want to make their career in the commercial banking industry.
Hence, all figures are taken from IBISWorld’s Consumer Banking in the US Employment Statistics.
What Do Major Banks Jobs Pay?
Usually, different entry-level positions are available at banks. While bank tellers have an average annual salary of $34,930, an assistant manager can make a $44,000 salary. In addition, a security guard can make an average $30,000 annual salary per year.
In addition, multiple mid-level jobs are at banks. Generally, the average fraud analyst can make $53,000 every year. While a notary public can earn $61,000 a year, loan officers make a $78,040 salary.
Usually, multiple high-paying jobs are at major banks. If you consider Accountants, they earn more than $83,980.
Whether you are willing to do a high-paying job at a major bank, you should try to obtain a Bachelor of Science in Finance. Thus, you can have a foundation in financial management and other financial basics.
If you want to be an Accountant, you should know about Accounting. Multiple employees of these banks pursue a Master of Business Administration or a Master of Science in finance.
While you have an advanced degree, it will give you more chances. Hence, the figures are the estimates from the US Bureau of Labor Statistics in May 2021.
4 Reasons Why A Career In Banking Might Be Right For You
Careers are stable in banking. Besides, the job markets for bankers will grow in the future. But sometimes, banking as a career might be competitive. Therefore, it is essential to have a good understanding of the financial industry before obtaining a career in this field.
Multiple types of banks are available, and every bank provides its products and services. In this case, you should research the separate types of banks before selecting a career path.
When you consider a banking career, you might think if it is a good choice. In recent years, the banking industry has experienced big changes. Therefore, these are a few things that you need to consider:
1 Banking Is A Stable Industry:
Although banks are currently experiencing a financial crisis, they are still thriving. Even these have become more vital than before. If you want a stable career, banking is a suitable choice.
2 Banking Is A Well-Paid Industry:
If you want to earn a good salary, it is an ideal option. Generally, bankers earn six-figure salaries. Bankers who are successful mostly can earn plenty of money per year.
3 Banking Is An Exciting Industry:
Banking is your first choice if you are finding an interesting and quick-paced career. Something will always happen in banking, whether working with clients or closing deals.
Remember that banks can provide different career opportunities. The bank has multiple positions, from tellers to loan officers to investment bankers. Thus, employees can find the best role suitable for them with their skills and interests.
Overall, multiple things are there to consider while deciding if it is a good career path for you. But banking is a good option if you want a stable and well-paid career.
What Are Some Examples Of A Career In Major Banks?
Major banks serve as the biggest and most influential financial institutions worldwide. These can provide multiple career choices for people with the correct skills and experience.
We have given some examples of these positions which could be available:
- Investment Banking: It advises companies on current equity or debt. Besides, it can offer guidance on mergers and acquisitions.
- Commercial Banking: It can offer loans and other financial products to businesses.
- Retail Banking: This type of banking has clients with products like savings accounts, checking accounts, and mortgages.
- Asset Management: It helps people and companies in growing wealth. Hence, it invests in stocks, bonds, and other securities.
- Private Banking: It can manage the high finance of high-net-worth people and families.
- Compliance: It makes sure that the bank follows all regulations and applicable laws. These are some of the multiple career options which major banks offer. While it has multiple ranges of businesses, people must find a role fitting their skills and interests.
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What Skills Are Required For A Career In The Major Banking Industry?
You should know that this field is a hard and ever-changing industry. Therefore, as an employee, you must have hard or soft skills.
Regarding complex skills, they must understand financial reports and regulations. Besides, employees should have the capability of using banking software. In addition, they can process transactions properly.
In addition, they must come with good customer service skills. They should know how to produce relationships with clients. They can handle complex situations calmly and resolve conflict effectively.
Banks are finding employees because of the evolution of the industry. It looks for people who take an interest in learning new things. Therefore, brush up on your skillset if you want to pursue a banking career. The right skillset ensures you will get success in your competitive industry.
What Are The Pros And Cons Of Working In The Major Banking Industry
Similar to industry, these also have benefits and drawbacks to working in major banking.
- These give great pay and advantages.
- In addition, these are stable companies. Therefore, it is better to be laid off.
- There are chances for advancement within the company.
- You might get huge experience with accurate knowledge to work for a major bank.
- These hours are long and unpredictable.
- This work is very stressful.
- There is huge pressure which meets sales goals and quotas.
- You might need to deal with angry or upset customers daily.
Above all, you must consider both benefits and drawbacks of working in the major banks before you make any decision.
What Are Major Banks?
It is a large source of employment in the US. This bank can employ multiple people in various roles like tellers, loan officers, investment bankers, financial analysts, etc.
In addition, it is also a big force in the economy which accounts for a big share of GDP. Usually, if you work in the banking sector, it is both challenging and interesting.
On the flip side, it can provide the chance to work with a few large financial institutions and help to drive the economy. But you can find it stressful as you may need to experience intense pressure for long hours meeting deadlines.
But if you are up for the challenge, you must work in the banking sector, and it is a rewarding experience.
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Who Are The Best Companies To Work For In The Major Banks Industry?
One thing you should know is that this industry is very competitive. Besides, employees always remain under huge pressure to perform.
Therefore, working for a company that values its employees and offers a supportive environment is essential. These are a few good companies to work for in the banking industry, including:
It is an investment bank and one of the most popular ones worldwide. In addition, people also consider it one of the best places to work. The company can provide a competitive salary and package with multiple benefits. In addition, it is popular for its commitment to employee development.
Another top investment bank is one of the best places to work. Employees can get a competitive salary and benefits package. Besides, it tries to provide benefits to the employees.
This one is a big bank with operations in over a hundred countries. Besides, it can provide a competitive salary and benefits package.
It is one of the largest banks operating in over 70 nations. In addition, it can provide a competitive salary and benefits package. HSBC wants employee development.
4 Ways To Land A Job In The Major Banks Industry:
As the banking industry is competitive, getting a job without experience is hard. These are a few tips for landing a job in the banking industry.
1 Start with an internship:
Multiple banks provide internships to students. It can offer a valuable introduction to the world of financial background.
2 Get your qualifications:
If you have an economics or business degree, it can help you to build a good foundation for a banking career.
Try to attend different industry events and meet more people as much as possible. Banks are about relationships. Therefore, it is essential to begin building yours early.
4 Be patient:
You should wait a while to land a job in the banking sector. However, if you are persistent and put in the work, you must find success.
Frequently Asked Questions
1. Do Bank Jobs Pay Well?
Banking sectors are regulated highly. It can make these banking jobs one of the top choices for applicants. Jobs in both public and private sector banks are well paid. In addition, it can provide good growth opportunities for their staff.
2. Which Bank Has The Highest Salary?
These banks offer the highest salaries, which are as follows:
- SBI PO
- RBI Grade B
- NABARD Grade A & B Officer
- Finance Advisor
- RBI Assistant
- NABARD Development Assistant
- IBPS PO
3. What bank position pays the most?
These are the bank positions paying the most—
- Credit analyst
- Financial analyst
- Fund manager
- Finance manager
- Foreign exchange trader
- Budget analyst
- Branch manager
- Investment banker
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