Perhaps you want to consider a career in major banks and doubt whether it is a good choice to make or not. Major banks such as JPMorgan Chase and Bank of America, among others, are the best to work for several reasons that I will discuss in this article.
Major banks have a good number of great careers that pay well. Moreover, most of these jobs are stable and with positive growth, guaranteeing job security. Therefore, working in any major bank, whether as a financial analyst, financial examiner, financial planner, accounting manager, or internal auditor, is a great career path to pursue.
Of course, you need to understand the exact position you want and everything you need to qualify for that role in a major bank. In addition, there are a lot of job opportunities for different professions, and these jobs pay differently. Therefore, you need to read through this excellent piece to learn everything you need to know about a career in major banks.
What Are Major Banks?
Major banks refer to the four finance sectors in the London interbank market regarding U.S. dollar-denominated notes and four major banks in the Eurozone interbank market. In the United States, the four largest commercial banks referred to as the big four are Bank of America, JPMorgan Chase, Citi Bank, and Wells Fargo.
Why Choose A Career In Major Banks?
It is a superb career choice if you are passionate about working in a major bank. You will get exposed to a fast-paced and continuously challenging career that will eventually reward you as you advance. Major banks have fantastic jobs and a lot of opportunities for advancement.
Of course, the good thing about the banking industry is that it absorbs professionals from a wide range of disciplines. Some of the other reasons why you should choose a career in major banks include the following:
A U.S. bank employee earns an average annual salary of about $78,031. This is above many other professions that pay less. The good thing with this is that your salary will definitely increase as you advance in your career, gain more experience, or grow your studies. In addition, different banks pay differently depending on the location where you work.
Several benefits come with your salary package while working in a major bank. Some benefits you get as an employee in major banks include health insurance coverage, retirement benefits, and paid time off.
Career Growth And Development
As I mentioned, a career in major banks is fast-paced and challenging. However, this gives you the opportunity to grow and advance in your career. There are several positions to choose from and to advance. In addition, major banks will provide excellent career development opportunities to help you grow and develop for the better.
Every employee would want to have a career that is stable or with job security. The banking industry is one of those sectors with stable career opportunities and many opportunities to choose from. Of course, working in a major bank will give you valuable experience that guarantees success and even a job in any other bank or financial institution.
What Do People Working In Major Banks Do?
There are many opportunities for people in major banks. Some of the jobs, to mention, include entry-level positions to those high-ranking jobs. These include common positions such as bank tellers, financial professionals, accounting managers, equity traders, financial risk managers, investment bankers, and bank managers, to mention a few. Of course, there are a lot of opportunities, and I may not finish mentioning all of them in a single article.
How Many Jobs Are Available In Major Banks?
It is impossible to mention the exact number of jobs available in major banks since many of them exist. Like any other bank or financial institution, major banks hire personnel tasked with different roles. Some of the typical jobs that you cannot miss in any major bank, therefore, include the following:
1. Portfolio Manager Jobs
Portfolio managers work with banks or hedge funds to help clients with their investments. They hepl clients make informed decisions, advise and implement investment strategies so clients can meet their investment goals. In addition, they help clients buy and sell their investments, among other duties.
It is important to note that you cannot work as a portfolio manager if you don’t have excellent communication skills, soft skills, analytical skills, and the ability to work independently. In addition, of course, you also need to be tenacious, decisive, and with solid emotional control since you are going to work with even the most demanding clients.
If you want to venture into a portfolio manager career, you need a bachelor’s degree with a major in finance or any other relevant field.
2. Investment Bankers
Investment bankers are professionals who are experienced and knowledgeable on matters to do with corporate finance and investments. They conduct due diligence and strategic research and help institutional clients in mergers and acquisitions and raising capital.
The other duties in investment banking are to discover potential investors, help in corporate restructuring, and analyze investment risks to offer clients better investment advice, among other functions.
To pursue a rewarding career in finance as an investment banker, you need to have a bachelor’s degree with majors in finance, business, or economics. It would help if you also had strong analytical prowess, finance industry expertise, and effective communication skills.
3. Financial Analysts
The work of a financial analyst is analytical in nature. They analyze the financial documents, data and performance, both past and current, prepare projections and reports, explore investment opportunities, evaluate profit plans, and evaluate depreciation and current capital expenditure, among other functions.
As a financial analyst, you will need to possess key skills that include accounting skills, technical skills, financial literacy, critical thinking, problem-solving, communication, leadership and management, and analytical skills, among others.
If you are aspiring for a financial analyst career, you need to pursue a bachelor’s degree in finance or accounting. Passing the CFA institute exams is also a requirement to become successful in this career.
4. Auditor Jobs
There are many roles and responsibilities that an auditor is tasked with, depending on the nature of the bank’s operation. One of the primary duties is to evaluate the accuracy, legitimacy, and completeness of the banks’ financial records. In addition, the auditor examines the services and records of the bank to ensure compliance with the standards and laws of the industry.
To be eligible for this role as a bank auditor, you need to have a bachelor’s degree in business, finance, or accounting. A postgraduate degree in the same field is an added advantage. Some banks may also need professional qualifications, such as CPA, for one to qualify for this job.
5. Accounting Managers
The work of an accounting manager is to supervise the functions of an accounting department in the bank. This is to ensure accurate and timely reporting and delivery of financial statements. Therefore, accounting managers manage day-to-day activities and analyze, audit financial information, record, track, and manage accounting staff, among other functions.
If you want a career as an accounting manager or assistant manager in accounting, you need a bachelor’s degree in accounting, finance, or any other related field. In addition to that, you will need CPA qualifications to qualify for this position and some years of experience in financial management or relevant departments.
6. Credit Analyst Jobs
The primary role of a credit analyst is to assess and make decisions about a customer’s creditworthiness based on their applications for the loan. They examine and evaluate the purpose of the loan application, check the customer’s credit history, and determine their creditworthiness and whether the person or company applying for the loan is eligible or not. They also determine the amount the individual or company is qualified to borrow based on credit viability.
To be eligible for a credit analyst position, you need a bachelor’s degree in economics or business with a major in finance or accounting. Of course, this is the minimum requirement since some banks may require postgraduate qualifications, professional qualifications, and experience to qualify as credit analysts.
7. Financial Manager
Financial managers (bank managers) are professionals who prepare cash flow statements, accurate financial information and reports, make financial forecasts, and provide financial advice. Some other functions include excellent problem-solving skills, budgeting, directing investment decisions, managing credit, and projecting profit, among other roles. As a financial manager, you will also support the executive management team and interpret financial information for managerial staff.
You need a bachelor’s degree in a financial occupation and a good number of years of experience to qualify as a finance manager in major banks. But, of course, this is the best career path that pays handsomely.
Entry-Level Jobs In Major Banks
Of course, entry-level jobs are designated for recent graduates and typically do not require one to have some prior experience. There are so many entry-level positions in the financial industry, and for major banks, some of the entry-level jobs include the following:
8. Personal Banker
Personal bankers are professionals who help bank customers with opening and manage their personal bank accounts. They also reach out to customers or potential clients and advise the customers on the bank’s financial services.
The role of a personal banker is more advanced than that of a bank teller, who typically handles transactions. Personal bankers also provide customer service and help sell bank products to customers or clients.
9. Bank Teller
Bank tellers are tasked with completing financial transactions from the customers, such as receiving deposits, cashing checks, selling cashiers checks, issuing savings withdrawals, and resolving customer account complaints, and offering certain bank products like checks or credit cards, among other functions. Therefore, it is one of the best careers that does not require prior experience since you can learn on the job.
10. Security Guards
Security is always a priority, especially in banks or financial institutions. Therefore, a security guard’s work is to protect customers and employees from physical attacks or threats. They patrol the bank premises and stay alert to avert any potential threat that would otherwise be harmful to the employees or customers.
In addition, security guards are tasked to protect the bank assets by monitoring the surveillance equipment, among other duties as may be assigned by the bank management. Of course, this job may not require prior experience, but with some basic training in security matters and a high school diploma, you are good to go.
11. Notary Public
It is important to note that most banks and other financial institutions offer notary services to their clients. In most cases, the bank clients use the notary services without paying for them, while the non-clients are charged for the notary services.
Therefore, when you need a document notarized, you will get the service from the bank. Still, the service may be quicker for some than others, so if you are an existing and active customer, you will definitely enjoy this service. But, of course, that is the work of notaries in the bank; to help verify the documents’ authenticity so that they can prevent fraud, among other functions.
12. Loan Officers
A loan officer’s job is to review customer loan applications, assess their creditworthiness, and determine whether the customer qualifies for a loan. The role of a loan officer is somewhat similar to that of a credit officer, and loan officers must have complete knowledge of the financial market and the ability to assess risk. Some banks refer to loan officers as credit officers, so their functions are similar.
To become a loan officer, you need a bachelor’s degree in a business field such as finance, economics, or accounting. Once qualified, you don’t need prior experience since most loan officer jobs are entry-level positions in most banks.
What Do Major Banks Jobs Pay?
Most banking jobs in major banks pay well. From financial analysts, accounting managers, credit analysts, and portfolio managers, these jobs do pay handsomely. It is important to note that different jobs in major banks pay differently depending on experience, educational and professional qualifications, and employer, among other factors. However, the average annual wage for most banking jobs in the United States is $78,031 per year, according to PayScale.
What Are the Best Paying Jobs In Major Banks?
As I noted earlier, there are many job opportunities in major banks and for different categories of professionals. While some are entry-level positions, some are senior and need one to have prior experience of a certain number of years and even some other professional or postgraduate qualifications.
The more experience and qualifications required, the higher it will pay. Therefore, some of the best-paying jobs in major banks include the following:
1. Internal Auditor
An internal auditor is a professional that reviews the bank’s financial records to ensure compliance and accuracy. This is one of the banking jobs with great prospects and rewarding nature.
To work as an internal auditor, you need a degree in finance or any related field, such as accounting or economics. Of course, you will also need professional qualifications, such as CPA, and experience in auditing. This job pays well, and you can earn an average salary of $77,250 annually.
2. Financial Analyst
Financial analysts do financial analysis by examining and analyzing the bank’s financial data. After analyzing the data, they can recommend some financial decisions to be undertaken by the bank.
In addition to that, financial analysts analyze performance and do financial forecasts for better financial decisions. It is one of the best careers with good pay. You can earn an average salary of $95,570 per year as a financial analyst.
3. Financial Manager
A financial manager is the overseer of the financial operations of a financial department in the bank. They also advise on investment plans, mutual funds, manage important financial decisions and functions, and ensure the bank’s financial health and banks track record.
Being a financial manager is one of the lucrative careers that pay well. Compared to other roles or careers, a financial manager position rewards handsomely. You can earn a median salary of about $131,710 per year as a financial manager.
4. Chief Financial Officer
A bank’s Chief Financial Officer (CFO) occupies the second highest rank after the Chief Executive Officer (CEO). It is an upper leadership that needs one to possess some critical managerial and leadership skills.
As a chief financial officer, you will be tasked with managing the bank’s cash flow, managing the bank’s strategic plan, examining market trends and overseeing all financial operations of the bank. You will earn a median salary of about $98,980 per year in this role.
5. Budget Analyst
A budget analyst position in a major bank is also one of the well-paying careers that you ought to consider. To become a budget analyst, you need a bachelor’s degree in business, finance, or accounting. However, some banks may need other professional or postgraduate qualifications. Nevertheless, it is one of the careers with excellent prospects, and you will primarily be tasked with reviewing the budget.
When it comes to earnings, you will earn an average salary of about $79,940 per year. It is, therefore, a great career choice if you have a bachelor’s degree in business or any other related field.
Education And Certification Requirements For A Career In Major Banks
It is important to note that most of the jobs in major banks, credit unions and investment banks have varied educational requirements for one to have at least a bachelor’s degree in a business-related field. However, some need specializations in finance or accounting, while others only need a bachelor’s degree.
In addition, some advanced careers may require postgraduate and professional qualifications, such as CPA or CFA, or advanced degrees if you are looking for a financial analyst position. Therefore that extra education requirement comes with a higher salary.
Is Major Banks A Good Career Path For You?
Yes, major banks are a good career path. Suppose you wonder whether working in a major bank is worthwhile. In that case, you need not doubt it because major banks have plenty of excellent careers and opportunities that pay well and are also suitable for growth and development. But, of course, most opportunities in major banks also come with excellent benefits and job security, among other advantages.
Frequently Asked Questions
Anyone aspiring to pursue a career in a bank may be asking several questions regarding the prospects and other things that might be unclear about the financial sector careers. Some of the most common questions that most people ask include the following:
Are Bank Jobs Tough?
Bank jobs are challenging and often have strict deadlines; therefore, you need to have the skill set to deal with any situation as it arises. This will allow you to learn, grow, and develop your career.
Will Bank Jobs Decrease In The Future?
Some bank jobs are likely to decrease in the future. The banking sector is growing rapidly and embracing advancements in technology. Therefore, bank employees whose jobs are transaction-based may soon be replaced by technology, artificial intelligence, and automation. However, most of the jobs in the banking industry have favorable growth prospects.
The bottom line is that; major banks are a good career path. With plenty of well-paying jobs, you will enjoy working in any of the major banks. In addition, of course, there are numerous jobs, opportunities for advancement, job security, and other extensive benefits that you get from major banks. Therefore, it is worthwhile to pursue any career of choice in major banks.