Is Major Banks A Good Career Path For You? – Let’s Find Out

Is major banks a good career path for you? – It is a great career path if you want to join the finance sector. The major banks sector operates solely in the finance industry. It is one of the most important industries in the United States and also in every other country in the world. Having a career in this sector is lucrative. Hence, it is difficult for an applicant to get into this sector, as the screening process is really difficult.

In this article, you will learn about whether the major banks sector is a viable option to start a career in. Apart from that, you will also get some general information about the sector. Furthermore, we will discuss some popular jobs in the sector. Hence, to learn more, read on through to the end of the article.

Major Banks (Finance) Sector – A General Overview

According to Investopedia,

“Jobs in the financial sector can be highly lucrative, which helps explain why they’re in such great demand. Of course, breaking into the world of finance isn’t easy—the entry qualifications can be as lofty as the salaries. At a minimum, most jobs require a four-year degree, and many professionals have advanced degrees in business, math, economics, or statistics.”

However, there are still plenty of opportunities in the finance sector. Based on your skill sets and interests, you will be able to choose which job role you want for yourself. Regardless of your choice, no matter the job role, you will need to have excellent financial, analytical, and communication skills if you want to excel in any role.

The average pay salary in the financial sector ranges from $70,00 to $115,000. Furthermore, there are added bonuses available on many roles, which amount to anywhere from $50K to $293K.

Is Major Banks A Good Career Path For You?

Indeed.com claims –

“Some of the most well-known banks are major banks, and they can provide a lot of opportunities for people who want to develop financial, banking and investment skills and experiences. If you’re interested in working in a major bank, it’s important to know that the industry can be very competitive, so having the skills, experiences, and knowledge to excel in roles before you pursue them can help you get the roles you want more easily.”

Apart from that, the finance sector is growing continuously, and finance skills are in high demand. Hence, it is a great option for you if you have an advanced degree in finance or similar subjects. People from educational backgrounds like business, economics, math, and statistics will also do quite well in the sector.

However, there are some drawbacks in the sector, as there are times when you will be under high stress and need to deal with long working hours. In other cases, you can also face instability in your job as well.

Is Major Banks A Good Career Path For You In 2024? – Pros And Cons

The following are some of the major pros and cons of working in the major banks sector:

Pros Of Working In Finance

Here are the major pros of working in finance that you can benefit from:

• Mostly, there is high job security in the world of finance.
• The finance sector is one of the few sectors that comes with a good paycheck.
• There are plenty of career advancement opportunities since there are multiple roles in major banks. Since the sectors are in continuous change, especially with the advancement of technology and AI, you can work on new projects to grow your career.

Cons Of Working In Finance

Here are a few cons of working in the finance sector that you need to be aware of:

• The competition to get a job role is really high. Furthermore, once you get a job, you will have to deal with a highly competitive work environment.
• In some cases, when the market or the industry demands, you will need to work for extended hours. Furthermore, you will also need to deal with strict deadlines and high-pressure situations to meet the demands of your client.
• There shall be various situations when the stress of the job shall be high. Moreover, working with large sums of money is stressful, as there is a huge responsibility on your shoulder.

The Best Jobs In Finance (Major Banks)

JoinHandshake.com states –

“Major banks often have clear paths for promotion since these large organizations have different departments where employees can gain experience in multiple aspects of the business. And since the banking industry and financial markets are always changing, there are always new projects and challenges to help you grow your career.”

If you enjoy working in finance and want to deal with customers, the major banking sector is a good career path for you. Furthermore, this sector will also give you job satisfaction if you love providing financial services and enjoy research and analysis. The best part is that you will get paid well for doing the things you love the most. Apart from that, there are plenty of job opportunities to grow in the sector.

Is Major Banks A Good Career Path For You? – Types Of Jobs

The following are the major job roles that you will find in major banks (finance) sectors:

1. Investment Banker (Average annual salary: $116,973)
2. Financial Accountant (Average annual salary: $60,582)
3. Budget Analyst (Average annual salary: $70,102)
4. Auditor (Average annual salary: $92,970)
5. Portfolio Manager (Average annual salary: $86,244)

Wrapping Up

Is major banks a good career path for you? – Hope this article was helpful enough for you in getting a better understanding of this question. If you are looking for a role in the finance sector, make sure you are well-versed in financial topics. Apart from that, you also need to have strong analytical and communication skills if you want to excel in this sector.

Do you have more information to add regarding major banks as a career option? Please share your ideas and opinions with us in the comments section below.

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