Yes. Major Banks is a good career path. Due to the large volume of work and high demand, banks are constantly looking for entry-level employees and interns with solid computer skills; the major banks offer great opportunities.
Deciding on a career path is not an easy test. If you are trying but didn’t make a decision, you may think of one of the oldest business sectors, banks. However, you don’t know much and may be asking, is major banks a good career path?
In this article, we answer that.
Table of Contents:
- What Are Major Banks?
- Is Major Banks A Good Career Path?
- What Are The Skills Needed To Work On Major Banks?
- Job Positions Available In Major Banks
- Is Major Banks a Good Career Path? Yes, So How Can You Get A Job In A Bank?
- How Many Jobs Are Available In Major Banks?
- What Are The Top 10 Major Banks In the U.S.?
- Advantages Of Working In Major Banks
- Disadvantages Of Working In Major Banks
What Is A Major Bank?
A major bank is a financial institution, such as Bank of America or Citibank, that provides various services. Major banks offer banking products and services, investment advice, and loan products. Some banks are publicly traded, while others are not.
Is Major Banks a Good Career Path?
Banking is a rewarding career path because it offers a unique combination of information technology and financial experience and knowledge throughout your career. They offer a good paycheck with extra bonuses and benefits.
Due to the large volume of work and high demand, banks are constantly looking for entry-level employees and interns with solid technological skills.
The field may not sound glamorous, but it can be a lucrative and rewarding career path. Working with a bank doesn’t necessarily mean you have to sit behind a cash register tapping away on your calculator or that you have to spend all day twirling your hair cuffs. The field offers essential jobs to the economy such as investment bankers and risk managers.
What Are The Skills Needed To Work On Major Banks?
A bank can be challenging, but knowing the skills necessary for success in any banking job is essential. This is true of entry-level positions as well as senior positions.
The most critical skills you need are problem-solving ability, a strong knowledge of finance and accounting, and a willingness to learn new skills. Other skills include software development, automation, project management, and more.
You must also have good people skills because this is a team-based industry, being comfortable working with others in all situations, including when your ideas might not be accepted. If you’re not interested in constantly learning new things and growing as a team member, banking probably isn’t the right career path for you.
The job opportunities can vary depending on what type of variety you’re looking for. Entry-level jobs usually require an undergraduate degree in business or finance, but you can also find executive job postings that don’t need an undergraduate degree.
Let’s take a look at the job positions available in major banks.
Examples of Job Positions Available In Major Banks
Investment banking is a type of finance focusing on investment capital markets. This work involves working with companies to help raise capital through stock sales or debt offerings.
Investment bankers are often criticized because they have been involved in some of history’s largest financial institutions’ failures. However, investment banks can offer competitive pay and many entry-level positions that provide upward mobility opportunities with diverse skill sets.
Risk management is a broad term that includes risk assessment, mitigation, and communication.
Professionals that work in this area control risks by assessing them and mitigating them using processes like loss prevention, control systems, financial forecasting models, credit rating/underwriting systems, decision support software, and traditional qualitative methods such as interviewing techniques.
Compliance work is all about following regulations so that no legal liabilities arising from actions taken by a company or employee. It can also include tracking down information to assess whether each employee or company has done what they should do according to law and regulation standards set out at an international level or within the country where your particular bank operates from.
Is Major Banks a Good Career Path? Yes, So How Can You Get A Job There?
After graduation, you are may not find an easy and good position in banking. However, some ways exist to get your foot on the industry’s door.
Many banks offer scholarships and internships for college students. If you have an internship or scholarship during college, you can transfer that internship or scholarship into a full-time job when you graduate.
You will also have opportunities after graduation if you are a part of the banking community. The social media world has recently been saturated with college grads looking for jobs in banks and banking organizations. They have found it necessary to advertise their positions on social media and other platforms like Monster and LinkedIn. You will also have opportunities after graduation if you are a part of the banking community.
How Many Jobs Are Available In Major Banks?
The banking sector is the largest in the United States, with over 3.2 million employees. There are jobs available at major banks, credit unions, and financial institutions like Fidelity Investments.
What Are The Top 10 Major Banks In the U.S.?
With the rise of online banking and mobile apps, it’s easier than ever to bank with one of the top 10 major banks in the USA. In this article, we try to answer the question, “ is major banks a good career path?” To learn more and answer this question, it’s essential to know the top 10 major banks in the USA (as of December 31, 2018).
In addition to operating branches across the country, these financial institutions have access to a wide range of services through third-party partnerships that enable them to provide their customers with additional features.
These partnerships include digital banking services such as mobile apps and online banking functionality. These top 10 banks are also known as regional or national banks due to their sizeable geographic presence and reach into local communities where they are based. Some of these companies have been around for a long time and maintain a presence in most states in which they operate.
Others have only recently been established but are rapidly growing in total assets and the number of employees working there.
1) JPMorgan Chase
Chase was founded in 1799 as The Bank of Commerce and became the Chase Manhattan Corporation after merging with J.P. Morgan’s National City Bank in 1920. In 2000, it acquired J & W Seligman & Co., which became known as JPMorgan Chase Bank, N.A., and took on its current name in 2004.
It has over $3.3 trillion in assets, serving over 60 million American households. Chase has over 4,700 branches in 48 states and the District of Columbia, 16,000 ATMs, mobile, online, and by phone.
2) Bank of America
At the top of the list is Bank of America. Bank of America was founded in 1784 as Massachusetts Bank and in 1956 as Bank America. It has been a leader in banking since then. It has a diverse wealth management and asset management portfolio, including Merrill Edge, Bancorp, and Merrill Lynch.
Bank of America is a bank based in the United States and is the largest bank holding company in the country as well as one of the largest banks in the world. In 2022, Bank of America held about $2.44 trillion in assets. The bank employs more than 212,000 people worldwide. Other features that Bank of America offers include exchange and ATM services, investment advice from financial advisers, debit cards, and credit cards.
Another big bank on this list is Citigroup which was founded in 1812 by Alexander Hamilton who served as the first US Secretary of the Treasury under George Washington. One other notable bank on this list is TD Ameritrade which offers trading services to retail investors through its online platform that allows them to trade stocks, options, futures, mutual funds, and bonds from anywhere at any time.
Citigroup, headquartered in New York City, is the largest commercial bank in North America. It ranks as the fifth-largest bank globally, with $2.8 trillion globally (2018 figures) and $1.72 trillion in assets in 2022.
Citigroup has more than 2,000 branches across all 50 states of the US and 10 international offices – from Mexico City to Shanghai. The company does not operate its own credit card or mortgage businesses, but instead partners with a number of financial institutions for these types of services.
4) Wells Fargo
Wells Fargo was founded in 1852 by Henry Wells, who had a vision for an institution that would help people work towards their goals with affordable loans at a time when banks were not accessible to all Americans.
The bank was the first to offer to check accounts, savings accounts, and guaranteed certificates of deposit within its first year of operation.
Wells Fargo is one of the top 10 major banks in the USA, with $1.71 trillion in assets as of 2022. It has over 3,300 branches and offices throughout the country. In addition to operating branches across the country, these financial institutions have access to a wide range of services through third-party partnerships that enable them to provide their customers with additional features.
These partnerships include digital banking services such as mobile apps and online banking functionality. Today there are five primary business units within Wells Fargo: Community Banking, Consumer Lending, Commercial Banking, Wealth Management, and Global Wealth & Investment Management.
5) U.S. Bancorp
U.S. Bancorp is the fifth largest bank in the United States by assets, with $582.25 billion as of 2022. The company operates 41 branches in 15 states and Washington, D.C.
It was formed on April 3, 1998, through the merger of Reliance National Banking Company and UMB Financial Corporation, which was later renamed Bank One, Inc. U.S. Bancorp offers checking, savings, and cash management accounts to its customers as well as mortgage services including home loans and residential mortgages.
6) PNC Financial Services
Group Inc PNC Financial Services Group Inc. is one of the top 10 major banks in the USA by total assets, with $534.35 billion as of 2022. The company operates through 3 segments: Retail banking, Wholesale banking, and Wealth management.
The company also provides investment services. PNC offers various services, including online-only accounts that do not require an account representative to open or service the account and mobile apps that allow customers to manage their accounts while on the go.
7) Truist Bank
Truist Bank is among the 10th most prominent banks in the US by total assets reaching $532.08 billion in 2022. The company operates as a national bank, branches nationwide, and provides services through partnerships with some of the nation’s major corporations.
Truist Bank offers customers access to a wide range of digital banking services, including mobile apps and online banking functionality, and expanded service ranges through partnership agreements with companies such as Amazon, PayPal, and American Express.
The bank also offers a variety of products that meet specific customer needs, including home loans, credit cards, personal loans, mortgages, checking accounts, savings accounts, and more.
8) Goldman Sachs
Goldman Sachs Group, Inc. is a multinational investment banking, securities, and investment management firm headquartered in New York City. Founded in 1869, the company was incorporated in New York State in 1872
As of 2022, Goldman Sachs had $501.91 billion in assets. Goldman Sachs offers services to corporations, financial institutions, and individuals and families investing their savings.
The firm provides services through three business segments: Investment Banking, Securities Lending & Trading, and Investment Management.
9) TD Group U.S Holdings
T.D. Group U.S. Holdings has total assets of $405.22 billion. It operates 1300 branches in 29 states and has over 100,000 employees.
10) Capital One Financial
Capital One Financial is the 10th largest bank in the USA, with total assets of $388.44 billion. Its headquarters are in McLean, Virginia, with over 1,000 branches nationwide.
Capital One offers online banking, mobile banking apps, and other services through partnerships with third-party providers.
Many other banks make it into major banks, such as Goldman Sachs Group Inc., Morgan Stanley & Co., Inc., Deutsche Bank AG (The Hongkong and Shanghai Banking Corporation), and Banco Santander SPA (Banco Santander S/A), among others.
Advantages Of Working In Major Banks
To answer the question “is major banks a good career”path” you need to understand the advantages and disadvantages of working in a major bank intensely.
A career in banking can be a lucrative and rewarding experience, with many entry-level jobs that can help you build your resume and network. Many banks also offer competitive salaries and benefits.
Banks are also known for being stable, which means that you’ll have job security. This is important after graduation when you’re looking to transition careers or find a new job. A bank career can also lead to more opportunities for advancement.
This is especially true of those in the big four banks; these banks have extensive networks of clients and employees that could provide a stepping stone for your career destination.
Major banks often offer large cash bonuses to new employees at the time of hire. They also usually pay out bonuses throughout the year. Additionally, banks are known for offering many opportunities for promotion. If you work hard enough, you could find an even better salary and more benefits.
Disadvantages Of Working In Major Banks
Before answering the question, “Is Major Banks a Good Career Path” you must know its disadvantages.
Of course, with any major institution comes some disadvantages. For example, banks are notorious for being stressful and overbearing.
You’ll be expected to work long hours most days of the week. Also, you will be subject to strict deadlines and rigid policies. On top of that, you’ll also not be able to choose your specific work schedule. It doesn’t matter if you want to work 10-12 hours or 4-6 hours a day; it just has to happen.
All these factors can make banking feel like an endless grind at times. It can also become complicated for employees when they start, as they have no experience on which to base their industry knowledge on. In addition, banking is a very competitive industry.
The number of people applying for a limited number of jobs means there is always a fierce competition. Candidates usually try to get ahead of each other in the race for promotions and raise.
Since so many roles are available in the banking sector, it can be hard to know the job expectations precisely.
Before you apply for one position or another, there’s no clear path laid out by employers. Working up through the ranks takes time and patience to see any success.
Bottom Line: Is Major Banks A Good Career Path?
Major banks are responsible for much of the money in the United States and provide various services to their customers. They are also responsible for looking after the U.S. economy. Much of the money in the country comes from major banks.
They are responsible for providing loans and investments to manage customers’ deposits and personal information. However, they can be demanding and can be challenging to work in.
They end up being a good career path if you are an ambitious person, think about rewarding compensation, enjoy risks, and expect to learn new things all the time. Also, it’s better to be connected to economic events, to appreciate working with numbers, and to have strong analytical skills.
If you want to know more about other career paths, check out this list on Totempool.”You can make your choices with solid information before moving to a particular industry.
As more industries are published on the website, we will keep updating the list for you. If you want to learn how to choose your career path, check out this article.
Christian has over ten years of experience in marketing agencies. Currently, he has been dedicating his time to a tech startup and also writing for major publications. He loves podcasts and reading to keep up with the latest trends in marketing.