When it comes to a profitable career in the financial business, some of the best-paying jobs in major banks available. These famous institutions are well-known for their high wages and attractive benefit packages, which attract top talent from all over the world.
Banking is generally a top choice when we’re talking about a good career path. It offers a good pay grade, with higher requirements needed. So, are major banks a good career path? The answer will depend on the person who asks it.
Basically, any major may provide a good career path. Whether you want to work in the art or banking industry, both of them may still provide their own path that leads you to success. What matters here is the determination and consistent effort one should make.
Back to the banking industry, many would say that it’s a good place to earn a living, and they’re correct about that. Although it can get pretty competitive here, at least you’ll have a higher chance of getting a higher income. The amount of income is also highly related to the organization you’re working with, and your position.
So, is major banks a good career path? Absolutely yes, and here’s why.
Why Major Banks a Good Career Path?
The major banks can provide a good career path for anyone who’s determined as they may provide larger career opportunities in many fields. In the industry, you can freely select any career option you want, from working as an IT staff to handling managerial stuff. The industry is not only involved in finances but also management and law.
But, before selecting a career path, we highly recommend you consider a few aspects below:
1. Working Hours
As you may know, the major banks will have their own working hours, and it can be pretty demanding sometimes. Are you up to a challenge like this? If yes, then you can get rid of a least a few obstacles at the start.
Not only mentally, but you also need to be prepared physically as well as you will often work late hours.
2. Benefits
The major banks will also provide their workers with some unique benefits, and surely it feels good when you know that your company provides the same thing as well. Before applying for a job at a bank, it’s better for you to check the information details about the position, along with the benefits.
Some companies may have better benefits than others, so in order to get those, do your own research to find which bank provides more benefits.
3. Traveling
If you’re working in a central office, chances are you’ll be making a lot of business trips to the bank’s branches. It could be in your area, or outside the country, it’s up to the manager’s decision.
But, what is important here is that if you choose to work in this industry, you also have to be ready when asked to travel somewhere. Similar to the first reason, it’d be best for you to prepare physically and mentally from now on.
4. Company’s Culture
Do major banks have a different working culture compared to the other industries? Well, it can be a yes or no. The environment is usually, fast-paced, and as you need to do anything perfectly, you might start feeling those high pressures coming from up to bottom.
The requirements may also be stricter than the other industries due to the importance of keeping anything in accordance.
The Best-Paying Jobs in Major Banks
Below are some of the best-paying jobs in the banking industry:
1. Financial Manager
The first one on the list is Financial Manager. With an average annual income of $130,000, we find it hard to avoid. We know it’s going to be a long journey until you reach this position, but hang on to it.
Although the term “Manager” does scare some people, the requirements for the job are actually not that concerning. It requires a person to have a bachelor’s degree and at least five years of experience in the industry. With thing long experience, everyone will eventually become familiar with the bank itself.
So, what does a financial manager do? As you may know, they will handle the finances of the bank, including making financial statements, activity reports, and forecasts for the bank. They also act as a supervisor for financial and budget analysts.
2. Investment Banker
Another choice of career you may consider here is investment banker. The amount of average annual salary is just $1,000 below the financial manager, which isn’t bad at all. To become an investment banker, you don’t need to have a specific bachelor’s degree, as long as it’s still related to finance, like business administration or accounting.
The way the investment bankers work is by providing loans for bigger organizations that want to expand their businesses. The bankers do it by publishing the companies’ stuck for the public in a process called IPO, or initial public offering. These investment bankers are the ones who are responsible for putting the price, as well as managing the whole process.
As the work is complex and difficult, it’s only natural that they will be compensated with such a high income.
3. Chief Financial Officer
Do you want to get a higher income than a financial manager, there’s one career option you may consider: Chief Financial Officer. Their average salary per year is around $ 140,000, effectively making the job to be one of the highest paid in the industry.
As the income is high, you can expect to meet bigger responsibilities and tasks as well, even when compared to a financial manager. Not only about the bank’s operational and financial planning, they also need to deal with bank asset and liabilities evaluation, while also managing the cash flow.
Since there is so much work to be done, a CFO needs to have better knowledge of investment, finance, and the stock market.
Conclusion
Can major banks be a good career path? Of course, it’s a yes. But again, the choice of reaching success is highly dependent on yourself as an individual. If you want to be successful in your career, you have to provide more than 100% of yourself. Make sure to do your job correctly, and have the desire to always learn.
