Banking professionals play a role in facilitating financial transactions and supporting economic growth. Positions within financial institutions that constitute banking include bank teller, accountant, loan officer, auditor, investment banker and bank administrator. More than 2 million people are employed in banking as of 2022, with an average salary of $95,832, according to Data USA, a public data visualization tool.
The industry may offer lucrative careers, but is commercial banking a good career path? Here’s what you need to know.
Are Major Banks a Good Career Path?
Banking is a great career to pursue, especially in today’s job market and economy, according to Chris Lovell, certified professional in human resources and founder of Careers by Chris. “Careers in banking typically offer competitive pay and benefits, plus banking has proven to be a stable industry,” she said in an email. “A career in banking can also be a good choice since there are a variety of entry points and numerous career options within the industry, depending on your background and what interests you.”
Lack of a college degree won’t hold you back from a banking career. “You can start your banking career in a call center or as a teller and work your way up by learning the ins and outs of financial products and services, then decide if you want to pursue further education,” Lovell said.
Pros and Cons of Pursuing a Banking Career
Working in the banking industry has its pros and cons. They include:
Pros
— Competitive salaries. Many higher-level jobs in the banking industry, such as investment banker, chief financial officer and portfolio manager, come with six-figure salaries.
— Mobility. Banks offer many roles that provide a wealth of options when it comes to career mobility. “Some banks will allow you to move laterally as well as upward based on your skills and interests, so you’re not pigeonholed into the vertical or business unit you started in,” said Meredith Bowen, recruitment specialist and founder of Walker Bowen Talent Partners, in an email.
— High impact. One of the best aspects of working for a major bank is the ability to make a meaningful difference in people’s financial lives, says Gill Haus, chief information officer at Chase. “That’s what drew me to Chase in the first place,” he said in an email. “I love being able to directly affect the more than 66 million households we serve in the country.”
Cons
— Competitive work environment. While some banks are known for inclusive cultures that encourage professional and personal development, “others are cutthroat with a very internally competitive culture that can stifle growth and create toxic environments,” Bowen said.
— Extended working hours. Investment bankers, for example, often have demanding schedules that extend beyond the typical nine-to-five job.
— High pressure. Helping customers manage their finances comes with a lot of responsibility. There’s also pressure to be accurate since even small mistakes can have a big impact on someone’s financial situation.
The Best Banking Companies to Work For
Here are some of the best financial institutions to work for in banking.
Bank of America
Founded in 1904, Bank of America is one of the largest banking and financial services corporations in the U.S. It currently employs 213,000 people internationally and is known for its professional development opportunities, tuition reimbursement for eligible job-related courses, and quality of pay and benefits.
C&F Finance Company
C&F Finance Company, founded in 1994, is headquartered in Toano, Virginia. With around 600 employees, this company offers a more personalized experience compared to larger banks. C&F Finance Company is known for offering a great work-life balance and a safe work environment where employees feel valued and appreciated for their contributions.
Commerce Bank
Founded in 1865, Commerce Bank is headquartered in Kansas City, Missouri. The company gets high marks for work-life balance and offers a strong sense of community in the workplace.
KeyBank
KeyBank, headquartered in Cleveland, provides investment management as well as retail and commercial banking to individuals and companies. As an employer, KeyBank stands out for its financial stability, competitive pay and strong commitment to work-life balance.
MasterCard
MasterCard is a multinational payment card services corporation with over 30,000 employees worldwide. The company supports a flexible work model and offers employees 16 weeks of paid parental leave. The corporation is also noted for its professional development opportunities.
[SEE: 8 Best Jobs in Finance.]
Skills Needed for Bank Job Roles
The skills you need to excel in a banking career depend on your role. But in general, these hard and soft skills are highly sought-after throughout the industry.
Hard Skills
— Financial analysis
— Regulatory knowledge
— Data analysis tools
— Accounting principles
— Risk management techniques
— Market research
— Investment strategies
— Credit assessment
— Project management
Soft Skills
— Communication
— Problem-solving
— Customer service
— Attention to detail
— Adaptability
— Teamwork
— Time management
— Negotiation
— Emotional intelligence
— Leadership
[Workers Weigh in on What Makes a Great Company to Work For]
Tips on Getting a Job in Banking
Here are some expert tips to help you navigate your job search in the banking industry and stand out from the competition.
1. Get a Four-Year Degree in a Relevant Field
While a college degree isn’t mandatory for every role in banking, earning one in a relevant field could give you an edge over your competitors. Common majors that are relevant to banking include business administration, finance, accounting and economics.
“If you choose marketing, HR, computer science, etc., a minor in one of the former degree programs is a good balance to secure a job in banking,” Bowen said. “An MBA is even better, although it means more when you have real-world professional experience to support it.”
2. Attend Your College’s Career Fairs
College career fairs are great places to meet recruiters and leaders in banking. “Plus, meeting people in person is a great way to determine a cultural fit for their team and to get yourself into their talent acquisition database for current or future openings,” Bowen said. She suggests dressing professionally for these events since many banks are conservative when it comes to work wear.
3. Gain Internship Experience
Bowen suggests that students start looking for internships or part-time jobs during their freshman year, ideally early in the semester or quarter. This is because most employers have their strongest interns committed by January for a summer internship.
“Even if it’s a job with a local or regional bank in your hometown, that’s great, too,” she said. “Just make sure the internship is relevant to the area of your degree and will give you exposure to the experience needed for roles you’d be interested in pursuing after you graduate.”
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Is Banking a Good Career Path? Pros, Cons and Jobs originally appeared on usnews.com
