Is Major Banks a Good Career Path in 2022?
Major banks are among the most lucrative careers out there. They pay well, offer great benefits and provide stability. On the flip side, however, they require long hours and high stress levels. And while you might make a lot of money, it won’t come easy. In fact, many people find themselves working in banking jobs for decades without reaching the upper echelons.
What are major banks?
Major banks are defined by size, scope and asset value. They are large financial institutions that provide banking products and services to individuals, corporations, government agencies, and foreign entities. These banks offer a wide array of financial products including checking accounts, savings accounts, credit cards, mortgages, auto loans, student loans and small business loans. Some major banks also offer insurance products such as life insurance policies and annuities.
1. JPMorgan Chase & Co.: $2.7 trillion
2. Wells Fargo & Company: $2.4 trillion
3. Citigroup Inc.: $2.32 trillion
4. Bank of America Corp.: $2.25 trillion
What are the major banks in the U.S.?
The five biggest banks in the United States according to market capitalization are: JPMorgan Chase ($488.47 billion), Bank of America ($325.33 billion), Citigroup ($123.94 billion), Wells Fargo ($197 billion), and Goldman Sachs ($100.7 billion). These companies have combined assets worth over $5 trillion.
How many jobs are available in major banks?
As of July 2022, there will be 2,027,667 employees working in the commercial banking industry, according to the Bureau of Labor Statistics. This represents a 4.7 percent increase over the number of positions in the commercial banking sector in 2018. Employment in the commercial banking industry increased 4.9 percent between 2017 and 2022.
Between 2017 and 2022, total employment in the commercial banking sector declined by 33,000 jobs. Although the majority of those job losses came from branch closings during the COVID-19 pandemic, the shift toward online banking also played a role. Digital banking accounted for roughly 10 percent of all banking transactions in 2019, up from 5 percent in 2010.
The rise of digital banking also contributes to the decrease in employment in the commercial banking field. Online banking allows customers to conduct financial activities such as bill payments, transfers, and account management without having to physically go into a branch location.
What do major banks jobs pay?
There are many entry-level banking jobs out there. At Wells Fargo alone, you can start off making around $25,000 a year. You could even work part-time while studying for your degree. If you want to move up in the ranks, it might take some time, but most people find themselves working in a management role within three to five years. If you want to work for one of the big four banks — JPMorgan Chase, Citigroup, Goldman Sachs, and Morgan Stanley — you can earn anywhere from $60K-$100K annually.
The money isn’t great, but it’s better than what you’d make working retail or fast food. And if you’re willing to put in the extra effort, you’ll likely see your income grow over time.
What are the best paying jobs in major banks?
There are, predictably, many highly paid jobs at major banks. However, bear in mind there are several requirements for each position, whether it is a junior analyst or a senior executive. You must possess a bachelor’s degree or equivalent work experience along with a strong academic background. Many also require an advanced degree such as an MBA or a master’s in finance.
The average annual pay for an investment bank analyst is $101,295. This includes bonuses, commissions, profit sharing, and overtime. The job has a projected 4% growth rate over the next five years.
To become an investment banker, one must obtain a four-years degree in finance, economics or business related field, and an MBA or master’s in Finance. Investment bankers typically specialize in mergers and acquisition, stock trading, bond trading, private equity, venture capital, corporate finance, credit analysis, risk management, portfolio management, asset allocation, derivatives, fixed income securities, foreign exchange, commodities, and structured products.
Is major banks a good career path for you?
Major banks is a great career choice for those interested in finance and banking. You can do well financially, while still having a flexible schedule and being able to work from home. There are many opportunities to advance within the organization, and it offers competitive salaries, bonuses, and benefits packages.
If you like numbers and math, your skill set lends itself nicely to finance careers. Jobs in this field require strong analytical abilities, attention to detail, and excellent written communication skills. These skills are needed to perform complex tasks such as analyzing data, preparing reports, and communicating effectively.
Finance jobs at major banks can offer a lot of perks. For starters, working at a major bank provides access to cutting edge technology, including specialized software and hardware. Also, employees typically enjoy better benefits than most other industries. Employees can receive health care coverage, retirement plans, paid time off, tuition reimbursement, and much more.
However, working at a major institution does come with challenges. First and foremost, you must accept the fact that you won’t always know what you’re doing. This is especially true when dealing with large amounts of money. Second, you must understand that every job is temporary. Because of the cyclical nature of finance, employment prospects fluctuate greatly throughout the year. Finally, you may find yourself working under intense pressure and scrutiny. This is because of the high volume of transactions taking place daily.