Are Major Banks a Good Career Path?
It is no surprise that major banks have become a favored career option for many fresh graduates who are trying to make a lucrative yet stable career choice. Comparing to a few decades ago, the banking industry has grown and developed significantly, offering a wide range of options for those who are aspiring to build a career in this field.
- Salary & Benefits: Working in a bank will get you one of the highest salaries in the industry, with a wide range of benefits and appraisals. Most of the major banks offer a competitive salary according to their respective scales and opportunities for growth.
- Stability: Banks are organizations that offer a greater stability as compared to most other professions. Companies cannot do without them and therefore, the career is highly secure and stable, as it provides immense job security.
- Exposure: Another major benefit of working in a major bank is the tremendous exposure you will get. One will gain valuable insights from people from other backgrounds and a great work environment, leading to an excellent and detailed understanding of banking industries around the world.
- Skills: Banking provides a strong platform for growth, by adding a myriad of skills to the portfolio, such as communication, problem-solving, analytics, and financial management. One will gain a deep understanding of the financial market and their roles while working in the major banks.
- Competitive Environment: With more competition in the banking sector, the environment is becoming highly competitive, making it difficult for employees to stand out and show their true potential. It requires a higher level of skill and knowledge to work in these areas.
- Long Hours: Another downside of working in the banking industry is that it involves long hours of hard work. Working in a bank involves a great deal of dedication, rigorous attention to detail, and stringent deadlines. This could be difficult for some personnel to maintain.
- Stress: Working for major banks can be quite stressful, due to its ever-evolving and volatile nature. This could lead to poor performance, if not managed properly, as the pressure is immense.
In conclusion, working in major banks can be a great career choice, as it offers numerous benefits. However, it is crucial to keep in mind the cons, such as the competitive environment, long hours, and stress. It is recommended to weigh the pros and cons carefully before making the decision to work in the banking sector.