Jobs in the financial industry are always associated with big incomes when people think about lucrative careers. Therefore, if you’re considering a job in major banks but aren’t sure if it’s suited for you, you’ve come to the perfect place.
This article will explain what it means to work for a major bank, some of the occupations available there and their pay, as well as the benefits and drawbacks of doing so.
Is Major bank a good career path
Major banks pay their employees an average yearly compensation of $67,691, which is more than the average wage in the US. The typical lowest annual salary and the highest pay in this industry, which are $23,000 and $138,000, respectively, are separated by a wide margin.
This demonstrates the diversity of work options available in the banking industry and the numerous opportunities you have to progress your career and earn a higher salary based on your qualifications, education, and experience.
Types of jobs in major banks
- Budget Analyst.
- Accountant and Auditors.
- Portfolio Manager.
- Chief Financial Officer.
- Loan Officers.
- Branch Manager.
1.Budget Analyst
In order to assist organizations and businesses in planning and allocating their financial resources, budget analysts create and implement budgets for those entities. They monitor spending to make sure it adheres to the budget and anticipate future spending requirements.
Budget analysts compile reports on the budget and monitor spending. Financial planning is offered by budget analysts to both public and private companies.
They regularly produce budget reports. Financial planning is offered by budget analysts to both public and private companies. They prepare budget reports and monitor financial transactions for the business. For people who desire to work in this sector, taking a finance degree might be quite helpful.
A budget analyst salary ranges from $49,000 to $124,000 depending on skills and experience.
2.Accountant and Auditors
Financial records are created and reviewed by accountants and auditors. They guarantee that financial records are truthful and that taxes are duly and promptly paid. Auditors and accountants evaluate financial operations and try to make sure that businesses are managed effectively.
Accountants and auditors must not only examine and prepare financial documents, but also communicate their conclusions. This involves writing reports and having face-to-face encounters with clients and managers of the organization.
Depending on the specific company they work for, many accountants and auditors specialize. Some people work for companies with assurance services (increasing the caliber or context of information for decision-makers) or risk management as their area of expertise (determining the probability of a misstatement on financial documentation).
Other businesses, like those in the medical field, are specialized in particular sectors. Their average annual salary ranges from $79,000 to $128,000. Read more on how to become an accountant or auditor.
3.Portfolio manager
An individual who creates and implements investment plans for private or institutional clients is known as a portfolio manager.
Careers in the financial services sector include employment in portfolio management with hedge funds, pension plans, private investment companies, or in the investment division of an insurance or mutual fund organization.
Investment managers, wealth managers, asset managers, and financial advisers are all terms used to refer to portfolio managers; nevertheless, a real portfolio manager position is focused on the analytical part of investing rather than the sales aspect. The average annual salary of a portfolio manager is around $108,000.
4.Chief financial officer
Generally speaking, the CFO is in charge of all budgeting, financial goal-setting, and related financial reporting, including the creation and evaluation of financial statements. Although there has undoubtedly always been a need for CFOs, the post essentially didn’t exist until the 1960s.
This is a result of the complexity increase in business finances, accounting, and bookkeeping.
The average annual salary of a chief financial officer is around $375,00 to $792,000.
5.Loan Officers
Loan officers are employed by banks, credit unions, or other financial institutions where they help borrowers apply for loans and evaluate their creditworthiness through a procedure called underwriting.
In exchange for a fee, they accept the associated financial risk. They choose the type of loan and amount that would best meet the needs of their clients.
The average annual salary of a loan Officer ranges from $63,000 to $132,000.
Also, Read; Top 7 Best Banks in Texas 2023
The average salary of a finance job in the US
6. Branch manager
The creation and generation of capital for other organizations, governments, and other entities is a specific area of activity for bank branch managers.
Bank branch managers are employed by organizations and help with new debt and equity underwriting, securities sales, mergers and acquisitions, reorganizations, and broker transactions for both institutional and private investors.
The average salary of a Branch manager is around $62,000 to $71,000.
Conclusion
Because of the high pay, generous perks, and luxury of a corporate office, a career in a major bank is a rewarding one.
If you possess the required analytical, communication, managerial, and computer abilities for it as well as the appropriate academic credentials, it might be a fantastic career opportunity for you.
Major banks have a large number of openings with a variety of starting salaries. You must be willing to accept low-paying entry-level employment or even internships in order to demonstrate your potential and talents and advance in your career at major banks if you want to construct a secure future.