Is Banking Career A Good Option For You?

Is banking a good career?

Financial markets in the United States are the largest and liquid globally, adding 7.5% to the United States gross domestic product. Therefore, it does tell us that the American job market requires bankers. The median pay per year is $62,270, according to the U.S.Bureau of Labor Statistics. Banking consists of many tranches, which can invite a wide range of people from different sectors. It does not only want MBAs but also economists, lawyers, mathematical geeks, IT graduates. This article is all about Banking Career Guide. Therefore, by the time you complete this article, you can decide for yourself about the banking sector.

Banking In The Modern Era:

Banking has evolved so much from maintaining handwritten ledgers to maintaining data in the cloud. It has opened a new dimension and still constantly evolving every day. We have seen that banking was limited to depositing and lending money. Still, now after so many new policies and regulations, banking has an important role in its monetary policy. In the United States, Federal Reserve Act acts as the regulator. They regulate the interest rates and important policies to safeguard the interest of customers. Banking is inviting people from different industries to work for them, which will be discussed what kind of roles banking has to offer. With everything going digital, banking has become one of the white-collar jobs in the market. In the modern era, banking has become the life for many industries; in the next section, we will discuss how good banking compensation will give you a brief idea about the benefits. 

Roles Offered In The Banking:

What kind of roles banking has to offer? Banking works in multi-dimension, they require the huge workforce to meet the demand, in the below list you can see the popular roles they offer in the market.

  • Banking Administration/Accounting
  • Consumer Banking
  • Compliance
  • Human Resources
  • Operations/Accounting
  • Technology/Security
  • Public Relation/Marketing
  • Legal
  • Investment Banking

This all above-mentioned role is just the tip of the iceberg, every role consists of many multiple roles. Everyone has something to offer in banking.

Compensation In Banking:

It is important to do what you like, but also at the same time, you need good pay to live a good life as well. You all have one question in your mind is how generous is the compensation in banking. As I mentioned, earlier banking attracts good median pay in the United States, with certain benefits including insurance, sick leave, and vacation, incentives, and retirement options. It might be a little less in retail banking, but it still pays best in the industry, and also for the fresher, it is a good career start. If we speak numbers, analysts with 0-3 years of experience can attract $50,000-$65,000 per annum. However, certain criteria are also involved in getting those packages, like the bank’s location and size. In the next section, we will discuss the basic requirement to get into banking. 

The Requirement To Become A Banker:

Now coming to the most important question you all have is, what does it take to become a banker in the United States? The majority of students do an MBA (Master of Business Administration) to get into banking. Many other professional degrees can give you access in the banking sector such as 

  • MS in Finance
  • Financial Engineering
  • IT Graduates
  • Corporate Law Professional
  • Sales Expertise
  • Chartered Financial Analyst (CFA)

I would not say that this is the only way to get into banking. We have seen many unconventional ways people get into banking and making big bucks, from call-center people to door-to-door salespersons. There is something for everyone. Well, big degrees do not often land you in banking careers. Banks look for an honest and trustworthy kind of individual who will not dupe a customer’s high-earned savings. Ethics plays an important role in selection criteria. It would be best if you were an honest employee involved in insider trading, fraudulent practices, skimming money, and money laundering because all these mentioned crimes end up in federal prison, attracting heft penalties that completely ruin your life.

Career Growth:

Banking involves many tranches, so the option of limiting yourself is in your hands. What kind of growth you can seek in banking, and what is the option to move from one vertical to another. Banking gives you career growth and personal growth. The amount of learning you can have is infinite. You cannot grasp the whole banking even if you work for 20 or more years. It just that big, and it inspires you to learn more. Coming back to your question about vertical change or lateral movement, if you showcase good knowledge and certification for that role you want to move in, there is no stopping you.

For example, you started as a customer representative, worked for 5 years or so, completed your higher education, and acquired professional certificates, you can move to middle management and working more for 15 years or so, you can retire with big bucks, and most bankers open their hedge funds or creating their Fintech start-up.

Work-Life Balance

Firstly, remove all the pictures you know about bankers from movies or series. They do not show the exact condition or accurate justification of a banker’s life. Banking is a challenging place to work with constant targets and pressure. You might feel overwhelmed. But this isn’t the case in every workplace. No organization wants to be at a loss, and for your personal growth, you have to work hard to achieve your dreams, so if you want to work hard and earn big bucks doing that, then why not do that in banking. 

Future Of Banking:

In the last ten years, we have seen the banking industry went through some big changes. Now you do not need to step into a bank to transfer money or even depositing money. You can open a bank account by sitting in your home comfortably without worrying about the documentation hassle. Banking will be more complex and advanced because we need a human mind to tackle those complex issues. Virtual debit card, tap and pay, video KYC (Know Your Customer), and with cryptocurrency appearing, everyone thought that this would be the end of the traditional world of finance. However, the truth is banking is embracing change and already introduced blockchain technology. A bank has always been the flag bearer of investing in Artificial Intelligence and Machine Learning, which also tells us that people who are willing to embrace change and new ideas have career opportunities in banking limitless. 

United States Banking Statistics and Facts:

  • United States consists of some leading banks, currently having global access, such as Citi Bank, Wells and Fargo, J.P. Morgan Chase, and Bank of America.
  • FDIC (Federal Deposit Insured Corporation) insured 4,519 commercial banks.
  • Loans valued 14.92 Trillion USD of all commercial banks.
  • At the end of 2018, the United States banking sector had $17.9 Trillion in assets and a net income of $236 billion.
  • United States asset managers nearly held $51 trillion on investment.

Figure 1 Market Capitalisation of Banks in United States                                                            Source: Statista


Banking is involved in every day of our life; every individual near you uses banking services more than once. Therefore, I agree that a banking job is one of the most secure jobs in this current job market with a good pay scale and benefits. Banking allows us to explore various domains and gives you a better understanding of your personal growth. I hope I have answered all your questions regarding banking as a career option. Banking after the COVID-19 pandemic has seen few changes. Initially, it slumped due to lockdowns, and customers could not pay back loans which hampered the growth of banking sectors, but it happened globally, affecting many businesses. Now, we have seen a surge, and with tech-enabled banking, tools banking is fostering contactless banking. 

Also read How reading got me into investment banking

Is Banking Career A Good Option For You?

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