Looking for a steady job that promises big bucks? Banking might be for you. The job outlook for finance and banking occupations is looking good, with a 7% growth expected from 2021 to 2031 according to the Bureau of Labor Statistics (BLS). Plus, the median annual wage in the field is $76,570 - way more than the average income of all occupations at $45,760.
If you're dreaming of making some big bucks, investment banking is a path you can take. But that's only one of your options if you want to work for a financial institution. Read on for a list of top banking industry jobs plus tips on what college majors will get you into the field.
10 top major banks jobs
There are major bank jobs to suit all kinds of interests. Here are some of our favorites in both commercial banking (business-focused) and retail banking (consumer-focused).
10 top major banks jobs:
- Investment banker
- Financial analyst
- Loan officer
- Credit analyst
- Auditor
- Financial adviser
- Teller
- Portfolio manager
- Compliance manager
- Accountant
Investment banker
Investment bankers are financial advisers to corporations that help their clients raise money to expand. They may complete tasks like floating bonds, issuing stocks, orchestrating initial public offerings, arranging for a company's sale, or negotiating an acquisition or merger.
These are the best-paying jobs on the list, so if all you care about is cash, look no further. That said, investment banking is stressful - expect long hours that can affect your work-life balance.
Average salary: Newcomers with a Big Five firm (JPMorgan Chase, Goldman Sachs, Citigroup, Bank of America, and Morgan Stanley) can expect high salaries. All five big U.S. banks are now paying $110k salaries to analysts and $175k to associates. Directors at Goldman and Morgan Stanley earn $250k, while Bank of America, Citi, and JPMorgan pay $275k.
Education and licensing requirements:
- A bachelor's degree in a field like business, plus a degree in business administration (MBA)
- Pass a licensing test from the Financial Industry Regulatory Authority (FINRA)
Useful skills:
- Analytical skills
- Resistance to high-stress
- Ability to handle fast-paced work
Examples of successful investment bankers:
- Sergio Ermotti. Starting his career without a university degree, Ermotti completed an apprenticeship with the Corner Bank in Lugano and received a Swiss Federal banking expert diploma. He had tenures at Citibank, Merrill Lynch in Zurich, and UniCredit.
- Timothy J. Sloan. Sloan began as a bank teller while studying at the University of Michigan, where he earned an MBA. He joined Wells Fargo in 1987 and rose to become COO and president by 2015.
Financial analyst
Financial analysts help businesses and individuals make money management decisions with an eye toward profits. It's a lot of research on everything from stock and bond performance to current events that are impacting the financial markets. Financial analysis is a data-driven job.
Average salary: $95,080 per year (annual median)
Education and licensing requirements:
- Bachelor's degree in business or a related field. Some employers prefer a master's degree.
- You may need to pass a FINRA exam if you sell financial products. Some employers recommend certifications like the Chartered Financial Analyst certification from the CFA Institute.
Useful skills:
- Good customer service skills
- Excellent researching experience
- Critical thinking abilities
Examples of successful financial analysts:
- Meredith Ann Whitney. Known as "The Oracle of Wall Street," Whitney is famous for accurately predicting the difficulties of Citigroup and other major banks during the 2007-2008 financial crisis.
- Mario Joseph Gabelli. Founder, chairman, and CEO of Gabelli Asset Management Company Investors (Gamco Investors), Gabelli is known for his application of Graham and Dodd's principles in security analysis. He has been a prominent figure in the financial industry, frequently appearing as a commentator on financial news networks.
Loan officer
Loan officers evaluate loan applications from individuals and businesses. They then approve or deny these loans. Their decision is based on financial data like credit ratings, income, and financial statements.
Average salary: $65,740 per year (annual median)
Education and licensing requirements:
- Bachelor's degree in a field like business or finance.
- Mortgage loan officers need a Mortgage Loan Originator license.
- Extra certifications through the American Bankers Association (ABA) and Mortgage Bankers Association (MBA) can improve your career prospects.
Useful skills:
- Detail-oriented
- Excellent research and fact-checking skills
- Problem-solving
Examples of successful loan officers:
- Shant Banosian. Banosian, working with Guaranteed Rate, became the first loan officer at the firm to fund $1 billion in loan volume in a single year. In 2020, he closed 3,551 loans, generating $1.7 billion in funded loans. Throughout his career, he has produced more than $4 billion in funded loans and closed over 15,000 loans.
- Chris Gallo. Working for NJ Lenders Corp, Gallo ranks fourth in the country for top dollar volume with 2,532 loans and over $1 billion funded in loan volume. His expertise lies in multi-family residences, condo financing, jumbo mortgages, and assisting first-time homebuyers.
Credit analyst
Credit analysts review financial data about loan applicants. More specifically, credit analysts check out credit data (like credit cards and previous loans). They want to see a person's or business's payment past, earnings, savings, and spending habits.
Average salary: $78,850 per year (annual median)
Education and licensing requirements:
- Bachelor's degree in a field like business or finance. Alternatively, majors in fields like statistics, economics, or math can be useful.
- Some companies may require you to get a Chartered Financial Analyst credential.
Useful skills:
- Multitasking abilities
- Great communication skills
- Quantitative analysis abilities
Examples of successful credit analysts:
- Benjamin Bryer, CFA. A CFA charterholder with an MBA from NYU, Ben has over 10 years of buy-side experience. He specializes in M&A advisory services, focusing on due diligence, financial modeling, valuation, and deal structuring.
- Travis Borden. Formerly part of the founding team at Moelis & Co., a global investment bank, Travis has 18 years of experience advising major transactions. He founded Keene Advisors, a socially responsible advisory firm, and offers his expertise to a range of companies from startups to Fortune 500 firms.
Auditor
Auditors examine financial records for completeness and accuracy. They identify potential signs of fraud and prepare reports to flag issues. Auditors can work internally doing audits for businesses, or they can work for government agencies like the Internal Revenue Service (IRS).
Average salary: $78,000 per year (annual median)
Education and licensing requirements:
- A bachelor's degree in accounting or a similar field
- Auditors who file reports with the Securities and Exchange Commission (SEC) legally need a CPA license.
Useful skills:
- Keen eye for detail
- Good communication abilities
- Strong organizational skills
Examples of successful auditors:
- Hal Garyn. Known for his thoughtful and powerful voice in the profession, especially regarding the relevance of internal auditors in a virtual environment.
- Susan (Sue) Paul. Noted for her expertise in IT audit and as a prolific technology thought leader in the profession.
Financial adviser
Wondering how to make your money WORK for you? Talk to a personal financial adviser. They give people tips on investments, estate planning, taxes, retirement planning, and more. The goal is to maximize cash with smart wealth management.
Average salary: $95,390 per year (annual median)
Education and licensing requirements:
- A bachelor's degree in a field like business or math is helpful, although you can even enter the field with a social sciences degree.
- Personal financial advisers who sell products like stocks, insurance, or bonds may need various licenses depending on the states they work in.
Useful skills:
- Excellent people skills
- Ability to explain financial topics in layperson's terms
- Good problem-solving skills
Examples of successful financial advisers:
- Robert Harwood. He was inspired by his parents' financial struggles and started Harwood Financial Group, which now manages over $500 million in client assets. With a background in engineering and computer science, Harwood's firm focuses on retirement planning and financial navigation, earning $4.8M/year.
- Conor Delaney. He established Good Life Companies, which generates $24M/year. Recognizing the need for comprehensive services for independent financial advisors, his company offers a range of support, including real estate and marketing services.
Teller
Bank tellers work directly with customers in bank locations. They're responsible for processing routine banking transactions like collecting loan payments, depositing money, and cashing checks.
Average salary: $36,380 per year (annual median)
Education and licensing requirements:
- High school diploma plus on-the-job training
- Although this is an entry-level position, some banks do a background check.
Useful skills:
- Friendly demeanor
- Professional appearance
- Customer service mindset
Portfolio manager
Portfolio managers create investment strategies to help individuals or institutions invest their money wisely. They may work for private investment firms, pension funds, hedge funds, insurance providers, or mutual fund companies. Their aim is to identify investment opportunities and encourage smart financial planning.
Average salary: $166,495 per year
Education and licensing requirements:
- Bachelor's degree in a field like finance or business. A master's degree or MBA may be preferable.
- Some employers prefer industry certifications like Chartered Financial Analyst or Financial Risk Manager.
Useful skills:
- Great data interpretation skills
- Good research abilities
- Excellent communication skills
Examples of successful portfolio managers:
- Ray Dalio at Bridgewater Associates. Under Ray Dalio, Bridgewater Associates gained fame for accurately predicting and navigating the 2008 financial crisis. This success is attributed to its "all weather" strategy, which aims to perform well in all economic conditions through diversification and a risk-parity approach to asset allocation. Its portfolio includes unique investments like shares in a gold ETF.
- Michael Burry at Scion Asset Management. Michael Burry, known for his role in predicting the 2008 financial crisis, leads Scion Asset Management. He is recognized for his aggressive short bets and a value investing approach, especially in distressed assets. His portfolio at the end of Q1 2023 included significant investments in Chinese e-commerce companies like JD.com and Alibaba, showcasing his belief in a consumer-driven economic reopening in China.
Compliance manager
Compliance managers work for companies to make sure they adhere to legal and regulatory rules. From a financial perspective, this could mean meeting the requirement to file an annual report and filing the appropriate tax paperwork.
Average salary: $71,690 per year (annual median)
Education and licensing requirements:
- Bachelor's degree, usually in business. Some employers prefer an advanced degree, like an MBA or LLM.
- Possible certifications that can improve job prospects include the Certified Compliance & Ethics Professional (CCEP).
Useful skills:
- Detail-oriented approach
- Multitasking abilities
- Clear communication
Accountant
Accountants prepare financial records, such as quarterly reports and tax filings. They help identify potential financial risks and find solutions, look for ways to save on taxes, and assess financial operations. Accountants usually work for businesses, although they can also help individuals with tasks like tax prep.
Average salary: $78,000 per year (annual median)
Education and licensing requirements:
- A bachelor's degree in accounting or a similar major
- Many firms require a certification like a Certified Public Accountant (CPA) credential. Accountants who file reports with the SEC legally need a CPA license.
Useful skills:
- Analytical mindset
- Great critical thinking skills
- Excellent multitasking abilities
Examples of successful accountants:
- Josiah Wedgwood. Known as the father of cost accounting, he invented the first accurate system for tracking expenses and earnings.
- Bernadine Coles Gines. The first African-American female CPA in New York.
Pros and cons of a career in major banks
Let's check out some of the advantages and drawbacks of working in the major banks industry so you can have a clear picture of whether or not this field is for you.
Pros
- Job security. Major banks offer stable employment due to their large scale and financial foundation.
- Competitive salaries. Positions in major banks typically come with higher compensation compared to other industries.
- Career advancement. There are clear paths for promotion and opportunities to work in various departments.
- Diverse job opportunities. A range of roles is available, from entry-level to specialized and senior positions.
- Global opportunities. Many major banks have branches worldwide, offering chances to work abroad.
Cons
- Long working hours. Jobs in finance often require extended hours, including work outside regular business hours.
- High pressure. Managing large sums of money and complex financial transactions can be very stressful.
- Competitive environment. The banking sector attracts many skilled professionals, making the job market highly competitive.
- Rapid industry changes. Finance professionals need to constantly adapt to evolving regulations, technologies, and market trends.
- Work-life balance. The demanding nature of banking jobs can sometimes impact personal life and work-life balance.
What education do you need for a career in major banking?
So, how much studying do you need to do before you start raking in those banking bucks? It depends on the role you're looking at. For example, you can become an entry-level teller with just a high school diploma, while other roles, like a portfolio manager, may require an MBA.
A higher degree can lead to jobs with more competitive salaries, from asset management to becoming a chief financial officer (CFO). But you need more than a piece of paper to climb the ranks. Your overall skill set, including soft skills like communication, also matters.
The best college majors for major banks jobs
A bachelor's degree is a solid basis for a financial services career. That said, your master of fine arts probably won't get you far. Try these college majors if you want to get your foot in the door of the serious banking world:
- Finance. A degree in finance offers loads of options, from investment banker to financial adviser.
- Business. A business degree is another all-rounder that can lead to career opportunities like investment banking, portfolio management, compliance management, and financial advising.
- Accounting. A degree in accounting can open up job opportunities like an accountant or auditor.
- Statistics. A statistics degree can pave the path to becoming a credit analyst.
- Economics. An economics degree can lead to a role like a credit analyst.
Use College Rover to find the best school for your future career
Whether corporate finance auditing is your calling or you're dreaming of the big bucks in investment management, the right degree will get you there. Scope out schools and compare your options with College Rover.
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