Today, I want to talk about 12 great things about working in banking. For those of you considering starting a career in banking or switching to banking from another career, this information might be really useful in deciding whether or not a career in banking is for you. In addition to discussing the great aspects, I will also touch on the flip side because, depending on your personality, what might be great for some people might be less great for others. I’ll base a lot of these points on my personal experience working in banking.
Let’s get into this.
The salary and the benefits you get. This is what attracts most people to banking in the first place because they think the pay is above average. I wouldn’t say that the salary in banking is the highest because it really depends on what area you’re working in, at what level, and how competitive you are. For example, if you are working in investment banking or in sales selling wealth management products like mutual funds and bonds, you can earn a lot in commissions. If you’re in middle management and above, it’s relatively easy to earn a six-figure income, mostly from bonuses rather than your base salary.
However, if you’re starting off as a teller or in a junior position, your salary would not be much higher compared to what you could earn in another industry.
By the way, in case you’re new to this channel, I make videos on career change, multiple careers, and motivation. I want to share my experiences with you and help you shape the kind of career that you really want and that you feel is suitable for your life.
Now, about the flip side. The high pay goes hand-in-hand with really hard work and long hours.
When I was working in banking, project management, and strategic business management, there were no fixed hours. While many other people working as tellers or in customer service might go home at 6 p.m. or 6:30 p.m. sometimes I was at the office with my team members until 9, 10, or even 11 p.m. when we had to work on a presentation for the next day. If you work in sales and earn a lot of commissions, that also means you have a lot of high-net-worth customers in your portfolio, and you need to maintain relationships with them. This often means working on weekends as well.
While working in banking, there’s a lot of mandatory training related to financial products and the financial industry. If you’re at a mid or senior level in the bank, the bank might also send you for training overseas, for example, to their headquarters. Usually, the company has an e-learning system where you can pick additional training if you’re interested. These trainings are not only related to financial products but also to customer service, leadership, and so on. The flip side is that if you are not interested in financial products and banking, having to take all these trainings will be really dreadful for you.
There’s just so much to do and so many new things happening daily and weekly that I rarely get bored. There are frequent product launches to get up to speed on, town hall meetings to attend if you are at mid-level management and above, and tons of CSR (corporate social responsibility) activities such as painting houses that you can participate in on behalf of your team. On the flip side, while some people might enjoy this fast-paced and ever-changing environment, others might prefer a more quiet and serene working environment, which is unlikely to be found in the world of banking. If you work in a branch, you will be serving customers all the time, and when you are not, you will be in the back office taking care of administrative tasks.
In banking, it’s relatively easy to move between different areas of the bank. For example, you might start in retail banking and later switch to corporate banking, or you might start in customer service and develop an interest in HR, making it possible to switch into HR. One reason for this is the complex management structures and internal systems in banking and much of the corporate world. Banks often prefer to hire someone from within, even if they are from a different area, as long as the person qualifies for the position.
Not everyone in the bank will travel, but there are many opportunities to get around instead of just staying in one place. You might travel to another city or an overseas office if you are at least at a mid-level management position. This usually happens for business meetings, projects, and training. There is a higher chance of traveling if the bank is a multinational bank. The flip side is that traveling for work is not as fun as you might think. It’s not like a free vacation because you have tight deadlines and have to focus on the project and business. Even if you are sent on a business trip to the UK or Singapore, you rarely have time for sightseeing. Most of your time will be spent in the hotel, in the car or taxi on the way to your next meeting, and in meetings with colleagues.
If you work at a multinational bank or any large multinational corporation, you might have a good chance of working overseas if you have the right skills and fight for it. It’s not easy, but it’s possible. If you are interested in increasing your chances of getting transferred overseas within your company, you might want to check out my other video.
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The mobility or high fluidity within the banking and finance industry. It is really easy to move between companies. I stayed and worked at the same bank for five years, but I saw many colleagues moving back and forth between banks. For example, someone might start at HSBC, work there for a year, then move to Citibank, work there for two years, and then move to DBS. This is common in banking because people are looking for higher salaries and promotions that they couldn’t get at their former bank. Sometimes, it’s also due to company culture. Some people don’t enjoy the culture and decide to move to another company.
Whether you are a teller in a branch or in management, you will be working with numbers all the time. You have to be comfortable with thousands, millions, and billions, foreign exchange, and so on. In management, you’ll work with data, analyze it, and interpret it. Personally, I found this part fun. The flip side is that if you hate numbers and they confuse you, banking might not be the right place for you.
More of a psychological aspect: the prestige or sense of status you get from working in banking. There is a certain lifestyle attached to banking—fancy cars, five-star dinners, and luxury items. This might sound stereotypical, but it is indeed the case in banking and finance. People talk a lot about fine dining, luxury travel, buying condos, expensive cars, and branded items. If you like this world, banking might be for you. I’m not saying it’s good or bad; it depends on your personality and interests. Everyone cares about a certain degree of prestige and status, but the method differs. For some, high status means owning luxury items, while for others, it means being able to retire early and do whatever they want.
This can be really fun. In large banks and corporations, there are company-wide projects that affect everyone, and everyone has a part in them. For example, the launch of a new internet banking platform. Working together with others on such projects can be very exciting. The flip side is that in large corporations, you don’t have much autonomy. The company structure is complex, and every decision involves many people and interdependencies. Some people thrive in this environment, but others who prefer more autonomy might not find it suitable.
Working with a lot of smart, intelligent, and interesting people. I made many friends and great connections that last even now. The flip side is that in banking and large corporations, you might be working with 20, 30, or 50 people daily. Some people find this exciting, but for introverts, it can be exhausting and draining.
Almost daily or several times a week, there will be some kind of party on the floor—birthdays, farewells, or welcoming new colleagues. If you are in mid-level management, you will likely take part in many dinners. I can’t remember how many five-star buffets I ate at. The flip side is that you won’t necessarily enjoy all these celebrations because you are still in a work setting. You are thinking about your image, making small talk, and not fully enjoying it as you would with family or friends.
I hope my video gave you new insights into banking and the great things about working in the industry, as well as the flip side. If you are considering a career in banking or switching to banking, I hope this helps you make an informed decision. Banking and finance can be a great career for some people, but make sure you get into it for the right reasons. I listed 12 awesome things about working in banking, but for some people, these might represent downsides. Think carefully about whether the banking industry is right for you. I hope this video was useful. Please share it with your friends and anyone who might benefit from it. As always, thank you so much for watching, and I hope to catch you again soon.
