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Is Banking a Lucrative Field to Pursue?

Why is banking a lucrative career option?

There comes a stage in every individual’s life where they are faced with a lucrative career option to pursue in the future. Many Business graduates often stand on a two-way road of whether they should choose to work in an FMCG, join a start-up, or enter the banking world. This is when they may find themselves asking, ‘is banking a lucrative field to pursue?’

The short answer is yes. And we have listed six main reasons why we (and many people around the world) think of banking as a lucrative field for a successful career. Let’s take a look at them now.

1. It is an evergreen field

You have probably heard of banks for as long as you can remember, and they are not going extinct anytime soon. Almost every country’s economy rests on the smooth operation of its banks, and they are an integral institution of the state. There will always be new banks popping up with new employment opportunities. To put things into perspective, the US banking industry values $17.9 trillion!

2. It pays well – far more profitable than some other popular jobs

Bank jobs have great salaries, and they pay well relatively. Salary is often the most crucial factor to judge the lucrativeness of any industry, and banking does not fail here. Banks stand out as a successful career option because employees also get other benefits like a minimum interest rate on loans, free medical, pension benefits, and more.

3. You get both job safety and stability

Owing to the evergreen nature of this field, you are likely to have better job safety and stability. A banking job is often a public sector job that can last you 60 years if all goes well. It is also a lucrative field because there is ample growth, and you get the chance to move higher up in the hierarchy as a reward for your experience and knowledge in the field.

4. It is challenging

A banking job can be dynamic and not precisely ‘boring’ as some may portray it. While the nature of work can get monotonous, new developments in the banking industry in the form of Digital Banking and other technology-based advancements make it quite enjoyable. Banking is no longer limited to the traditional landing and depositing of money!

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5. You have fixed timings – talk about work-life balance!

Work-life balance is one of the most sought of factors by youth when evaluating lucrative career options. In a bank job you are usually required to work for fixed timings after which you can simply go back home and enjoy with your family (or yourself). This is not usually the case with other private sector or company-based jobs where you often sit late to get work done.

6. Anyone can join

The best part about this career option is that it does not require any specific degree. While people with a business or accounting background are preferred, it is not a prerequisite to land a job in the banking industry. In fact, banks hire candidates from various fields, including Engineering, Computers, Law, and Technology.

Final Thoughts

Banking is a booming and evergreen industry that continues to grow with time. It is definitely a lucrative field to consider for a successful career. However, you should make sure that you are actually interested in banking before making the leap. If your passion lies elsewhere, look into those career options first – but if you think you may enjoy a banking job, we have given you all the reasons to see why this is a lucrative career option.

Written By

Travis Barnett is an expert in finances backed by 10 years of experience as a financial analyst at CNB. He graduated from UCLA's Anderson School of Management in 2010 and has been in the field ever since. Travis now enjoys sharing his business experience with others as a financial writer in San Diego. In his spare time, he enjoys hitting the links and working on his golf swing.

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