Pursuing a Banking career: Is it the right choice?

Pursuing a Banking career: Is it the right choice?

Banking the job

Wake up at 5am. Beat yourself out of bed. You have to report by 7am keeping in mind the heavy morning jam on the road.

Doors open at 8am or 9am. That sounds as usual for most of the offices. You are entrusted with people’s money. Any discrepancy on an account could make you face the clients wrath.

Doors closed at 4pm or 5pm. Some banks are now working till 9pm due to competition in the market. Then the backlog. To finish. It’s not all rosy some thorns attached. 

The thorns in the banking career

Bankers at the top of their game enjoy rewards most people can only dream of.  But if you are thinking of joining the profession, it’s worth considering the potential downsides, as well as the ups. Once you have mulled over the possible disadvantages of becoming a banker, you may decide that money isn’t everything.

Hours

If you want to keep regular office hours and have plenty of spare time to spend with your friends and family, a career in banking probably won’t be fit for you. Investment bankers typically work in excess of 40 hours a week, according to the Bureau of Labor Statistics. Some first-year bankers can expect to put in 100-plus hours every seven days, while those in their second year average around 80, according to a February 2012 study by a researcher from the University of Southern California published in “Administrative Science Quarterly.” The BLS advises that many bankers work weekends, evenings and public holidays. Some workers in the profession, especially those at the beginning of their careers, are regularly asked to ‘pull all-nighters.’

Stress

With the longer hours of work comes with a lot of stress. Investment bankers deal with huge sums of money and are expected to keep on turning a profit. Every one of the approximately two dozen entry-level bankers Michel observed over the first decade of their careers developed a stress-related condition. Some wound up with alcoholism, heart palpitations, insomnia, eating disorders or temper issues.

 Stigma

Becoming a banker may do a lot for your bank balance, but won’t do much for your street cred. Whether or not investment bankers were to blame for the financial crisis of 2008 and ensuing recession, people don’t like them.

An August 2012 Gallup poll found that just 6 percent of respondents felt very positively about the banking sector, while 22 percent felt very negatively. Although bankers have never been among the country’s most-adored professional groups, 15 percent of respondents felt very positively about them when the same survey was conducted in 2006.

 Tighter Regulations

The post-2008 backlash against bankers has brought calls for tighter regulation of the industry and controls on the bonus culture that some feel contributed to the credit crunch. In February 2013, the European Union proposed capping bank bonuses at a year’s salary. Even if U.S. policy makers fail to tighten domestic banking regulations, the country’s employees working in other parts of the world could find themselves taking a hit if foreign governments decide to clamp down on pay and bonuses.

Banks are the best employers. Good training ground for ethics and integrity because if you don’t have some ethics and integrity you will find way out naturally. Career development in banks is healthy.

Benefits of pursuing a banking career when considering for career, look at one that exposes you to meet people. The best thing in career is meeting very many people as possible.

 TO BE CONTINUED IN THE NEXT ISSUE