Considering a career in banking? Working for major banks comes with significant advantages—but also real challenges. Let’s explore a data-driven, balanced guide with insights to help you make an informed decision.
What’s Driving Interest in Major Banks Now?
Wall Street is experiencing a hiring boom, even amidst ongoing criticism for demanding work hours. In 2025, JPMorgan received 630,000 internship applications, while Goldman Sachs had 360,000 applicants, each filling only a few thousand spots—yielding sub-1% acceptance rates.
This fierce competition stems from the allure of high pay (e.g., £70K base plus bonuses), coveted brand names, and exposure to high-stakes finance.
1, Why Major Banks Appeal – Key Advantages
Choosing a career at a major bank isn’t just about the paycheck — it’s about access to one of the most structured, opportunity-rich career ecosystems in the professional world. Here’s why so many ambitious professionals flock to major banks every year:
Competitive Pay & Perks
Major banks are famous for offering some of the highest entry-level salaries in any industry. Investment banking analysts and portfolio managers often start with six-figure base salaries, and top performers can double or triple that number with bonuses and profit-sharing.
Benefits typically include:
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Performance-based bonuses
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Stock options or equity programs
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Generous retirement plans (401(k) with match)
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Comprehensive health insurance
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Tuition reimbursement for advanced degrees (such as MBAs)
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Wellness stipends and employee assistance programs
This compensation package makes banking a strong wealth-building path, particularly for recent graduates looking to pay off student debt quickly.
Structured Career Growth & Variety
Unlike some industries where advancement feels ad hoc, major banks provide clear promotion tracks — analyst to associate, associate to VP, VP to director or managing director — often with defined timelines and milestones.
But the real appeal is the variety of paths available under one roof. Within a single bank, you could explore:
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Retail Banking: Customer-facing roles, relationship management
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Investment Banking: Deal-making, mergers & acquisitions, capital raising
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Risk & Compliance: Ensuring regulatory adherence, a growing field with fintech integration
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Wealth Management: Advising high-net-worth clients
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Technology & Data: Cybersecurity, AI-driven trading systems, data analytics
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Operations & Product Management: Overseeing back-office processes and digital platforms
This flexibility allows employees to pivot without leaving the organization — a big plus for long-term career development.
Stability & Global Reach
Large banks have weathered recessions, regulatory overhauls, and global crises, yet remain cornerstones of the economy. For employees, this means greater job security than many startups or boutique firms can offer.
Additionally, major banks offer international opportunities:
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Short-term projects abroad
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Permanent relocations to financial hubs like London, Hong Kong, or Singapore
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Exposure to global markets and cross-border dealmaking
For professionals seeking a career with travel or a global perspective, banking remains one of the most direct routes.
Skill Development & Networking
A job at a major bank is like a professional boot camp. Employees gain:
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Technical Skills: Financial modeling, valuation, risk analysis
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Soft Skills: Negotiation, leadership, client management
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Certifications: Many banks sponsor Series 7, CFA, or other professional exams
Perhaps just as important is the networking potential. Working at a major bank means daily exposure to high-level clients, executives, and colleagues — connections that can open doors later in your career, even if you transition into consulting, private equity, or corporate finance.
Meaningful Impact
While banks are often criticized for their focus on profits, many play a pivotal role in economic growth. At institutions like JPMorgan Chase, Citi, or Bank of America, employees work on:
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Financing small businesses that fuel local economies
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Supporting infrastructure projects that improve communities
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Developing ESG (Environmental, Social, Governance) initiatives that direct capital toward sustainability
For many professionals, this sense of impact is a key motivator — they aren’t just crunching numbers, they’re helping shape industries and economic outcomes.
2, The Flip Side – Common Challenges
While major banks offer excellent pay, prestige, and networking opportunities, the industry also comes with significant hurdles. Many professionals describe the experience as rewarding but demanding, and understanding the potential downsides will help you make an informed career decision.
High Stress and Long Hours
One of the most common complaints about banking careers is the demanding schedule.
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Investment banking analysts frequently report 80–100 hour workweeks, with late nights and weekend work during deal closings.
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Even in retail or commercial banking, quarter-end deadlines often create spikes in workload.
This intensity can lead to burnout if not managed properly. Some banks have introduced initiatives such as “protected weekends” and mental health support, but the cultural shift is gradual.
Practical Tip: Candidates seeking better work-life balance might consider roles in risk management, compliance, or commercial banking rather than investment banking or trading, where hours are typically more predictable.
Cutthroat Work Culture
Major banks are highly competitive environments.
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Some employees report that internal competition creates a political atmosphere, discouraging collaboration.
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Junior professionals often feel pressure to remain available around the clock, which can lead to high stress levels.
Many banks are now investing in diversity programs, mentoring initiatives, and wellness benefits to improve workplace culture.
Practical Tip: Research employee reviews and workplace rankings to find banks known for supportive environments and career development opportunities.
Limited Flexibility
While other industries have widely embraced remote work, major banks have been slower to adapt.
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Hybrid arrangements are available but usually limited to back-office, HR, or technology roles.
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Client-facing and deal-oriented teams are generally expected to be on-site, which can make work-life balance challenging.
Practical Tip: For candidates who value flexibility, targeting roles in fintech divisions, data science, or project management within banks may offer better hybrid opportunities.
Economic Sensitivity
Banking is closely tied to economic cycles, and jobs can be vulnerable during downturns.
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Layoffs and hiring freezes are common when deal flow slows.
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Automation and AI are expected to impact up to 200,000 finance jobs within the next three to five years, particularly in operations and compliance.
Practical Tip: Focus on future-proof roles such as cybersecurity, ESG investing, or data analytics, which are expected to grow regardless of automation trends.
Bureaucracy and Routine
Large banks often have complex approval processes and legacy technology systems.
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Developers and tech workers may face slow release cycles and limited autonomy.
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Operations roles can become repetitive, offering less opportunity for creativity or innovation.
Practical Tip: Candidates who thrive in agile environments might explore boutique investment firms or fintech startups, or seek positions in internal innovation or digital transformation teams within large banks.
3, Voices from the Field
“Banking is definitely still a valid career path… offers stability, career growth, and transferable skills.”
— Reddit user reflecting on mid-career banking prospects Reddit
“Underwriting in commercial banking provides excellent work-life balance—40–45 hours, flexible WFH, and structured progression.”
— Reddit insight on commercial banking roles Reddit
5. Future Outlook & Job Market Trends
The long-term career outlook for major banks remains strong, though it is shifting alongside technology and market cycles.
Prime Brokerage Expansion:
Prime brokerage — a key service for hedge funds and institutional investors — has seen significant growth, with revenues climbing to $14.7 billion, a 20% year-over-year increase. This growth is fueling demand for professionals in areas like risk management, trade execution, client onboarding, and compliance, creating opportunities for both experienced hires and recent graduates.
Rebounding M&A and IPO Activity:
After a slowdown in 2022 and early 2023, mergers, acquisitions, and IPO activity have begun to recover. As deal-making picks up, banks are actively recruiting analysts, associates, and deal lawyers to meet demand. This rebound is creating a competitive hiring environment, especially for those with strong financial modeling and valuation skills.
Technology and Innovation Roles:
Major banks are also investing heavily in technology to remain competitive with fintech startups. This means increased hiring for:
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AI and Machine Learning Specialists: to build predictive models for trading and fraud detection
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Cybersecurity Experts: to protect sensitive financial data
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Developers and Cloud Engineers: to modernize legacy systems
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Product Managers: to improve digital banking experiences
This tech-driven transformation is making banking a more appealing career path for candidates with STEM backgrounds, offering an alternative to traditional software or big tech roles.
Final Verdict: Is Major Banking a Good Career Path?
Yes—if you’re seeking a challenging, highly compensated, and globally respected career. Major banks offer structured paths, top-tier training, and opportunities to make real financial impact.
But be aware of the trade-offs. High stress, long hours, and intense competition can challenge your well-being. Future-proofing your career means embracing tech skills and being adaptable in an evolving landscape.
WiseWorq Helps You Decide
If you’re weighing a banking career, WiseWorq empowers you to make smarter decisions. Explore company profiles, employee reviews, compensation trends, and culture insights—giving you clarity on whether a major bank is your best fit.
