After completing your engineering degree, you might be wondering what else you can do with your skills. While there are many options out there, choosing banking as a career may be one of the best decisions you ever make. Here are some reasons why:
1. You’ll have access to a wide range of financial products and services.
2. You’ll have the opportunity to work in a challenging and dynamic field.
3. You’ll have a strong foundation in mathematics and statistics, which will come in handy when you start working in finance.
What are the Advantages of Banking over Other Fields?
There are many reasons why someone might choose banking over other career options. Here are five of the most important advantages:
1. Financial Stability: Banks are typically much more stable than other industries. This means that they are less likely to go out of business, and their clients will be able to rely on them to continue providing services.
2. Opportunity for Growth: Banking is a rapidly growing field, with opportunities for advancement and growth available at every level. There is no limit to how high a banker can rise in the industry, and many banks are looking for individuals with unique skills and experiences.
3. Variety of Positions: Banking offers a great variety of positions, both in terms of what employees do on a day-to-day basis and the types of companies they work for. This allows people to find a position that matches their interests and skill set.
4. Variety of Working Conditions: Banking jobs typically have good working conditions, with plenty of opportunity for overtime if needed. This means that bankers can expect long hours but also plenty of opportunity for advancement and growth.
5. Strong Career Opportunities: The banking industry is always growing and changing, which means there are always opportunities .
What Are The Disadvantages of Banking?
There are many reasons to choose banking as a career after engineering. Here are five of the most common disadvantages:
1. Low Salary: Bankers earn less than engineers on average, and those with more experience can earn even less.
2. Limited Opportunities: The banking industry is experiencing a shortage of qualified professionals, so competition for jobs is fierce.
3. Limited Career Growth: While bankers can move up in their careers, there is limited potential for growth.
4. Lack of Diversity: The banking industry is largely dominated by men, which can lead to a lack of diversity in the workplace.
5. Slow-Down Periods: Banks are often subject to economic downturns, which can slow down the pace of work and lead to decreased earnings.
How to Choose the Right Field of Banking?
Choosing a banking career after engineering can be a great decision for you. There are many different types of banking jobs and you’ll have the opportunity to work in a variety of locations. Additionally, banking is a growing industry, so there are plenty of opportunities to advance your career. Here are some reasons why you should consider a banking career:
1. You’ll have variety: You won’t be limited to any one type of banking job if you choose a career in this field. You could work in lending and investment banks, commercial banks, or even credit unions. This range of options will give you the opportunity to learn more about different aspects of the business and to grow your skillset.
2. You’ll have opportunities for growth: With so many different types of banks out there, there’s always room for advancement. If you’re passionate about finance and want to learn more about the industry, banking can be a great way to do that. You could move up in your career path quickly if you’re willing to put in the effort.
3. You’ll make good money: Banking is one of the most lucrative careers out there. It pays well compared to other industries and has good job security as well.
Which Type of Bank is Best For You?
If you are thinking of a career in banking, it’s important to choose the right type of bank. There are many different types of banks, and each offers its own benefits and disadvantages. Here are four different types of banks and their respective pros and cons:
1. Commercial Banks: Commercial banks are the largest type of bank in the U.S., with over $2 trillion in assets. They offer traditional banking services, such as loans, deposits, and investment products. They also offer more complex products, such as securities trading and foreign exchange trading. Commercial banks are generally considered to be the safest option for depositors.
2. Savings & Loans: Savings & Loans (S&Ls) were the dominant bank type in the U.S. before the financial crisis of 2007-08. S&Ls were founded during the 1800s as small loan companies that provided short-term loans to farmers and small businesses. Today, they are still a major player in the banking sector, with over $2 trillion in assets. However, they are now primarily focused on residential mortgages, which made them one of the most risky types of banks during the crisis.
Conclusion
Choosing banking as a career after engineering may seem like a daunting task. After all, the industry is constantly changing and new technologies are being developed every day. However, if you approach the decision in the right way, banking can be an extremely rewarding and exciting career choice. Here are some key reasons why you should consider banking as your next career move: