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Today I want to talk about 12 great things about working in banking so for those of you who are considering to start a career in banking or switch to banking from another career then this information might be really useful to you and deciding whether or not a career in banking is for you and in addition to talking about the great things I am also going to talk a bit about the flip side because depending on your personality what might be great for some people might be less great for other people and I'm going to base a lot of these things on my personal experience of working in banking get into this first number one is compensation the salary and the benefits that you get and this is what attracts most people to get into banking in the first place because they think that the pay there 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 and at what level you are and also how competitive you are so if for example you are working in investment banking or in sales selling wealth management products like mutual funds bonds etc then you can really earn a lot in commissions and if you're working in management once you're working in middle management and above then it's relatively easy to earn a six-figure income and that mostly would come from your bonuses and not just from your base salary but if you're starting off as a teller and as long as you're still in a junior position then your salary would not be much higher compared to what you could have earned in another industry by the way in case you're new to this channel I make videos on career change multiple careers motivation and I want to share my experiences with you and also help you to shape the kind of career that you really want and that you feel is suitable for your life and now about the flip side the high pay goes hand-in-hand with really really hard work and long hours when I was working in banking and project management and strategic business management there were no fixed hours while many other people who were working as tellers or our customer service would perhaps go home at 6 p.m. or 6:30 p.m. sometimes I was at the office with my other team members until 9:00 10:00 11:00 and sometimes even 12 p.m. when we had to work on a presentation that we had to present the next day and if you work in sales and you earn a lot of commissions at the same time that would also mean that you have a lot of high net worth customers in your portfolio and you need to maintain a relationship with them and what that oftentimes means for salespeople is that they are also actively working on the weekends and not just on the weekday because if you have a really high net worth client and on a Saturday night they have some problem with their credit card or so and choose to contact you you can't just decline them of course you can but then you would risk losing the business and this is certainly not something that is only specific to banking but you will also find this and consulting telecommunications and a lot of other industries but this is something that I observed is typical of the banking and finance industry number two is the opportunity for learning and this is something that I personally really enjoyed while working in banking there's a lot of training that is mandatory for you to take related to financial products the financial industry and oftentimes if you're already at a mid or a senior level in the bank then the bank would also send you for training overseas for example to their headquarters usually the company would have their e-learning system where you yourself can also pick out additional training if you're interested to learn about something and these trainings are not only related to financial products but could also be related to customer service leadership and so on and the flipside is of course if you are not interested in financial products and in banking then having to take all these trainings will be really dreadful for you number three is that it never gets boring there's just so much to do and so many new things happening on a daily and weekly basis that I rarely get bored there are frequent product launches that you have to get up to speed on there are townhall meetings that you have to attend if you are at a mid-level management and above and there are also tons of CSR or corporate social responsibility activities such as painting houses that you can participate or that you have to participate in on behalf of your team and now to the flipside well some people might really enjoy this path pace and fast changing environment some other people perhaps prefer a more quiet and serene working and and this is something that you will unlikely find in the world of banking if you work in the branch obviously you will be serving customers all of the time and when you are not you will be in the back office taking care of a lot of admin stuff and if you work in management then in banks mostly the office is arranged in an open layout which means that anywhere from 50 up to hundred or more seats cubicles are all on one floor without any separation in any walls so people are going back and forth interacting and there's a lot of noise and a lot of going on all of the time but again if this is the kind of environment you love then this might be for you number four is multiple career paths what I found in banking is that it's relatively easy to move between one area of the bank to the other for example you start off in retail banking but later on you switch over to corporate banking or if you started off working in customer services but over the time you developed strong interests for each R there is a high chance that you will be able to make that move and switch into HR and I think that one of the reasons is is because the management structures and banking and in much of the corporate world is so complex and there are so many internal systems that you need to understand and processes that is why the bank oftentimes prefers to hire someone from within even if that is someone from a different area as long as the person qualifies for that position of course number five is traveling of course not every single person in the bank will eventually travel somewhere but what I can say is that there is a lot of opportunity when working in banking to get around instead of just staying and working in that one single place you would usually travel either to another city or to an overseas office if you are at least already at a mid-level management position that would usually happen for business meetings for projects and also for trainings and usually there is a higher chance that you will travel if the bank is a multinational bank and now to the flipside traveling for work is not as fun as you think you might think that it's like a free vacation because the company pays for your flight ticket for your hotel your food and you even get a daily allowance which is kind of a pocket money that you can spend however you want but from my personal experience traveling for business is really not that enjoyable you have a tight deadline you have to think about the project and business so even though you're sent on a business trip to the UK or to Singapore for example you rarely have time to do sightseeing most of your time would be spent in the hotel in the car or taxi on the way to your next meeting and in the meeting with your other colleagues number six is working overseas if you work at a multinational bank or as a matter of fact any large multinational corporation then you might have a good chance of working overseas if you are the right person with the right skills and if you fight for it obviously it's not that easy and if you're interested to know more how you can increase your chances of getting transferred overseas internally within the company that you are working at then you might want to check out my other video here by the way if you're enjoying this video so far then you might want to give it a thumbs up and also if you don't want to miss out on any of my other videos then please hit the subscribe button and also don't forget to hit the notification bell so that YouTube will inform you of my new videos number seven is the mobility or the high fluidity within the banking and finance industry and what this means is that it is really easy to move in between companies I happen to stay and work at one in the same Bank for my entire 5 years but during that time I saw plenty of colleagues who were moving back and forth between banks for example started off at HSBC worked there for one year and then moved over were recruited by Citibank worked there for two years and then moved to DBS and so on this is just an example and it's not necessarily something good or bad but what I want to say is that within banking the financial industry it's really easy to move back and forth between banks if you are up for it and the reason why people are doing this and the turnover is so high in banking is because people are looking for a higher salary and they are looking for that promotion that they couldn't get at their former bank and this is usually what happens a lot people jump from one bank to the other chasing after that higher salary higher benefits promotions but sometimes it's also due to the company culture some people simply don't enjoy the culture and that's why they decide to move to another company number eight is working with numbers whether you are working as a teller in the branch or in the management office you will be working with numbers all of the time so you have to be comfortable with thousands to millions to billions for an exchange and so on and also if you're in management you'll have to work with data all of the time you have to analyze data you have to be able to interpret it and understand what it means and personally for me I found that part to be a lot of fun the flipside of course is if you hate numbers if you don't like working with numbers at all and numbers confuse you then I don't think that banking is the right place for you number nine is more of a psychological aspect and that is the prestige or sense of status that you get from working in the world of banking and as you can imagine there is a certain lifestyle attached to the world of banking fancy cars 5-star dinners fancy handbags for the girls this might sound a bit stereotypical to you but I can say from my personal experience that this is indeed the case in the world of banking and finance people tend to talk a lot perhaps disproportionately compared to other industries about fine dining luxury traveling buying this or that condo and this or that country expensive cars branded items and so on I would say if you like this world if you like this setting this environment then banking and the financial world is for you and again I'm not saying here if it's something good or bad because it's different for every person depending on your personality and your interests it's just something that's either suitable to you or not and here I won't deny the importance of status and prestige I believe that to a certain degree every person deep down inside cares about a certain degree of prestige and status it is just the method that is different for some people high status means owning a luxury condo and the newest BMW well for other people high status means being able to retire early and do whatever you want number ten is working on large projects sometimes this can be really fun oftentimes in large banks and large corporations in general there is a company-wide project that tends to affect everyone and everyone will have their part in it for example the launch of a new internet banking platform and while working together with other people on that project on the implementation you feel like you're part of something bigger and sometimes that can be very exciting the flipside is that in large corporations usually you don't have that much autonomy the company structure is normally quite complex and quite complicated and in every step that you take every decision that you make there are so many other people involved there are so many interdependencies and of course some people thrive in this kind of environment and that might be you but there are people who are more on the introverted side who prefer to also have a little bit more autonomy for whom this kind of working environment might not be that suitable number 11 is working with a lot of smart intelligent and interesting people I made so many friends so many great connections that lasts even until now the flipside is in banking in large corporations in general on a daily basis you might be working with 20 30 and 50 people and some people really like this environment they find it very exciting interacting with a lot of people but again for other people who are more introverted this kind of work setting can be quite exhausting and draining number 12 almost on a daily basis or at least several times a week there will be some kind of party going on on the floor someone is celebrating their birthday or their farewell or welcoming somebody new on board so many times in the afternoon there will be something new going on and also if you are working at least in a mid-level management position then you will likely take part in a lot of dinners I can't remember anymore at how many five-star buffets I ate at the flipside is you'll not necessarily be able to enjoy all of these celebrations because after all you are in a work setting right you are still thinking of your image how you come across you make small talk with people so even though you're at a meeting at a fancy five-star hotel and eating this sumptuous buffet dinner will not be necessarily able to fully enjoy it in the same way as if you're hanging out with your family or your own friends I hope that my video was able to give you some new insights about the of banking and about all the great things about working in the industry but also about the flip side I hope that if you are considering a career in banking or switching into banking that this will help you to make an informed decision banking or finance can be a great career to go into for some people just make sure that you get into banking for the right reasons I just listed 12 awesome things about working in banking but well for some people these things are really great for some other people this might represent a downside of the industry so think carefully do you think that the banking industry is the right kind of industry for you or not I hope this video was useful to you please share it with your friends and people who you think might benefit from this video as always I thank you so much for watching and I hope to catch you again soon