With the recent coronavirus pandemic plaguing the world at large, lots of businesses face the risk of extreme loss and even bankruptcy – a full on failure on a lot of fronts. If even essential goods industries are facing significant losses, what about those in the non-essential, lifestyle industries? It’s the small and medium enterprises that are facing the brunt of this economic collapse, and that will definitely affect everyone as they employ a sizable amount of the workforce.
These realities make us wonder if there is such a thing as recession-proof businesses – those that have withstood the test of time and pandemics alike. One such industry is the banking sector – with or without this biological outbreak, it stands to be one of the most unwavering and fulfilling careers a person can get into.
What are the advantages of being in the banking industry?
1. Job Stability and Security
Money will always be a vital part of any economy. Everything else can be considered frivolous – but not essential needs such as food, medicine, healthcare, and the way money moves around.
Since financial transactions require a certain currency of exchange, money has always been and will always be a staple in any society. The way this is managed is the main job of the people in the banking industry. Therefore, you can count on your career being more stable and secure than most others.
2. Compensation and Benefits
Those that are working in investment banking jobs and all other types of banking careers can bet that their salaries will stay competitive. Apart from their base salaries, they get the opportunity to take advantage of commissions, especially when they sell investment instruments to their clients. Benefits are also pretty sizable, as long as the employee reaches a good number of deposits per year – which is to be expected. Performance bonuses and annual incentives are provided for accordingly.
3. Career advancement
As long as you are performing well in your particular responsibilities, you can bet that promotions will come to you in a timely manner. Climbing the ladder in the banking industry can be a cause for increased compensation, more attractive benefits and prestige and trust from the banking community.
4. Continued education
Banks are known to provide training programs that keep their hires competent and up to speed on the industry as well as on different investment instruments. You can be first to know about trends from the industry leaders themselves, and be able to wisely choose where you put your money so you can let it earn for you as you park it in a high yielding asset.
5. Reasonable working hours
Since banks are generally open to the public on normal working days, unlike the retail sector, they stay closed on holidays and weekends; you can be assured of a better work-life balance. The rest of the week can be allotted for more leisurely activities such as taking up a hobby or bonding with your family.
Having a career in the banking industry does not just give you the security of being recession or pandemic proof – it can give you the fulfillment that will help you thrive no matter what the economic situation in the present moment.