Headquartered in Pittsburgh, Pennsylvania, Pittsburgh National Corporation (PNC) was founded in 1852 as Pittsburgh National Bank has made great strides in the financial industry.
Starting as a small local bank, PNC has expanded to become one of the largest financial institutions in the United States by merging with and acquiring smaller banking companies.
In addition, PNC uses various online and app-based tools to give customers considerable savings and budgeting options, rarely found with other major banking platforms.
In 2022, 61,545 employees worked for PNC Financial, an increase of 3.57% from 2021, which means workers are generally happy with the company.
If you’re interested in working for PNC Financial, it’s essential to understand the pros and cons of the company before applying. So keep reading to learn more!
Table of Contents
- Pros of Working for PNC Financial
- Cons of Working for PNC Financial
- 15 Pros and Cons of Working for PNC Financial – Summary Table
- Should You Work for PNC Financial?
Pros of Working for PNC Financial
Several of the best pros of working for PNC Financial include the following:
1. Excellent Exposure
Client-facing PNC financial services employees regularly speak with high-profile companies and individuals, which provides excellent networking and learning opportunities.
In addition, during layoffs due to economic downturns, having exposure to those in other businesses can open many doors for your future.
As the old saying goes, it’s not what you know, it’s who you know, and that is an ever-present positive aspect of working for PNC Financial!
2. Good Benefits
Many PNC Financial employees report that the benefits are excellent, including a 401K account, annual raises to account for increasing inflation, and solid health coverage.
Also, those at certain levels are given a yearly stock allotment, which can be sold on specific dates.
This is a great nest egg for further growing savings and comes in handy on a rainy day.
Good benefits combined with high potential earnings and a potentially good work-life balance are several of the reasons employees want to work for PNC and remain under their employment.
3. Good Working Conditions
While the financial and banking industry has historically been known to be rigid, the new wave of financial companies, like PNC, are working with their employees for a better work-life balance.
This means working a 9-5 PM schedule without the need to work beyond core hours regularly.
Also, hybrid working models have been implemented, so employees may only need to commute to the office 2-3 times per week; some work remotely.
4. Great Development Opportunities
PNC has various development opportunities, such as job shadowing, online and in-person classes, tuition reimbursement, and other programs to help employees grow and improve the company.
In addition to these learning prospects, on-the-job training is extensive, so employees will learn plenty about finance, loans, notary republic, etc., just by performing their daily duties.
This gained knowledge helps build PNC employees’ resumes if they are laid off or want to move to another company.
5. Great Place to Start a Career
Many employees report that PNC is a great place to start a career because plenty of friendly faces are willing to help.
They also find numerous opportunities for advancement and development within the organization, given the right skills.
While one of the cons is some departments have poor training procedures, new employees are generally happy starting their careers with PNC Financial since it’s a great foot in the door with a leading banking institution.
6. Potential for High Income
PNC offers plenty of career choices that yield a six-figure income, even at branches in smaller cities with a lower cost of living.
Of course, you must be qualified for the position, but there are regular job openings within the corporation with lucrative salaries.
Financial service roles typically have a base salary plus commission, so many finance professionals earn well over the median salary.
Other company areas could have high starting salaries depending on experience and location.
The old “work hard, play hard” mantra is common among PNC employees and the financial services industry.
Many meet life-long friends and enter into romantic relationships with those working in the industry since it’s such a tight-knit group.
If you’re the type who loves to socialize with other PNC employees and those within the industry, this is a great place to work and socially develop.
Also, plenty of financial industry parties are held in cities nationwide to network and let loose.
Although working for PNC Financial is considered a desk job, which some may view as dull, every day is different.
Given the unpredictable and fast-paced nature of the financial sector, employees are always learning new things and busy with their workload.
There’s often an exciting buzz in a financial services office with no time to watch the clock.
It’s important not to confuse financial services with other desk jobs like accounting, which some can view as boring outside of tax season.
Cons of Working for PNC Financial
While many positive aspects exist when working for PNC, it’s also essential to understand the downsides, which include the following:
1. Cyclical Industry
One of the greatest downsides of working at PNC is the financial industry is incredibly cyclical, which means job security is often unknown.
When markets are rising, and the economy is booming, brokerages and banks hire sprees, then lay off a considerable percentage of the workforce when the economy drops.
While the most productive employees are typically not involved in mass layoffs, few jobs at PNC and within the financial sector are secure during severe economic downturns.
2. Difficult Characters
Various clients and employees can be challenging to deal with in any support role regularly.
Given the amount of money that flows through banks, investments, and the economy, senior managers and clients can become irate if considerable amounts of cash are lost in the stock market, and no excuse will be sufficient.
This can significantly add to one of the other cons on this list, working in a high-stress environment.
3. High Job Competition
Given the amount of money that can be made and promotion opportunities for the best employees, PNC can be competitive, especially when interviewing for a new position.
Competition is cutthroat in major financial centers like New York City and San Fransisco.
This is amplified when the economy performs poorly and layoffs occur across the financial sector.
This means even fewer jobs for more people, which can be incredibly stressful and time-consuming.
4. High Stress
The finance and banking industry is highly stressed due to the fast-paced nature of this sector.
While not all positions at PNC Financial have a high-stress level, performance-based positions, like in finance, meaning you are constantly being monitored and expected to hit monthly goals, similar to a sales position.
While PNC might have an excellent work-life balance, those in commission positions achieve a significant portion of the income from sales, so if they don’t have clients investing, they only make a small base salary.
5. Lacking Job Specific Training
While this greatly depends on your management, position, and organizational structure, many employees report that the training program implemented by the corporation could improve to help give more support to new employees.
Reports show that new employee training needs to be more organized, with job-necessary areas needing to be improved.
At the branch level, managers are regularly short-staffed, so the training becomes disorganized and poorly planned.
While on-the-job training is an aspect of hiring a new employee, it’s one area that PNC can improve upon.
6. Overwhelming Environment
Contributing to the high-stress levels of PNC employees is the overwhelming environment.
While some may enjoy the fast-paced, non-stop financial industry environment, it becomes tiring and overwhelming over time, often leading to employee burnout.
Unfortunately, this is the nature of a constantly changing environment.
When the economy is performing well, the stress levels are usually low.
Still, when the economy is down, the company becomes more demanding, which creates an overwhelming environment for all employees.
7. Some Bad Managers Within the Company
Some employees report having bad managers at PNC Financial.
This includes not providing feedback, demanding work hours, and needing to be more accommodating to personal situations.
Unfortunately, managers with an “old school” way of working and thinking are also common in the financial sector, where it’s all about productivity and making money and less about ensuring a “happy employee is a productive employee.”
Unfortunately, PNC Financial is not immune to this way of thinking, and if you get a bad manager at the company, your work life can be miserable.
15 Pros and Cons of Working for PNC Financial – Summary Table
|Pros of Working for PNC Financial||Cons of Working for PNC Financial|
|1. Excellent Exposure||1. Cyclical Industry|
|2. Good Benefits||2. Difficult Characters|
|3. Good Working Conditions||3. High Job Competition|
|4. Great Development Opportunities||4. High Stress|
|5. Great Place to Start a Career||5. Lacking Job Specific Training|
|6. Potential for High Income||6. Overwhelming Environment|
|7. Strong Social Scene||7. Some Bad Managers Within the Company|
Should You Work for PNC Financial?
Working in the PNC in the financial industry is not for the faint of heart.
Positions within the company can be incredibly stressful due to the fast-paced, cutthroat nature of finance.
However, this is a good fit for those who enjoy working with money in a constant and high-octane environment.
Additionally, PNC strives to provide an excellent work-life balance to its employees through social events, high pay, and reasonable hours with countless opportunities for promotion and growth.
Many downsides are more specific to the financial industry, not PNC specifically, so potential candidates will find these same issues at many other banking institutions.