18 Pros and Cons of Working in a Bank

Bank

Whether you are helping people to make withdrawals and deposits, setting up new accounts, or offering financial advice on loans, working in a bank is an important role.

You can enjoy various aspects of the job – but there are also some downsides that you should know about.

Weighing the pros and cons of working in a bank can help you decide if it is the right career path for you.

Pros of Working in a Bank

Working in a bank is met with a number of pros, especially because it is one of the cleanest and more respected jobs around.

1. It is Indoors

One of the best perks that you’ll enjoy working for a bank is that it is indoors.

You can enjoy the comfort of air-conditioning instead of worrying about being sunburnt outdoors.

Banks are known to be very comfortable, complete with cozy chairs to sit in, anti-fatigue mats for standing on, and much more.

2. It is Professional Work

You will be working in a professional work environment with other professionals around you.

Depending on the kind of bank you choose to work at, and at what level, you may be working solely with the general public or with large businesses.

Either way, saying that you work in a bank instantly puts you in the “professional” arena.

3. Your Work is Well-Respected

Without banks, people would be keeping their money under their mattresses.

They would not be able to get loans.

And they would not be able to cash their checks.

Regardless of your job title at a bank, you are a well-respected member of the finance industry.

It can offer you a bit of social standing, too, when people ask where you work.

4. You Will Enjoy Great Benefits

Banks tend to offer an impressive benefits package as a way to entice qualified individuals.

You may be able to look forward to health and dental insurance, 401k, and pension.

Additionally, you may get sick leave, vacation time, and more.

Some banks and financial institutions will offer other benefits, so do not be afraid to make comparisons.

5. You Will Not Work Nights or Weekends

Most banks are closed by 5 or 6 pm and they are also closed on the weekends.

This means that you get to work normal hours.

In fact, they are called “bankers’ hours” for a weekend – and it’s the kind of schedule most people only dream about.

There is another bonus – no holidays.

Those “bank holidays” that you have always heard about could be extra days throughout the year that you are off.

6. A College Degree Is Not Needed for All Positions

You will not need to obtain a college degree for many of the entry-level positions within a bank.

You can start off as a bank teller or a loan processor.

Most banks will provide you with all of the training that you need.

Some banks will even offer tuition reimbursement if you did want to get your degree in finance, allowing you to reach higher-level positions.

7. You Will Enjoy a Balance of Work & Life

It is easy to maintain a relationship and have a family when you work in a bank.

The hours allow you to have plenty of time to be at home.

Being off on all of the holidays also ensures you have the ability to care for kids when they are not in school.

Combine the hours with your vacation time and you will find that it is easy to achieve a great work-life balance.

8. You Will Meet New People

You will meet all sorts of new people as they come in to have their banking needs met.

You will start to identify regulars, too – and all sorts of friendships and connections can be made.

Especially if you are an extrovert with the need to maintain social skills, working in a bank will ensure that you are never bored throughout the day.

9. You Will Learn About New Financial Products

You will be one of the first ones to learn about new financial products – at your bank and within the finance industry.

This information can help you to set up your own financial future better.

Plus, you will be one of the first to learn as rates go up and down so that you can make important decisions about your banking needs.

10. There Are a Lot of Advancement Opportunities

A variety of advancement opportunities exist when you work at a bank.

You may start off as a bank teller or a lending assistant.

From there, you can move into a wealth management specialist, a branch manager, and more.

You can also move from the branch level to the corporate level, allowing you to see a completely different side of the bank – and potentially increase your salary at the same time.

Cons of Working in a Bank

While working in a bank can be great, it is also important to know about some of the cons that exist.

This way, you can be prepared for the good and the bad.

1. The Pay Can Be Low

The average bank teller will only earn a salary of around $20,000.

Loan processors may earn a salary of $33,000.

It can be difficult for you to get pay increases so that you can make a “decent” amount of money, especially if you work for a small bank or you do not have a college degree.

While the benefits are nice, you will have to accept the lower payment amounts.

2. You Will Need to Invest in a Good Wardrobe

Working in a bank requires you to look and be professional.

You will need to invest in a wardrobe of suits, blouses, dress shoes, and more.

You will be expected to have a wide range of outfits so that you’re not wearing the same thing twice in a single week.

These clothes typically are not cheap, and you will not get any kind of uniform stipend to help with the costs.

3. You Will Deal with Stressed People

Many people who come into the bank will be stressed.

They will be upset because a check bounced, they cannot qualify for a loan, or they are angry about their financial state.

You will need to deal with people taking their stress and anger out on you – and the only thing you will be able to do is to smile at them.

4. Simple Mistakes Can Get You Into Big Trouble

You will be working with money – lots of it.

One of the reasons you will be hired is because of your ability to count and do the math.

If you make a single mistake, it could be an expensive one.

Whether you give someone the wrong amount of money or you make a counting error elsewhere, it can lead to big problems – and you may not only lose your job over it but also have a criminal investigator look into what happened.

5. You Will Spend a Lot of Time on Your Feet

Most people in a bank spend a significant amount of time on their feet.

Especially if you are working behind the counter, the majority of your shift will be on your feet.

It can lead to back problems, foot swelling, and more.

By the time you head home, you may be exhausted because of the time that you spent standing.

6. The Work Can Be Repetitive

A lot of the tasks that need to be performed at a bank are repetitive.

You will spend most of your day counting money, filling out deposit slips, and talking to customers.

You may have the occasional application to file.

You will be using calculators and computers all day long.

While the people will change, the tasks will not.

It can become extremely boring – and you will have to wake up to do it all over again the next day.

7. You Will Need to Pass a Background Check

Since you will be working around a lot of money, you will need to pass a thorough background check.

It can be quite invasive where they will check for convictions of fraud and theft.

They may also check your credit score and the balances of your checking and savings accounts.

Essentially, it is all used to determine if you are a high risk as an employee.

8. You Could Be Replaced By an App

The future of banking is not quite as strong as it was a few decades ago.

Many people are choosing to turn to cryptocurrency so that they can enjoy privacy.

Additionally, many people are using digital apps on their phones as a way to make check deposits, check on balances, and even apply for loans.

As apps make it easier for people to do their banking electronically, it could lead to you being replaced by one of those apps.

Pros and Cons of Working in a Bank – Summary Table

Pros of Working in a BankCons of Working in a Bank
1. It is Indoors1. The Pay Can Be Low
2. It is Professional Work2. You Will Need to Invest in a Good Wardrobe
3. Your Work is Well-Respected3. You Will Deal with Stressed People
4. You Will Enjoy Great Benefits4. Simple Mistakes Can Get You Into Big Trouble
5. You Will Not Work Nights or Weekends5. You Will Spend a Lot of Time on Your Feet
6. A College Degree Is Not Needed for All Positions6. The Work Can Be Repetitive
7. You Will Enjoy a Balance of Work & Life7. You Will Need to Pass a Background Check
8. You Will Meet New People8. You Could Be Replaced By an App
9. You Will Learn About New Financial Products
10. There Are a Lot of Advancement Opportunities

Should You Work in a Bank?

Banks are everywhere, and the work done inside of a bank is important.

While the pay is not always the greatest, there are many benefits that do exist.

You will have to decide on the kind of work environment that you want to see if working in a bank will give you the best career.

Talk with a few bankers to learn more about the pros and cons so that you can decide if it is a desirable career path.

Jamie Willis