Thanks to today's global economy, the finance industry is perhaps one of the best sectors to gain employment in. But with thousands of financial institutions to choose from, where should you consider applying for as an aspiring banker?
It can be challenging to determine the best company to work for when you are either fresh out of school or looking to change employers.
Whether you are a market analyst or mortgage specialist, we have compiled a list of the best banking companies to work for based on Forbes' ranking of the World's Best Employers.
So, here are the ten best banks to work for in this economy.
10. Industrial Bank of Korea
Forbes ranking: 193
Global revenue: $13 billion (£9.75 billion)
No. of employees: 10,500
Internships: No
Apprenticeships: No
Graduate programmes: No
The Industrial Bank of Korea (IBK) is a state-owned financial business headquartered in Seoul, Korea. IBK was established in 1961 to assist small- and medium-sized businesses (SMBs) in establishing a stronghold in a nation run by large corporate monopolies. It is the only bank in the country that provides loans to small businesses.
IBK also offers a wide range of products and services to its customers, such as foreign exchange transfers, mortgages, credit cards, smartphone banking and insurance. Suffice it to say, there is no shortage of finance jobs at this institution.
In recent years, other nations have started mirroring its innovative approach to offering small business loans.
9. Raymond James Financial
Forbes ranking: 158
Global revenue: $8 billion (£6 billion)
No. of employees: 19,000
Internships: Yes
Apprenticeships: No
Graduate Programmes: Yes
Raymond James Financial is an independent multinational financial and investment company that provides financial services to consumers, businesses and local, governmental agencies. The company was founded in 1962 and has grown and accelerated its presence significantly over the years. It is heavily invested in asset management and securities transaction services.
Located in St Petersburg, Florida, Raymond Financial is considered one of the largest private financial institutions in the United States today.
Moreover, Raymond Financial offers an advisor internship programme that allows excellent exposure to budding finance students on various global monetary issues. You'll need to have a GPA of over 3.0 and outstanding references to get this position.
8. Discover Financial Services
Forbes ranking: 129
Global revenue: $13 billion (£9.75 billion)
No. of employees: 18,000
Internships: Yes
Apprenticeships: No
Graduate Programmes: No
Discover Financial Services is a financial company with major functions in payment services and direct banking. The company was established in 1986 and soon became globally known for its credit card services. Today, Discover Financial offers several services, including private student loans, home equity loans, personal loans, and mobile card payments.
The company has its headquarters in Riverwoods, Illinois, and has 18,000 employees and annual revenue of $13 billion. Discover Financial also offers a summer internship that provides practical knowledge on real-world financial problems. Meanwhile, their internships span six to 12 weeks and require a GPA over 3.0 and impeccable references.
7. State Bank of India
Forbes ranking: 119
Global revenue: $51 billion (£38.3 billion)
No. of employees: 250,000
Internships: Yes
Apprenticeships: Yes
Graduate Programmes: No
The State Bank of India is a major financial institution in India that primarily deals with commercial and retail banking.
The State Bank of India has more than 250,000 employees and annual revenues of $51 billion. Founded in 1921 with its headquarters in Mumbai, it has branches all over the country. Its major focus is on wholesale banking, investments, and treasury.
The bank also offers a paid apprenticeship which can vary from one to three years. However, candidates require outstanding grades, honours at graduation, and acing the apprenticeship entrance exam to acquire the apprenticeship. It is a prestigious position, which paves the way for many future opportunities.
6. Desjardins Group
Forbes ranking: 93
Global revenue: $337 billion (£253 billion)
No. of employees: 49,000
Internships: Yes
Apprenticeships: No
Graduate Programmes: No
The Desjardins Group, formed in 1900, is the largest cooperative financial institution in North America and the fifth-largest on this planet, with assets close to $377 billion. Desjardin Group has a very diverse portfolio of financial services, including insurance, investments, private and commercial loans, real estate, venture capital funds, and much more.
With approximately 49,000 employees, it is frequently ranked as one of the most stable cooperatives with high-credit ratings. Desjardins has reported surplus earnings before member dividends of $816 million in the third quarter of 2021.
Desjardins also offers a structured 12- to 16-week internship to top college graduates. Selected candidates are taught about practical aspects of financing and servicing. Only students with GPAs above 3.4 and those registered in a bachelor's program at a reputable university can apply.
5. Housing Development Finance Corp (HDFC)
Forbes ranking: 77
Global revenue: $16.2 billion (£12.2 bllion)
No. of employees: 5,300
Internships: No
Apprenticeships: No
Graduate Programmes: Yes
Housing Development Finance Corp (HDFC) was created in 1977 in Mumbai, India. Initially, it provided housing financing, but since then, it has become a major player for all types of commercial and residential construction loans, mobile and net banking, and treasury operations. HDFC also operates in Oman, Kuwait, Saudi Arabia, Singapore, UAE, and the United Kingdom.
The key to its success is a solid reputation for customer service and high ethical standards. It has been the recipient of many annual awards in India. HDFC has 5,300 employees and annual revenue of $16.2 billion. HDFC offers a graduate trainee programme that is intensely competitive. Potential applicants must pass an exam first and have excellent academic performance. The graduate trainee programme is designed to give the student a holistic approach to the world of finance.
4. U.S. Bank
Forbes ranking: 72
Global revenue: $23 billion (£17.3 billion)
No. of employees: 68,000
Internships: Yes
Apprenticeships: No
Graduate Programmes: No
U.S. Bank, also known as U.S. Bancorp, is the fifth-largest bank in the U.S. today. It provides all types of financial services to the public and commercial businesses. U.S. Bank opened in 1863, and the company has more than 3,100 branches, mainly in the Midwest and Western states. U.S. Bank also owns Elavon and Elan, the two subdivisions that issue and offer credit card transactions on behalf of many small banks and credit unions.
U.S. Bank offers a 10-week internship to college graduates who are interested in a career in financial services. A GPA of at least three is required to be accepted.
3. The Toronto Dominion Bank Group
Forbes ranking: 70
Global revenue: $38 billion (£62.3 billion)
No. of employees: 90,000
Internships: Yes
Apprenticeships: No
Graduate Programmes: No
The Toronto Dominion, also known as TD Bank, was established in 1955 and offers many types of financial products and services, including mobile banking, loans, wealth management, investments and tremendous access to capital markets in Canada and the US. The TD group has branches in all major cities in Canada and parts of the US, as well as close to 90,000 employees and annual revenues of $38 billion.
TD Bank offers a four-month internship to college graduates throughout the year. Interns get exposure to all aspects of the banking world. Eligibility for the internship requires a diploma or an undergraduate or postgraduate degree.
2. ICICI Bank
Forbes ranking: 65
Global revenue: $21 billion (£15.8 billion)
No. of employees: 97,354
Internships: Yes
Apprenticeships: No
Graduate Programmes: Yes
ICICI Bank is one of India's largest banks that offers comprehensive services in many sectors of business finance, including retail and corporate banking, treasury operations, loans, investments, and foreign currency services.
The company was created in 1994 and is presently headquartered in Mumbai. Even though ICICI is a relatively new institution, it has established itself as one of India's most reputable banks with annual revenues of $21 billion. ICICI offers summer internships to the brightest graduates from Indian colleges and universities. However, because of stiff competition, obtaining an internship with ICICI requires excellent grades and outstanding references.
1. KB Financial Group
Forbes ranking: 48
Global revenue: $31 billion (£23.3 billion)
No. of employees: 26,000
Internships: No
Apprenticeships: No
Graduate Programmes: No
KB Financial Group, Inc. is a Korean Financial corporation that provides financial services through its many divisions, including retail banking, corporate banking, credit cards, life insurance, securities, and investment services. It also provides comprehensive loan programmes and other foreign currency activities.
The company was established in 1963 with its headquarters in Seoul. Within this period, the business has established itself as a leading financial enterprise in Korea, thanks to its swelling revenues and workforce payrolls. If you are looking for job search tips, here is one: Make sure KB Financial Group is on your list of places to apply.
Final thoughts
For finance professionals, the world is truly your oyster as there are numerous career options to choose from.
Whether you are an expert at stocks or analysing the electric vehicle industry, there is always a position that would be suitable for you and your education, skills and experience.
Although the talent pool is immense, financial institutions are always competing for labour, which explains their extensive compensation packages, from employee benefits to salaries.
Which of these banks would you like to work for? Let us know in the comments section below!
This article is an updated version of an earlier article originally published on 17 December 2018. Currency conversions are based on rates supplied by XE.com on 1 December 2021.