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Risk Management"Employee Friendly work life balance" (in 1253 reviews)
"Great benefits great work place" (in 2212 reviews)
"No work-life balance when you work 6 days a week" (in 523 reviews)
"Don't get a lot of support from upper management" (in 458 reviews)
I have been working at Bank of America full-time (More than 5 years)
Pros
Benefits and Career Development
Internal Promotion opportunities
Tuition Reimbursement
Cons
I have not found any cons while working at Bank of America over seven years now.
I worked at Bank of America full-time (More than 3 years)
Pros
Great benefits. Willing to let you expand your skill set.
Cons
There is a virtual ceiling for most associates at Band 4. Can be doing the job of a Band 3 but won't get promoted unless you are part of the in-crowd.
Advice to Management
Have more structured advancement opportunities.
I worked at Bank of America full-time (More than a year)
Pros
Working with smart people. Access to systems like Oracle, SAS, MicroStrategy which are good for career development.
Cons
The politics when it comes to compensation, bonus or promotions
I have been working at Bank of America full-time (More than 3 years)
Pros
great benefits, lots of opportunities to move around within the company
Cons
Extremely bureaucratic, difficult to change the status quo
I have been working at Bank of America full-time (More than 10 years)
Pros
Work from home opportunities provide a great work life balance
Cons
well - it's a bank after all. Pay potential is somewhat limited - bonuses and pay increases restricted the last couple of years
Advice to Management
keep up good work
Pros
(1) Strong Brand and Global Franchise
(2) Open communciation and sharing of knowledge amongst all levels.
(3) Inclusion of junior associates in senior level meetings
(4) Management is flexible with hours/outside work commitments
Cons
(1) Limited empowerment -i.e. one needs to consult 10 people prior to making any type of decision
(2) Size is overwhelming- difficult to navigate and get things done if you do not know who to contact.
(3) Career advancement- if you are good at your job, you will receive praise in performance review, but management may be reluctant to see you move on if you do too good of a job.
Advice to Management
The organization needs to be streamlined to reduce bureacracy and increase efficiency. Additionally, talented employees should be encouraged to evolve.
Helpful (1)
Pros
-work life balance
-opportunities to move around within bank
-low stress job
Cons
-working at BofA has nothing to do with banking
-poor middle managers
Advice to Management
promote talent.
Pros
1. Opportunity to work for a major player in the banking industry
2. Ability to have several different careers, and in different geographical locations, over a period of time while still working for the same parent company.
3. Management is very open to employees moving to other roles after working in your current role for 2 years or so (assuming you at least meet expectations).
4. You have access to all of the analytical software tools you need to get the job done. They also provide you free training on the most popular tools if necessary for your job (great for future career advancement and resume padding!).
5. Good total compensation and benefits
6. We have a new CEO with new and different ideas as to how to run the company
Cons
1. Red tape. Often difficult to get things done when you need information from several people in different parts of the company and country.
2. Banking can get boring. Cranking out spreadsheets and reviewing numbers and dollars can only stimulate you for so long.
3. You can often be so buried in the bowels of the business that you don't get to see the big picture reasons behind why your work is important and how it impacts the business and the bottom line. Makes you want to work for a smaller company at times.
4. Business leaders can sometimes focus on the revenue numbers and ignore net income. This caused some of the financial catastrophe we've seen over the past 2 years. However, this has changed given the fallout of the mortgage crisis. The Risk team now has much more veto power than ever before. Risk is now a force to be reckoned with within the company.
Advice to Management
Reward employees for working with other divisions -- try to reduce the red tape and pain that comes with trying to implement change or research important issues within such a large company. Create more management rotation program for people already within the company. Why should fresh MBAs have all the fun? Encourage management to support work from home/satellite locations programs.
Pros
Excellent Benefits for employees. Especially if you have a family. If you are a bachelor who really works hard for advancement, you might want to look somewhere else to work, because you won't find any reward for a job well done here.
Work-Life Balance
Job Security
Cons
Salary
Bonuses
Monetary Compensation of any kind.
Really a bunch of cheap-skates when it comes to rewarding successful employmees. No free lunches, no booze at the company x-mas party, if you actaully get one.
Advice to Management
Associates who take on additional responsibility to should be recognized and paid more than others that don't. If you want to keep younger employees to replace aging workers you need to pay them more. At least the same amount as their older peers are doing for the same work.
Pros
Significant growth opportunity within the organization. It is fairly easy to move up in the company after you have proven yourself and built experience in a role.
Cons
Human resources controls most compensation increases; particularly when being promoted. I have ran into more than one scenario where I'm significantly underpaid for up to a year because my managers were forced to increase my salary over time. There are also mergers and aquisitions on a regular basis that always lead to internal movement to new positions or layoffs.
Advice to Management
Do better at recruiting top talent. Bank of America primarily relies on good applicants applying to the company rather than actively looking for recently graudated students with great potential and a lot to bring to the company right away. In my experience, Bank of America recruiting events were not impressive and did absolutely nothing to show students why they should want to work there; especially compared to other companies putting a lot of effort into the events and offering very competitive salaries.
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