During the month of December 2021, AMBITION will be highlighting its top 25 most-read articles of the year in reverse order, in the form of a thought leadership advent calendar. Here’s what is behind today’s door.
When you think about your future, consider whether you are joining an industry where you can learn and grow, advises Perry Pelos CEO of Wells Fargo Commercial Banking
Originally published 14 April 2021.
As the child of Greek immigrants, I spent most of my early years growing up in Chicago thinking and speaking in two different languages. This is an experience many in the US share, and it was for sure a formative one for me.
I was on the shy side, and still identify somewhat as an introvert. This fact might make my 30+ year career in commercial, corporate, and business banking – where I spend a lot of time speaking to clients and large teams – seem like an interesting choice.
The beginning of my banking career came with a major assist from my college girlfriend, now wife, Lynne. While I mulled over getting an advanced degree in economics, she recommended I look into an MBA programme, which she said would provide me with broader business expertise. I took the cue, entered the MBA programme in finance and accounting, and came out of it with an offer to become a business loan trainee.
It was an improbable career move that changed the course of my life.
As I reflect on my path to banking, and all that’s changed within the industry over the course of several decades, I’d like to share a few reasons MBA professionals might wish to consider finance as they look toward their future.
Dynamic and digital
With digital banking rising at a rapid pace, banks are gearing up to handle growing customer demand. Financial institutions have seen a double-digit rise in first-time online accounts, mobile deposits, mobile payments, and overall usage of online and mobile banking, according to polling research by J.D. Power and Ondot Systems Inc. The numbers are showing no sign of slowing down.
As an MBA professional, now is a smart time to get involved with an industry that is bursting with opportunity for innovation and advancement. The sector needs sharp, MBA-trained minds to help advance organisational processes and better serve clients. Twenty five years ago, very few of us would have imagined taking a picture with a phone to deposit a check. If you are forward-thinking and interested in innovation, a career in finance may be right for you.
Focus on diversity, equity, and inclusion
Banking has historically been a traditionally white, male-driven industry. But I’m hopeful things are changing, with more women and people of colour joining the sector and companies actively taking steps to increase opportunities at all levels of their organisations. Companies across all industries are rightfully focusing on the value of diversity within their organisations, and the finance industry, in particular, is making strides to ensure greater access to opportunities. More intentional mentorship, sponsorship, and accountability are needed to ensure we continue building more diverse teams.
According to U.S.-based American Banker, financial institutions across the country are doubling down on efforts to improve diversity by doing things like hiring senior diversity officers. Banks are also taking expanded actions to accelerate efforts to build a more diverse and inclusive workforce. Wells Fargo has developed a ‘returnship’ programme focused on increasing the diversity in our external talent pipeline by connecting with talent who have been out of the workforce for an extended period to support their return to the industry. Wells Fargo is just one example, and as other financial institutions continue making similar commitments, we should see greater representation across all levels of organisations.
Career growth
Last, when you think about your future, consider whether you are joining an industry where you can learn and grow. With the diverse skills developed while in an MBA programme, you have opportunities to serve as banking managers, financial advisors, technology leaders, and compliance counselors, just to name a few. This industry provided me with the perfect space to explore and narrow my focus, while climbing leadership ranks across divisions.
Big-picture thinking
As you explore career options, make sure to take in the full picture. Are you entering a field that is dynamic and offers opportunities for technological advances? Does your sector value diversity and make substantial commitments to it? Are you positioned to have growth opportunities throughout your career?
I hope that my story serves as an example why pursuing a career in banking could be an option to consider. I am grateful to have chosen this path, and for all it has helped me experience in work and in life.
As you continue navigating the ways life has evolved living through a global pandemic, I encourage you to remain strong and confident and agile. I believe the skills you developed with your MBA will help you succeed – the possibilities ahead for you are endless.
Perry Pelos is CEO of Wells Fargo Commercial Banking, holds a bachelor’s in economics and MBA in finance and accounting, both from US-based Northwestern’s Kellogg School of Management
