Amidst the wave of bank layoffs, should you choose to study this major?

(Dan Tri) - "I want to study banking, but my parents and relatives all advise me not to because this is the industry that is most likely to be replaced by AI," Nguyen Manh Hung, a 12th grade student, shared at a career counseling and admissions event.

Hung’s concerns about job opportunities in the banking industry were shared by many students attending the event. What worries them is that no matter what major they study, there is a risk of being replaced by AI, and there will be no job after graduation.

Hung personally has researched the banking sector quite thoroughly. The news that thousands of bank employees will be laid off in 2024, along with the dissuasion of his relatives, has made Hung hesitate, not knowing whether to pursue his dream or not.

The consolidated financial statements for the fourth quarter of 2024 of 27 banks whose shares are traded on the stock market show that the streamlining wave is taking place strongly.

BIDV Bank will cut 1,000 employees compared to 2023, the largest cut in the past 8 years.

VIB cut 517 employees. ACB cut 365 employees. This number at Sacombank is 426. Since 2019, Sacombank has cut more than 1,000 people.

TPBank, Nam A Bank, ABBank and KienlongBank also streamlined many departments, but the number of employees cut at each bank remained under 100 people.

When asked whether banking is still a worthwhile industry to pursue, Mr. Nguyen Quang Huy, CEO of the Faculty of Finance and Banking, Nguyen Trai University, said: "The answer is not simply "yes" or "no", but depends on how we perceive the long-term development of the industry and the adaptability of each individual."

Giữa làn sóng sa thải nhân viên ngân hàng, có nên chọn học ngành này? - 1 — Students taking the 2024 high school graduation exam (Photo: Nam Anh).

Mr. Huy analyzed that despite the strong fluctuations, the banking industry still has outstanding growth rates in assets and profits. Leading banks such as Techcombank, VPBank, Vietcombank, MB, BIDV, etc. all have double-digit growth rates in assets, capital, and profits each year.

This not only reflects the strong development potential of the industry but also opens up many attractive career opportunities with income levels always among the highest in the labor market, averaging from 30-50 million VND/month, higher in expert and leadership positions.

Mr. Huy affirmed that the current staff cuts at banks are mainly due to the digital transformation and restructuring of operations, not a sign of recession.

The affected job positions are often traditional tellers, manual file processing staff, simple support departments such as call center agents, consultants... These jobs are supported by AI, Chatbot and RPA (Robotic Process Automation) technology.

Meanwhile, banks are still recruiting heavily in many important areas, including the personal customer sales team, corporate customer segment, financial consultants, investment, asset management, etc.

Mr. Huy also predicted that the fields that will explode in the banking industry are M&A consulting services, bond issuance, international capital calling; asset management and personal financial consulting; risk management, banking law; digital banking & Fintech.

To seize opportunities in the banking industry, Mr. Huy emphasized the need for flexible thinking and broad understanding of finance, technology, and economics.

"Although the banking industry is growing strongly, only those who are well prepared can take advantage of the opportunities. Banking students should combine financial knowledge with technology, learn more about Fintech, AI, Blockchain, Data Science to increase their competitive advantage when applying for jobs.

You also need to invest in international professional certificates such as CFA, FRM, ACCA, CIMA to help expand global job opportunities.

Besides, personnel who have the ability to connect and work with financial, legal, and technology experts will always be sought after," Mr. Huy analyzed.

(Dan Tri) - "I want to study banking, but my parents and relatives all advise me not to because this is the industry that is most likely to be replaced by AI," Nguyen Manh Hung, a 12th grade student, shared at a career counseling and admissions event.

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