Trails to Success: Bank of America

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Table of Contents

Introduction
Bank of America: The Largest Bank in the World
Personnel Strategy of the Bank
Job Areas and Requirements of the Bank
Professional Skills Analysis
Conclusion
Reference List

Introduction

In contemporary society, several major factors make a person successful. Though a matter of success is purely individual, it is still possible to define the basic factors that characterize a successful person: harmony in the inner and outer world, successful development of personal life, and career. However, if personal life does not entirely depend on a person, his professional life and development are in his hands. Any person can build a prosperous career if he/she realizes the core principles to rely on.

The development of professional knowledge, skills, and abilities determines professional progress. Knowledge is the only honest and effective way to succeed. Educational institutions provide the student with enough theoretical knowledge; however, a theory is worthless and dry without practice (and vice versa), and this is why the analysis of the work and structure of flourishing organizations in the concrete field may be very useful.

Bank of America: The Largest Bank in the World

Probably, one of the most picturesque examples of successful organizations in the sphere of banking is Bank of America. The official website of the organization states that “Bank of America is a unique assemblage of American financial institutions that have financed and fashioned our economy by investing in industries, infrastructures, institutions, and individuals, during a history that spans more than 200 years” (Official web site of Bank of America). This bank is the largest in the world; it is “a branch bank with 538 branches in 317 Californian cities and towns, and 9 branches overseas” (James and James, 2002, p. 1).

Bank of America is one of the world’s largest financial institutions; it serves individual consumers, small, as well as middle-market organizations and large corporations with a full range of banking, investing, asset management, and other financial and risk-management services and products (Charlotte, 2008, par. 13). The organization suggests a wide range of services for consumers and creates rich opportunities for its employees, offering them various career opportunities. In his turn, the employer demands efficient candidates with developed professional skills, high motivation, and a desire to apply their knowledge in practice.

Personnel Strategy of the Bank

It should be considered that the directors of the company have adopted the strategy of treatment the organization and staff as a living and functioning organism where each employee is a cell that ensures the correct functioning of the whole organization. This is the reason why Bank of America ties bonuses to overall success instead of individual achievement. The bonus program is innovative because its beneficiaries are not high-level executives whose bonuses are linked to the performance of the company, but common associates (Ruiz, 2005, par.1). This means that the individual contribution of every employee will be considered from the point of view of general performance.

Job Areas and Requirements of the Bank

Since Bank of America is a very prosperous organization, job areas offered by the company should be analyzed. They offer career opportunities in the CFO Group and here they stress the requirement of strong teamwork. The vacancies in the sphere of communications require developed skills of advertising and psychological analysis of the target market. The employees of the Consumer Banking departments should be professionals who “listen to customers, build a strong relationship and implement strategies to help clients exceed their financial goals” (Official website of Bank of America).

Professional Skills Analysis

On analyzing the strategy of work of Bank of America and the requirements set for the applicants, it is possible to state that professional skills are the basis of a successful career in banking. The necessary skills may be defined as follows: business effectiveness, which means that a specialist should handle the customers very effectively, he/she should possess the ability to analyze data and organize and maintain projects. Besides, skills of effective communication are necessary for the sphere that deals with money and people. The skills of teamwork in combination with self-awareness are necessary to make a professional a part and parcel of the team that will be constantly developing independently as well as with the team.

Conclusion

In conclusion, it should be mentioned that trails to success may be easily defined by the individual if he/she analyses the work of a prosperous company in the field that is interesting for a person. The analysis of the strategies applied by the directors of the company may be useful for students who can find good examples to follow and the theory necessary for their study. The identification of skills and knowledge necessary to become a part of the team of such a successful organization as Bank of America may become a strong element of a student’s motivation.

Reference List

Charlotte. (2008). Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm. Press Release. Web.

James, M., and Lames B.R. (2002).The Story of Bank of America: Biography of a Bank. Washington, D.C: Beard Books.

Official web site of Bank of America. (2009). Web.

Ruiz, G. (2005). “Bank of America Ties Bonuses to Overall Success, Not Individual Achievement”. Workforce. Web.

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