A powerhouse and one of the “Big 4” US banks, Bank of America is a great brand name to have on any resume. If you’re gunning for a role with the company, you’ll want to prepare ahead of time for the interview questions. Bank of America interview questions are competency-based and test for motivation and attitude. In this article, we’ll share insights into Bank of America, interview tips, and common interview questions. Happy reading!
Bank of America History & Culture
Bank of America is one of the banking giants, servicing about one of every ten American bank deposits. Competing primarily with JP Morgan Chase, Citigroup, and Wells Fargo, the company generated over $85B in 2020 revenues.
Ironically, Bank of America - contrary to its name - actually has roots in Italy. Amadeo Giannini founded the Bank of Italy in San Francisco. He then merged his bank with Bank of America, Los Angeles to create the beginnings of the conglomerate. Giannini built an empire of branches throughout California throughout most of the 20th century. It took until 1983 for Bank of America to expand to other states.
In 1997, Bank of America nearly met its demise after suffering significant losses from a loan to hedge fund D.E. Shaw. The business survived via a merger with NationsBank and retained the Bank of America name. The bank hummed through the early 2000s until the financial crisis of 2008. That crisis spelled trouble for all major banks, but Bank of America weathered the storm, emerging larger after acquiring Merrill Lynch.
Life At Bank of America
Bank of America’s operations today are divided into four major segments: Consumer Banking, Global Banking, Global Wealth and Investment Management, and Global Markets. Your work experience at the bank can vary a lot by function, even within the same segment. For example, working in consumer branch operations will require retail experience and “brick-and-mortar” expertise. Bank of America’s consumer digital team on the other hand, operates much more like a tech company.
Regardless of your function or team, Bank of America places a heavy emphasis on customized career development. There are a variety of internal programs that you can take advantage of for upskilling and professional training. These programs also serve as natural platforms for networking and discovering promotion opportunities.
Overall, the sheer size of the bank makes for different sub-cultures and work environments. The best thing to do is to lean into your unique interview process to learn about specific working relationships.
Bank of America Interview Tips
Bank of America relies on competency-based interviews, and your interviewers want to see a passion for the company and industry. Before your interview, be sure to know what distinguishes Bank of America from its big competitors. This is always important, but especially so in a Bank of America interview since banks have a lot of similarities from a product perspective. Bank-to-bank differentiation comes from the service it provides as well as its culture and values.
Another interview tip is to think about your hypothetical 5-year plan. As we’ve mentioned, Bank of America provides excellent training and development resources to employees. Your Bank of America interviewer will want to hear how you plan to take advantage of those resources. It’s helpful to be specific on this too – since the bank has so many business units and teams.
Lastly, project an outgoing, “go-getter” personality. Bank of America looks for self-starters who are going to go above and beyond on a regular basis.
Bank of America Global Technology Analyst Program Interview
As part of its ongoing investment in digitization, Bank of America now offers an interview for its Global Technology Analyst Program. The program targets candidates with backgrounds in computer science or information systems. What will you do in the program? The bank’s Global Technology Analysts manage the IT infrastructure that powers Bank of America’s services across all segments. These roles are critical, and can be a great entry point if you’re someone with a more technical background.
Bank of America Behavioral Questions
Here are some of the most common Bank of America behavioral interview questions:
Why do you want to work at Bank of America?
Focus on your personal preferences for why Bank of America is your top choice. Be specific and pick out a few details from your research or networking conversations you’ve had.
Why do you think you can be a good Bank of America employee?
Don’t pretend that you have all the answers. Instead, try to show that enthusiasm and “go-getter” attitude that is transferable across a wide variety of challenges.
Where do you see yourself in five years’ time?
Remember that there are so many different paths that a Bank of America career can take. Again, you won’t know exactly which path you’ll take, so be sure to talk through 2-3 options you see as viable for you.
What interests you about the banking industry?
As we know, the banking industry is complex and heavily regulated. Make sure to come prepared with a couple of good reasons why it is a good fit for you.
Conclusion
Bank of America is a powerhouse in the banking space, and it’s an exciting time for the company. Whether you want to learn traditional banking or be a part of the digital banking revolution – there are options. Before entering the Bank of America interview process, do some networking to understand the nuances of different roles and teams. Once you join the bank, the sky's the limit!
Additional Reading:
- Investment Banking Analyst: A Day in the Life vs. Consulting
- Consulting Resume: Complete Guide
- Consulting Cover Letter: Ultimate Guide
- Case Interview: Complete Prep Guide