Bank of America FAQ

Have questions about working at Bank of America? Read answers to frequently asked questions to help you make a choice before applying to a job or accepting a job offer.

Whether it's about compensation and benefits, culture and diversity, or you're curious to know more about the work environment, find out from employees what it's like to work at Bank of America.

All answers shown come directly from Bank of America Reviews and are not edited or altered.

76 English questions out of 76

13 September 2019

Does Bank of America offer massages?

Pros

Daily work load is very reasonable, never had to work overtime. Great benefits including paternity leave, up to 20k family planning expense reimbursement, good insurance rates. Work was interesting and there was no limit on what projects you could pursue or start to make your team more efficient which I appreciated. Lots of flexibility and good access to senior management.

Cons

Career growth is limited and management is not transparent when it comes to ratings, promotions, and growth. Lots of promises of what will/could happen in the future only to be let down. BAML is not a great place to build a career as they don't reward loyalty at all. It doesn't matter if you spend 5 months, 5 years, or 20 years here, there is not a retirement or any incentive to build a career here financially. In fact, they hire candidates out of college at a discount and barely give raises each year even if you are exceeds/exceeds. You will always be paid lower than the market and you can not jump up unless you leave the firm and come back (which is what everyone does). In my eyes this concept of "attrition is your friend" is disheartening. The building at 135 lasalle is absolutely terrible. Lights were constantly off to save energy and the bathrooms are disgusting. The only perks you get are free coffee, water is from the sink and gross. Feels like working in a basement. Lastly, career opportunities is limited in the Chicago market. They try to make a big deal of internal movement but unless you work in collateral and want to stay there, there is limited opportunities. Every internal job I applied for was rejected by internal HR and when I went to career fairs the managers said I would need to go to CLT or Arizona to be trained before they would consider me....

Advice to Management

Reward loyalty to the company. Pay the fair market rate to your employees so they don't feel pressure to leave the company at all steps in their career. Have more communication/opportunities between teams/departments.

The only perks you get are free coffee, water is from the sink and gross.

13 September 2019

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27 October 2021

Does Bank of America offer dental insurance?

Pros

Great benefits, health, dental, vision tuition reimbursement, 16 weeks of maternity/ paternity leave, sick days and ample vacation time varies with band level. BofA is well-known brand, established brand (versus a start-up). Several affinity/employee resource groups to get involved with. Finally replaced outdated leaders with new more promising leaders. Commitment to raise minimum pay to $21.

Cons

Confusing, job descriptions. Middle management needs a complete overhaul and is filled with poor managers and their proteges that act and think the same way. Touts awards for "Diversity" yet company lacks ethnic and cultural diversity in Senior and Middle Management. Culture supports favoritism and mostly white men in executive roles and middle management. "You remind me of myself when I was younger" culture .....results in less hiring/promotion of People of Color and more hiring/promotion/mentorship of white men and women regardless of their background or experience. Zero transparency around the promotion process. External hires with no experience are paid more than "tenured" employees with direct experience. Company refuses to disclose pay/promotion/hiring stats to public. Public commitments made to address external social issues, but no changes are being made to address internal inequities in hiring, promotion and professional development.

Advice to Management

Overhaul and clean-up middle management, especially in product development units, marketing/communications and sales. Diversity extends beyond supporting women but also includes hiring and developing ethnic and culturally diverse employees. Make space for people who don't look and act like you to contribute in more meaningful and influential roles. The Pandemic and "Great Resignation" have reinforced the fact that most employees leave companies because of bad managers.

Great benefits, health, dental, vision tuition reimbursement, 16 weeks of maternity/ paternity leave, sick days and ample vacation time varies with band level.

27 October 2021

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23 July 2019

Does Bank of America have a pension plan?

Pros

Good benefits, sick leave and pension, very flexible

Cons

compensation is not always good

Good benefits, sick leave and pension, very flexible

23 July 2019

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20 August 2021

Does Bank of America offer a wellness program?

Pros

They have great benefits and programs for associates and a wonderful opportunity for financial growth.

Cons

They change tools and software around a lot and go through a lot of "reorgnaizations", which can at times make it difficult to build relationships and become proficient with certain tools.

They have great benefits and programs for associates and a wonderful opportunity for financial growth.

20 August 2021

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10 January 2021

Does Bank of America offer life insurance?

Pros

Great benefits, including both generous maternity and paternity leave, healthcare, life insurance, etc.

Cons

Toxic corporate atmosphere that pushes its people beyond the brink of exhaustion.

Advice to Management

Care more about your people

Great benefits, including both generous maternity and paternity leave, healthcare, life insurance, etc.

10 January 2021

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76 English questions out of 76

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