Is Consulting comparable to a Relationship Manager?
I'm a credit analyst in middle market banking, on the career path to become a Relationship Manager (RM) within a couple of years. In talking with current RMs, credit team leadership, and researching online, I'm starting to think that an RM role is similar to consulting.
RMs (at least in commercial banking) need to understand how a company operates, their working capital cycle, how they make money and where it goes, where they are efficient, and where they could use some help. Using this, they recommend bank products (traditional credit, treasury services, ERP financing, investments, etc) that best fit the client and serve a need.
While I have no experience in consulting, and quite honestly, only have a vague idea of what consultants do on a daily basis, there appear to be some similarities.
The Ask: What are your thoughts/experiences? For someone studying and preparing to become an RM, do you think going though consulting cases would be a worthwhile endeavor?
Thanks
Two words: consultative sales.
It's what any advisor of any kind is doing.
Thanks for this. I looked this up over the weekend and got a lot of good info. For anyone else interested, solution-based selling is also very similar if not interchangeable
I’m sure someone will write a book on this thread about the differences between commercial banking and consulting. But despite the variation in the types of work you are still in a sales role selling 1) services or b) banking products. It’s more similar than you would think.
Case in point one of my coworkers just exited to a middle market banking gig at the Senior Relationship Manager level at a top 5 bank. Not what I would consider a typical exit but it does happen, in part because of the similarities you noted above. Also because in RX consulting you deal with credit, loans, etc.. a lot so there are some transferable skills.
Eos illo quae deserunt aut aspernatur excepturi. Quos deleniti sed doloremque in quaerat placeat. Architecto cum sit incidunt vitae non maiores consequatur. Necessitatibus iure quo doloribus ex fugit dicta quia cumque. Soluta voluptatem occaecati dolorem ut doloremque voluptates nesciunt molestiae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...