Corporate/Commercial Banking Career Paths/Advice
So this forum is a great resource for IB/Consulting, and as someone who has very little experience with these "unsaid but understood" career things I figured I could ask for some clarity on some nagging questions I have.
I'm currently 6ish months into my first year in a rotational credit training program at a large-ish bank (PNC/US Bank/Sun) in the corporate bank, but Im in the Assett Based Lending group which sort of functions independently.
1.) What sort of salary progression is typical for the first 5 or so years.
2.) My thoughts on this are scattered so please bear with me, I want to see what sort of exit opps/career paths are available and realistic. With any job compensation is the main thing I'm worried about, but I also want to explore options that are a bit more interesting in terms of work. Obviously I know I'm not going to break into IBD or anything like that, but are there more quantitatively demanding roles that I can think about pursuing after this? How does that compare to just staying with the bank and climbing the ladder
3.) What are other opportunities afforded to me by going back for an MBA, coupled with my work experience?
4.) What's the breakdown on pros/cons between pursuing more of an RM/Portfolio Management role vs an Ops/Underwriting role. It seems that Ops is superficially more in line with my desire for work that's a bit more analytically/quantitatively demanding vs what seems like a sales role on the surface but again I have very little experience with the world of banking
Thanks for any help, and answers y'all are able to provide! I pivoted towards corporate America rather late in my recruiting cycle after becoming jaded with both academia and nonprofit work, I sometimes feel as though Im missing a lot of the "inside jokes"/things "everyone knows" with regards to careers in finance and banking.
My first comment to you would be to just take a breath and slow down. As you said, you are 6 months into a rotational program. The corporate/commercial banking space operates at a very different tempo than the IB-related functions talked about elsewhere on this forum. I've been in your shoes and trust me, after 6 months, you aren't yet ready to figure out your place in it all; much less make a roadmap to it. I was just as eager to get on with it and move up in the world, but patience will serve you well. Heed the advice of Yoda who said Luke always "looked away into the future... never his mind on where he was; what he was doing."
/dadcomments
In response to your other questions...
This is hard to say since you said you're in a rotational program. How long is this program? Your compensation will likely be anchored to whatever the norm is for the participants in this program until you are let off the leash and into the jungle.
Also hard to say since this will be dependent on what sort of work you do during the next few years which, again, is tied to your rotational program.
I don't have an MBA so I can't speak as well as others, but based on my interactions with those that got it; you should look at the MBA as a way to either completely change career paths or "level up" your current one. Choosing the type of school, program focus, etc will determine what you can do with an MBA.
Your bank may do it differently, but generally in the corp/comm banking world RM =/= PM and Ops =/= Underwriting. Generally, Ops is your back-office function, PM/Underwriting is your MO function, and RM is your FO function. In the ABL world, those terms can sometimes be more synonymous because operational concerns are so closely associated with risk management but for the comm/corp banking industry as a whole, they are pretty well segmented. You'll be able to better assess which one is right for you after you get some more time in the seat, so again: just be patient and be a sponge for all information.
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