I came across this job description on the website for TD Capital: http://www.tdsecurities.com/tds/content/Car_Corpo…
Is this not a "commercial banking" job (i.e. lending money to corporations)? How come TD has this position in its investment banking arm? I'm not very familiar with IB so this stuck out to me as it doesn't seem that any of the other Big 5 banks in Canada have this position within their IB arm?
Can anybody shed some light on this?
What about salary and career progression?
Middle-office credit risk management work. You're right about it being very closely associated to lending money to corporations: this would typically be the internal rating division of a lending entity - in this case for TD's balance sheet
Salary for credit risk management is generally on par with IB (base only) and maybe 1/3 of what bonuses are at IB as well. This is for analyst/associate level. It's a good 60 hour/week job (like 8 to 8) that gives you weekends as well. In terms of career progression, I won't recommend any middle office job long term as it would pigeon hole you in that role and make it much much harder to move into FO should you have that desire in the future. At the VP level, your base and bonus would be drastically different from the average FO position. If you are doing commercial banking, you should aim for being a banker, not a risk manager, since risk managers would get blamed when loans go bad (which is the banker's fault for brining in that business) or won't get any credit with good client relationships (because that is the banker's role).
I dont think this is a risk management job where you are approving or rejecting deals that come in from bankers, in this role you work with the Corporate Banker by doing all the due diligence and analysis for a large loan, line of credit etc. typically you are dealing with the largest corporate clients of the bank, ie. fortune 500. who are usually also their IBD clients. All banks have these roles, but they may not specifically break it out in terms of recruitment.
I spoke with a VP at National Bank in Canada, who said that sometimes these roles can be a good way to backdoor into ibanking, at least at his firm. He also said the base pay is similar to an analyst role in IBD and typically the bonus isnt as much, i didnt ask about hours.
Corporate Credit Associate (Originally Posted: 09/29/2007)
Hi, can anyone comment on the Corporate Credit Associate position at TD Securities. Any thoughts on its compensation, exit opps, prestige, etc would be appreciated.
http://www.tdsecurities.com/tds/content/Car_CorporateCreditAssociate
Thx
Work load and hours are similar, but typically less, then the investment banking division. Base pay is similar, bonus is considerably lower. Prestige is obviously much much less.
Thanks Iceman. Would you be able to ballpark the compensation figures?
I only write this entry to prevent you from making the same mistake that I made. I too joined a corporate credit position straight out of college (think JPM/BofA/Citi), while turning down multiple offers from several BBs. I rationalized the choice by saying it was in the city I wanted to be in (local as opposed to NYC), and that the pay would be close to banking. What I found out, is that the position was halfway a middle office gig, and pay was substantially less. For instance, first year analyst bonuses were over 60k in IB, while mine was less than 20k, and i was a top performing analyst.
These jobs are not inherently bad per se, but they are bad if you think you are in any way getting into an investment banking analyst position. Just know what you are getting into. A lot of people think that once you are a credit guy, you will always be a credit guy. I took the CFA, transferred into a debt capital markets position, and recently started work in PE. So yeah, you can still move into bigger and better things, but a gig like this does limit your mobility compared to true IB jobs.
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