Hi Monkeys,
Thinking of moving on from my current role -- and have managed to score an interview for a Relationship Manager role at a local Community Bank with a focus on Commercial Real Estate lending and a small SBA book.
Any thoughts on what I can expect in terms of responsibilities, work life, salary etc? I recognize this may not be typical for some of you, but wanted to see what you've got.
| +102 | At what point should you give up? | 52 | 1s | |
| +77 | Shafted for SA 2025 Recruitment. Next steps? | 31 | 1d | |
| +73 | What sets apart people who get the GS/JPM/MS offers? | 32 | 1d | |
| +37 | I am lost on the next step - Need Advice | 8 | 23h | |
| +34 | Best Questions to Ask on a Coffee Chat? | 11 | 4d | |
| +32 | Recruiting while unemployed | 12 | 1h | |
| +29 | Tips for: LSE MSc Finance-->IBD SA. Should I go for a third internship in M&A?? | 7 | 3d | |
| +25 | Need Advice: MIT Finance or CMU CS | 6 | 4d | |
| +24 | Research Offers Input | 3 | 4d | |
| +23 | To late for me? | 12 | 3d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
gregt14 is probably your man on this
What area of finance are you coming from? Let us know when you find out how the position is structured as far as salary, the way any bonus works, and goals. Each bank is so different it's hard to generalize.
you will be in sales. do you want to be in sales? if so, great. if not, look elsewhere.
In my experience, if the market is good, the brokers will come to you and you won't need to be so aggressive. Of course, the ones who really are killing it are out there hitting the pavement and talking to all sorts of leads.
thebrofessor I can't help but notice that the structure of your comments remind me of an Excel formula.
I have direct experience with this.
RM's at my old bank generally worked 9-5 (maybe 8:30-6) They typically were out of the office a couple days a week meeting clients / inspecting properties. No idea what the average pay was, but I do know the top producer was making over $200k (the best RM at the bank). I would assume average RMs were making ~100k. At my old bank the "deal team" was the financial analyst, an LPC, and the RM. The RM was essentially in charge of the team and had the responsibility of the entire process, and the FA and LPC sort of went along with the RM. Because of this, the RM was the best paid, then the FA, then the LPC.
brofessor -- That's what I was afraid of. Even for my own career development I need to develop my "sales abilities" but I'm not 100% sure I want to jump into a whole-hog sales position.
Pio nono -- I currently handle just about all of our FP&A work at org. that turns roughly $1B in revenue annually. Have an analyst title but report to the CFO.
and was afraid salary would be around $100k.
if you don't want a sales job (you can only make real money with lots of sales, and you'll be cut if you come in below goal), then don't take this
Great job if you are looking for work/life balance. Bur keep in mind that it becomes mind-numbingly repetitive to be doing $2MM multifamily loans and owner-occupied buildings over and over, without any serious analysis.
You will also cap out at around $200K.
That's pretty good money, regardless...how can I get this?!
It may sound like good money until you realize that some of your clients have a fraction of your skills and are now millionaires-all because of your largesse.
My first boss was making something like $175K salary (maybe $75K bonus) and she had twenty years experience, was "SVP", "Head of Group". Meanwhile many of her clients had net worths in the multi millions and actually did something they felt stimulating.
The quality of analysis you'll be doing at a community bank will be very basic, if you care about doing analytical work, this is not the role for you.
I've done both corporate & commercial banking at the BB and super regional level and the work is segmented into various role (originations, underwriting, risk, middle & back office, etc). At a community bank a lot of these roles are blending with you needing to source, underwrite, and close your own loans. You are going to be spending lot of time working the local community, going to panels / events, working centers of influence for referrals (lawyers, cpas, consultants, etc.).
Hoping gregt14 can chime in here as he is best equipped to speak to this.
Do not go into this opportunity with the thought that you'll be making good money. From my experience, community banks do not pay well. If you like the opportunity for what it is, then go for it. If there's even a fraction of doubt in your mind, do not proceed with this opportunity unless it is a stepping stone or absolutely necessary.
Did you interview? Take the job?
Salary to start at the bottom without a portfolio would be $75,000 with a bonus of probably 20%. Hustle and work hard and you can get to $150,000-$200,000 all in working about 30 hours a week with the majority of that being breakfasts, lunches, happy hours and sporting events in 7-10 years. Pretty chill job.
Best part is that you will know everything about everyone in town. What owners of local businesses make, accountants, executives, salesman, private equity managing directors, investment banking managing directors, board members, real estate pros, doctors, lawyers, contractors, etc.
You will know how much people pay wholesale for almost every industry in town including what people rent almost every office space in town. You will see 100's of tax returns every quarter.
The beauty is in 7-10 years you will have the knowledge and contacts to go into almost any industry and make whatever you want. As long as you enjoy that path and are willing to take a risk.
200k for someone who starts at a community bank as a RM seems pretty exaggerated, are you sure about this data?
Assumenda esse suscipit repellat. Asperiores vitae odio amet animi sunt eveniet. Et dolorum explicabo in voluptatum saepe rerum velit. Numquam est deleniti exercitationem optio neque minus.
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...