Career Change: Stay in Business Development or Commercial Banking

Looking to make a career change and recently got a job offer with JPM's commercial bank.

Current Role: Business Development Associate with large healthcare provider, 4YOE, Comp: $85K + $10K Bonus

New Role: Associate Banker, JPM Middle Market Commercial Bank. Comp $95K + $15K Bonus. 

What do you guys think? Is offer low, and am I better off staying in current role rather than starting over at something new? 
 

Anyone have insights to positives/negatives of working in commercial banking?
 

Thanks guys

Comments (7)

Most Helpful
Jun 11, 2021 - 1:11pm
bnd08, what's your opinion? Comment below:

Hey Torino,

I'm an analyst in the commercial banking analyst program at JPMC (MMBSI).  I've networked a lot and think I have a pretty thorough understanding of what the associate job would be like:

In their first year or two associate banker's support VPs/EDs, helping them close deals.  Day to day tasks would include putting together profitability models, taking notes on calls, putting together pitchbooks, logging calls/activity in Salesforce, and joining VPs/EDs on client lunches/dinners.  I think they have some business development responsibilities (cold calling/emailing) but I'm not entirely sure.  In their third year associates start meeting with clients on their own and preparing for their transition to VP (Banker).

Work life balance seems solid, I'd estimate around 40-55 hours a week.

Also, I'm sure it varies from office to office, but JPMC has a really solid culture with a lot of bright people.

In terms of your compensation: $95k seems about right from what I've heard.  But it may vary based on city.  Is $15K your sign on, or anticipated year end bonus? Where would the job be located?

Couple additional questions for you:

What market/industry vertical will you be supporting?

Are you coming in as a 1st, 2nd, or 3rd year associate?

I ask because as an analyst, I'm curious what future compensation at the bank would look like for me.  

Jun 12, 2021 - 10:46pm
torino69, what's your opinion? Comment below:

Hey Bnd08

Thank you for your response and insight on the day-to-day responsibilities & comp, I really appreciate it.
 

To answer your questions:

Bonus is target for end of year, no sign-on

Location - LI/Qns, NY

Industry - middle market multi-industry, no specific vertical 

1st Year Associate 

Jun 30, 2021 - 12:46am
eigenvalue, what's your opinion? Comment below:

Hey,

A little off topic but what did your process look like getting an interview with JPM's commercial bank? My understanding was that commercial/corporate banking generally doesn't take as many laterals as IB.

Jun 30, 2021 - 4:56pm
sgm1354, what's your opinion? Comment below:

I love CB. Coming from business development it will be a change of pace: more memo-type work compared to customer calls. You'll be navigating internal sales processes more than external.

It will teach you a lot and your comp is competitive. Also, FWIW JPM is the 1,000lbs gorilla in CB so you'll get exposure to some really good transactions.

Aug 12, 2021 - 12:20pm
mattosu26, what's your opinion? Comment below:

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