Am I underpaid? (Commercial Banking)
I just took a role as a junior Relationship Manager at a Commercial Bank in NYC. The salary was $105,000 with “target” bonus of 35%. 1st year Associate level at Top 10 Bank.
I have 3 years of experience in CB. Is my salary low for a sales side role in Commercial Banking?
Not in my opinion.
I am in CA and I know that top notch Relationship Managers at the VP level with a very proven book have a range of anywhere from $125,000-$175,000 base. Depending if you are on a annual trust me bonus or a formula incentive plan, all-in comp for top notch mid market commercial bankers at a BB is probably $250,000-$300,000. These are guys that have been doing it for 10+ years.
Considering you are only 3 years in, I think your comp is "fine". If you are able to prove yourself as a RM and start bringing in relationships / revenue, you will have leverage and likely see a large pay bump. Or you can lateral to another Bank who will pay up for your relationships.
My point is - if you do well your comp has a lot of upside. But considering youre only 3 years in at a Jr RM level - I think your pay is fair.
Didn't know we had Bulge Bracket commercial banks? Can you please elaborate?
If anything, your comp is pretty high based on my experience. However, I'm in a lower COL city, so that might be the main discrepancy.
3 years into commercial banking generally doesn't break the bank.
What is commercial banking? Like bank tellers you mean? No, you're probably not under-paid. Its commercial banking bro..
Yeah figured this post being in the IB forum would solicit a lot of hate. Probably should've been in the OTHER INDUSTRIES forum where most discussion is had for CB.
Tellers...lol. Yea, exactly. In Commercial Banking - you work 40 hours behind the teller line and are paid $250,000/yr.
You IB guys jealous? :)
$250k a year? What level of CB? Not trying to be facetious just curious.
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