Asset Based Lending Career Progression / Compensation expectations
I've posted this before but I'm a couple years in now and have my feet wet a little bit. I was wondering if anyone who's been in ABL for a few years has any insights into the following.
PNC's reputation - I'm with PNC currently and internally people speak highly of our ABL group, I'm wondering if this view is shared at other banks. Do people think highly of PNC hires etc?
Salary expectations - at PNC the origination and sales role is split up from the RM role (RMs typically manage the portfolio and focus on cross sell from my understanding) right now I'm on the credit side as a jr. Underwriter, understandably sales makes the most money but what's the salary bonus structure etc look like at other banks on the credit side? Is it best to try to move to a sales and origination role as soon as possible
Exit Opportunities - What types of roles have you seen folks in your group transition into?
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I'm at BAML ABL, it's horrible for career progression and paid. People typically consider BAML the best in the ABL space and I thought that will allow me to land IB interviews, therefore I took the full time offer and didn't try recruiting elsewhere for full time analyst. All I can say is that ABL is not a good place to be, and the paid is pretty bad for the amount of work.
It's interesting you say the pay is bad for the workload , Im only two years in and so far the amount of work isn't too crazy (maximum 50 hours) and the pay is good considering
How is comp at the Associate and VP level? I’m at a different bank (JPM/WF) and pay isn’t the best
What's the pay like at PNC for 1st and 2nd year analyst? Hour is now ~60 hours, pre-covid is just all deal driven, there's times I work less than 40 hours and times I work little more.
70k second year with around 10% bonus, you have to remember PNCs footprint is in lower cost markets as well so the money goes pretty far in Pittsburgh etc
I felt bad for my comp, but I feel worst for you now. FYI, I'm in a lower COL area too. Don' want to go into the area too much, but BofA have their ABL office in broken up regionally. However, you deal experience is still the same.
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