I have a family member that has been working in retail banking fresh out of high school that is enjoying it more and more and would like to get into commercial banking (middle market relationship management basically).
Education wise, is there such a thing as target programs for commercial banking? Public university finance degree would be the standard I’m assuming?
And am I right in suggesting JPM, Citi, BofA, Wells… as the best places to start?
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Based on the most helpful WSO content, here's what you need to know:
Education for Commercial Banking: A public university finance degree is indeed a solid and standard path for entering commercial banking. While there aren't specific "target programs" like in investment banking, having a strong foundation in finance, accounting, or economics is key. Additionally, programs that offer internships or co-op opportunities in banking can be highly beneficial.
Best Banks to Start: Your suggestion of JPMorgan Chase (JPM), Citi, Bank of America (BofA), and Wells Fargo is spot on. These banks have robust training programs and exposure to middle-market clients, which is ideal for someone aiming to transition into relationship management roles. They also provide opportunities to learn about various products and services, which is crucial for building a strong skill set in commercial banking.
Transition from Retail to Commercial Banking: Transitioning from retail to commercial banking is possible, especially if your family member can demonstrate strong sales skills, client relationship management, and a willingness to learn financial analysis. Starting in a credit analyst role or a junior relationship manager position could be a good stepping stone.
Additional Tips: Networking within the bank and pursuing certifications like the CFA or other relevant banking certifications can also help set them apart. Many commercial banking professionals emphasize the importance of understanding credit, accounting, and finance to excel in relationship management roles.
For more insights, you can explore this thread: https://www.wallstreetoasis.com/forum/investment-banking/qa-corporate-b…</a">Q&A: Corporate Banking Associate.
Sources: https://www.wallstreetoasis.com/forum/other/commercial-banking-relationship-manager?customgpt=1, , Q&A: Corporate Banking Associate, Q&A: Corporate Banking Associate, A Guide for Switching From Commercial Banking to Investment Banking
Commercial banking departments do not need to hire targets. They need their RMs to know every factory owner in the region, not someone who can build a DCF in 5 seconds without touching the mouse
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