Commercial Banking Assistance
Hi, so currently currently a Sophomore with a 4.0 at one of the public universities in Arizona, majoring in Political Science, and I had some questions about the Commercial Banking industry if you wouldn't mind answering some of them as I'm curious of whether or not I can get into it.
Am I able to get into the commercial banking industry with a good salary with my political science major and business minor?
Any good banks in Washington specifically the Seattle area, wanted to work there/live there once I graduate.
What is the salary range in the industry or typical salary range? Min-Max
What are the typical entry jobs, and what does a career path look like?
Anything I should be doing right now as a college student specifically a Sophomore to really benefit myself in the long run in this field? Like an internship or something? (Might be hard because I go to school out of state and come home for the summers in California)
Bump, really hoping someone can help.
.
New User, so I have to wait till tomorrow to shoot you that PM, but first chance I get I will.
Anyone else have a take on this?
1. Major does not matter as long as you have the knowledge and network, salaries will not affected by your major.
2. No idea
3. For salaries, look on H1B Visa Salary Database, glassdoor, and WSO has a salary database. I just did my summer in commercial banking and got $30/hr, offer for FT at 32.50/hr at a big bank.
4. For my company its: Grad Program (essentially credit for 18 months) > Credit Analyst (2yr min) > Associate Relationship Manager (ARM) > Relationship Manager (RM)
5. Yes, do internships in the commercial banking, credit, or banking in general. Location should not matter as you can use the pay from the job to get an apartment or air bnb wherever it is located.
If you are looking in Arizona, I know MUFG has a big location in Phoenix, not sure about their commerical banking division though. SVB also is there, which would give good experience but I have also heard the SVB summer internships are not great, mostly just sitting around and doing busy work but dont quote me on that. SVB's grad program is what is really worth obtaining if you like the company.
1. Yes, but someone with a business oriented background will have a better shot. Is it too late to switch your major?
2. Most BB banks have a middle market lending arm in Seattle
3. Y1-Y3: $60-$110 Y4+ Dependent on PM (Portfolio Management = Managing Book of Loans) or RM (Relationship Manager = Sales Type Role)
4. Analyst - Associate - Portfolio Manager - Relationship Manager (Most people do this from age 30 until retirement) - M.D (Head of Group) or Credit (Final Person Approving on Deals) or Other Enterprise Risk Management Roles
5. You would benefit the most by learning the basics of accounting. This will not only help you land internships but also help you in every stage of doing your actual job.
Sorry for the VERY late reply,
To answer with regards, I'll be a junior in the fall of next year, so I believe necessarily it is. Would my major make that much of a difference or would you say it varies based on the place of hire?
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