Commercial Banking Pay
I’m a junior at a top 20-25 school in the nation. I don’t have the best grades (3.3) and no previous experience so I was excited about getting a commercial banking internship with a BB. However, I have been getting a little worried looking at compensation estimates on this site. People are saying CB pay maxes out around 150-200k. This seems pretty low to me, especially because my offer states my starting full-time base salary will be 95k and I will be living/working in a very expensive west coast city. Could anyone please share some insight on this topic for me? I would really appreciate it.
$200k for a very lax job sounds pretty good to me.
Preachhhhh amigo.
OP worried about prestige. Would jump on 95k base if it had “IB” title.
That’s not really where I’m coming from. I’m very happy with the 95k base, that’s why I assumed eventually in managerial positions you would be able to make more than 200. And it’s hard to complain about 200 especially for a lax job, but it doesn’t get you that far living in the one of the most expensive places in the world.
People on this site are pretty misinformed when it comes to CB.
The reality is CB definitely doesn't make anywhere near the money as IB; however, CB can still be a relatively lucrative career, particularly if you end up going the sales route - some of my RMs are making $500K+ at a large regional bank - imagine the potential is even higher at a BB if you're good.
I'm at ~$140K in a LCOL city with <8 years exp. on the credit side of things... the middle-level Credit Officers (usually referred to as Regional Credit Officers) have to be AT LEAST at $200K in a LCOL city.
The sales (RM) side of things is definitely where you want to be in CB if you're all about the money and don't mind sales.
Thank you for this. Could I send you a pm?
sent PM
Why is that low to you. You sound insane lol.
never said that. sounds p
good to me tbh
My b thought u responded to another comment. sounds low to me for the reasons i listed extremely high COL being the main one.
If you think commercial banking pays low, then try to laterally move to corporate banking. Their wage ceiling is much higher than Comm bank, but it's not as high as IB. In the associate role, you'll crank just about 200k with bonus. At VP, definitely hitting 300+
Thank u for the comment. I figured it would be pretty difficult to lateral to corporate since it’s grouped with IB at my bank. What do you think about this? And honestly 300+ sounds p good to me especially with the work life balance commercial offers. I was only really worried because I grew up in the same city as I plan on working in and I saw how some of my friend’s parents making ~200k struggled because of the extreme COL.
I lateraled to Corporate Banking from commercial banking with less than 1yr of experience
I do specialty banking ( id consider it corporate based on customer requirements ) I currently make 90k as an analyst all in living in a very very low cost of living city. I was looking around on our shared drive and saw the budget for our RM's was 350k.
I will say though think about the exit opps, people will never discuss it for commercial because most people here are very fixed in there ways and only go traditional routes. But you can switch to corporate which is very good experience. Then once you are in corporate you really do have a lot of openings I had a guy who started a PE fund near me asking me if I was interested in a associate role at his fund.
I will say though if you are up north those people bust a nut for prestige though so they may be more closed minded on letting a lowly commercial banker move around.
Commercial banking VP here in tier 1 city. I can confirm that many bankers are making well over $200k all-in. Happy to answer any questions about the role.
Can I PM you?
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