Mid career move within a bank- what is highest paying dept?
Skills: im respected at my bank and currently have experience in ops strategy/audit/compliance related process changes. Prepared decks for ceo etc. I just have no idea where to go for more pay. Im being offered an FP&A role and it sounds interesting but salary doesnt seem projected to be high.
Note: I have been supporting my parents since I was very young. So the money aspect is important. No im not interested in marrying for money (i tend to fall for ambitious and smart but thats the extent of it). I just need to find a new job quick that pays better. And I feel clueless because I was kind of having a good time with my current role and now realize I must jump to make more.
If someone could give me any advice. Even advice on where to get advice? Id be so grateful
Corporate development if you’ve got strategy experience. What sort of a bank is it? At a bulge bracket the best paying roles will be IB, S&T, AM. With no background I’d say they’re unlikely, maybe you could get a role in commercial or corporate banking, but that’s still an uphilll battle given your background.
GSIB bank (not bulge). Yup uphill battle for most of this. FP&A in markets is the offer currently- should i take that? They said that the other person moved into the business. Would that be good money or OK money?
My conclusion: is consulting the only way to do a real payjump asap? Not sure i want to work so hard for more money right now
Hard to say, FP&A can be very strategic in nature or glorified accounting, so you’ll have to judge that. Have you looked at consulting? There are a lot of firms like Deloitte Advisory, Capco, Promontory that do operations or compliance consulting. I’m not sure about pay at Tier 3/4 consulting firms.
Corp Dev / Strategy / Digital / Chief of Staff type roles all pay well (obviously a notch under IB / S&T but you don't have the background to break in at a mid-level anyways). F P&A can be hit or miss when speaking generally (e.g., across many industries) but if you're considering FP&A at a Bank it'll mostly just be some basic ass linear forecasting type work as opposed to something more strategic in nature like a FP&A role at a PE-backed portco for example.
All of these jobs (mid level corp dev/strat/digital) prob easier to do internally only, correct?When inlook at job descrips online for external they need m&a experience.Also describe strategy in FP&A role? Im told i need to know how to question the business on the financials and be a partner to them by really knowing what might need to change. Is that strat?
I think it is always easiest to lateral internally if you don't fit a "cookie cutter" mold. That doesn't mean don't network and apply, I know my group has definitely hired non-traditional candidates (people without M&A / Consulting experience). I think the the reason for this is that oftentimes you'll work with people within strategy / corp dev as an internal stakeholder and it is essentially an extended "interview" wherein you have ample opportunity to prove yourself as competent, curious, intelligent, compassionate, hard working, and essentially de-risk yourself as a candidate.
What you described isn't really a strategy heavy FP&A role. I would say a strategic FP&A role might be one that does typical budgeting and forecasting but perhaps also spends 30-50% of their time also working on things like business cases, deal modeling (partnerships, M&A, etc.), detailed P&L forecasting and scenario work, etc. Conversely there are roles at a bank that just take, for example, the last 12 months of their credit card P&L performance and forecast them out a few years. That's not "strategic" but does require you to fully understand the inputs and behaviors of a credit card P&L (akin to what you described).
It sounds like you're looking to take a little "break" and that's OK. Have you considered Internal Audit? The advantage to IA that most people don't realize is that it lets you see so many aspects of the company. You can literally see the entire enterprise and meet people from all around. That is a huge advantage when your break is over and you want to go back into one of your bank's functions. Look at the very top of most banks out there, pick any of the large ones, I guarantee you will find that a lot of those people have spent some time in IA.
Minima inventore mollitia quia sunt esse totam. Velit molestias nam doloremque. Ut numquam et sit doloribus. Labore quam in nulla similique quaerat aliquid.
Architecto itaque vero ea. Est cumque illo dicta deserunt occaecati aut ipsa.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...