Middle Market Banking - Commercial Banking @ a BB
I'm currently interning in the Middle Market Banking group of a BB. This means we deal with companies from $5M - $100M and since its commercial banking, we dont need to raise the funds. Is this a good position to be in?
My future goals: -get a starting salary of 80-100k+ (base + yr end bonus) -good salary growth potential (i dont want to plateau in the future) -great exit opps (get into the good stuff like HF or PE or whatever is doing well in the market ~5yrs down the line) -not kill myself through working like a dog for the first couple of years - aka maintaining some sort of life.
Based on my goals, the obvious solution would be IB, even tho its a lot of work, however I am just wondering if I can attain my goals (even to a lesser extent) through commercial banking or should i just strive for IB?
thanks in advance.
Can't have your cake and eat it too.
Your goals are obviously what everyone wants. You want the ideal. The problem, however, is that in order to get a good salary (i.e 80-100K), you need to "work like a dog". Think of yourself as the employer. Why would you pay some kid 100K out of college to work average hours?
oh btw, i dont work at a branch or anything. I work in relationship management, reaching out to the banks customers and stuff.
ValueAdd- yes i completely understand the proportional relationship between the amount of labor and the compensation. I'm just wondering if commercial banking can provide me with a compariable starting salary..?
very unlikely.
You need to do a reality check to see if you can get into investment banking in order to assess this situtation properly. Are you in school? Is it a target or non-target? Any EC acitivies? What year are you? GPA? Any connections? Other work experience? etc.
provide details about Yourself too bro, incomplete info returns shit advice.
im a rising senior at a non-target, although respected engineering school. Stevens Institute of Technology gpa = 3.7
-undergraduate major is Mechanical Engineering -undergraduate minor is Economics -graduate degree in Management all 3 degrees will be attained by May 2008 (my school allows you to begin graduate studies after junior year)
i have some engineering experience at a major pharm company (R&D/ QA), some business (process re-engineering) experience a major consumer goods company, and currenctly commercial banking experience at a BB
And I'm a part of a frat.
its going to be hard for me to do IB...i know.
Hard, but maybe not impossible. If you could get an internship your senior year coming up (during school) at a MM or boutique investment banking firm, you would improve your chances 100 fold. I would consider some alternate career options though and possibly some salary requirements. Are you not interested in Engineering?
not so much, i feel i have a lot more opportunities in finance. so im trying to stray from engineering. but please feel free to share any advice you may have. you can PM me if you like. thanks so much.
also, i would love to have a job during the school semester, but for my last two semesters i'll be doing 25credits a piece so that i can finish up my MS...i barely have a chance to breathe, i dont think i would have much time to work.
i definitely want to finish my MS by May tho, b/c i dont come from an Ivy or anything so i need every edge i can get.
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