I'm ecstatic that I finally got an offer and signed to become loan officer trainee for a community bank, this isn't my ideal path but i'm still grateful for a FT offer. What are my exit ops for this type of role
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Doesn't typically have exit opps
Loan officer for a community bank
How are his exit ops to credit unions, regional/national banks, and/or mob finance?
Going by the credit union I worked at, it would be his position > Loan Officer > Senior Loan Officer > VP of Loans or some title like that > C-title
Mob finance is definitely the most prestigious exit opp and although some of the terms used are different they're easy to learn. Interest is vig. VP of Loans is a shylock. The collection department can be a little rough around the edges and getting fired is something you absolutely want to avoid. But the money can be good and the overall work/life balance can rock.
Community banking can be a pretty decent career path if you play it well and work hard. You can do it in lower COL places, the competition isn't as tough as in IB (and all of the related jobs fields everyone talks about on this site) so not everyone is a Rhodes Scholar willing to work 80 hours per week and you'll generally have a lot more time to enjoy life. You'll also get to know the business community in your locale so you'll naturally build up a network. See how you like it, work hard and concentrate on doing well at the job rather than looking for the next thing. Who knows, you may like and have no desire to exit it.
welp....Guess I'm pigeon hole'd.. I guess I was never cut for IB but WSO will always be a part of me.
With that type of attitude... yes, you are pigeon holed.
Senior Community Banker
See if you like it, if not re-brand yourself with an MBA. Though you better be living somewhere like San Diego or Miami, otherwise the whole work/life balance is all for naught.
Not sure if troll, but start networking or get a Masters in Finance from a decent school if you are still interested in Finance.
Otherwise, I think you have a shot at mob finance.
Loan Shark.
I interned at a community bank and there were at least 5 tiers of 'Vice President', so if your bank has a similar hierarchy, just kill it, become a VP of Home Equity Lines of Credit, or something similar, and then just enjoy having the world by the balls.
Thanks for the comments, I plan on sticking to this for a while, the career path seems to be straight forward but the gradual pay rises, better opps for promotion in a small company, and work/life balance looks appealing for now. If I don't like it then I'll look into an MSF/MBA in the future
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