My background: low GPA from non-target (state school). MBA from non-target (private school).
I started at my Bank (large community Bank - $2.0B in Assets) in '09 coming out of my MBA. Bankers were getting canned left and right in '09 so I figured I was lucky to even get a job in CB.
Since then, gone through 5 promotions and am crushing. Another 2-3 years and I'll be at SVP status and have a great chance at EVP in 5-10 years.
I'm 32. Base of $160K. On a good year of production, commission can be anywhere from $50K-$80K. Company gives 10% (gross) towards 401-K (no match needed) and they have given me incentive to stay - if I stay until 12/31/15, I get ~$85K in stock awards.
I live in a low COL City and enjoy no commute and live in a gate-guarded golf community in a 3,400 sqft house.
But something is missing.
I internally struggle with only being a "community banker". I've had a job offer from WF, but it was a few years back and it wasn't enough $. I've talked to JPM and US BANK about their middle market Banking groups. Seems like pay would only marginally increase but you get exposure to lot more.
Should I be happy with where I'm at? Should I give up what I got and take the risk of going BB in their MM Banking Group with the hopes of maybe going into Corp Banking?
I'm at a crossroads and go back and fourth. I'm young enough to make a move but time is ticking away. Sometimes I think I have it really good but that I'm missing on other bigger opportunities. I also think at the SVP level, BB offer more $ than what I will get at my current bank.
Any thoughts or feedback?
I would stay put. Don't risk throwing away good money and stability for a marginal boost to your ego
I can't understand why you give a shit about your 'community banker' job title or the name of your firm. If you're raking it in, you're raking it in.
Why would you leave? Are you not enjoying your work or is it simply a case of grass is greener syndrome?
I'd stay. A lot of people get burned out of IB by their 30s and begin looking for a better lifestyle. You're in your 30s and have a great lifestyle. Consider yourself ahead of the game.
I wish I had your problem
I work at a larger CB and from what I understand smaller banks are killing it these days because many of the larger banks are still taking a conservative lending approach due to the increased regulatory constraints put on "Systematically Important Financial Institutions". What I see in your stream of threads is that you are making a lot of money, but you aren't feeling truly fulfilled with your career. If you aren't finding your career path to be as "prestigious" you could always look at exit opps such as credit hedge fund($$$), PE, or levering up and buying a businesses if that interest you. I believe that taking on the risk in your own business venture or partnership is more fulfilling, prestigious and can be highly lucrative - just look at the personal financial statements from some of the business owners that you support.
Stay. Good pay, low cost of living, low risk and you could probably run the place in 10-15 years. The small increase in pay you'd probably get moving to a MM group regardless if it's a BB or not would probably be offset by having to move to a higher cost location and there would be more risk. If you take that risk at 22 it's one thing but at 32 enjoy what you have and just work hard there to move up. Find a girl/guy. Have babies. Coach Little League. It may sound boring but it's better than jumping on the shit train at 32.
I am staying put (for now). As swimguy mentioned, our Bank has been crushing and also expanding/growing into new markets - so the prospect of the Bank becoming a more "regional" player as opposed to "community" player keeps me interested; especially since I am well respected by our Executive team and have a good chance at Senior Management.
Thanks for the feedback everyone.
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