Are banks the highest paying junior jobs (T2 cities)

Based on the most helpful WSO content, here are some insights regarding compensation in banking versus other finance roles, especially in Tier 2 cities:

1. Compensation Comparison:

   • Banking: Your current compensation of over $140k is quite competitive, especially considering you are not in NYC. Banks tend to offer solid compensation packages, even in secondary markets.
   • CRE Lending: Your experience in CRE lending with a consistent comp of over $125k annually is notable. This is higher than many of your peers in similar roles, who are closer to $100k.

2. Job Market Factors:

   • Opportunities: The job market in Tier 2 cities may not offer as many high-paying opportunities as NYC, but there are still significant roles available in big companies.
   • Market Conditions: Current market conditions, including cost-cutting measures by banks, can limit the availability of new, higher-paying positions.

3. Long-term Prospects:

   • Banking vs. Buy-side: While banking offers good compensation early in your career, the buy-side (e.g., private equity, asset management) can offer higher potential upside through investments and carry. However, these come with risks and longer-term economic ties.
   • Career Growth: Banking is often seen as a strong foundation for future lucrative opportunities in finance, such as moving into F500 management or private equity.

4. Considerations Beyond Compensation:

   • Work-life Balance: Corporate banking roles are known for offering a good work-life balance compared to other high-stress finance roles.
   • Learning Curve: If you feel your learning curve has flattened, exploring roles that align with your interests in strategic finance, capital structure, and acquisitions might be beneficial.

In summary, while banks do offer some of the highest paying junior roles, especially in Tier 2 cities, it's essential to weigh other factors such as career growth, job satisfaction, and long-term potential. If compensation is a key factor, banking remains a strong option, but exploring opportunities in strategic finance roles could also be worthwhile.

Sources: Where is the compensation in banking? Is it worth taking a pay cut for the long-term prospects?, Which Bank for Career Bankers?, Stuck in Corporate Banking - Fighting Complacency, Banking vs. The Buy-side: 10.5 considerations, Is now the best time to become a career banker?