Career Change: Stay in Business Development or Commercial Banking

Looking to make a career change and recently got a job offer with JPM's commercial bank.

Current Role: Business Development Associate with large healthcare provider, 4YOE, Comp: $85K + $10K Bonus

New Role: Associate Banker, JPM Middle Market Commercial Bank. Comp $95K + $15K Bonus. 

What do you guys think? Is offer low, and am I better off staying in current role rather than starting over at something new? 

Anyone have insights to positives/negatives of working in commercial banking?

Thanks guys

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Comments (3)

Jun 11, 2021 - 1:11pm

Hey Torino,

I'm an analyst in the commercial banking analyst program at JPMC (MMBSI).  I've networked a lot and think I have a pretty thorough understanding of what the associate job would be like:

In their first year or two associate banker's support VPs/EDs, helping them close deals.  Day to day tasks would include putting together profitability models, taking notes on calls, putting together pitchbooks, logging calls/activity in Salesforce, and joining VPs/EDs on client lunches/dinners.  I think they have some business development responsibilities (cold calling/emailing) but I'm not entirely sure.  In their third year associates start meeting with clients on their own and preparing for their transition to VP (Banker).

Work life balance seems solid, I'd estimate around 40-55 hours a week.

Also, I'm sure it varies from office to office, but JPMC has a really solid culture with a lot of bright people.

In terms of your compensation: $95k seems about right from what I've heard.  But it may vary based on city.  Is $15K your sign on, or anticipated year end bonus? Where would the job be located?

Couple additional questions for you:

What market/industry vertical will you be supporting?

Are you coming in as a 1st, 2nd, or 3rd year associate?

I ask because as an analyst, I'm curious what future compensation at the bank would look like for me.  

Jun 12, 2021 - 10:46pm
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Total Avg Compensation

June 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (35) $364
  • Associates (204) $233
  • 2nd Year Analyst (115) $151
  • Intern/Summer Associate (97) $145
  • 3rd+ Year Analyst (27) $145
  • 1st Year Analyst (422) $131
  • Intern/Summer Analyst (340) $82