Does anyone know what the typical career path for commercial banking is along with compensation at each level, as well as if I'd need to get an MBA or CFA at some point? If not, could someone tell me about a forum that's more dedicated to "other" finance careers besides i-banking, consulting, etc.? This is a really good site, but it doesn't have too much info on the less prestigious careers like corporate finance, commercial banking and all that, so yeah. If anyone can help me out, that would be great.
commercial bank careers
In commercial banking you will usually start out as a credit analyst helping to underwrite various loan requests. Then you would advance into a relationship manager role or stay in the underwriting side of the business before eventually becoming a credit officer.
One user shared some details about the commercial banking job market.
Currently it is VERY competitive, because interest rates remain low, and banks can't make money off bonds (or other investments) like they use too. What this translates too is grow loans, without growing staff. The higher up you go, even if your a regional president at big bank, the more your expected to produce, so to avoid sales you usually have to go the admin., ops, or other back office. This is especially true to community banking (which is boring, again in my opinion).
My reccomendation to someone considering commercial banking is try to get on a big bank (JPM, BOA, WFC, Compass, CIti) anyone that offers a credit training program, because that is what all the community banks look for, so it gives you a lot options in the future.
Commercial Banking Salary and Lifestyle
Pros: Decent money to buy your toys, get married, stable, lots of time, wine and dine on companies dine. If you are top sales, they will buy you trips to exotic (cheaper) places. Top 5% could make $1/2 a million, i'm top 20% and make $175-200k. I really work
Cons: Commodity business, clients will get your term sheet and give it to another bank. A lot of dumb asses surround you, lots of politics, some old farts don't want to leave because life is good. Bosses and support staffs are not there to help you but F around.
You can learn more about this topic with the below video.
You can read more about this in a thread about Commercial Banking Compensation.
Read More About Commercial Banking on WSO
- Commercial Banking Vs Investment Banking
- Corporate Banking Compensation & Lifestyle/Culture In Toronto
- JP Morgan Private Bank - Compensation Ladder & Lifestyle?
Preparing for Investment Banking Interviews?
The WSO investment banking interview course is designed by countless professionals with real world experience, tailored to people aspiring to break into the industry. This guide will help you learn how to answer these questions and many, many more.
Investment Banking Interview Course
- 7,548 questions across 469 investment banks. Crowdsourced from over 500,000 members.
- Technical, behavioral, networking, case videos, templates. All included.
- Most comprehensive IB interview course in the world.