zanderman:

No matter what side you're on, never give a range. The other will just choose the end of the range that is more favorable to them.

Geology rocks:

Although this may not be helpful now.. I learned that when asked for a salary range you never ever give a number first.. Just say, "I expect to be paid a salary that will commensurate my skills and abilities. Do you have a range?" (they do) .. Then just choose the high end.

What's done is done. Now I am just feeling unsure about the employer.

After I gave them my number they appeared flustered, and told me I had no work experience and that they were training me out of their pocket. Their attitude rubbed me the wrong way, and one of them was the guy that would be training me. I became more skeptical than when I first accepted the interview for the with no job description and no description of the benefits (which I think would be not as a great as a bigger bank).

I am willing to work hard on my first job and take an appropriate amount of shit in order to learn the right skills and get good recommendations. I am uncertain as to whether this job would be a good deal. That is why I posted the topic. Maybe some can offer input on the value of the opportunity. I know the majority here are in high finance, but I recall seeing a few underwriters and credit analysts here, even a CA who moved into PE.

**How is my grammar? Drop me a note with any errors you see!**
 

I'm not really sure what to tell you based on what you've said. If it's your only opportunity, you don't have much of a choice unless you want to wait something else out. Without knowing more about your background, not sure how well that would go. If you're really interested in commercial banking, it seems like this could be a good entry position. I'm not sure what, if any, exit you are interested in either.

 
Best Response

I was asking because location has a lot to do with starting salary, especially in CB. If you're in the mid-west for example, I would expect your salary to be close to be on the lower end of your band, but if you're in NY/DMV i would expect your starting salary to be on the higher-end (speaking from experience). Youre also talking about a smaller shop, which like anything else will likely pay a little less.

I will say that I started out at a smaller shop, and can say you'll pick up a lot (you'll be expected to do a lot more throughout the origination process). you'll likely start out with annual reviews/admin tasks, then once you move up and prove you have a general semblance of what you're doing, start doing new the analysis/underwriting on new origination's, going out with RMs and PMs to meet with borrowers Overall you will learn how a commercial bank operates, because your hands will be everywhere, which sets you up nicely for when/if you want to move on to another potentially larger institution.

Good luck Man, there are some solid commercial banking/non-banking commercial finance guys on this forum, feel free to PM me if you have any questions.

 

Companies you want to work for don't do this kind of thing. It sounds like the interviewer(s) were inexperienced and defensive.

If they're interviewing you for a job they should know what the job is and be able to tell you exactly what it is if not provide a written job spec. The salary range shouldn't be a secret - we would never speak to candidates about a job if we didn't have a job spec and a confirmed salary range.

It's a two sided arangement, they're going to pay you and you're going to do a job. If both of those a fluid then there can't possibly be a beneficial arangment.

Pushing you to reveal your hand and getting flustered about it isn't a quality you want in an employer or boss.

Source: used to work for an exec search firm in London

 

Not having a job description isn't that weird, especially as you get further along, sometimes people just have a general idea of the skills they want and can mold the job once they find the right person.

The being appalled however, is very odd and a red flag. I'm assuming he was appalled because he thought you were asking for too much? If so, find a different place to work, or take this and keep looking. The range you asked for, even for a small bank, is not ridiculous by any means. You have a college degree, it's not like you asked for 50k to flip burgers.

From reading the post it sounds like they're trying to bully desperate candidates accepting lowball offers. All indications point to it being a terrible place to work. The more common response to you asking for too much is to say "that's outside our range, here is what we're looking to pay" or more commonly, just reject your application.

I would expect at least 40-50 plus full benefits for any sort of office job, even if it's in a smaller town or tiny company.

 

I started out in 2009 at $38,000 yr (California - but not a high COL area). Also had just got my MBA so I was disappointed with the offer but knew there was potential.

Bank size was $1-$3B range (rather not be too specific).

I hit 6 figures in 2012.

You (and your salary) can progress quickly in CB if you are a go-getter and manuver in the Bank well.

 

After looking through this, did you tell us where this bank is located and approximately what the asset size is? WE can't tell you if this a good deal without that info.

I'm a little appalled by the 35K estimate as that's not even close to market - - most BBs start at 60K and the smaller banks are known to pad the salary to attract new talent.

Having said the above, take the offer and do the following (including Greg's advice): 1) work those 12+ hour days and learn as much as you can 2) network w/ everyone - at a small bank you can go from the bottom to the top (Exec. committee) 3) after year 1, renegotiate to at least market.

 

Hi Papa Harambe... where are you located?? From all what I have read seems like this probably is not the best place where you can work... You probably should try other places... Imagine if things are like that just in the interview process how they will be if you where to be inside the company.. Pay attention to does cues... are very important

 

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