commerical banking compensation
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Ive heard commercial and business banking are like 50-55k at wells. Signon was apparently 5k, and bonus is like 5-10%.
These figures are just what I was told by people that work in my building
70+10 was an offer from a smaller bank no idea of FY bonus
This is accurate. I started in May 2016 and was offered 70K at one of the larger financial institutions. They gave us a 10K signing bonus. Yearly bonus is small for analysts and based on performance. First year was 2K across the board and 4K for second years.
Cries is spot on with salary and bonus. Not sure about bonus... Curious as well.
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I would shift your focus towards banking and hold off getting an MBA. You only have one shot at this and it looks like you're limiting yourself. You would be much better off doing IB for 2 years and then going to a top MBA program, rather than Emory.
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I just replied to your other post but it's very tough to have it both ways. It's very hard to be doing well and making good money if you've only worked 45-50 hours/week your whole career. At some point you have to be willing to put in the work and grind.
It's pretty clear that you want to stay in Atlanta. You will already have an UG from Emory. Not sure how an MBA from Emory would advance you any further considering the types of jobs you're looking at. You're better off saving a ton of money and going to Georgia State at that rate.
If you are really looking for work/life balance more so than anything (sounds like it) I would go with commercial banking. If you stay at a bank and work hard (even just during 9-5) you can make a decent living and have a great life outside work.
If you are willing to work a little more, I would go with Big 4. You have to realize though that you would be working 2-4 months of the year like a banker (80+ hours) plus 2 weeks every quarter. The advantage of Big 4 over commercial banking is that if you stick it out to partner you will make a lot of money and have a good work life balance. You are also much more likely to make better money at Big 4 as a partner than being a lifer at a commercial bank and hoping to move up the ranks.
Thanks for the replies guys I really appreciate it. I would consider Big4 as "okay" work-life balance. I do not mind working hard for 4 months out of the year and leaving work at 6-7 for the rest of the year. Its a trade-off my fiance is willing to accept for having extra money and career mobility. For this summer I actually decided to accept an internship with BDO in Atlanta. I had offers to interview with 2 of the Big 4 but decided to accept the BDO offer because I have a very good relationship with the partner and like the Emory alumni who work there? Do you think this was a good move. I'm pretty excited to work with these individuals during the summer. Of course this is not taking a job with them, just an internship to get better acquainted with the firm. If I do not like my experience I can look at Big4 (adudit/tas) of course.
Also when I mention work-life I just mean I dont want to work 100 hours a week all the time. On average ibanking is something like 12-14 hours a day which is pretty hefty. Going through busy seasons isn't bad in audit as long as it wont be 12 months of busy season.
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