Banking career decision?I graduated from college 2 years ago and have been working in a low level commercial banking position with a very large Midwestern bank. I recently received an offer to move to a more challenging and integral position in a community bank (25% pay increase). Ultimately I’d like to be able to make a $100K annual... |
You have asked the question that all bankers have to ask themselves at some point or another!
Well, if you are working in commercial banking, I will assume it is related to commercial lending. I wonder if it's C&I, CRE, middle market, etc? In any case, I'll tell you what I think.
I began my career in banking with the 14th largest bank in the country at the time as an FSR (consumer auto loans, HELOCs, deposit accounts, etc.). After our bank was bought by another large bank (8th largest at the time), I moved to the CRE department in a "low level commercial banking position." Most of the middle-management level commercial lenders were all making in excess of $100K. However, many had been in the business quite a while OR had gained experience at a smaller financial institution.
Ultimately, for several reasons, I left that job for a commercial credit analyst position at a smaller community bank. They were only $130 million in assets and I got to be the sole credit analyst. "Big fish at a small bank."
It wasn't long until recruiters started calling me. Initially, I was hesitant to entertain offers because I thought I might be able to move up at this bank. However, they announced that we were being bought by a mid-size bank (over $1 billion in assets), so I decided to take an offer I had been extended for a 34% pay increase.
I now work for a mid-size credit union in business development (it's a business services and marketing mixed role). I love it and I know that had I not made the contacts in the big bank and then moved to the small bank to shine, I would not be where I am now.
I share your goal of a $100,000 salary by the time I hit 30. Good luck to us, because the government is attempting to regulate away any earnings power the banks (and, thus, bankers) have. There are many more careers with higher average salaries than banking. However, when you're a star in the industry, the payoff is a lot bigger than most other lines of work. As a commercial lender for a mid-size bank, you can expect a $150,000 salary, four weeks of vacation, lots of "fun" work like golf, and, of course, banker's hours!
I hope this helps!
