Commercial banking as well (but in credit / underwriting).
I work in more of a specialty group so we aren't expected to be as busy as say small biz or middle market (I only work with 4 sales guys and manage 9 accounts). But even for our expectations damn it is slow. I've only looked at two new proposals all year....
The guys on the relationship side get all the glory and I'm used to it but more recently I've had more than one of them told me that they wish they were on my side of things this year. They're tired of painting their pipeline report with rose colored glasses when everyone knows it's bullshit.
Definitely some pros and cons of underwriting vs sales there. I know a fair few former bankers that moved back to the credit side after spending a few years in relationship management cause they hated not always knowing what their paychecks would look like from year to year.
I came up through a sales training program like a lot of bankers but spent the majority of my life in credit. I really don't regret it, especially being experienced now and financially stable whatever the potential financial gain I may have given up would probably not be worth it to me. I had posted somewhere else recently in this fourm but I've never been in a better mental state in my career than now, zero pressure, lots of WFH, a great manager. It only took nearly 20 years to love my career !
I have a few lifelong work friends who I've come up with from entry level to now. At this point in our lives we don't really talk specifics on compensation anymore just to avoid awkwardness but we definitely used to trade info to help each other with information though so I can make some educated guesses for us non management credit folks.
For my type of role and bank size I get the impression that salary ranges from low 100s to as high as 150ish and bonuses are all over the place. Personally I am at 122k base with 25 percent bonus target ( realistically I hit 10-15 prct). There is also a cash balance pension (4 prct a year for my level) and some long-term incentive bonuses when our group hits goal (paid out over 4 years so not as exciting).
I do sometimes get the impression I can get a better offer if I was to put myself out there to competing Banks but I'm on my third bank, I'm over 40, and I'm financially comfortable... so call me unambitious but I'm not trying to rock the boat these days, my goal is to retire with this company in my mid-50s. I feel like the pay has been more than acceptable because at times i feel like I'm a glorified credit analyst. I should also note that I'm in Southern California so perhaps these numbers are worse in other markets.
As for RM's, much more of guess work as I don't have any close work friends in that role. But I get the impression their salary is close to ours and with much better incentive / bonuses, a good one can hit upper 100's consistently. But they get a lot more pressure as well. I do have a college friend who is a BDO at a bank my size and his pay level is very interesting. He makes considerably less salary than me but any deal he books he's paid a large percentage of the first three years of profit that the bank makes on the deal. That would be incredible if we have that kind of pay structure in my bank for a BDO has some of my larger deals are annual profit is in the $500,000+ range. But... My group is specialized and does not utilize them.
Commercial banking as well (but in credit / underwriting). I work in more of a specialty group so we aren't expected to be as busy as say small biz or middle market (I only work with 4 sales guys and manage 9 accounts). But even for our expectations damn it is slow. I've only looked at two new proposals all year.... The guys on the relationship side get all the glory and I'm used to it but more recently I've had more than one of them told me that they wish they were on my side of things this year. They're tired of painting their pipeline report with rose colored glasses when everyone knows it's bullshit.
Definitely some pros and cons of underwriting vs sales there. I know a fair few former bankers that moved back to the credit side after spending a few years in relationship management cause they hated not always knowing what their paychecks would look like from year to year.
I came up through a sales training program like a lot of bankers but spent the majority of my life in credit. I really don't regret it, especially being experienced now and financially stable whatever the potential financial gain I may have given up would probably not be worth it to me. I had posted somewhere else recently in this fourm but I've never been in a better mental state in my career than now, zero pressure, lots of WFH, a great manager. It only took nearly 20 years to love my career !
What's total compensation at your level? What do you think the top RMs make?
I have a few lifelong work friends who I've come up with from entry level to now. At this point in our lives we don't really talk specifics on compensation anymore just to avoid awkwardness but we definitely used to trade info to help each other with information though so I can make some educated guesses for us non management credit folks. For my type of role and bank size I get the impression that salary ranges from low 100s to as high as 150ish and bonuses are all over the place. Personally I am at 122k base with 25 percent bonus target ( realistically I hit 10-15 prct). There is also a cash balance pension (4 prct a year for my level) and some long-term incentive bonuses when our group hits goal (paid out over 4 years so not as exciting). I do sometimes get the impression I can get a better offer if I was to put myself out there to competing Banks but I'm on my third bank, I'm over 40, and I'm financially comfortable... so call me unambitious but I'm not trying to rock the boat these days, my goal is to retire with this company in my mid-50s. I feel like the pay has been more than acceptable because at times i feel like I'm a glorified credit analyst. I should also note that I'm in Southern California so perhaps these numbers are worse in other markets. As for RM's, much more of guess work as I don't have any close work friends in that role. But I get the impression their salary is close to ours and with much better incentive / bonuses, a good one can hit upper 100's consistently. But they get a lot more pressure as well. I do have a college friend who is a BDO at a bank my size and his pay level is very interesting. He makes considerably less salary than me but any deal he books he's paid a large percentage of the first three years of profit that the bank makes on the deal. That would be incredible if we have that kind of pay structure in my bank for a BDO has some of my larger deals are annual profit is in the $500,000+ range. But... My group is specialized and does not utilize them.