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Commercial Banking Salary and options

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  • Nov 30th, 2021 7:43 pm
[OP]
Newbie
Aug 10, 2019
63 posts
49 upvotes

Commercial Banking Salary and options

Hi Folks:

Looking for some help on salary and potential options in Commercial Banking. I've been working as an analyst (promoted to senior analyst) for last 4 years at one of the Big 6 banks and currently, I make around 70k per annum. I was wondering if there are any Commercial Bankers here who can help me out?

My manager has never forced me to take the sales role but they also don't have underwriters at manager level so my future growth is sort of limited. I see that other banks are hiring underwriters. Do you see that is it possible to remain in non-sales role long-term?

I am also trying to decide if I should pursue CPA and CFA. Do you think CFA adds more value to underwriter job or CPA?
12 replies
Deal Addict
Jan 1, 2017
1810 posts
1830 upvotes
What’s your goal? Where do you want to get to with your career?
[OP]
Newbie
Aug 10, 2019
63 posts
49 upvotes
ProductGuy wrote: What’s your goal? Where do you want to get to with your career?
Commercial Credit Underwriter.
More like a generalist and not an industry specialist. Does that make sense?

Commercial Banks have those roles but they are very few. 10 sales to 1 underwriter.
Deal Addict
Jan 1, 2017
1810 posts
1830 upvotes
Streetdancer wrote: Commercial Credit Underwriter.
More like a generalist and not an industry specialist. Does that make sense?

Commercial Banks have those roles but they are very few. 10 sales to 1 underwriter.
Why do you want to be an underwriter though?
Deal Fanatic
User avatar
Dec 8, 2007
5353 posts
1840 upvotes
Pivot to real estate. Much more transaction oriented and lots of runway on the underwriting side. Better exit options as well, including internally to risk or corporate banking, or externally to PE or a debt fund.
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Sr. Member
Sep 28, 2013
793 posts
559 upvotes
Would suggest you try and get into the leveraged finance / sponsor coverage / venture lending commercial banking groups. Way more optionality from there. And they pay associates 120k+
Sr. Member
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Aug 27, 2011
614 posts
2031 upvotes
CFA is more for people in investment on the buy-side. If you want to become a portfolio manager in a pension fund like CPPIB, OTPP, Omers or asset management firms, then go for it. For commercial banking,, loan applications underwriting, you don't even need a CPA to be honest. You need to have good understanding of the financial statements and credit analysis.
Jr. Member
Dec 12, 2020
125 posts
51 upvotes
BabyYoda wrote: CFA is more for people in investment on the buy-side. If you want to become a portfolio manager in a pension fund like CPPIB, OTPP, Omers or asset management firms, then go for it. For commercial banking,, loan applications underwriting, you don't even need a CPA to be honest. You need to have good understanding of the financial statements and credit analysis.
Can you suggest me a course or pathway to become a portfolio manager? I’m presently working in Commercial Banking support role and would like to grow within this space. Do I need CFA or a MBA degree from a top b school? Presently, I don't have any Canadian education but I do have an overseas MBA.
Deal Fanatic
Mar 15, 2005
5719 posts
1289 upvotes
Streetdancer wrote: Hi Folks:

Looking for some help on salary and potential options in Commercial Banking. I've been working as an analyst (promoted to senior analyst) for last 4 years at one of the Big 6 banks and currently, I make around 70k per annum. I was wondering if there are any Commercial Bankers here who can help me out?

My manager has never forced me to take the sales role but they also don't have underwriters at manager level so my future growth is sort of limited. I see that other banks are hiring underwriters. Do you see that is it possible to remain in non-sales role long-term?

I am also trying to decide if I should pursue CPA and CFA. Do you think CFA adds more value to underwriter job or CPA?
As someone who has worked their whole career at banks, what the heck are the big 6 banks?

There are the big 5 and everything else is just small fish
Sr. Member
Jan 4, 2014
567 posts
84 upvotes
Peakyblinder407 wrote: Can you suggest me a course or pathway to become a portfolio manager? I’m presently working in Commercial Banking support role and would like to grow within this space. Do I need CFA or a MBA degree from a top b school? Presently, I don't have any Canadian education but I do have an overseas MBA.
Portfolio Manager (PM) can mean different things. If you mean a PM in the true sense of the word as in actually managing a fund/strategy for an asset management firm, then you need to get started on the CFA and more importantly start looking for an Associate level job on a PM team where you will be doing research/supporting the PM. It takes a few years to move up the ranks to become a PM. The progression might look like Associate, Senior Associate, Associate PM, and then maybe lead or Co-PM. If you are already working for a bank, get in touch with your GAM unit and reach out to PMs there for networking opportunities and ask them what they would look for hiring in a junior associate and go from there.
Jr. Member
Dec 12, 2020
125 posts
51 upvotes
tiredofrogers wrote: Portfolio Manager (PM) can mean different things. If you mean a PM in the true sense of the word as in actually managing a fund/strategy for an asset management firm, then you need to get started on the CFA and more importantly start looking for an Associate level job on a PM team where you will be doing research/supporting the PM. It takes a few years to move up the ranks to become a PM. The progression might look like Associate, Senior Associate, Associate PM, and then maybe lead or Co-PM. If you are already working for a bank, get in touch with your GAM unit and reach out to PMs there for networking opportunities and ask them what they would look for hiring in a junior associate and go from there.
Yes, I have been actively networking and have taken up some good amount of responsibilities of a PM and Associates. Re CFA, do we have any other alternative that might help? Like CBV etc? I’m not trying to take any shortcuts just keen to know what other options we got. And thanks a lot for taking time and helping me out.
Deal Fanatic
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Dec 8, 2007
5353 posts
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CFA. That’s your option. Come to terms with it.

What’s that kids game? Can’t go over it … can’t go under it … can’t go around it … have to go THROUGH IT.

God speed.
Hydropwnics wrote:"TodayHello is a certified hustler and original gangster."
Sr. Member
Jan 4, 2014
567 posts
84 upvotes
Peakyblinder407 wrote: Yes, I have been actively networking and have taken up some good amount of responsibilities of a PM and Associates. Re CFA, do we have any other alternative that might help? Like CBV etc? I’m not trying to take any shortcuts just keen to know what other options we got. And thanks a lot for taking time and helping me out.
As the post below says, CFA is your only option. But if you are working in commercial banking right now, how have you taken up PM responsibilities? CB has nothing to do with asset management.....

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