Job Responsibilities
Client Manager responsible for new client acquisition and
business development with existing clients.
70% of time is meeting with prospects and clients looking for
ways to make money for me and add value for them.
15% is planning for those meetings.
15% is being an administrator, paperwork and other boring stuff.
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Job Requirements
A BBA, BSB, or MBA will get hired as an analyst. A reasonable
premium will be paid for an MBA. Analysts get chained to
computers at 9:00AM, and the VP's draw straws to see who's going
to unchain them at midnight or 2:00AM. They work like dogs, but
are paid very well.
If you haven't quit within 3 year, you are elevated to
Associate. Hours don't get much better, but you are involved in
more client interface. After a couple or three years, you are
promoted to Vice president and take on a portfolio of your own.
You get your own budget and your own calling quota. This is
where many of us get promoted to our level of incompetency.
About half fail. Very few go back to a support role.
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Uppers
Relationships with clients. Closing a big deal. Helping your client by
providing value to him/her.
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Downers
Losing a deal. Having your credit department decline a deal.
Paperwork.
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Lifestyle
I moved from a bank with a securities platform to a bank that is not a Section
20 bank. Compensation went down about 20%. Stress went down about 50%.
A money center global bank will have you travelling 2 or 3 three times a month.
Sometimes for a day. Sometimes for a week. From the outside looking in, it is
very glamorous. Your suits need to be Hickey or better (preferably Armani or
Zegna). There is much entertaining and black tie fundraising. Most VP's burn
out in less than 10 years.
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Compensation
Money is good. An Ivy League or top 20% gratuate of an
accredited state MBA program can make $200,000 their first year
out (just understand that the job sucks). That will look like
$75K to $100K in salary, a signing bonus, and a guaranteed
performance bonus.
Starting comp for a non Section 20 bank will be about half of
that, but you will have time to have a personal life.
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Advice to Jobseekers
The next three years looks good to me for investment banking and
financial services. Interest rates are going to top out here
shortly, and the market is hot. This feels like expansion.
If you're young, strong, single, and get the offer, go with an I-
bank in New York or London. Do it with a 2 or 3 three year
planning horizon. To the extent possible, save your money. You
can not expect to make the same comp anywhere else in the country
in any other industry.
If you are older, married, or not strong, look for a corporate or
commercial banking job someplace where it's safe to raise
children.
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