I’m a junior Finance student currently trying to land a commercial banking internship for next summer and I can’t even begin to describe how much your videos have helped me! My university puts a huge emphasis on IB energy divisons or Corp Finance roles in Oil & Gas companies (guess the province haha) and unfortunately doesn’t provide much information or resources for students wanting to pursue commercial banking. I’ve passed your videos along to many other students and just wanted to let you know your videos are helping people like me start their careers. Saying thank you does not express my full gratitude for this but it’s all I can do on here, so thank you!
Thanks for saying this, it means a lot to add such value, that is why I make these videos as I never had access to this information when I first started. Good luck with your job search and thank you for sharing the video. Stay tuned for more commercial banking content on sales + underwriting.
@@financekid3163 Hey thanks for the response. Just wanted to give an update on the job search, I accepted a job offer from one of the big banks for a commercial banking summer 2022 internship! Can’t thank you enough for all the resources you provide for free, I’m not sure I would’ve gotten the opportunity without your help. I can’t wait to get started and I look forward to watching all your future banking videos. Thanks again!!
Stumbled across this video. Tons a detail and very interesting. Im about 3 years into an RM position. Not planning on exiting anytime soon but great to see so many options. Great video!
Thank you for sharing. Your videos have accompanying me from the beginning of the commercial banking journey and have been walking me through different options in this career path. Really appreciate your guidance.
Sadly. My experience is..really hard to exit. Investment/corporate banking dont accept due to commercial banking more to small size/no experience in deriavaties/bond exposure; Wealth management & Private banking more on personal banking services like unit trust/ fund management , and they dont accept those from commercial banking, due to totally different exposure.
Everyone's path is different. I would say if you are having trouble "moving up" you need to find partners in the larger CB groups and work on deal flow together. Usually what happens is if you are in small business banking, you develop a relationship with someone in the mid-market team and become their go-to option when they have a small deal that they cant take on. Becoming that referral partner gets you known and eventually that banker can recommend you to the mid-market team. For wealth management, as discussed in the video, it is a career transition in terms of technical skills but the network you carry over from CB is incredibly valuable, again this is relevant for RMs that are client facing in CB not in middle office or in support roles. Hopefully this helps.
Its a very common move actually. Usually its easiest for the commercial bankers that are "hunters" meaning they have a good COI network and can bring business in. Its usually people that like commercial lending and the challenge/variety it presents but either want to look at more "creative/riskier" deals or simply are looking to get paid more in wage + bonus (private credit funds do pay well especially if you move into deal originations). Its important to realize that the debt product private credit sells is much different so commercial bankers that work closer to that space have a better chance of getting the job. For example, there are a lot of real estate-backed private credit groups (first & second lien), this is a natural move for bankers from the real estate banking group at a big commercial bank. Ideally if you have at least two years of commercial banking experience, you can move into an analyst/associate role at a debt fund and work your way up. Otherwise, if you are a veteran with a good network, you can move into a more BD focused role higher up on the scale. It all depends on the market and fund size. Hopefully that helps!
Great Video! Just wondering if the salary range is applicable for commercial banking at a BB? Heard you mention regional bank so just looking for some clarification, thank you!
A few points to clarify, 1) this applies for Canadian junior commercial bankers at the big banks (RBC, CIBC, etc), 2) there are different groups in commercial lending, mid-market lending differs from corporate banking were you are working on $100MM+ credits, the range I mentioned is closer to mid-market, the higher market you go the higher the salary range. Hopefully this helps.
Does location effect your total compensation? For example in Canada does the location of your company matter in relation to total comp in commercial banking?
No, but it drastically affects your career progression. Someone in Toronto could move up every year then exit to PE meanwhile someone who joined in smaller cities could be an analyst for 10 years.
Hi have just discover your channel, very good videos, I'm a financial advisor working for a bank, I've been trying to get into commercial banking for 6 months now, I don't know what type of designation or certification can help me get there, I am not looking for high position, just analyst to learn fully the role but I can't find my way can you help me pls ?
Good question, there are no specific certifications required in commercial banking however getting a CFA would obviously help you in any application process. I would focus on spending more time in the business owner segment in your current financial advisor role, as you work with these owners, you can start building a network that makes you more attractive when you apply for commercial banking. Additionally, you may came across business owners that need financing in your current role which allows you to develop internal relationships with other bank divisions, once you work with them, you have someone that can vouch for you "on the inside" and help you switch divisions. Good luck with your career.
I started out as a credit analyst (almost like an assistant relationship manager) and pushed to get on the sales side/starting networking and bringing in new business and was promoted to a relationship manager role very quickly.
@@financekid3163 Amazing! So would you say a credit analyst and assistant relationship manager are basically the same role then? Also is there much difference in pay between an assistant relationship manager and credit analyst? I've been offered a role as an assistant relationship manager. I'm happy to take it but I'd love to eventually progress and become a relationship manager, then a senior relationship manager.
Bro you sounds like Leonardo DiCaprio lol. btw what do i need to get into commercial banking? im trying to get enought exp in commercial banking then go to investment banking
I just turned 26, I am a mortgage loan originator who is working to complete my bachelors in BA. I'd like to know if my experience as an MLO would have any benefits entering this career? Very informative video by the way, thank you.
Not really. An MLO is a very different role and is typically seen as more transactional and less complex than commercial RM roles. If you’re serious about moving toward an RM I’d say focus on building commercial credit acumen. Commercial has much more grey area and negotiation than MLO. And really the foundation is having good financial analysis/credit skills.
As an underwriter working in commercial banking, do you think earning the CFA charter would help with the transition into a private credit type of role? How about for debt capital markets related role (either loan syndications, or corporate securities)? Love the video by the way!
If you can, get the CFA then go into anything capital markets. Commercial Banking is slow to move upwards. You have to luck yourself into a good client book.
Currently working as a stockbroker at a brokerage firm and I definitely plan on shifting to commercial banking (credit risk analyst). Your videos are absolutely amazing! Do you think it would be easier to make that shift from brokerage firm to commercial banking (of course after I get my degree in finance and accounting)
Thanks for watching, I havent seen alot of people in my old bank make the switch from the brokerage side to commercial lending (actually most do the opposite) however the core skills are the same - sales presentations, financial analysis, working directly with clients. So I wouldnt expect it to be any harder, you should have good core skills to break into a credit risk analyst role, making a move into a higher position (more sales targets for new loans) may be more challenging because you will need to hit the ground running and bring in business and I dont think your existing network is set up to attract lending opportunities from private SMEs so better to switch into a junior role and build up your COI network first with a smaller sales budget. Good luck with your career switch!
Dios Todopoderoso derrrame lluvias de bendiciones En Tu camino y que Tu vida y años venideros sean de éxito Salud prosperidad y que ese amor que añades a Tu vida crezca cada día masD Dios Te acompañe donde quiera que estes
I am currently a Commerical banker (RM1) and looking to piviot into management consulting - I didn’t see that listed but is that a good role to go into? I do have my MBA from a top university as well
To be honest I haven't seen along of RMs pivot into consulting, usually the consulting firms are very clubby with their recruitment approaches but I don't see why your experience dealing with businesses in the front office is not relevant. Good luck with the transition!
Hi, great video! I have an interview this week for commercial banking as an associate at TD (GTA). I am 3 years out of school with some front office and a ton of back office experience in commercial banking. Do you know roughly the salary range for breaking into commercial banking? Also the goal is to get some experience in IB, you mentioned that you made the switch from commercial banking to a front office IB role. Was this an associate position or one above this?
Good question, it is best to refer to online sources (ex: Indeed) for the salary range for that specific bank however in general a commercial banking associate in the mid-market space can earn between $70-90K. Also yes if you have enough time in the front office doing debt deals with M&A firms, you can transition to the sell-side and leverage your deal structuring experience to get a foot in the door maybe even with a partner that you already worked with. Usually if you have 1-3 years in CB, you can move to an associate role on the sell-side or if you have 5+ years of experience in CB, you can make the move to VP/Director for a mid-market M&A firm. Good luck with your interview!
Hi just graduated and starting of my career in Commecial Banking as a Credit Analyst. Question: You keep mentioning building your own network and book within the bank - Do you not have to sign non-competition forms? Do you take the portfolio of clients and reach out to them once you leave the bank? Is this allowed? Let me know what you think
Good question, it depends on the bank, some banks will have you sign NDAs and non-compete agreements whereas others may be more loose. In general if you target your old clients, people will notice and it can harm your reputation with colleagues, what you are carrying over is the COI network (accountants, lawyers, etc) which eventually leads to more clients. Also if you have very close relationships with clients, they themselves may suggest the move which is more acceptable. While most banks dont have a firm rule, it is expected that you don't poach clients when you leave.
I’m a junior Finance student currently trying to land a commercial banking internship for next summer and I can’t even begin to describe how much your videos have helped me! My university puts a huge emphasis on IB energy divisons or Corp Finance roles in Oil & Gas companies (guess the province haha) and unfortunately doesn’t provide much information or resources for students wanting to pursue commercial banking. I’ve passed your videos along to many other students and just wanted to let you know your videos are helping people like me start their careers. Saying thank you does not express my full gratitude for this but it’s all I can do on here, so thank you!
Thanks for saying this, it means a lot to add such value, that is why I make these videos as I never had access to this information when I first started. Good luck with your job search and thank you for sharing the video. Stay tuned for more commercial banking content on sales + underwriting.
@@financekid3163 Hey thanks for the response. Just wanted to give an update on the job search, I accepted a job offer from one of the big banks for a commercial banking summer 2022 internship! Can’t thank you enough for all the resources you provide for free, I’m not sure I would’ve gotten the opportunity without your help. I can’t wait to get started and I look forward to watching all your future banking videos. Thanks again!!
You’re from Prince Edward Island aren’t you
Stumbled across this video. Tons a detail and very interesting. Im about 3 years into an RM position. Not planning on exiting anytime soon but great to see so many options. Great video!
Thanks for watching! Good luck with your career.
Thank you for sharing. Your videos have accompanying me from the beginning of the commercial banking journey and have been walking me through different options in this career path. Really appreciate your guidance.
Couldn’t agree more
referred back to this video a lot, appreciate the effort put in!
Thank you, I am really happy it helped!
Well these new videos have come at a surprise. Nice to see you posting again, always enjoyed your videos.
More to come!
Sadly. My experience is..really hard to exit. Investment/corporate banking dont accept due to commercial banking more to small size/no experience in deriavaties/bond exposure; Wealth management & Private banking more on personal banking services like unit trust/ fund management , and they dont accept those from commercial banking, due to totally different exposure.
Everyone's path is different. I would say if you are having trouble "moving up" you need to find partners in the larger CB groups and work on deal flow together. Usually what happens is if you are in small business banking, you develop a relationship with someone in the mid-market team and become their go-to option when they have a small deal that they cant take on. Becoming that referral partner gets you known and eventually that banker can recommend you to the mid-market team. For wealth management, as discussed in the video, it is a career transition in terms of technical skills but the network you carry over from CB is incredibly valuable, again this is relevant for RMs that are client facing in CB not in middle office or in support roles. Hopefully this helps.
Another great video, thanks mate!
Bro thank you so much, I’m gonna be starting Commercial banking in the summer and thought bc I didn’t get IB I was ruined
Hahaha, no worries. Make the most of it and get in front of as many business owners as possible to maximize your learning chances. Good luck!
This is absolute gold, thank you.
Can you comment more on how to make the move from commercial to private credit? How many people you’ve seen do it?
Its a very common move actually. Usually its easiest for the commercial bankers that are "hunters" meaning they have a good COI network and can bring business in. Its usually people that like commercial lending and the challenge/variety it presents but either want to look at more "creative/riskier" deals or simply are looking to get paid more in wage + bonus (private credit funds do pay well especially if you move into deal originations). Its important to realize that the debt product private credit sells is much different so commercial bankers that work closer to that space have a better chance of getting the job. For example, there are a lot of real estate-backed private credit groups (first & second lien), this is a natural move for bankers from the real estate banking group at a big commercial bank. Ideally if you have at least two years of commercial banking experience, you can move into an analyst/associate role at a debt fund and work your way up. Otherwise, if you are a veteran with a good network, you can move into a more BD focused role higher up on the scale. It all depends on the market and fund size. Hopefully that helps!
This is very informative. Thank you.
Glad you enjoyed it!
Great Video! Just wondering if the salary range is applicable for commercial banking at a BB? Heard you mention regional bank so just looking for some clarification, thank you!
A few points to clarify, 1) this applies for Canadian junior commercial bankers at the big banks (RBC, CIBC, etc), 2) there are different groups in commercial lending, mid-market lending differs from corporate banking were you are working on $100MM+ credits, the range I mentioned is closer to mid-market, the higher market you go the higher the salary range. Hopefully this helps.
@@financekid3163 Thank you!
Does location effect your total compensation?
For example in Canada does the location of your company matter in relation to total comp in commercial banking?
No, but it drastically affects your career progression. Someone in Toronto could move up every year then exit to PE meanwhile someone who joined in smaller cities could be an analyst for 10 years.
Hi have just discover your channel, very good videos, I'm a financial advisor working for a bank, I've been trying to get into commercial banking for 6 months now, I don't know what type of designation or certification can help me get there, I am not looking for high position, just analyst to learn fully the role but I can't find my way can you help me pls ?
Good question, there are no specific certifications required in commercial banking however getting a CFA would obviously help you in any application process. I would focus on spending more time in the business owner segment in your current financial advisor role, as you work with these owners, you can start building a network that makes you more attractive when you apply for commercial banking. Additionally, you may came across business owners that need financing in your current role which allows you to develop internal relationships with other bank divisions, once you work with them, you have someone that can vouch for you "on the inside" and help you switch divisions. Good luck with your career.
What was your first role in commercial banking?
Did you start out as a relationship manager or an assistant relationship manager?
I started out as a credit analyst (almost like an assistant relationship manager) and pushed to get on the sales side/starting networking and bringing in new business and was promoted to a relationship manager role very quickly.
@@financekid3163 Amazing!
So would you say a credit analyst and assistant relationship manager are basically the same role then?
Also is there much difference in pay between an assistant relationship manager and credit analyst?
I've been offered a role as an assistant relationship manager. I'm happy to take it but I'd love to eventually progress and become a relationship manager, then a senior relationship manager.
Assistant/associate relationship manager are usually just banking type secretaries. Like a teller for commercial banking.
Excellent content 👍. Is there any Canadian Certificate specific to SME/Commercial Banking or SME Credit ?
Thanks! No official programs that I am aware of sorry.
@@financekid3163 would it benefit to do the CSC anyway ?
@@Romio666no. CFA/CPA are better routes for commercial banking
Bro you sounds like Leonardo DiCaprio lol. btw what do i need to get into commercial banking? im trying to get enought exp in commercial banking then go to investment banking
Do 2 years in commercial banking or corporate banking then get an MBA from a top US university. Then go into IB
Sir how you contact ?
Credit > Risk > Lev Fin
I am an internal controller in a commercial bank, could anyone tell me what are my options of exit or in the bank ?
I just turned 26, I am a mortgage loan originator who is working to complete my bachelors in BA. I'd like to know if my experience as an MLO would have any benefits entering this career?
Very informative video by the way, thank you.
Not really.
An MLO is a very different role and is typically seen as more transactional and less complex than commercial RM roles.
If you’re serious about moving toward an RM I’d say focus on building commercial credit acumen.
Commercial has much more grey area and negotiation than MLO. And really the foundation is having good financial analysis/credit skills.
As an underwriter working in commercial banking, do you think earning the CFA charter would help with the transition into a private credit type of role? How about for debt capital markets related role (either loan syndications, or corporate securities)? Love the video by the way!
If you can, get the CFA then go into anything capital markets. Commercial Banking is slow to move upwards. You have to luck yourself into a good client book.
Currently working as a stockbroker at a brokerage firm and I definitely plan on shifting to commercial banking (credit risk analyst). Your videos are absolutely amazing! Do you think it would be easier to make that shift from brokerage firm to commercial banking (of course after I get my degree in finance and accounting)
Thanks for watching, I havent seen alot of people in my old bank make the switch from the brokerage side to commercial lending (actually most do the opposite) however the core skills are the same - sales presentations, financial analysis, working directly with clients. So I wouldnt expect it to be any harder, you should have good core skills to break into a credit risk analyst role, making a move into a higher position (more sales targets for new loans) may be more challenging because you will need to hit the ground running and bring in business and I dont think your existing network is set up to attract lending opportunities from private SMEs so better to switch into a junior role and build up your COI network first with a smaller sales budget. Good luck with your career switch!
Dios Todopoderoso derrrame lluvias de bendiciones
En Tu camino y que Tu vida y años venideros sean de éxito
Salud prosperidad y que ese amor que añades a Tu vida crezca cada día masD
Dios Te acompañe donde quiera que estes
I am currently a Commerical banker (RM1) and looking to piviot into management consulting - I didn’t see that listed but is that a good role to go into? I do have my MBA from a top university as well
To be honest I haven't seen along of RMs pivot into consulting, usually the consulting firms are very clubby with their recruitment approaches but I don't see why your experience dealing with businesses in the front office is not relevant. Good luck with the transition!
These videos are great man thank you so much!
Hi, great video! I have an interview this week for commercial banking as an associate at TD (GTA). I am 3 years out of school with some front office and a ton of back office experience in commercial banking. Do you know roughly the salary range for breaking into commercial banking? Also the goal is to get some experience in IB, you mentioned that you made the switch from commercial banking to a front office IB role. Was this an associate position or one above this?
Good question, it is best to refer to online sources (ex: Indeed) for the salary range for that specific bank however in general a commercial banking associate in the mid-market space can earn between $70-90K. Also yes if you have enough time in the front office doing debt deals with M&A firms, you can transition to the sell-side and leverage your deal structuring experience to get a foot in the door maybe even with a partner that you already worked with. Usually if you have 1-3 years in CB, you can move to an associate role on the sell-side or if you have 5+ years of experience in CB, you can make the move to VP/Director for a mid-market M&A firm. Good luck with your interview!
Seems that the only way to go is to go up.
Ha I guess so or you can exit the bank and do something else!
Hi just graduated and starting of my career in Commecial Banking as a Credit Analyst. Question: You keep mentioning building your own network and book within the bank - Do you not have to sign non-competition forms? Do you take the portfolio of clients and reach out to them once you leave the bank? Is this allowed? Let me know what you think
Good question, it depends on the bank, some banks will have you sign NDAs and non-compete agreements whereas others may be more loose. In general if you target your old clients, people will notice and it can harm your reputation with colleagues, what you are carrying over is the COI network (accountants, lawyers, etc) which eventually leads to more clients. Also if you have very close relationships with clients, they themselves may suggest the move which is more acceptable. While most banks dont have a firm rule, it is expected that you don't poach clients when you leave.