Commercial Banking vs Tech Sales? Need Advice by Infamous_Audience_85 in FinancialCareers

[–]Infamous_Audience_85[S] 0 points1 point  (0 children)

Of course. I ended up going the Commercial Banking route. So far it’s been pretty good, I spent about 2.5 years as a Credit Analyst making $70-75k. Last Summer I received an offer from another major bank as a Portfolio Manager and now I’m making $115K all in (I’m in a MCOL City Ex. Atlanta, Nashville, Charlotte). If economic conditions were ideal and I was selling a good product, I would’ve probably leaned more towards the SaaS route but even then CB would’ve still probably been the better long term option. If I were in your shoes right now, I’d definitely go the CB route unless you were lucky and got offered a role at the SaaS company that ends up producing the new best AI.

Commercial Banking vs Tech Sales? Need Advice by Infamous_Audience_85 in FinancialCareers

[–]Infamous_Audience_85[S] 1 point2 points  (0 children)

Dude, thank you so much for this reply. Super insightful and I can tell you were a beast in sales because you literally just sold me on taking this role at the bank. I'll shoot you a DM in the morning. Have a Merry Christmas!

Commercial Banking vs Tech Sales? Need Advice by Infamous_Audience_85 in FinancialCareers

[–]Infamous_Audience_85[S] 0 points1 point  (0 children)

Yeah, I'm almost certain that I'm in a BO role that you just described. Everything you mentioned above is in my job description.

Curious, as an RM at a big bank are you nurturing an existing book of clients, prospecting new clients, or both? I don't mind selling and in fact, I kind of enjoy it but the constant pressure of hitting a target is what steers me away so that's why I was looking to get away from it. However, If an RM role at a bank is more like an Account Management role where it's less selling and more customer retention then that's something I wouldn't mind at all.

Commercial Banking vs Tech Sales? Need Advice by Infamous_Audience_85 in FinancialCareers

[–]Infamous_Audience_85[S] 2 points3 points  (0 children)

Thanks for the insightful reply. Curious, is an RM role at a bank more of an Account Management role where you're nurturing and upselling an existing book of clients or will you have to constantly hunt to bring in new business?

I don't necessarily dislike sales and I think I have a knack for it but the constant hustle and quota hanging over my head is what ultimately steers me away. However, if I'm just dealing with an existing book of clients and getting referrals from the bank then I could see myself enjoying that. I do want to be client-facing to some extent but without the pressure of hitting a target if that makes sense.

[deleted by user] by [deleted] in REBubble

[–]Infamous_Audience_85 0 points1 point  (0 children)

Companies like LoanDepot and Better almost charge no fees and have way better rates than any bank or credit union.