Is It Time to Consider a Change in My Banking Career?
Hello everyone,
I’m currently facing a challenging situation with my job and would appreciate any insights or advice you might have.
I graduated with a degree in finance in 2020 and started working at a bank right away. My journey began as a commercial loan processor and customer service representative, and after about six months, I was promoted to a commercial lending role. Over the past four years in lending, I’ve gained a solid understanding of the lending process and have handled various types of loans, including Commercial, Consumer, and SBA applications. To give you an idea of my performance, I secured $33.4 million in loans for 2024, a significant portion of which came from existing clients, but I have truly put in the effort. Earlier this year, I was promoted to assistant vice president.
My main struggle now is my salary. I’m currently making $76,000 plus bonuses, with my highest bonus being $10,000. When I first started in 2020, my salary was $50,000. I’m beginning to feel that my compensation isn’t reflective of my contributions and experience, but I’m not sure if I’m justified in thinking this. My wife works full-time, but she will soon need to reduce her hours as we are expecting our second child, so I need to increase my income to cover any potential loss in her earnings.
For those with experience in banking, how can one assess if they’re being compensated fairly? Furthermore, how do you approach salary negotiations without jeopardizing your relationship with your boss? I genuinely enjoy my job and value the relationships I’ve built here, learning a lot from my mentors. I would love to remain with the bank, but if my compensation isn’t adequate, I may need to consider options that are better for my family.
Any thoughts or advice would be greatly appreciated! Thank you for your time.
One response
Hi there,
First off, it sounds like you’ve made some incredible strides in your career since graduating. Working your way up to an assistant vice president in just a few years is no small feat, and your production numbers are impressive! It’s great to hear that you enjoy your job and have had good mentors along the way.
Regarding your pay concerns, it’s completely valid to want to ensure you’re compensated fairly, especially with a growing family. Here are a few steps you can take to evaluate your situation and potentially negotiate your pay:
Research Market Salaries: Start by researching average salaries for assistant vice presidents and commercial lenders in your region. Websites like Glassdoor, Payscale, and LinkedIn can provide salary insights based on location and experience. This will help you determine if your current salary aligns with the market.
Prepare Your Case: Make a list of your accomplishments, contributions, and the value you bring to the bank. Highlight your $33.4 million in loans and any other metrics that demonstrate your performance. This will help you articulate your worth during negotiations.
Consider Timing: Schedule a meeting with your boss when the bank’s decision-makers are likely to be more receptive, perhaps after a successful quarter or after you’ve closed a big deal.
Practice the Conversation: Role-play the conversation with a trusted friend or family member. It can help ease nerves and give you confidence. Approach the discussion with curiosity, asking for feedback on your performance and discussing your career goals.
Explore Additional Compensation: If salary negotiation feels tricky, consider discussing other benefits, such as more bonuses, additional vacation days, flexible work arrangements, or professional development opportunities.
Be Open to Opportunities: While you seem to enjoy your current job, it’s worthwhile to explore the job market to see what other banks or financial institutions are offering. It can provide leverage in negotiations and help you gauge if you’re being competitive.
Ultimately, making a transition or having a candid conversation about pay isn’t easy, but it’s important to advocate for yourself, especially for your family’s future. If the conversation doesn’t lead to changes and you still feel underpaid, then exploring other opportunities could be the right path.
Wishing you the best of luck with this! You deserve to be compensated fairly for your hard work and contributions.