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Everyone at a bank is a VP, how does that level in consulting? Interviewing one next week.

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I remember when I was a senior in college I saw that a bunch of my friends who were a couple of years older had AVP titles. I was in shock since my dad was a VP and he was pretty high up in his company (chemical manufacturer), and these guys were idiots. Then I learned that it doesn’t take much to get AVP at a bank.

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AVP Senior, VP manager, SVP director/MD. I’ll say that there are a few banks that this doesn’t apply to.

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Sr. ASSOCIATE

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Typical IBank how’s analyst - associate - vp - director / executive director - managing director. Title inflation is all about making the client comfortable with the person usually doing the pitching / sales

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Has to do with signing authority

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Investment banking salaries are higher. Bank ops are lower

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And by investment banking I mean IBD, not people who work for an “investment bank"

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^ people feel more comfortable when their RM is a VP. Mostly it’s that bank salaries are rarely comparable to similar roles outside financial services, so titles help

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I agree. There isn't much logical progression in banking titles (it's also backwards from industry where VP is higher than director many times). Wonder why it just doesn't go from associate - manager -director/MD

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Same reason everyone in sales is a VP - people are more likely to pick up the phone for a sales call from someone with high title

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"Investment banking" has gone the way of "management consulting"

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Wealth management is literally the worst kind of job. Sucking up at its finest. He can have his $350k (of which I'm sure at least half is bonus)

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He comes home and complains about his “hard days” and I try really, really hard not to punch him straight in the face. 👸🏼

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There are still distinct roles beyond the VP title...I would imagine you know what role/level you're interviewing for

Why do they inflate so much?

Don’t even try to equate. I know many a bank VP that don’t even make as much as an Associate. You really only start to matter at SVP+... and often just EVP+.

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Bank salaries are BELOW other industries’???

Or, rather, how do you reconcile that with all the posts of people saying they are leaving consulting to make 2x at JP Morgan?

Uhh my roommate is an idiot, and an SVP at BofA as a Relationship Manager making $350k. That’s definitely higher than most consultants (in non-leadership positions) I know.

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