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In my opinion, networking internally is the way to go. It's almost crucial, any promotions I've gotten have been through this approach. I'd aim to find a mentor and regularly engage with senior bankers to gain visibility and support. Also, ensure your work quality is consistently high, and that you're maybe even exceeding expectations in terms of deal execution and client management.
Why can’t you do both? What sort of certifications are you talking you about - series license exams or something else?
Applying to other banks will help you move the ladder, but at the same time, you should continue to grow professionally at your current shop.
Building relationships with senior colleagues won’t necessarily directly result in a promotion, it could result in getting better work and exposure to decision-makers which could in turn drive promotion, assuming you execute at the level expected of a VP/Director.
Is this an early promotion to VP? Or standard promo after 3-3.5 yrs
I think you need to be applying elsewhere to sharpen your skills and stay competitive in the market, but this should transfer to your current role as well. This job market is tough, so keeping all your options open is best IMHO