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Banks titles are not inflated really. It's just a different org structure. You can be an IC making $150-200K with a VP title.
On the contrary, consulting titles always seem over inflated to me. EYP directors are essentially Managers at EY. We promote consultants with 5 years experience as Managers. It's almost never heard of in industry. Manager title brings a lot more day to day responsibilities in industry.
If in one industry, a VP makes $200k as an IC and in another industry a VP make $1M+ and leads a 2000 headcount org, I mean, one is clearly inflated.
Yea it's a different org structure, an inflated org structure. Put it this way, a VP in banking is not latering to VP at say Ford or Boeing in finance.
I mean isn't this the same logic you applied to consulting, which btw I agree with.
Everyone is a VP. Also, everyone straight out of undergrad is a “Manager”.
Enthusiast
At least for private banking, they throw director titles to everyone and their uncle because clients want to feel important
Inflating so clients feel special makes sense and perhaps consulting does this by like 1 level, but inflating up to VP just seems comical.
I heard once that VP was basically anyone with authority to commit bank resources, which is actually a lot of people. No idea if there's any truth to it.
Industry standard
Not sure if this is true. The VP title used to mean something different. Banking has a period of acquisition of regional and smaller banks and they kept the acquired employees, meaning now the bank has added to the pool of VPs, but not necessarily the responsibility.
Again - don't quote me on this.
This is the closest thing to making sense so far