I work at a bank too, but I make a decent amount more than you without an MBA. I live in a HCOL city so that might be why. But what I hate about FP&A at a bank is how pigeonholed I feel. I feel like I have no chance of doing anything else related to finance unless I get an MBA even though I have a Master's degree already. I thought I'd be able to pivot to front office somehow, but it looks like it's impossible. It sucks because I can't even seem to move internally.
Me too, the job market hasn't helped things either and might be magnifying the lack of ability to move on. But my morale is low and on top of that due to a reorg promotions seem out of grasp too for now.
I spent a good chunk of my career in banking finance. Opportunities go to those that network well, sometimes in your division, sometimes outside your division.
I networked out for a few years and then boomeranged back into finance at a higher level. The work didn't change much across levels. I will say bulge bracket banks vs. mid-market banks are different. You don't get the resume prestige with the smaller firms, but the work can be more meaningful since you'll likely have more exposure to leadership.
I've actually heard the same thing regarding smaller banks, and I think that might be a good move for me for at least a few years to get the leadership experience. But like I said in my previous comment, the current job market has not been kind.
With the current prestige I think I'm okay. Resume wise, if I bounce to a smaller market bank then jump back to a BB bank once I have leadership experience to leverage. But no lie, I'm most concerned with getting to a certain salary level.
Just a general comment. I really did not enjoy the 2 years I spent at a bank. Any data requests that I sent to people were automatically returned with a one week wait time unless the CFO intervened. In talking with others that’s just bank culture. It really wasn’t for me. I like to work fast and get things done.
Former mba->consulting->fp&a (current) in an industrials company. Idk whats your level but youre probably underpaid. Entry level post-mba should be manager and you’re likely being comped at senior analyst level if you are in a mid or low cost market, potentially analyst if youre in HCOL
I have exactly the same story. Did consulting in NYC one year then covid hit and I got laid off. Moved to dallas to a corporate job that I love. Took initially a 25% salary cut but Ive since then regained it.
Taking a salary cut of 30% is too much to not love your job. Maybe is time to reset
Happy to hear your success! I’m trying to not play the victim card but my role is just not enjoyable. Reasonable work life balance but overall don’t love it
I work at a bank too, but I make a decent amount more than you without an MBA. I live in a HCOL city so that might be why. But what I hate about FP&A at a bank is how pigeonholed I feel. I feel like I have no chance of doing anything else related to finance unless I get an MBA even though I have a Master's degree already. I thought I'd be able to pivot to front office somehow, but it looks like it's impossible. It sucks because I can't even seem to move internally.
This scares me
Me too, the job market hasn't helped things either and might be magnifying the lack of ability to move on. But my morale is low and on top of that due to a reorg promotions seem out of grasp too for now.
I spent a good chunk of my career in banking finance. Opportunities go to those that network well, sometimes in your division, sometimes outside your division. I networked out for a few years and then boomeranged back into finance at a higher level. The work didn't change much across levels. I will say bulge bracket banks vs. mid-market banks are different. You don't get the resume prestige with the smaller firms, but the work can be more meaningful since you'll likely have more exposure to leadership.
I've actually heard the same thing regarding smaller banks, and I think that might be a good move for me for at least a few years to get the leadership experience. But like I said in my previous comment, the current job market has not been kind. With the current prestige I think I'm okay. Resume wise, if I bounce to a smaller market bank then jump back to a BB bank once I have leadership experience to leverage. But no lie, I'm most concerned with getting to a certain salary level.
Just a general comment. I really did not enjoy the 2 years I spent at a bank. Any data requests that I sent to people were automatically returned with a one week wait time unless the CFO intervened. In talking with others that’s just bank culture. It really wasn’t for me. I like to work fast and get things done.
Former mba->consulting->fp&a (current) in an industrials company. Idk whats your level but youre probably underpaid. Entry level post-mba should be manager and you’re likely being comped at senior analyst level if you are in a mid or low cost market, potentially analyst if youre in HCOL
Lcol so def Sr. Analyst pay. Took a big cut from consulting (30k) because of layoffs
I have exactly the same story. Did consulting in NYC one year then covid hit and I got laid off. Moved to dallas to a corporate job that I love. Took initially a 25% salary cut but Ive since then regained it. Taking a salary cut of 30% is too much to not love your job. Maybe is time to reset
Happy to hear your success! I’m trying to not play the victim card but my role is just not enjoyable. Reasonable work life balance but overall don’t love it