VP Salary compensation band at Citibank (Corporate Finance)
Would appreciate if folks could provide some insight into the salary and bonus compensation bands for a VP role at Citibank. This for Corporate finance, so not front office, but more FP&A. Based on my preliminary research, I'm seeing that average total comp is around 120k - 130k? Would appreciate it if folks could provide me with some more concrete numbers since I got lowballed pretty hard in my current role at the bank, so want to make sure I'm getting compensated fairly this time around. Edit: This is in NYC
I think you should worry about high balling your title too !! Seriously VP ? As in Vice President ??
Titles in banks are a dime a hundred. Literally everyone and their mother is a "VP." Really just means a manager or lead single contributor. I thought this was common knowledge.
I know .. I am just saying raise your voice to fix that too !! Sometimes I think they throw VP at you , so you would take it for a lower $
Had spoken with recruiters before that gave the range of 140-145 base - back office.
I highly doubt I'll get that much in all honesty and I'm around 5 - 6 yrs of exp. If they offer that amount, I'd honestly be quite happy with it if it included additional bonus comp with it. Thanks for your insight!
That feels really low. NYC in corporate banking for a big 8 type bank should be 30-35% higher than lower cities. I’d say base of about $175K + bonus. Don’t put yourself in a difficult position where you won’t be in a good position to start because getting raises and bonuses are never guaranteed once you’re in.
FPA =/= Corporate Banking. CB is still considered front office
My bad. Still feels low. Also, I’m in CB and we’re not considered front office, so I guess maybe it depends on what part of CB you’re in? In technically infrastructure/ops.
I interviewed for a VP role at Citi in NYC not long ago. I didn’t get an offer but the recruiter told me in our first conversation the pay is in the 120-130k range. My brother in law has been a VP at Citi for several years. He told me it’s low and checked with a friend of his in HR. Apparently they lowered comp due to COVID and all the legal troubles the firm is in.
Thank you. Yeah a lot of folks have been leaving Citi recently during COVID for external opps which is partially which this role opened up.
I have a friend in a VP role in Internal Audit. She makes $150k plus bonus. I work at BofA and VP Audit Managers are around $130-150k base.
Thanks for the info. Yeah, I don't have a strong knowledge base of what's a good pay range since I was initially desperate to move back to NYC a couple years back. Kind of shot myself in the foot when I did that since my salary is like 20 - 25% lower than it should be for my role at the moment.
VPs at Capital One make way more than that and are real VPs - meaning very large teams, scope and budget responsibilities. I’m guessing TC in the $450 - $600k range. I know that doesn’t help you but just pointing out that not all banks are the same.
Capital One and Citi have different title profession. VP at Citi is Mgr/Director at Capital One. VP at Capital One (10+yrs of exp) is Managing Director at Citi
Came across with this salary range sheet from the other post in Blind. Hope this helps
Would you happen to know if the zones = cost of living?
Is this specific to Citi?
At banks, VP is typically someone with ~5yrs of previous experience in that capacity. From my exp, base really varies from team to team... just think about what you would negotiate for an FP&A role in tech or wherever the industry you were in with 5+yrs of same functional role. Also remember that bonuses of banks are very volatile, even in back office. So you might want to factor that in if you were used to getting a guaranteed bonus target every year.
Thanks. I feel like tech and bank comps are really not comparable. Tech comp seems higher across the board. I've been trying to break into some sort of tech company, but choke on the final round for most interviews. I'd honestly say tech comp is at least 30% higher than finance comp for FP&A roles. I'm not a great negotiator, so I'm hoping they don't come out with a super low offer, but if they do, I'm definitely standing my ground this time.
A VP in FPA/Corp finance should be 150+ base and then a 20%+ bonus. You are lowballing
I really hope I'd be able to get that amount but almost certain they wont offer that amount especially since it's more of an internal move and "Covid headwinds"
My recommendation to you then is to spend 1-2 years there to build your resume and then move elsewhere. People consistently get 25%+ bumps because banks for some reason would prefer to fuck internal talent and then pay more for someone to come in external. I have a friend who was able to move his base salary from 90k->175k over 3 years by moving externally twice.
Feel low. My mba classmates claimed they make $140k base + bonus as associates (1st year post mba). Vice president should be more than that.
Hm, I think that's more front office like investment banking salary which is in more on par with your friend's 1st year post MBA salary. His total comp is probs around 225k if he's in IB.
IB Associates start at $150k base across the street. VPs are usually like $200k+ base starting for IB. For a back office role like FP&A, the pay will be significantly less. You can probably use Glassdoor and see what Manager / Sr. Manager roles pay. The range op listed may be a bit low for NYC. I’ve received a few offers in CO for Sr. Manager roles in FP&A around $120k base.