Citi —> SVP to Director promotion
Hi Guys, How long does it take to go from SVP to director at citi ? Think product / strategy. #finance #Promotion
SVP -> Director -> managing director
In finance (managing) director is highest. Goes associate < analyst < vp < svp < director
Gotcha.
It has more to do with networking and pulling the right strings than time. Also there is a bunch of ppl with c15 (director grade) but not the title. Goes to prove there is more bureaucracy in getting to that level
Any insight on the comp difference between SVP and Director — just a ball park % on base and bonus ?
At Citi nyc: SVP- C14: base: 93k (low), 146k (middle), 200k (Max), Director - C15: 98k (low), 180k (middle), 260(max)
Thanks - and MD is open because stocks could be involved ?
Exactly. Usually md base starts at 350k
And never focus on the bonus cause it’s never guaranteed
This like a gazilllion times.
Have rarely seen this happening in under 5 years; department's backlogs matter more than an individual's contributions or talent.
Yes exactly. If there are people being considered ahead of you they get first dibs.I think it's completely ridiculous. It should be performance driven not who was first in line. But unfortunately that's not how it is
C14 is svp.. You need to be a minimum of 3 years in an SVP title to be considered for director. Most nominations don't go through the first year. Discussions are at the business expo level which then gets considered at the level above. C14 minimum base in front office in NY is 200k plus 60k bonus. So total comp will be 260k in the first year typically.
You have to have been in seat as an SVP for at least two years to be eligible to be nominated for promotion. The promo cycle itself takes at least two years first where you get the grade C15 (which includes the increased pay band) but are still titled SVP and then earn the Director title. There are two collegial reviews one when your nominated and they decide if you get the grade and again before they decide to give you the title or not. They can punt the second review a couple of times (each time being an additional year), but then you're edging towards up or out.
Why would one go from being an SVP to director? Its a downgrade isn’t it? Or is it vice versa at Citi?
In financial institutions, Vice President is a very common title. I guess it’s like Software Engineer. Then comes SVP like Sr Sw Engineer. So Director seems to be like a manager level.