How long does it “normally” take to go from VP to SVP? Bank seems tight lipped about the promotion process for some reason
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B of A gives SVP like candy. Most would be VP at other financial institutions
The salary ranges overlap across bands, so a band promotion does not necessarily come with more money anymore. They will try to get away with just giving you the fancy title.
Band promotion used to mean pay increase, too, but these days not always. You have to negotiate really hard. (If they can fill the role with someone who does not ask as much they will.)
Two internal colleagues held out on accepting "more responsibilities" unless they got the band promotion. And even then, the hiring manager (or HR) did not want to pay up. (offered a 6-12 month salary "review" - uh, no thanks) After they each got higher offers for jobs outside the bank (which they were willing to take)... THEN the band promotion with the increased pay was offered. (the manager had no other candidates) Everyone is happy now, but why did the managers and HR have to be so petty about it. Cheapskates.
You only get a raise when the promotion is a Band promotion (not a title promotion).
SVPs can be Band 2 (Executive II), Band 3 (Executive I) or Band 4 (Manager II).
VPs can be Band 4 (Manager II) or Band 5 (Manager I).
AVPs can be Band 5 (Manager I) or Band 6 (Specialist II).
From what I remember, the CEO is Band 0 and his C-Suite is Band 1. His 2-deeps are usually Band 2 SVP Executive II.
We had a whole floor of employees that have worked over a dozen years at the bank and never were promoted. Many are highly skilled, meet their metrics annually, and have solid work experience and educational credentials. Meanwhile, they have employees with only a single year of experience getting promoted to manager positions with SVP titles that are 15 years younger and have little to no banking experience. Talk about demoralization. You get ahead by cronyism or having a godfather. It has nothing to do with work ethic, results, or credentials. It's one of the main reasons why good employees leave.
It is documented what you need to do. You have to be a band 4 and have to be an exceeds the last 2 years to even be considered.
Never unless you are your manager pet
@3tnx+1meGd59e: Manager would never provide exceeds, they have been told not to
@2zqs+1meGd59e - fake news. Someone might be "eligible", but that means NADA, ZERO, ZILCH.
You have to have a manager willing to fight HARD for you, and provide them with concrete, demonstrable results and core value behaviors to arm them to make a case to HR on your behalf.
If you're squeaky and we want to keep you, we'll toss the title to you, but it has to be earned. It's not simply how long your azz has been keeping that seat warm.
Exceed your goals and kiss a lot of senior azz - that's the secret sauce. Not just flipping the months and days on the calendar.
Its only for cronies and favourites.
It’s based on eligibility in workday, once you are eligible you are nominated on the dates annually for title promotions
@1hkf+1meGd59e -- "technically", B3 = SVP, not B4.
However, in the absence of pay increases, a few of us managers (who are vocal and annoying about it), have been "permissioned" by HR to "throw the dog a bone" and award SVP title to "select" B4.
(Not easy, and means nothing, but HR has us by the short hairs.)
To us B3 SVPs, we know the B4 SVPs are fake.
If the title and pay mean a lot to you, then you are far better hopping around to different companies than sticking around here. Or leave and come back.
Many of my peers and I regret having stuck it out for so many years, but we are leaving soon anyway, so all water under the bridge at this point. Don't make the same mistake.
Value yourself and get what you a worth.
The title promotion guidelines are online and accessible by everyone
You need to be a B4 to get an SVP title.
Does it require a band change, let’s say band 5 VP to a band 4 SVP?
Can a band 5 be an SVP? Can’t say that I’ve met one yet.
Was told in my group that it's very very hard to get SVP let alone VP now.
You’ll get a title change at best. You won’t be paid. Company is tight lip because they need to figure out how many friends and family to take care of first.
Took me 12 years to go from VP to SVP/Director in SAM