PORTLAND — Smith & Wilkinson, one of the country’s premier executive search and leadership consulting organizations, recently released results from its 10th annual Commercial Lender Salary Survey, as well as its third annual Commercial Team Leader, Credit Analyst and Credit Manager Surveys.
The Smith & Wilkinson survey found that the average salary for commercial lenders in the region that includes Maine in 2018 was $113,000, with commercial lender team leaders reporting an average salary of $174,000. Respondents represented a range of financial institutions including publicly-traded, privately-owned/closely held, credit unions, and mutual/cooperative.
Combined, the surveys had nearly 1,300 respondents representing 22 states, making the data collected very indicative of the current financial services marketplace. The average salary and bonus is broken down by region including Northern New England (ME/NH/VT); Southern New England (MA/RI/CT): Mid-Atlantic (DE, MD, DC and VA); North Atlantic (NJ/NY/PA); Midwest (OH, IN, MO and IL); and Southeast (NC, SC, GA, FL, and TN).
According to Smith & Wilkinson, salaries and bonuses for the nearly 900 commercial lenders responding rose across almost all institution types, asset sizes and geographies, with an increase in base salaries of more than 3%, and an increase in bonuses of nearly 5 percent in 2018. The highest salary and average bonus by region were found in the North Atlantic Region, with respondents in the Southeast Region reporting the lowest average salary and bonus.
Cameron Boyd, Practice Director, Financial Services at Smith & Wilkinson, explained, “We anticipate that compensation for commercial lending and credit talent will continue to increase steadily as demand outstrips supply. The challenge for employers will be to present compensation packages that are able to recruit and attract high quality talent. Because of these challenges, we are seeing an increase in the number of financial institutions, both banks and credit unions, contacting us seeking assistance in developing and presenting these types of packages. Our knowledge, experience and successful track record of more than 20 years in recruiting for this space, makes us well-positioned in this environment.”
Carll Wilkinson, Managing Partner of Smith & Wilkinson, added, “We believe sharing this data is extremely valuable not only for our existing clients but throughout the industry, as well as with potential talent. It provides a snapshot of the current landscape and helps both employers and job seekers navigate the recruitment process. That is why we offer it at no charge.”
The results of both surveys can be found by visiting www.smithandwilkinson.com
About Smith & Wilkinson
Founded in 1998, Smith & Wilkinson is one of the premier executive search and leadership consulting organizations in the country. It specializes in search and talent acquisition for board members, C-suite executives, line of business leaders, and skilled individual contributors for companies in all stages of growth and development. Smith & Wilkinson also offers consulting services, including executive leadership coaching, employee assessment, and succession planning solutions. Industries served including banking, credit unions, insurance, fintech and insurtech, wealth management, nonprofits and associations, and engineering. For more information, visit www.smithandwilkinson.com