What Is an Assistant Vice President?
An assistant vice president is typically one rung below the vice president in much of the financial services industry. It’s a relatively common role within brokerage, securities, and investment banking firms and academic institutions. The responsibilities of assistant vice presidents vary depending on the firm they’re working with. Typical duties might include screening new management hires, overseeing departmental promotions, and analyzing the performance indicators that their superiors rely on.
Acronym: AVP
What Is an Assistant Vice President’s Job Description?
The assistant vice president role in most organizations is a senior management position. Assistant vice presidents may or may not supervise other employees, although they are generally responsible for mentoring and guiding new hires. An assistant vice president may serve as a team leader in project management or work directly with clients. They might also be expected to manage analysis and oversight of investments on behalf of the firm and will typically report to the vice president and other senior members of the company. The exact work that an assistant vice president does varies by firm. At a small firm, an assistant vice president may have a broad range of responsibilities. At a larger firm, an assistant vice president’s role may be more specialized.
Assistant Vice President Salary
According to the Bureau of Labor Statistics, top executives had a median annual salary of $98,980 in 2021. Location plays a big part in salary, as firms and universities in major metropolitan areas tend to pay more than those in outlying regions. The size and annual revenue of a firm also affect employee compensation. For example, a large bank may have numerous vice presidents and assistant vice presidents throughout the organization, so the pay varies depending on their role and responsibilities. Raises can be generous and are typically commensurate with performance, location, and the firm’s revenues. Profit-sharing, bonuses, and commissions may also be paid depending on the nature of the firm.
How To Become an Assistant Vice President
In addition to education and experience, AVPs should be able to meet deadlines and perform well under pressure. They’ll also need people skills. Even if they don’t deal directly with clients, they’ll be expected to interact effectively with staff and other members of the executive team. Superior oral and written communication skills are essential. The next rung upward on the corporate ladder for an assistant vice president, in terms of compensation and responsibility, is a traditional vice president role. It’s common for the assistant vice president to move up to this position when a job opens up or if the firm grows and expands.
How To Become an Assistant Vice President in Finance
In finance, most large firms expect an AVP to have earned an MBA in finance and extensive hands-on experience within the organization (or a substantially similar one). A bachelor’s degree in any field may be acceptable for getting in on the ground floor, so long as you’re prepared to work your way up for the next several years. Keep in mind that experience is generally more important than the exact nature of your education, especially within smaller organizations.
How To Become an Assistant Vice President in Education
In educational settings, AVPs may be expected to have an Ed.D. or Ph.D. depending on the scope of responsibilities. Like their counterparts in finance, they’re expected to have five or more years of experience. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
