RFS to IBD?

I haven't really found any information about my particular situation. I'm working FT for one of the top 3 largest banks in the U.S. in retail finance while pursuing my bachelor's in Bus Admin (no sleep and lots of coffee isn't new to me). The school I'm going to is a non-target on the West Coast that barely ranked in the top 20 on Business Week, though it's the only school in the area with an undergrad program in the top 50.

My background leads to my predicament. Networking is the only option I have to get into the IBD. Does anyone have experience they'd like to share about successfully networking into investment banking? Is there any realistic chance of getting an internal job post in the IBD and transferring into an analyst position? Any help is appreciated. Anything else, not so much.

 
Best Response
Dubsfan7:
What's the program like at Jp Morgan? I have an interview for it as a SA.

Depends on what you are looking for.

Their RFS rotational program is 4 6-month rotations in primarily New York and Columbus, OH. Good exposure and you report up to the CFO of all of RFS. Rotations cover all the areas of RFS during your 2 years (marketing, finance, P&A, strategy, etc.) and you have a pretty good pipeline to move forward. Definitely not a bad place to end up, but you are constricting yourself to that part of the bank going forward.

If you are looking to do retail finance in some capacity, this is definitely a position you would want to take. If you are looking to do anything investment or IB related, don't bother. The chinese walls in the firm are unbelieveable, trying to move between the Chase side of the bank to the JP Morgan side are immense to say the least. They operate in completely different worlds despite giving the impression that they have "great synergy" amongst the different LOBs.

 
pseudonym:
I haven't really found any information about my particular situation. I'm working FT for one of the top 3 largest banks in the U.S. in retail finance while pursuing my bachelor's in Bus Admin (no sleep and lots of coffee isn't new to me). The school I'm going to is a non-target on the West Coast that barely ranked in the top 20 on Business Week, though it's the only school in the area with an undergrad program in the top 50.

My background leads to my predicament. Networking is the only option I have to get into the IBD. Does anyone have experience they'd like to share about successfully networking into investment banking? Is there any realistic chance of getting an internal job post in the IBD and transferring into an analyst position? Any help is appreciated. Anything else, not so much.

Pseudonym,

I am coming from a similar predicament but I know your situation. I would suggest networking and focusing on regional boutiques. The JPMC name on your resume will do wonders for opportunities at the smaller banks, but you won't get much respect from the more elite MM/BB banks. As many will tell you on here, retail banking is a black mark on your resume for many of these institutions, despite the financial background, presentation abilities, and excel skills you do gain in your current role. The bottom line, you don't get much in terms of modeling skills and many firms will know that from the get-go.

If you do get your foot in the door somewhere, focus on telling them that you aren't a flight-risk (because you took what you could get off the bat) and that you are very dedicated to transactional work/more strategic decision-making. Also emphasize your keen abilities with excel/making decks and you have a shot. Besides that, brush up on your modeling and be able to field basic questions and you should have a fighting chance at boutiques in your area.

I've only been at the search for opps/network game since December, but I have had interviews with a PE firm / 2 ER firms / 3 IBs in the region so it is definitely possible to make the move. Just be prepared to handle the questions that might come your way.

Good luck.

 
rachmaninoff3rd:
bc,

do you know anything about the compensation for the RFS rotational program?

Don't hold me to this but from what I have heard it is right around 57-58k. That salary is the same (w/ a 3-5k bonus and a 2-3k raise after your 1st year) throughout the program.

Pros: 57k + housing stipend of maybe 2-3k in Columbus is huge. You can live damn well there on that salary. Cons: ~60k in NYC and you are going to be broke. Don't expect a real change in the bonus structure either when you are in NYC. Most likely the same kind of shit you'd see in CBus with a slight higher bump.

I also know that they have regional offices in NJ so your rotations can be downtown in the financial district or in Iselin, NJ based on what role you get. I am in no way trying to steer you out of this, but I would only recommend this if you are planning on staying in RFS.

Another big benefit is that your program manager/direct boss is the CFO of all of RFS and reports to Charlie Scharf, CEO of RFS and right-hand man to Jamie Dimon so you will be well-connected in the program. They actually pull in from a lot of good target schools. To my knowledge, they have pulled in people from Brown, Michigan, NYU, etc. so it isn't a shabby spot to be in. Just realize you will not have an easy transition into the JP Morgan side of the firm.

 

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The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee WSO is not your personal search function.

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