5/8/09

So, for all those doubters who said I was moron for doing what I did: I have an interview set up with the Private Bank of a BB for their Analyst Program. This is widely regarded as the best Private Bank on Wall Street.

The reason this position opened is because an analyst at this particular bank left and they need to fill it IMMEDIATELY.

I sent my resume in yesterday evening, got a call today from a recruiter in NY for a quick 20 min. phone (make sure you know a thing or two) interview in the afternoon, and got a call an hour and a half later by one of the bankers to set up an interview for early next week. They are obviously moving very quickly and I must be on their radar screen.

What should I be prepared for???

Given that I have done an internship with a top BB (GS/MS) PWM division last year in the same regional city and a previous internship in Asset Management with a BB in NY, should I know the why this particular BB, market situation, pitch me a stock etc. or will it be safe to assume that I am competent at least to that level given my previous experience and therefore I should focus mostly on my experience given that it is directly relevant and make sure I can explain that I have direct experience doing the same things required for this position?

The guys know I am in the middle of final exams and graduate in a week so perhaps they will take that into consideration????

Thanks.

Comments (15)

5/8/09

Given that you worked in PWM at a BB, you should have direct prior experience to talk about in pursuing a career in private banking. I have no idea what kind of interview questions might come up but I imagine they are very similar to questions asked for a BB PWM position.

From what I glean from a description of private banking, it's equivalent to PWM, so just use your past experiences as a guideline.

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5/9/09

"should I know the why this particular BB, market situation, pitch me a stock etc. or will it be safe to assume that I am competent at least to that level given my previous experience and therefore I should focus mostly on my experience given that it is directly relevant and make sure I can explain that I have direct experience doing the same things required for this position?"

yes, you should know the answers to those questions. this is an entry level position, and nobody will assume you're competent at anything, especially not on the basis of prior internships.

to be clear, i'm not saying that you should focus on those types of questions over practicing your experience pitch--you should be ready for both. the most likely scenario is that you will be interviewed by multiple people (if they're bringing you out to nyc), and while some will focus more on prior experiences, others will talk about the basics. so be ready for anything. while people will know you're in the middle of finals and take pity on you, that only goes so far.

congrats on getting the interview, by the way. best of luck.

5/9/09

I interviewed for an SA position w/private banking and it was very much so asset management geared questions. I had a question along the lines of "Suppose Joe Schmoe who works at Dunkin Donuts wins the lottery - how would you invest the funds?". I also was asked to pitch a stock and responded by claiming I didn't really follow equity markets and pitched a trade on European short rates (was interning at a macro HF at the time) which is probably part of the reason I didn't get the offer. Good luck.

5/9/09

This should be your top priority (even over your finals) - why take any chances?

Btw, love the "premier BB" title.

5/9/09

Yeah, this is JPM Private Bank Full-Time Analyst Program. The posting came up out of nowhere because an analyst apparently left and now they need someone to fill the gap ASAP before the July 1 starting date.

LOL, I figured I would throw that "premier BB" in the title to get a few more responses. It's funny, the firm I worked for last summer was more "premier" overall, but this particular BB is a lot more "premier" for Private Banking.

What's a good stock to pitch?? I'm going with the good old golden arches of McDonald'd.....do people agree

My reasoning:

1. in this economic climate people are going to be more careful about where they eat out since their homes are getting foreclosed on and they are losing jobs. They had strong April sales results (6% increase)

2. McDonald's has focused on international expansion so they reduce risk exposure in any one geographic market

3. They are diversifying their product base (McCafe's and other coffee/espresso drink things to take on Starbucks)

4. They promote from within so management is very knowledgeable about how the company functions

I think that is pretty convincing. What does everyone else think?

In reply to Investor1
5/9/09

The "premier BB" comment wasn't a compliment.

Re: your stock pitch - what if the interviewer were to bring up the fact that McDonalds owns all the lands for its restaurants as a concern. How would you respond to that?

Investor1:

Yeah, this is JPM Private Bank Full-Time Analyst Program. The posting came up out of nowhere because an analyst apparently left and now they need someone to fill the gap ASAP before the July 1 starting date.

LOL, I figured I would throw that "premier BB" in the title to get a few more responses. It's funny, the firm I worked for last summer was more "premier" overall, but this particular BB is a lot more "premier" for Private Banking.

What's a good stock to pitch?? I'm going with the good old golden arches of McDonald'd.....do people agree

My reasoning:

1. in this economic climate people are going to be more careful about where they eat out since their homes are getting foreclosed on and they are losing jobs. They had strong April sales results (6% increase)

2. McDonald's has focused on international expansion so they reduce risk exposure in any one geographic market

3. They are diversifying their product base (McCafe's and other coffee/espresso drink things to take on Starbucks)

4. They promote from within so management is very knowledgeable about how the company functions

I think that is pretty convincing. What does everyone else think?

5/9/09

"premier private bank" is an oxymoron, just sayin.

5/9/09

I changed the title :) I figured the "premier" would get some more responses, which it did. Also, though, I don't know how a UHNW Private Bank interviews. It could be different than the lower-net-worth groups such as PWM or PCS like at ML which might focus on different strategies given the different financial situation of their clients when compared to Private Banking.

ideating what do you recommend for the real estate response? I'm out of luck with how to counter that....

In reply to Investor1
5/9/09

Maybe you could use this to come up with an answer:

McD plan to focus more on their franchises (the number has been increasing in the past years) - so that in the future they won't own the land, but will be selling the brand, the equipment and the meat to the local restaurants.

5/10/09

Thank you for the tip tyrone. I'm thinking this might really work out well.

5/10/09

i'd say over all other things

make sure you leave a good impression, there's this article somewhere on how to make people like you in 50 seconds or something

obviously you are competent enough to do the job, a lot of this will be learning on the job anyways

good luck

5/10/09

I'll certainly try my best, 7S. I definitely think they did not expect to find someone with directly relevant internship experience (PWM Summer Financial Analyst) at a top BB (GS/MS) in the same regional city. For them it is a last minute scramble to fill the position before the early to mid- July start date. For me, the timing of the potential opportunity couldn't have been any better and hopefully I will be selected to join them in the 11th hour.

5/10/09

What's the difference between top BB PWM and JPM's Private Bank Analyst position?

In reply to monkeyinasuit
5/10/09
monkeyinasuit:

What's the difference between top BB PWM and JPM's Private Bank Analyst position?

Nothing in terms of the position, hence the term "directly relevant." I have done exactly what they need someone to do.

The only difference is the minimum and average client account size is higher at JP Morgan Private Bank. I worked with clients who would fall short of JP Morgan's $25 million minimum. I also worked with more than a few who would easily meet that figure.

In that case, I guess it's completely relevant.

9/3/14

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