JP Morgan Private Bank & Wealth Management
(Monkey, 41
Points)
on 5/18/12 at 12:19pm
I'm graduating from b-school and got an offer for an Associate role for JPM Private Bank. I come from a consulting background and am not familiar with Private Banking and Wealth Management.
1. How is Private Banking perceived in terms of prestige compared to other finance tracks?
2. What are the exit opps/compensation down the road?
3. How is JPM PB compared to GS, MS, CS?






http://www.mergersandinquisit
http://www.mergersandinquisitions.com/private-bank...
"History doesn't repeat itself, but it does rhyme."
I'm matriculating to Ross
I'm matriculating to Ross this fall, and have already met with the recruiters for GS, CS, and JPM:
CS and GS are almost identical in the structure of their Associate program. JPM is different because they use a Salary & Base model, and branch out the role into 3 different jobs, the Banker being the relationship/sales guy. CS has a 3 year contract for associates where you are salary + commish you generate, then you slide to 100% commission. If you do well at sales, you will always make much more on a commission plan than a salary + bonus.
How was the interviewing process? What office did you go out for?
Speaking with a mid-lvl
Speaking with a mid-lvl PWM'er for GS, there really are no direct exit opps. You might go work for another PWM shop and get a nice guarantee or end up in Inst Sales or wherever else your network can place you.
Do they have entry level
Do they have entry level positions for people with just a degree or do you need an MBA and connections to bring to the table to secure a job?
This is based out of the
This is based out of the Chicago office. Entry-level is an Analyst. Post-MBA is Associate. Chicago office primarily hires from 3 schools - UChicago, Northwestern & Michigan.
Hartford - Do you have some specifics on the GS, MS offers? JPM is about $130K-$150K all in.
Unfortunately, I do not.
Unfortunately, I do not. However, I would imagine all offers would be very similiar. CS made a big point of how you keep commissions in addition to you salary as a "why CS" example, so maybe GS doesn't do that. Not sure though. Two years ago, GS was at a $100k base with extra bonus kickers.
Interested to hear more; I'll send you a PM
Dont go unless you can
Dont go unless you can guarantee a client base / possibility of being a jr partner somewhere down the line on the team. Otherwise you're out on your behind with very little skills to show.
Dont let the money / brand influence you.