Wells Fargo FAP

A lot of Wells Fargo "lifers" in the bank. For such a large back, they can afford to have financial analysts floating around not doing shit for a few years. FAP really is designed to mold the future leaders of the bank and politely kick out the analysts that it doesn't work out for. After FAP there are three options. You become a credit analyst which is the worst placement. Credit analyst just do basic credit checks on companies and uncomplicated analysis on whether you can make a loan. Then the next best thing is portfolio managers. These are the ones that manager the products and services for clients that are already doing business with the bank. This job is more so designed at keeping the clients with you, however you're not really doing any new business or generating any revenue, just making sure nothing goes wrong with the clients and that they stay in good standing with the covenants. Where you want to be is to become an Associate level/AVP -RELATIONSHIP MANAGER. I can't stress this enough. Relationship managers are the ones that bring in the new business, generate revenue for the bank, and make the most money. Their salaries are about $120,000 and you can get to this level 2.5-3 years after starting FAP. Not bad for someone who isn't working 100 hours weeks and who didn't graduate from Harvard or Wharton. They also get a bonus but it's not that big, probably less $30k or so. CMTP is bragged about as this super selective program, but I've met several people who turned it down and just moved on to becoming associates/RM's.

You were either recruiter by HR and placed into a specific group, city, and business line, or were selected directly from one of the offices and divisions. Obviously, Corporate Banking is the best place to be. And it's also a lot better to be in an industry group that is consolidating a lot and getting a lot of business as opposed to just being in a group that covers a specific region. The best industry groups to be in are Tech and Healthcare. Healthcare industry is consolidating like crazy so there is a lot of deal flow. Specifically within Healthcare, Life Sciences is the top vertical within that group. Those guys in Healthcare in the Palo Alto and Boston offices are absolutely killing it right now.

The biggest thing that I would warn and caution you about is that there is competition. Maybe the colleagues aren't as intense or talented as IB kids at bulge brackets, but there certainly is completion among kids that did well academically at their semi target and non target schools. What you have to be careful is that though the work you are assigned is legit and makes you think, it's not nearly as hard as investment banking. So in IB as long as you complete your job, your excelling in your career. In Wells Fargo FAP it os very easy to sort of just go along with the flow, get the job done to where you are just doing what you're told, however this isn't enough to stand out. You have to do a VERY good job and go above and beyond on yor assignments to stand out and look promising g to your superiors. Think about it this way. If in IB you just did as you were told and finished the assignment you'd get sort of like an "A" on performance since the work may be more challenging. In FAP if you just did as you were told and completed the assignment, your performance level would be a "B" since the work isn't as complicated. You really have to take initiative and go above and beyond. This isn't that difficult and many analysts dont know this.

Also FAP is designed so that in your early years, it's a technical job where you get your "reps" in, learn the technicals and business, and hem eventually it becomes exclusively a sales type of job once you become a relationship manager.

Good luck!