BB Credit Risk vs. BB Private Banking
I was wondering what you thought of the two positions in terms of exit opps, business school placement, compensation and the work itself? This would be for the full time analyst role straight out of college. What would you choose between the two and why?
interested as well
BB PB is front office but very niche and narrowing.
CR is MO but gives you top performers a chance to jump to credit hedge funds, leveraged finance, even S&T depending on on how much interaction your team has with sales.
Credit risk if you want front office (buy or sell side)
Will you be covering a specific sector in credit risk?
I might be able to give some perspective on this because I work in private banking at the same BB as a friend from school who works in credit risk.
Comp: because credit risk is MO and PB is FO, PB is the same $70K/10K structure coming out as IBD/S&T, where credit risk I believe is $60K/7.5K. Bonuses will be significantly higher in PB
Work itself: She hates what she does, I love what I do. She has talked to one client, I talk to clients daily. Granted, I actively sought out my job because I wanted to be able to speak with HNW/UHNW clients about investments and work in a sales role early on in my career, whereas my friend kinda just took their job because it was what they got, so I going to like what I did more just by default.
BSchool placement: I have no idea about credit risk, but if you work PB at a BB, have a good underground background and break a 700-720 on the GMAT you can take your pick from what I have seen some of the older analysts do. Side note: I was shocked that one of the PB groups at my BB was able to hire both a Kellogg and an HBS grad as associates on their team. They had both worked IBD/PE before bschool and then broke into PB from that. Who knows, maybe you'd have a shot at the reverse?
Exit opps: This is the one where credit risk has an advantage. PB exit opps aren't great. Your best bet would be BSchool, or transferring internally (at my firm best internal exit opps have been S&T or our asset management arm, maybe in the mutual fund business, although it's definitely not unheard of to move to IBD). Granted, I love what I do and don't want to change, but there are some opportunities. Credit risk exit opps would be better. As cakepie explained, top performers can move to a credit fund or LevFin, and given that it is MO, it isn't exactly hard to be a top performer.
Hope this helps. PM me if you want to know more about PB.
Different skillsets so it depends on what you want to do long term. CR could certainly get you into a top15 mba. Read Pirhos interview if you are considering CR.
Private Banking vs. Credit Risk at BB (Originally Posted: 09/16/2013)
Hello All,
I was wondering what you thought of the two positions in terms of exit opps, business school placement, compensation and the work itself? This would be for the full time analyst role straight out of college. What would you choose between the two?
Curious myself at CRM. Also curious CRM has the possibility of leading to PE?
Bump
Bump
Anyone?
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