JP Morgan Private Banking interview

Hey yall,

I have a first round interview with JP Morgan for an FT Analyst role in Private Banking. Most of my experience has been in IBD so I not very aware of the types of questions one can expect in a private banking interview.

Could anyone give me any pointers as to some good websites or what types of technical questions are usually asked of private banking analysts?

Many thanks

Comments (138)

Jan 18, 2012 - 12:12pm
Pike, what's your opinion? Comment below:

From what I've heard, mainly all the behavioral and fit questions from the WSO, BIWS, Vault guides

XX
Jan 18, 2012 - 3:48pm
GekkotheGreat, what's your opinion? Comment below:

Private banking is not about valuation. It's a money management business. JPM has a global specialist platform for PB.

Best Response
Jan 18, 2012 - 7:46pm
12345C3PO, what's your opinion? Comment below:

I can shed some light on this:

JPM PB is divided into 2 Sections: PB Products and Integrated teams. You could also include a third branch (PWM) but that is usually for clients with much smaller net worth (typical PB clients have 25 million + net worth).

Depending on where you are applying, you may be placed in a Products Team or an Integrated Team (client facing advisors). Products people tend be centered in their NYC office at 270 Park Ave while others are spread all over the country. Obviously, for most entry level analysts, products groups are more sought after because they are perceived to be more "challenging" and involve more technical work. However, products groups only hire a very limited number of SA and FT every year.

Products groups tend to be divided into a large number of smaller specialist groups like: PB Alternative Investments (Hedge Fund team, Private Equity Team, etc.), PB Fixed Income, Currency, and Commodities (FICC, fully equipped with their own sales and trading desks almost like IB's S&T), and others like Equities Derivatives, OTC, and plain vanilla equities trading. PB Products, just like their Integrated teams, are very very diverse with lots of avenues of opportunity. Because of the size of their clients, JPM PB almost operates like a BB investment bank with a full range of services ranging from research, sales and trading, and investment advisory. It is literally of one the best, if not the best, Private Banking group in the world.

A lot of interns and prospective candidates tend to look down upon the PB business, preferring the typical IBD route. I can tell you that JPM's PB business can offer an equally dazzling array of products and services and lots of potential for internal mobility and advancement. JPM Asset Management is also one of the most friendly employers that you can find in today's market environment.

Hope you get the job!

Jan 18, 2012 - 9:20pm
GekkotheGreat, what's your opinion? Comment below:
12345C3PO:
I can shed some light on this:

JPM PB is divided into 2 Sections: PB Products and Integrated teams. You could also include a third branch (PWM) but that is usually for clients with much smaller net worth (typical PB clients have 25 million + net worth).

Depending on where you are applying, you may be placed in a Products Team or an Integrated Team (client facing advisors). Products people tend be centered in their NYC office at 270 Park Ave while others are spread all over the country. Obviously, for most entry level analysts, products groups are more sought after because they are perceived to be more "challenging" and involve more technical work. However, products groups only hire a very limited number of SA and FT every year.

Products groups tend to be divided into a large number of smaller specialist groups like: PB Alternative Investments (Hedge Fund team, Private Equity Team, etc.), PB Fixed Income, Currency, and Commodities (FICC, fully equipped with their own sales and trading desks almost like IB's S&T), and others like Equities Derivatives, OTC, and plain vanilla equities trading. PB Products, just like their Integrated teams, are very very diverse with lots of avenues of opportunity. Because of the size of their clients, JPM PB almost operates like a BB investment bank with a full range of services ranging from research, sales and trading, and investment advisory. It is literally of one the best, if not the best, Private Banking group in the world.

A lot of interns and prospective candidates tend to look down upon the PB business, preferring the typical IBD route. I can tell you that JPM's PB business can offer an equally dazzling array of products and services and lots of potential for internal mobility and advancement. JPM Asset Management is also one of the most friendly employers that you can find in today's market environment.

Hope you get the job!

^this^

except I am pretty sure FI and Currency&Commodity are two separate groups and I am pretty sure they have a asset allocation group and a risk management team.

  • 2
Jan 18, 2012 - 10:09pm
12345C3PO, what's your opinion? Comment below:

Yes, they do. Their asset allocation is called the Portfolio Management Group (PMG) . Although FI and CC are technically 2 separate teams at JPM PB, they work very closely together. The FI guys literally sit right next to the CC people on the same desk.

Jan 19, 2012 - 2:42am
MoneyTalksMonkeysWalk, what's your opinion? Comment below:

Why moving from IBD background to PB? That will be a question. I am actually curious though.

  • 1
Jan 19, 2012 - 3:42am
GekkotheGreat, what's your opinion? Comment below:

Ah, thats a tough one, but I will take a shot.

Maybe in IBD, 30% of the time, you are staying up all night doing graphic design for a pitch book. Maybe OP felt like his brain was atrophying, because 70% of the work didn't require his brain. Maybe he doesn't like the hours and need a life. Maybe he likes financial markets more than the backward-looking valuation. Maybe he is tired of being lied to by companies' management. Maybe he realize the market is so correlated these days, that fundamental valuation - bottom up approach is getting more and more useless. Maybe it is because IBD only hires 1-2 FT analysts, that he doesn't feel like struggling through the process for something he is not passionate about. Maybe he is innately a contrarian, who doesn't like to follow the herd. Maybe he doesn't care about prestige. Maybe he understands that, as long as he is smart and put in sufficient effort, he is gonna make a shit ton of money no matter where. Maybe he wants to work in a position where he has a bigger edge. Maybe he is doing some thinking on his own...

Maybe for all reasons listed above.

just my $0.02... ;P

  • 8
Jan 19, 2012 - 1:32pm
The RZA, what's your opinion? Comment below:

The reason why I applied to this position at JPM are for many of the reasons stated above by Gekko. I could also add that the old school advisory business had pretty much gone and i think that IBD is something quite different now that i am not sure i am made for. I wanted to go into a relationships based business and IBD is slowly moving away from that as client relationships become increasingly institutionalized.

So if I understand correctly from your comments above i need to have a good idea about the markets in general, ie stocks to pick to invest in. I would actually be more interested to go into one JPMs Integrated team (im not too hot on technicals)

Jan 19, 2012 - 2:01pm
GekkotheGreat, what's your opinion? Comment below:

Even in integrated team, you would need some market knowledge. I think you should at least be able to talk about markets. Probably not as detailed as which stocks to pick. But more generally, you should know which asset class would perform better in the current environment. IMHO, 80% of asset management is investing in the right asset class, than doing fundamental analysis to pick the individual stocks, bonds or commodities.

  • 2
Jan 13, 2013 - 8:33pm
JENS88, what's your opinion? Comment below:
GekkotheGreat:
Even in integrated team, you would need some market knowledge. I think you should at least be able to talk about markets. Probably not as detailed as which stocks to pick. But more generally, you should know which asset class would perform better in the current environment. IMHO, 80% of asset management is investing in the right asset class, than doing fundamental analysis to pick the individual stocks, bonds or commodities.

@GekkotheGreat hit the nail on the head. You most likely will not be asked anything about specific stocks or accounting technicals. Focus on asset allocation and general trends in the market. Have an answer for why you are interested in finance and what you do to follow the markets (beyond WSJ, CNBC, etc.). Most importantly, be relaxed, conversational, and show a real interest in the industry. PB is all about relationships (even internally) and they need to know you can handle that. Best of luck.

Jan 13, 2013 - 6:44pm
rjohnmicah, what's your opinion? Comment below:

What makes product groups more technical? What kind of work would an entry-level analyst do in a product group? What experience and skills are required for a PB analyst?

Jan 14, 2013 - 7:03am
Recap, what's your opinion? Comment below:
rjohnmicah:
Would a PB analyst be exposed or educated at all in security analysis?

Depends on the group. Even in the specific product groups you won't really be analysing the product(s) as most of the time you'll be executing small trades. Once you progress to an Investor position or go into the Portfolio groups you start doing all the analysis. Also, there's a lot of communication between PB and AM.

Jan 17, 2013 - 1:33am
GekkotheGreat, what's your opinion? Comment below:

wow. I am back... a year without WSO. hmm, JENS88, thank you. lol

For all of you who hasn't done with final round yet. I have one advice for you. Prepare stories to show you have awesome relationship management skills. My experience tells me that this is way more important than your market knowledge. Good luck out there.

Jan 21, 2013 - 4:30pm
rjohnmicah, what's your opinion? Comment below:

Would anybody advise against including a 1 or 2 page stock pitch in an application for PB? Thought this might show an interest in markets.

Jan 22, 2013 - 8:10am
cmc342, what's your opinion? Comment below:

Sorry if this is too late. I've just had my final interview with JPM PB, PM me if you'd like advice on the questions, they aren't very difficult. After the 7th interviewer you begin to get the gist of things....

Jan 23, 2013 - 1:54am
yorihisa19, what's your opinion? Comment below:
cmc342:
Sorry if this is too late. I've just had my final interview with JPM PB, PM me if you'd like advice on the questions, they aren't very difficult. After the 7th interviewer you begin to get the gist of things....

Hi, I will be having a final interview with JPM PB soon too, which office were you interviewing for? Would you mind giving some advice regarding how to best prepare myself?

Thanks a lot! (I can't PM you cuz i don't have enough banana points :s)

Jan 23, 2013 - 11:20am
JPMGSMSCS, what's your opinion? Comment below:

I was offered a FT over Thanksgiving break, but I'm pretty sure my experience was not typical.. It's in a smaller market (think l Columbus, Jacksonville, Denver). But I phone interviewed with two analysts who are already there and they hit me with technicals. Not too bad, just market currents, bond pricing, and basic functions of debt/equity. Passed that, then went on to talk to Banker and he was all fit. I didn't really have the Superday experience.

Feb 20, 2013 - 7:19am
jake.ivey25, what's your opinion? Comment below:

JPM has a cute little section about career changers, which i would fit in to. I've been a hotel manager for several years now, but graduated with a BS in Economics with a 3.5 and 6 extra hours in Econometrics in 2011. I am MOS master level trained in Excel as well. Am I prospectively the type of career changer they are looking for?

Jan 22, 2014 - 8:47am
Shae1990, what's your opinion? Comment below:

JPM Private Banking Summer Analyst (Originally Posted: 02/03/2011)

Hi everyone,

I just found out today that I have a phone interview tomorrow for a position as a JP Morgan Private Banking Summer Analyst position. I applied for a position on an "Integrated Team" so I'm assuming that the interview won't be too technical, especially since it's only first round. I was wondering if anyone had done a phone interview with JPM or a similar PWM program, and if so what type of questions were asked. Any advice or help would be greatly appreciated, as this is my first choice for a summer internship!

Thanks in advance!

Jan 22, 2014 - 8:55am
bzno_, what's your opinion? Comment below:

JP Morgan Private Banking interview tips (Originally Posted: 12/29/2011)

Hey everyone! I am a first year MBA student. I have an interview (1st phone interview, 2nd office interview in Geneve) with JP Morgan Private Banking office coming up... Any of you guys have any tips regarding both processes?

Thanks!

Jan 22, 2014 - 8:59am
Forex509, what's your opinion? Comment below:

JP Morgan Private Banking summer internship (Originally Posted: 01/28/2013)

So I got an interview with JP Morgans private banking summer internship, and I was wondering if anyone had some insight to this, or private banking as a whole? Im not sure if private banking is something Im very interested in, but I'm keeping an open mind as I apply to places.

Thanks!

Jan 22, 2014 - 9:02am
mrgoblin, what's your opinion? Comment below:

Got an interview in person at JP Morgan for a 1st year analyst in Asset Management at the Private Bank. What should I know? (Originally Posted: 07/26/2014)

I had two great phone interviews and now I meet in person with these folks. I am really excited for this and think I have a good shot. Any ideas on salary expectations and/or questions?

I will meditate on your responses...

Jan 22, 2014 - 9:07am
finding_nemo, what's your opinion? Comment below:

JP Morgan AM/Private Bank (Originally Posted: 01/16/2014)

Hi. Has anyone been through with the recruiting process for JPM's AM/Private Bank for a summer intern role? I'd like to ask some questions privately so please let me know and I will PM you!

Thanks so much in advance.

Jan 22, 2014 - 9:13am
crucifix., what's your opinion? Comment below:

The truth behind JPM Private Banking. (Originally Posted: 05/20/2013)

To those who used to (or are currently) working at JPM Private Banking: could you answer these questions?

  1. Is it true that gaining the promotion from analyst to associate (by your third year) is extremely difficult? I've gotten mixed reviews on this - some say to those who choose to remain, JPM PB much prefers internal promotion, whereas some (esp on this forum) depict the promotion as very difficult.

  2. Is the salary-bonus structure only for analysts/associates or does it hold for VP level and above as well?

  3. Generally, what are the CONS for JPM Private Banking?

I've read so much of the PROS to JPM PB, I'm curious to know about the CONS

Jan 22, 2014 - 9:21am
ctownballer03, what's your opinion? Comment below:

JPM Private Banking Prestige (Originally Posted: 12/28/2014)

Hi everyone,

I have a phone interview for a summer analyst position w/ JPM PB tomorrow. What separates JPM PB from other PB operations? I'm trying to do research on this and not even sure where to look really? I keep reading posts on WSO and other sites that JPM is the most prestigious firm for PB, but I don't know why they are or what separates them from the rest and this is obviously important information I should know about.

Any advice or information you could share? Thanks

Jan 22, 2014 - 9:23am
prospectiveintern, what's your opinion? Comment below:

Private Banking interview (JPM) (Originally Posted: 03/06/2015)

What topics should I study in preparing for a private banking internship interview?

I assume the standard.....accouting, valuation, DCF,.....be able to pitch a stock.....

Anything else?

All input is appreciated. PLEASE, IF THERE"S SOMETHING I SHOULD KNOW, TELL ME!

Obvious fit questions.....why PWM, why our firm....walk through resume

Jan 22, 2014 - 9:45am
jekrame, what's your opinion? Comment below:

JPM Private Bank Interview - First round interview? (Originally Posted: 02/03/2014)

I was wondering if anyone had heard back about a first round interview for the summer analyst private banking position at JP Morgan. It seems kind of late to just be hearing about a first round now but I haven't been notified and I have noticed any conversations on here. If anyone has any insight into when I may hear back that would be great. Thanks

Jan 22, 2014 - 9:47am
bears1208, what's your opinion? Comment below:

JP Morgan Private Banking (Originally Posted: 10/10/2011)

What can I expect from the interview? Technical, behavioral, both, etc? It's OCR. Anything I should focus on or should know that may not be typical? Thanks

Jan 22, 2014 - 9:55am
ems21, what's your opinion? Comment below:

JPM Private Banking SA (Originally Posted: 02/17/2012)

Hi,

I was wondering if anyone had any info on the jpm private banking summer analyst program? work environment, people, culture, hours, level of difficulty to get an offer at the end of the summer... any knowledge would be really helpful!

I'm deciding between this and capital markets position at another BB for the summer.

Jan 22, 2014 - 10:00am
ctownballer03, what's your opinion? Comment below:

JPMorgan Private Banking Question (Originally Posted: 12/17/2014)

Hi everyone, I'll start by explaining my situation and then just any advice you can give would be greatly appreciated.

I go to a very mediocre school in Oregon, I have a 3.98 GPA in my honor's business program, doing majors in Mathematics and Finance, and a minor in Economics. I have good extracurricular's as I'm the VP of Finance for my schools finance program. My only internship was last summer with an institutional brokerage firm on the floor of the NYSE. I didn't do too much but being at the NYSE has to look good imo. So my problem is the fact that I go to school in OR w/ 0 finance connections, and I have a light network.

Anyways, so now I've applied to 29 banks and a few HFs, but I have no connections at any of these places so I'm basically grasping at straws and sending virtual resumes/cover letters into a black hole. I will also be sending in physical copies of resumes/cover letters to these HR departments, however I doubt that will get me anywhere either. My long term goals would be to work on the buyside, maybe prop shop, HF, PE, I'm not 100% yet but that's the area I want to be in. My cousin used to work at a HF and just recently (2 months ago) got hired as an Investor for JPMorgan private banking. He said he can get me a private banking interview in Seattle, and I'm very confident I can get any analyst gig if I'm just given an interview. I don't know much about private banking however, and have a lot of research to do. Being at JPM, would I be able to transition to IBD in a year or so if I'm on good terms w/ the bosses? How are my opportunities to move into IBD or the buyside from starting at JPM Private Banking?

Thank you very much for your time and input! I appreciate it.

Jan 22, 2014 - 10:07am
Kekko147, what's your opinion? Comment below:

HELP! JPM interview - Associate PB (Originally Posted: 01/21/2015)

Hi all! I need your help asap! On friday I have scheduled an interview for the position of Summer Associate at JPM Private Banking in Italy. I've received an email with a case to prepare, basically: I am an advisor and I have to prepare 2-3 investment opportunities (investments, capital advisory, or fiduciary) to an high net worth individual who have: 2MM invested in a balanced portfolio in JPM10MM cash in Citi 4MM primary residence without a mortgage 2MM second house with 1MM mortgage

He is an eentrepreneur and his company has just became public.

His wife has 3MM in GS shares where she used to work.

Could you suggest which kind of proposal should I do? Which kind of questions shall I ask?

Thanks!!!

Jan 22, 2014 - 10:08am
NYCBB, what's your opinion? Comment below:

I don't do this stuff at all but I'm just curious. Would you ask about the terms of the mortgage and ask why not pay it off with the 10 mil in cash. Then ask why you are 80% invested in cash earning nothing trying to find out about the investors risk appetite and see if there are cash needs and make a recommendation based on that

Jan 22, 2014 - 10:09am
Kekko147, what's your opinion? Comment below:

Yes, these are good questions, thank u! However I don't know how to deal with other questions....I mean, should I consider: Tax savings? Trustee? Retirement plan? If he/she has someone to protect....like children?

Which kind of questions are the most appropriate ones? Which kind of solutions I may suggest?

I am reading the JP website and understanding how the PB function is structured but I don't know how to deal with ultra high net worth individuals!

Thanks in advance!!

Jan 22, 2014 - 10:10am
jeffsmith01, what's your opinion? Comment below:

JPMorgan PB INTERVIEW (Originally Posted: 10/07/2009)

I have an interview this week with JP for the Private Bank Analyst Program. The interview is for either the PWM or PB Analyst position. Is it nessesary to pick one or the other? From what I've read, they are very similar (different wealth qualifications and geographical location being the only differences). Has anyone been through the interview process? Aside from the general fit questions, what topics will be covered in the interview (brain teasers, mental math, stock pitches, etc)? Any help would be much appreciated...

Jan 22, 2014 - 10:15am
TigerWoods, what's your opinion? Comment below:

Ehh... 15 minutes about "Tell me about a time"... then ... slightly more abstract like, "What else do you want to accomplish before you get back from school x"

Jan 22, 2014 - 10:16am
Junglejuice, what's your opinion? Comment below:

Was there a second round? When did you hear back after the first round?

Jan 22, 2014 - 10:17am
MoneyKingdom, what's your opinion? Comment below:

Yes, there is a difference. PWM competes with all the big, major wealth management firms, but also Edward Jones, Scottrade, and 'local' wealth management shops. PB competes only with other major banks, and only with ultra-hnw people. The standard is $10MM in assets, not including your first home for PB.

Jan 22, 2014 - 10:18am
thegana, what's your opinion? Comment below:

I have a PB interview coming up as well. I already interviewed for JP AM and it was pretty straight forward with mostly behavioral, then why jpm/am, and some technical portfolio questions. Should PB be much different?

Jan 22, 2014 - 10:20am
thegana, what's your opinion? Comment below:

Yes it is with JP Morgan. Got any advice?

Jan 22, 2014 - 10:21am
White.AshleyE, what's your opinion? Comment below:

Chances are with JP they will ask you about if you had a client with $X M how you would you go about investing it.

So have some sort of well thought out "investment strategy"

Jan 22, 2014 - 10:24am
EleanorBiii, what's your opinion? Comment below:

JPM Private Bank Analyst Phone Interview HELP! (Originally Posted: 05/24/2014)

It's the first interview and was scheduled by a HR. What types of questions shall I expect?? Thanks!!

Jan 22, 2014 - 10:25am
Deleted19930029190088, what's your opinion? Comment below:

I found this helpful: http://manhattan.edu/sites/default/files/investment_banking_finance_400_questions.pdf

Jan 22, 2014 - 10:26am
Crystal0510, what's your opinion? Comment below:

JPM PB Denver interview??? (Originally Posted: 02/13/2013)

Hi Guys. I am new here and excited to learn so many things here. I applied for the JPM PB SA position almost 2 months ago, and still not hear anything from them, not even a phone interview. I felt I am in the Denver group (as my college location) although I did not put Denver on my location preference... It is means I am already out of this game? I have a GPA3.5 from a non-target or semi-target college( by region). Thanks for any information on this topic and will really appreciated for any information provided. Thanks

Jan 22, 2014 - 10:28am
panda123, what's your opinion? Comment below:

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Jan 22, 2014 - 10:32am
StaphyBone, what's your opinion? Comment below:

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Jan 22, 2014 - 10:33am
Vincejackrox, what's your opinion? Comment below:

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