Private Banking at BB few questions
This summer i am doing an internship at a BB in new york city in the private banking department and had a couple of questions I was hoping some guys could answer. Firstly, are there multiple career paths in private banking, or does it normally follow the traditional analyst-associate-vp-director path? Also, what is the pay like throughout the different phases of the Private Bankers career, if there is a standard path? I know some of this sounds stupid but im new to the game and would love some insight. Thanks.
I have no idea but these are the type of questions to ask during the interview process, though I'd save the compensation questions until the later stages of the process, like after you got the offer. The people you'll be working with could provide the best information, especially at your particular firm.
Yes, there are multiple career paths. There are some defined career paths at some firms and others there are none, it is more so up to the individual to navigate their career path. There are two broad buckets, sales related positions (sales positions and their support staff) and non-sales related positions (very broad definition here). The support staff of the sales team is a good place to start if you eventually want to be in a sales/relationship role, as you will work directly with the team and learn from them but you will need a lot of patience and expect to be in them for a minimum of 5 years (although you can progress to different roles or be promoted and still considered support staff) following undergad. While in these roles you should begin studying for a designation such as a CFP, CFA or CPA depending on your career goals and there is usually an AVP ceiling for these roles. The "sales" roles typically consist of a client advisor , portfolio manager, trust officer and a wealth strategist. These roles start at a VP level and after several years of more experience and some success progress to a Sr. VP (99%) of these sales or producing roles will fall under these titles and maybe 1-2% will reach a managing director title.
The non-sales roles include operations, compliance, marketing, credit underwriters, mortgage specialists, business support managers, and of course, management. There is an abundance of management in private banking.
Salaries vary by city, company, role, experience, etc. etc. Support staff of the sales roles expect $30k on the low end and $85k on the high end. Right out of college with an internship, expect $50-$60k. Sales or producing roles vary even more. The more you produce, the more you make and it is that simple. $110K – 7 figures.
The non-sales roles vary by job function, experience, etc. etc.
if you're talking jpm pb they pay 70 base + 10 sign on + 15ish bonus. they have the best pb out of all of the BBs. expect less pay elsewhere.
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