Private Banking Credit Analyst
Hi everyone,
Thank you in advance for your perspective. I am a senior at a non-target with an full-time offer to work for a BB universal bank (a BAML/CITI/JPM) in the asset management/private banking division as a credit analyst. As far as I understand, this role is similar to a commercial/corporate credit analyst in the same bank, but instead of risk management, credit analysis and underwriting for large corporate public/private obligors I would perform the same functions for high-net-worth/affluent individuals.
The hours are great, pay is the same as that of a corporate credit analyst but I am not sure I will learn many transferrable skills working in consumer finance (even though it's HNW consumer finance) and the exit opportunities don't appear to be that great at first glance. I am certain I do not want to stay in credit for the long-term.
Is this a decent first step to position myself for a move to another debt-related area of the bank? Specifically thinking about DCM, credit/FI trading desk, credit research, IBD levfin, corporate credit risk (though I would rather move to the IBD). Is a direct move to the buy side possible? What other opportunities are there from this job that I may not be thinking about?
Again, thank you all for your insight. I don't know what to think about this job offer so I appreciate any perspectives.
You’ll be analyzing a HNWI’s 1040’s, balance sheet, etc... coming up with his/her personal cash flow statement in essence. The metrics of how to rate the person vary from the credit metrics and typical capital structures of a company - it’s a different beast. I see a jump to corporate banking totally possible but DCM unlikely as you’d have to demonstrate significant modeling experience of companies (upside/downside/diff acq assumptions/etc).
If I were you I’d pursue a CFA to make myself more marketable. If you make the jump / notify your manager a few months into the job that you want to switch to a diff internal role you could just join the class year under yours on their training. Yes you’d set yourself back a year but you’d be in the department you want with training.
I would second everything that ApproxPFAdjustedEBITDA said.
I would ask how close to the clients you will be. If you're going to be in an office/cube just churning statements and spreads with no direct contact with the client or their advisors (CPAs, attorneys, etc) then I would decline. You will be miserable and learn very little of value. Ask where the lenders you'd be supporting are located and if they serve clients in those markets. If they aren't where you'd be located - blech.
If you'll be paired with some HNW Lenders and work directly with clients on transactions, then it may be worthwhile to get your foot in the door. The benefits are that you could take advantage of the hours to study and take some tests and that you can network with the people in the divisions you want to work in. If you do accept, be sure to get to know whoever the commercial/corporate bankers are that are doing the business lending to your HNW person's businesses. You can get a lot of tangential exposure that way and be more prepared for breaking into corporate banking.
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