Private Banking - What is Comp at VP+

It seems like PB entry level comp is in-line with other careers in finance (no need to tell me it is not as high as IB etc.).

What do the VP+ levels make? From my point of view, I do not see why they would start an analyst at 70k +10k bonus, and pay a VP Portfolio Manager 100K + 20k bonus. So I am assuming all in VP level is more $200-300k, with MDs between $300k-3MM, dependant of course on a lot of factors.

Can anyone shed some light on senior comp?

Comments (15)

Best Response
Mar 6, 2011 - 5:14am
D M, what's your opinion? Comment below:

I can't give you exact numbers, but as you move higher up in the food chain everything becomes a lot more performance-based, obviously.

The one number I know for sure is for 1st year analyst at JPM PB (Im pretty sure GS is similar, probably DB, CS, UBS as well): 70k salary, 10k-30k bonus, 10k signing (90k-110k all-in)

Vault has this to say in their PWM guide (from 2007): Analysts: may start as low as $60k all-in Associates: may start between 80k and 95k all-in, if you make it 5 years in you could very well be earning 500k+ VPs/MDs: may earn as much as $3mm per year

PB is probably somewhat comparable. That 500k for 5 years in sounds a little high but is probably doable. Keep in mind PB/PWM is very up-or-out. You either get the clients or get the fuck out.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
  • 3
Mar 6, 2011 - 5:17am
D M, what's your opinion? Comment below:

Oh, just read a little further and saw that Vault has JPMs PB at 67 employees. Now I'm really second-guessing their info.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
Mar 6, 2011 - 9:51am
Walkerr, what's your opinion? Comment below:

Thanks for the info. 67 employees is not a a lot for JPM.

One more question. If you would want to get out of PWM, to start your own fund, is it then possible to take your clients with you?

Mar 6, 2011 - 12:24pm
sk8247365, what's your opinion? Comment below:

Thx for the info. I would saythat PWM and PB are somewhat similiar, but the comp structures are completely different so it would vary. I have an opportunity to be assigned clients with little to no prospecting on my end. The entry level pay is inline but it seems first year pay is all the info that is given in previous posts. It is interesting how people focus so much on pay and exit ops but only care that they will be making 70k the first year and never look beyond that.

Mar 6, 2011 - 4:45pm
D M, what's your opinion? Comment below:

The thing about PWM is you can't really forecast how much you will be making a few years out. It really depends on your contacts, how hard you're working, etc etc. It's a very entrepeneurial business insofar as the sales aspect, building your book and maintaining client relationships.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
  • 1
Mar 10, 2011 - 2:51pm
D M, what's your opinion? Comment below:

TheKid, it can be very different depending on the firm. Difference between PWM, GWM, and PB is amount of money with the firm. So, GWM (usually lowest level) may require 100k in liquid assets from a client. Pay at this level, depending on the firm, may be as low as $30k/year, but Im pretty sure the BBs still pay 60-70k for the most part. PWM is a step higher, it may be $500k or $1mm for a client to receive services. I think they pay $70k+$10k at JPM, CS, and DB, but not sure about other firms, probably similar. PB is generally a step above PWM, requires $1mm+ (in the case of JP Morgan, $30mm). Pay is $70+$10 at JPM, I'm assuming it's the same elsewhere.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
  • 3
Mar 11, 2011 - 3:43pm
Walkerr, what's your opinion? Comment below:

How long does it actually take to get to VP level? Does it also depend on the country?

Mar 11, 2011 - 5:05pm
D M, what's your opinion? Comment below:

It depends on the firm, different cultures may do things differently as well. Really what matters the most is your ability to perform. The way I understand it is as an associate you get the chance to start building your book, so depending on how well you do you could spend only 2 years as an associate or maybe 5-6 years and then get let go if you blow?

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
  • 1
Mar 14, 2011 - 12:46am
WestCoastMonkey, what's your opinion? Comment below:

When talking about PWM or PB, is it the business of maintaining and/or soliciting clients of high networth? If so, what exactly is the structure of the group in terms of positions? What exactly are the duties of the positions? Thanks.

Mar 17, 2011 - 1:38am
mike55555, what's your opinion? Comment below:

Is it easier for a non-target to break into PWM, then say ER or the IBD?

Men are so simple and so much inclined to obey immediate needs that a deceiver will never lack victims for his deceptions. -Niccolo Machiavelli
  • 1
Mar 17, 2011 - 2:00am
D M, what's your opinion? Comment below:

mike: yes, it is easier for just about anyone (target, semi, or non) to break into PWM than IB or ER.

WCM: It is both. Structure depends on the firm. JP Morgan and GS (that I know of) are more team-oriented, others are less so (BAML, MSSB I believe are more of do-it-yourself type places).

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
  • 2
Mar 17, 2011 - 9:46pm
MotivatedMonkey, what's your opinion? Comment below:
D M:
mike: yes, it is easier for just about anyone (target, semi, or non) to break into PWM than IB or ER.

WCM: It is both. Structure depends on the firm. JP Morgan and GS (that I know of) are more team-oriented, others are less so (BAML, MSSB I believe are more of do-it-yourself type places).

While I agree PWM is easier to break into I think it's important to note the distinction between PB and PWM as PB is still pretty hard to get into albeit not as difficult as IB.

Mar 18, 2011 - 3:30pm
D M, what's your opinion? Comment below:

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"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
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