Hi All,
This is my first time posting here so thanks in advance for your answers!!!
I am currently a senior at EY with the advisory practice and just get a interview for a product control position at JPMC Coporate and IB. I have a few questions and would like some input from everyone,
- Would you recommend this position in IB?
- Do you think this is a good opportunity to break into IB?
- Is this position as rewarding (from a career growth perspective) as an IB analyst/trader?
Really appreciate all your input! Thanks!!!
Product Control is part of accounting and financial reporting but has a core focus on risk (the greeks), P&L, and balance sheet valuations/commentary.. If you don't like these things, then you won't like PC. If you are in a markets aligned business, you will have daily interaction with the trading desk as you are responsible for their P&L. You get a lot of exposure to them and have to understand the products they trade and the markets from a P&L perspective. Reconciliations, manual adjustments to P&L, and commentary are large parts of PC. Investigation and problem solving are large components. You have to be able to troubleshoot issues and know when the P&L is wrong. Strong communication skills are important because you will have to do a lot of explaining to the FO to help them understand their P&L. They will push back and you have to know what you're talking about. Other groups that you commonly interact with outside of the desk are MO Ops (Trade Support), VCG, Technology, other controller groups, etc. I cannot really speak to non-markets based PC but from my understanding they are more accounting focused and cast a wider net, i.e. if there's no trading desk then you can't interact with them.
I've only known a few people who went from PC to FO. PC is a MO/BO finance role. You can get a lot of exposure to the desk and you have to really understand the P&L so there is that opportunity for you to create that relationship, but the role itself doesn't feed into IBD.
It really depends. There's a vast difference between PC between businesses and even companies. You could land a PC role you love or one you hate. It's what you make of it among other factors It is not an FO role so your compensation will reflect this. Most people stay in PC for a long time because it's easy to hop around banks into different PC roles and climb the ladder while you do it.
I have a lot of insight into what Controllers do and what's it like on a daily basis. PM me to discuss more.
Thank you so much! Really awesome info. I know this is a stupid question but where is the PM function on the site? I am using cellphone.
Also, I really want to know what the job is like on a daily basis and it seems like a good opportunity. I already married with 2 kids so even if they want me in the front office, my lifestyle can't afford it. Looking forward to chatting with you!
Thank you so much! Really awesome info. I know this is a stupid question but where is the PM function on the site? I am using cellphone.
Also, I really want to know what the job is like on a daily basis and it seems like a good opportunity. I already married with 2 kids so even if they want me in the front office, my lifestyle can't afford it. Looking forward to chatting with you!
What do you think about a product control (mortgages) role working with 1-2 traders at BAML compared to a trade management analyst role at CS. the Trade management role is mostly equities and listed derivatives and was told the role was similar to a trading assistant role.
Click on my name then scroll down to send private message.
Got it. Just need to wait another day as I just registered.
Do you have some info on how much they pay for PC associate?
I'd think it would be somewhere in the range of $80-100k at the associate level in high COL location.
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