JP Morgan Private Bank - Compensation Ladder & Lifestyle?
Hello fellow primates. This is my first post on WSO. I've done lots of searches on this site and elsewhere on the web concerning this topic already and I've found very little information concerning salary and bonus levels for Private Banking, specifically at JPM as you move up the ladder. I've been able to ascertain that first year analysts earn a salary of around $70k on average along with a $10-15k bonus. Does that sound about right?
Mod note: make sure to check out the great response below by user @................
But I'm also interested to know what compensation levels are like as you move up the food chain. What is the compensation bump when you go from analyst to associate and from associate to VP, etc? Are MDs making upwards of $500k or something much more modest than that figure?
Lastly, I was hoping someone could talk to me about the number of hours you work on average. I've heard that there are no weekends, and that you work on average from 8am to 7pm with two-hour lunch breaks, Mon-Fri. Does this sound reasonable?
JPM Chase Private Banker Salary and Career Path
The JP Morgan Private Bank consists of an investing, wealth planning, and credit and banking arm. We will discuss the lifestyle and pay below.
Private Banker Analyst Salary and Hours
User @................ shared salary information:
- $70K base for your first 18 months (stub year plus first full year)
- $80K base for your next 12 months (full second year)
- $90K base for your last 6 months (Jan-June third year)
1st bonus after your first few months is flat across first years and is slightly less than signing (which is $10K)
2nd and 3rd year bonuses can be anywhere from $15K to $50K+ depending on how good your group did and how well you did. I know someone who was a third year in a suburban Chicago office whose bonus was over $50K
User @................ further shared information about hours:
Hours vary. 1st years can work 6:45-10 or later with some weekends during busier periods like the first month of each quarter when performance numbers come out, and you eat lunch at your desk everyday except for a few Fridays here and there. 2nd year is similar but not as bad. First half of your third year is also similar, but the 2nd half of your third year when you are preparing for associate promotions you barely do any work.
Associate Level PB Income
I would assume the 1st year associate base is around $100K since the 3rd years get $90K as analysts.Associate pay might go something like this:
- 1st yr: $150K all-in
- 2nd yr: $175K all-in
- 3rd yr: $200K all-in
Executive Compensation and Hours in Private Banking
Now these are purely speculative post-associate numbers, but based on people I know in these roles and their lifestyles/spending habits/etc it would be something like this (assume these are for your middle of the road VP/ED/MD, ranges can be wide because at JPM is largely depends on how the PB does as a whole because it isn't a wire house):
- VP: $200-250K all-in
- ED: $300-500K all-in
- MD: $400-$800K all-in
Now, if someone is a stud and posts Q1 numbers obviously they could make more than this.
Hours for senior bankers: And keep in mind that associates and higher get in at 7:30ish and leave by 5:30 or 6 every night and never work weekends.
These numbers are for the PB's core cities (NYC, Chicago, Houston, Dallas, LA and San Fran), they go down for the more regional offices.
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From a friend:
$70K base for your first 18 months (stub year plus first full year) $80K base for your next 12 months (full second year) $90K base for your last 6 months (Jan-June third year)
1st bonus after your first few months is flat across first years and is slightly less than signing (which is $10K)
2nd and 3rd year bonuses can be anywhere from $15K to $50K+ depending on how good your group did and how well you did. I know someone who was a third year in a suburban Chicago office whose bonus was over $50K
I would assume the 1st year associate base is around $100K since the 3rd years get $90K as analysts.
Associate pay might go something like this:
1st yr: $150K all-in 2nd yr: $175K all-in 3rd yr: $200K all-in
Hours vary. 1st years can work 6:45-10 or later with some weekends during busier periods like the first month of each quarter when performance numbers come out, and you eat lunch at your desk everyday except for a few Fridays here and there. 2nd year is similar but not as bad. First half of your third year is also similar, but the 2nd half of your third year when you are preparing for associate promotions you barely do any work.
Now these are purely speculative post-associate numbers, but based on people I know in these roles and their lifestyles/spending habits/etc it would be something like this (assume these are for your middle of the road VP/ED/MD, ranges can be wide because at JPM is largely depends on how the PB does as a whole because it isn't a wire house):
VP: $200-250K all-in ED: $300-500K all-in MD: $400-$800K all-in
Now, if someone is a stud and posts Q1 numbers obviously they could make more than this.
And keep in mind that associates and higher get in at 7:30ish and leave by 5:30 or 6 every night and never work weekends.
These numbers are for the PB's core cities (NYC, Chicago, Houston, Dallas, LA and San Fran), they go down for the more regional offices.
Hope this helps!
Within PB, I would say JPM is the most competitive, with Goldman a close second and CS coming in third.
As far as relative to IBD, no, it is not as competitive as IBD. But it is becoming more competitive relative to IBD. As many investment banks continue to slowly shrink, many more applications are flowing into PB analyst programs. The same 3.9 kids from the top targets (Ivy's, UChicago, Stanford etc) apply to JPM/GS/CS PB just like they apply to those same banks for IBD.
Although the pool of applicants is essentially the same, the reason IBD is more competitive is because 80-90% of the time if someone gets both offers they will choose IBD over PB. Which means that some second choice/deferred kids end up getting PB spots. However, on the flip side, there are a small amount of kids that will pick up an IBD offer yet not get a PB offer.
That last sentence may seem strange to 95% of this board, but the reason is that some extremely nerdy kids with 3.9's and perfect modeling skills could not make it in PB. You have to be able to present yourself well in front of a client, even as a first year analyst (well, once you prove to your banker you know what the fuck you're doing), and some kids simply lack the people skills to make that happen, so they don't get an offer. I'm not saying this is predominantly the case, but soft skills hold a much higher weight throughout the PB interview process than they do in the IBD interview process.
The top bankers will make slightly more than the top investors simply because they are the ones who drive the revenue. This statement only holds true for the huge bankers though who bring clients in left and right and have been in the game for 20+ years.
I also wouldn't say that the investor position is by far the best. I personally would rather be an investor than banker, but for some actually being the one to go out and source clients and close them is a better fit than being the investment expert. Some people prefer the sale side to the market knowledge side.
For integrated teams: Hours not only vary per group but per the workload of the bankers you support. For instance, in my group, the younger analysts support the more senior bankers, so they have the heaviest workload. When performance numbers come out on the beginning of each quarter, I can work 6:30-10:30 Mon-Thursday + come in on weekends. I never stay past 7 on Fridays though. The ony thing about PB is that because most associates and up leave by 8 latest, there is no face time past 8. You only stay late when you have to get work done. On light weeks though, I can stroll in between 7-7:15 and leave by 6 if the floor clears out by then, so it's a big ebb and flow type thing.
For solution teams: These teams track market hours much more closely, because they are located strictly in NYC and are set up like a trading floor. Whereas the banking analysts sit in cubes with computers, the solutions teams sit on the floor on Bloombergs because they are trading all day long. I know a kid on the equity solutions teams who trades frequently with 2 of my best friends from college who work for the equity derivs teams in the S&T groups on the IB side at two other BB's because the solutions team trades with them to fill structured product orders from PB clients. tl;dr: the solutions team trades with the IB S&T groups on the street to fill client brokerage orders made through the integrated teams at the PB offices throughout the nation
Hopefully. When I was going through recruiting I could barely find info on PB, but now that I'm in it and see the resources the BB's are putting into building up their PB divisions (and AM in general), I figured I might as well give out the advice and info I was looking for when I went through the process.
I am shamelessly writing this post to garner a measly 1 banana point so I can utilize the private message function.
silver banana for starting the thread and getting it up and going :) welcome to wso
Rogersterling59: I am active duty Special Forces and I’m ooking to transition at the end of the year. I have had very positive talks with JP Morgan PB and I want to prepare as best as I can for interviews. What can I read, study, learn for the JP Morgan PB interview process? I am new to WSO, I tried sending you a PM but I do not have banana points or something.
I have recently gone through the superday for the summer analyst role in a southern division and am still waiting to hear back. (Should be tonight or tomorrow.) I figured I'd share the limited information I have gained from the experience, although it has been discussed before.
JPM PB is broken into three units: the Emerging High Net Worth ($1M - $10M), High Net Worth ($10M- $25M) and Ultra HNW ($25M + $100M+) though there are grey areas of overlap. The associates and analysts could theoretically cover all the divisions, but they focus only on one because someone in EHNW has a different agenda (i.e. retirement) than someone in the UHNW category (i.e. preservation for future generations.)
There are also two private banking teams: the Solutions Team and the Integrated Team. The Solutions Team is located solely in New York and the Integrated Teams are located at each regional division. The Solutions Team are "the guys with the Harvard degrees that tell me what to do," said the Vice President that was interviewing me. They gather market data and design the products which the integrated teams will implement.
This information is funneled down to the regional integrated teams via a daily "Morning Call." During this call the market trends and focus of the firm is communicated and there is the occasional Jamie Dimon and Mary Erdoes cameo.
The analyst I spoke with during interviews said he covers three regional divisions and does a fair bit of traveling. He said he loved his job because there is always something new going on and that he is constantly on his toes with little downtime. He said "I can be at work all day and then realize that it's time to go home, never realizing that I'd worked all day."
Obviously, because it was an interview, I didn't ask about hours or pay, but the post by rogersterling59 seems legit.
The whole shabang started with a 15 minute phone screening consisting of 80% behavioral/fit and 20% market questions. Then I found out 2 weeks later that was selected for the superday. Superday consisted of two, 2:1 interviews and they were the most laid back and conversational interviews I have ever been a part of. 100% behavioral and fit and very conversational.
Hope this helps. If my stars align, I'll be selected for the intern position and will fill y'all in as I go along.
Received the offer. Couldn't be more thankful.
Update - FT analyst pay went from 70/80/90 to 85/90/95. Congrats on the offer.