JPM Analyst Exit Opportunities IB
Just accepted a full time role at JPM doing CIB Credit Risk for Leveraged Finance Sub Investment Grade Healthcare sector in a HCOL city (Not New York). Work directly with LevFin, Coverage and DCM. What will my salary look like? What is the bonus for that team? What is the salary progression like for Associates, VPs, ED, and MD?
What are my possible exit opportunities? Private Credit at Ares, Oaktree, or Apollo? Hedge Fund? PE?, Can I lateral into DCM or LevFin (Prefer LevFin) at JPM or another bank? What are the hours like? I am curious mainly about salary progression and bonus percentage outlook and opportunities to lateral. Please help!!!
Based on the most helpful WSO content, here's what you need to know:
Salary and Bonus Outlook
Analyst Salary and Bonus:
Associate Salary and Bonus:
VP, ED, and MD Salary Progression:
Exit Opportunities
Private Credit:
Private Equity and Hedge Funds:
Internal Lateral Moves:
Other Exits:
Hours
Key Recommendations
Let me know if you need more insights!
Sources: CIB Credit Risk J.P. Morgan, JP Morgan Corporate Client Banking and Specialized Industries Salary + Bonus, Career Progression
i want a real response from a person, this post is wrong in multiple places. for example first year salary for an analyst I am getting 100k. for an associate it should be much higher as well.
CIB credit risk is not exactly leveraged finance or IB is it?
I know the credit risk guys at JPM love saying they are in IB or front office (maybe they are who the fuck knows its a postmodern world)
I think the teams merged as of a few years back so we are more on the IB side now. I thought it was middle office but from the Vps i have talked to apparently it’s front office as the Credit Risk team sits on in deals, calls, etc. it’s leveraged finance if you are on the sub investment grade side. My team does leveraged healthcare clients and work on dcfs and lbos.
good to know, explains a lot in retrospect actually.
Credit risk working on DCFs?
The team's function is to come up with internal risk ratings for loans and help navigate the internal approval process.
Most definitevely not front office, although there are some smart people and it's a pretty easy jump to IB, ABS or leveraged finance from the role if you're good at your job and generally mature enough to handle the jump.
Something's seriously wrong if you're buiding LBOs or DCFs, but you should become pretty decent at building or at least understanding operating models, coming up with an informed view on downside scenarios and negotiating covenants as part of the role.
Interesting, Maybe the People i have talked to just make it seem better than it is. I will know more soon. I start in 2 months. Just curious what is the base salary of an associate? do you have any idea what the bonus structure is like for credit teams and how the bonus grows with roles? I have seen somewhere that the bonus is 20-40% of your salary as an analyst. then 30-60% as an associate and 70-100% as a VP.
Some directionally correct but not 100% accurate info in this thread. To try to tackle your questions in a somewhat organized way:
Role: Not sure how it works at other banks, but at least at JPM, the IB credit risk team's main responsibility is doing the underwriting work / internal approvals / portfolio monitoring and maintenance for the RC holds the bank takes alongside its LL/HY deals.
Salary: Salary at entry level i think should be comparable to commercial/corporate bankers salaries, but with a materially smaller (probably be 50-75% i would guess) bonus pool. Think the progression should follow the same - which means by senior levels, comp does slide significantly lower due to bonus becoming a greater and greater portion of all in pay.
Exits: In general "buyside" exit opportunities probably limited to smaller / lesser known private credit shops (probably none of the names you listed). Hedge fund feels very unlikely. PE probably mostly out of question outside of maybe LMM shops.
Lateral roles: Lateraling into another more traditional IB FO role is, while not a given, certainly attainable if your performance is solid and you can network well. Paradoxically it's probably easier to try to land a IB gig at another bank (would think of smaller market share balance sheet banks like an RBC/Wells/BNP type bank or a MM boutique such as Baird/Blair/Harris Williams) than to lateral at JPM probably (unless you can really connect and impress the bankers on your deals).
Hours: ~40-50 on a good week, probably creep closer to ~60 when busy, maybe stretching to ~70 if you're on multiple live transactions on tight timeline. If you do the math, in all likelihood you end up making a good bit more $ per hour than your IB colleagues
Agree with all this
thank you this is very useful. how do you know this information btw?
>"What are my possible exit opportunities? Private Credit at Ares, Oaktree, or Apollo? Hedge Fund?"
Whoever told you this is legitimately praying on your downfall. Tell them to go long blue owl stock immediately to get back at them
so then what are the exit opportunities. give me a genuine answer no one is giving any answers. just criticizing my post. I am asking a question.
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