Continue Underwriting track or move onto Private Banking - Internal JPMC
Hello all!
I'd like to keep this as vague as possibly to hide my identity, but also detailed enough to come to give everyone a decent view of my situation. I am a male in my mid-twenties, minority and live in the Midwest. I hold a MBA and BBA (Finance/Accounting) from a regional college that does have a lot of recognition in the area, not so much nationally. I've had a few accounting gigs and internships in the past which made me very well-rounded doing different tasks and in various industries.
With that being said, I am currently an Underwriter for JPMC and have been for the past year. I accepted this position as a Junior level Underwriter but have completed all the requirements to become an "Underwriter," two more years until I'm a "Senior Underwriter." I searched the internal job database, and came across to positions that intrigued my interest: Private Banking and Underwriting 2.
Salary:
Current = $70K + $10k bonus + ~$10K-$20K OT.
Private Banking = $70K + $15-$25K bonus
Underwriting 2 = high $80s/low $90s
As you can see, the Underwriting 2 position earns slightly more initially, but the Private Banking has much more earning potential down the road.
Workload/stress:
Current = Stress is almost non-existent. Once I leave work, I really do leave work, at work.
Private Banking = Much greater. I'm sure there are targets that are increasingly hard to reach, and if you don't hit them, you will never get a second chance n Private Banking at another firm.
Underwriting 2 = Smaller team than current position as it is in a niche product line, so an absence in the team would be much more devastating than in my current position. Overall, I do see this as more challenging than my current position.
Work atmosphere:
Current = I am not client facing. I wear casual attire to work and love that aspect of it. My boss and team are great. I don't have too many complaints.
Private Banking = I'm sure a polo and slacks won't cut it in this environment, and the adjustment is something that I willing to do.
Underwriting 2 = I'm sure dress code would be similar to my current position (probably not liberal though) as it is not customer facing.
Long-term career path:
Current = I underwrite for a product line that nearly every financial institution has. In the case anything were to happen with JPMC, I am very confident these skills will transfer over to another institution fairly easily.
Private Banking = If I do well, I feel like I would have a "home" in Private Banking and not continuously jumping from opportunity to opportunity. As I become deeply entrenched in the client's lives, I would become a stronger asset to JPMC to stay. I feel like the other two Underwriting gigs have very little risk (and less reward), and I can do those roles when I'm older, with a family and risk-adverse. Right now, I have a propensity for risk and would like to make those "big/risky moves" at a young age.
Underwriting 2 = I do not envision myself going up the ladder as the group is very small . Due to the niche industry, it would be difficult to goto other firms if something were to happen with this team/JPMC.
Pros:
Current = Can't complain, I am treated well.
Private Banking = Potential to earn much more.
Underwriting 2 = Earn much than current position, but with less stress than Private Banking.
Cons:
Current = I "love" it, but I'm not in love with it. Could always earn more.
Private Banking = I am not a typical salesman, but I can sell a product. As a male AND a minority, I do not have the "appeal" as say an attractive female to lure HNW individuals in. Even in this day and age, I feel like this can affect my performance at work and ultimately my career.
Underwriting 2 = This is in a much more niche field than my current product line, and if anything were to happen, it would be difficult to find another position in this same line.
Thoughts, opinions of my situation or a kick in the arse all welcome. If the latter, please do so gently. :-D
TheGraduate1
So you have a non-stressful job that you wear casual attire to, with transferable skills, are treated well, that you love and make ~100k all-in at and you want out why?
Dear TheGraduate1, I suggest that you focus on your current position and be the BEST UW in your office. You were hired to change the culture, set the standards, and lead the way in restructuring the Mortgage Banking division of Chase.
Wasting your time on the JobConnect during the work hours is NOT what you were hired for. Your current goal should be earning the "E" performance rating among your peers and being the top performing underwriter based on production and quality numbers. After one year in your position you should not be trying to transfer the LOBs, you should focus on developing yourself as the UW and becoming the BEST UW in your current role.
Once you complete your second year as the UW, many exciting opportunities will be offered to you if you consistently maintain the "E" rating on your reviews. Positions in QA, processing, loss mitigation roles, and even supervisor positions within Mortgage Banking are just a few amazing opportunities available to you once you master and your role and establish yourself as the top performing underwriter.
So my advice to you, is to spend less time on JobConnect browsing the positions in other LOBs and more time on honing your skills as the UW and maintaining the "E" rating as well as top ranking among your UW peers. I think I am making myself clear?
ProgramCoordinator1
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