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I went into IB straight out of undergrad so don't know many people that took another route (these were back in the good times, ha).
How I would evaluate this is:
JPM PB - Someone in private banking can correct me if I'm mistaken but my impression from people (@JPM PB no less) is this is not very quant heavy. More portfolio management, diversification, understanding concerns and goals of clients. Think financial advisor but on a far more complex scale.
Valuation shop/group - Far more relevant experience. Directly transferable skills.
JPM PB gives you an "in" @ JPM IB...they love to hire people internally. But, switching groups like that involves proving yourself in PB and a lot of office politics. You'll be judged on how you perform in PB (IB will find out) and otherwise won't have any more directly transferable skills as any other fresh graduate. That said, as an internal hire, you'd be viewed favorable at JPM but more difficult if trying to go into another bank. PB is large, though, so depends on what exactly you do there.
Personally, I would go for valuation group at Duff, etc. You'll pick up the skills IB looks for. And while I think JPM PB will be more beneficial for JPM IB, it's not going to get you the same level of traction that valuation would if you interview w other banks. Then again, you may end up loving PB.
Good luck
so it comes down to how likely it is to transfer to JPM IB from their PB office? or if I want to gain more relevant skills that might give better options at other banks? If that is the case what is most likely to happen? I'd love to get several opinions on this....
Duff and Phelps valuation. This is an easy choice trust me. Valuation experience is transferable, private banking isn't.
Also, this is definitely solid advice.
what about E&Y compared to D&F?
I interviewed with both groups... just from the people I met and how the interviews went I would personally choose Duff over E&Y, and also I'm almost positive that pay is better at Duff which is a plus. If you're interested in moving into IBD in the future I think coming from non-Big4 valuations might give you a slight edge (but this is debatable as mentioned in an earlier response) but I've seen people who networked into MM, regional boutiques, and even some PE from Duff.
Also, I got the sense that at Duff you will definitely be more of a generalist or at least have the opportunity to work on different projects vs. E&Y where the person I asked pretty much said that you will be working on PPA 75-100% of the time. I could be mistaken here so I would try to ask around with people in the industry (i.e. valuationGURU )
Well DP has an investment banking group, so perhaps you could transfer internally, I do not know. I typically consider Big 4 Val > DP Val, but I know others do not agree with this.
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