BB Bank Management Programs
Is anyone here involved in the management side at a BB bank or large international bank (i.e. HSBC). I have a friend interning in a rotational management program at UBS and she says it is a fantastic opportunity, and the job is primarily project management based.
I was wondering if anyone knew about the field and would like to weigh in with regards to experience. Additionally, how are salaries typically? Additionally, is it common to network your way into another department (IB, ER, S&T) from management? Most importantly, what are the typical exit opps from working in management at a bank. Is PE or consulting on of them?
Looking forward to replies.
I'm not in industry, but here are my thoughts:
1) It's going to be hard to jump to another department, specifically IB, ER, and S&T. Why? What skills are you getting in management that you're going to apply to those jobs?
IB: You're likely not building models like analysts/associates are. You're not selling anything. Those are the two main aspects of IB. ER: You're not doing in-depth company research or selling anything. S&T: Maybe if your project management skills involve a lot of math, but it has nothing to do with the markets so why would S&T pick you up?
2) Salaries are probably similar to middle or back office. At the analyst entry-level in NYC, probably $60-70k with 5%-10% bonus. Why? You're not a money maker. If you're not bringing in the money, don't expect a hearty bonus. The reason for the salary being that high in NYC is cost of living. If you were doing this with BofA in Charlotte, it would probably be a lot less.
3) Your exit ops are probably going to revolve around operations and management. If you're very, very good, after 10 or so years you might be able to jump into an ops role dealing with port companies for a PE firm. You might be able to jump into operations or project management consulting after a couple of years. That's really just a guess.
Just think about it like this: what skills are you going to learn in that type of role that someone else will hire you for? Why and what would they pay you to do that job? It's pretty simple/straightforward, just don't overthink it.
Oh, and if you perform at the top of your class for a few years, a top MBA -> IB/ER/S&T wouldn't be out of the question by any means (you'd have to do the research on that to see what you need, and PE would likely be a long shot, even coming out of a top MBA).
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