Comments (60)

  • Prospect in IB-M&A
Dec 24, 2021 - 12:28am

Could you advise on the best shops for analysts in PB? Don't really see a sort of "ranking" for private banks especially in this IB dominated forum. 

Dec 24, 2021 - 12:27pm

Top firms for juniors are (JPM/GS... and Citi, but it's behind the first two). As you start to build your own book it matters less where you are at, just as long as you're a revenue producer. Having said that, starting at a top private bank is extremely beneficial because you will inherit a book of HNW clients as an associate rather than start from scratch. Also the pay is much better starting off at a PB, but has a lower ceiling due to the salary+bonus structure. I'm sure the top dogs get taken care of on the backside tho.

Dec 24, 2021 - 12:31pm

*Not sure if they got raises 

AS: 57k signing, 125k base, 25k bonus for every $5MM in flows you bring in (have heard of associates bringing in 50MM in some cases and even 500MM this year in NY)

VP: 210k base, bonuses are highly variable. But have heard that the yearly quota is $25MM in flows for a 125K bonus (probably varies by region and book size) 

Dec 24, 2021 - 8:04pm

Have networking calls lined up with some people at a high level firm. Wanted to know what you think some important things to ask/investigate would be? Also would you mind giving a basic rundown on how the structure of clients is for someone getting hired in out of undergrad? Any suggestions on where I can read up on this type of thing besides the forum would be appreciated.

Dec 25, 2021 - 11:09am

You're not getting your own clients straight out of undergrad lol. You're and analyst for 3 years first, then an associate (year 2ish as an assoc is usually when you inherit and build your own book)

Most Helpful
Dec 25, 2021 - 2:57pm

Hey thanks for doing this.

- Do you have any insights into how different PB is in offshore territories (BVI, Malta, Channel Islands...) or Europe (especially Luxembourg, Switzerland...)? 

- How do you feel about your career path, will you stay or seek an opportunity in other roles (AM, IB..)?

- What do you like the most about your job?

- What does your day typically look like?

- Does your regional office still provide good networking opportunities, especially with clients?

- How big is tha D?

Dec 26, 2021 - 5:19pm

- Do you have any insights into how different PB is in offshore territories (BVI, Malta, Channel Islands...) or Europe (especially Luxembourg, Switzerland...)? 

  • Nope

- How do you feel about your career path, will you stay or seek an opportunity in other roles (AM, IB..)?

  • I like it and could see myself staying with it long term, but I also have interests in a couple other paths (IB/MBA/Law). I'll know for sure at the year 2 mark.

- What do you like the most about your job?

  • The fact that you're kinda building your own business, and the relationship aspect of it.

- What does your day typically look like?

  • No typical day, but hours r usually 7-7/8

- Does your regional office still provide good networking opportunities, especially with clients?

  • Yes, regional is arguably better for client exposure and overall exposure than NYC.

- How big is tha D?

  • Mediocre at best
Dec 26, 2021 - 11:10am

I came from a very non target SEC school and will start in June at (JPM/GS/CS). Having a solid GPA 3.5+, networking hard, and good interview skills and you should be able to break in. In PB there are more regional offices that will have roles as well.

  • Analyst 1 in IA
Dec 26, 2021 - 4:53pm

coming from a big 10 school should make the networking much easier. find an alumni to introduce you to someone, continue to ask to meet others (i.e. ask the person you networked with at jpm to introduce you to someone else, then that person for someone new, then on and on), and then it'll just be waiting for a role to open up (assuming you're a senior so you'd join off-cycle). that's how i got it after a couple years of recruiting through covid - once a role opened up they basically just gave me the offer, no interview or anything.

  • Analyst 2 in AM - Equities
Dec 26, 2021 - 6:42pm

Was at the firm left for LO AM but I think I may want to come back. I never got much clarity on senior pay can you breakdown what the base + bonus is for Assoc, VP, ED, MD? 

  • Analyst 1 in RE - Comm
Dec 27, 2021 - 9:08am

Is it true Goldman pays like shit at the analyst level? Heard sub 10k bonus in Chicago office?

  • Analyst 1 in IA
Dec 29, 2021 - 8:27am

i've actually heard the opposite from an analyst in the chicago office - salaries used to be lower than JPM by like 10k but they made up for it with their bonuses. i'm sure even today they have a decent bonus pool. at JPM, minimum bonus is $5k i believe for the shittiest analyst, then up from there.

Dec 29, 2021 - 5:55pm

Hi,

- Could you talk about what your work consists of as a PB analyst?

(More specifically do any tasks involve coding in languages other than Python and R, or use Statistical Learning techniques for data analysis, or Portfolio theory?)

- Do you have any advice on eventually progressing from an Analyst to a portfolio manager? 

- In a previous response, what did you mean by "$x MM of inflows you bring in"?

(Does inflow here mean return on investment or the amount of money that the clients you garner added to the AUM of that regional PB?)

- How did you end up going about an insane amount of networking? What did you network for? 

Some information about me:

I am currently in a quantitative finance program and want to become a portfolio manager.

I got an offer in November as an SA in PB at JPM, and am debating whether or not to keep looking for more quantitative opportunities. I like PB for the potential to have a genuine and interesting connection with clients, to be able to play with rich people's money, in a good way, of course. 

But I also want to be able to use a fair bit of math, probably not stochastic calculus, but I am interested in basically using things I learned with my expensive math finance degree. For example, techniques in (Introduction to Statistical Learning by Tibshirani), time series, portfolio theory, and writing code in C++, R, and Python (not just Excel).

Cheers 

Jan 26, 2022 - 2:40pm

Hello, spent the summer talking with a PB recruiter at a "top BB" who helped with my resume and really turned into a solid connection in the PB world. My main fear is I've heard the exit opps are quite low. Would you say its viable to move within the company from PB? For example if I discover it's not for me, would I have the ability to jump into IB or other areas? Have you seen anyone in a similar position? Thank you!

Jan 27, 2022 - 8:47am

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Total Avg Compensation

January 2022 Investment Banking

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