What do you guys think about choosing between a Regional IB and JP Morgan Private Bank analyst position. I just got off the phone with a recruiter who wants to see if I am interested. I did like to also know what compensation is like, though thats not the most important factor.
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i've heard 65k base, 10k signing, annual bonus varies (maybe anywhere from 5 - 20k)
I'd say regional IB, but depends on deal flow, personal preference, career goals, and the such...
There are a wide variety of teams within JPM PB, so it depends on what team you are interviewing for and what you want to do with your career.
Do you know what team you'd be placed into? Did the recruiter discuss this with you at all?
You don't know the team placement until you get the offer, but the recruiter said that it is possible to placed on specialized product teams such as alternative investment, The reason why I am asking about JPM Private Bank is because I do not want to boxed into the typical wealth management/financial advisor career path.
Check out what Dr Barnaby said here. Spot on...
//www.wallstreetoasis.com/forums/pwmprivate-bank-industry-lowdown-who-has…
While JPM PB is at its core FA/WM, it is at the highest peak of the industry. With that comes a lot more sophistication with clients, hence more interesting work where you will learn a lot more versus some even some BB WM offices (i.e. regional UBS, Merrill, MS offices).
As I said, the type of team you can be placed on will really determine your main responsibilities. The front office teams (i.e. the teams where bankers interact directly with clients and YOU help those bankers prepare for meetings, etc) are one type of role -- and probably what you commonly associate with PB. However, there are roles such as Hedge Fund Due Diligence Analyst, Portfolio Constrution Analyst, etc. These roles are more middle office; however, the work will be a lot more analytical/research oriented. For example, a HF DD Analyst will assist the DD team in selecting HF managers to put on JPM's investment platform. So you might visit the manager's office, meet with key personale to conduct interviews, etc.
I randomly got an interview with these guys, for the "Private Banking Analyst" position. What sorts of things are you actually doing in this type of role? Is it something more than just cold calling all day? Any insight into what I am actually interviewing for would be great. Also, what should I expect in an interview?
I doubt you will do any cold calling. Private bank is very different than Wealth Management: less clients to manage/ bigger portfolios. You responsibilities will depend on the group and role. You might be assessing clients risk aversion, amount off stress their portfolio can take, manage relationship with the client etc. In my opinion PB at JPM is at it's upper scale and I think its very attractive in terms of developing broad set of skills,salary, hours etc. Considering of course, you're interested in Asset Management in the 1st place.
What kind of questions would be asked in such an interview? Would it be similar to IB interviews?
any new info?
bump? what's pay across Street in PB these days? Culture? Typical allocation mix? Exposure to front office roles? Exit opps to IBD/PE/AM?
Can't answer all of these questions, but I'm pretty sure salary is same as IB (85k) just with lower bonus (~20, I think?). From the people I know there, culture seems great but obviously depends on the group you work with.
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