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JP Morgan Private Bank - Compensation Ladder & Lifestyle?

noblehouse's picture
Rank: Monkey | banana points 32

Hello fellow primates. This is my first post on WSO. I've done lots of searches on this site and elsewhere on the web concerning this topic already and I've found very little information concerning salary and bonus levels for Private Banking, specifically at JPM as you move up the ladder. I've been able to ascertain that first year analysts earn a salary of around $70k on average along with a $10-15k bonus. Does that sound about right?

Mod note: make sure to check out the great response below by user @................

But I'm also interested to know what compensation levels are like as you move up the food chain. What is the compensation bump when you go from analyst to associate and from associate to VP, etc? Are MDs making upwards of $500k or something much more modest than that figure?

Lastly, I was hoping someone could talk to me about the number of hours you work on average. I've heard that there are no weekends, and that you work on average from 8am to 7pm with two-hour lunch breaks, Mon-Fri. Does this sound reasonable?

JPM Chase Private Banker Salary and Career Path

The JP Morgan Private Bank consists of an investing, wealth planning, and credit and banking arm. We will discuss the lifestyle and pay below.

Private Banker Analyst Salary and Hours

User @................ shared salary information:

................:
  • $70K base for your first 18 months (stub year plus first full year)
  • $80K base for your next 12 months (full second year)
  • $90K base for your last 6 months (Jan-June third year)

1st bonus after your first few months is flat across first years and is slightly less than signing (which is $10K)

2nd and 3rd year bonuses can be anywhere from $15K to $50K+ depending on how good your group did and how well you did. I know someone who was a third year in a suburban Chicago office whose bonus was over $50K

User @................ further shared information about hours:

................:

Hours vary. 1st years can work 6:45-10 or later with some weekends during busier periods like the first month of each quarter when performance numbers come out, and you eat lunch at your desk everyday except for a few Fridays here and there. 2nd year is similar but not as bad. First half of your third year is also similar, but the 2nd half of your third year when you are preparing for associate promotions you barely do any work.

Associate Level PB Income

................:

I would assume the 1st year associate base is around $100K since the 3rd years get $90K as analysts.

Associate pay might go something like this:

  • 1st yr: $150K all-in
  • 2nd yr: $175K all-in
  • 3rd yr: $200K all-in

Executive Compensation and Hours in Private Banking

................:

Now these are purely speculative post-associate numbers, but based on people I know in these roles and their lifestyles/spending habits/etc it would be something like this (assume these are for your middle of the road VP/ED/MD, ranges can be wide because at JPM is largely depends on how the PB does as a whole because it isn't a wire house):

  • VP: $200-250K all-in
  • ED: $300-500K all-in
  • MD: $400-$800K all-in

Now, if someone is a stud and posts Q1 numbers obviously they could make more than this.

Hours for senior bankers: And keep in mind that associates and higher get in at 7:30ish and leave by 5:30 or 6 every night and never work weekends.

These numbers are for the PB's core cities (NYC, Chicago, Houston, Dallas, LA and San Fran), they go down for the more regional offices.

Read more about JP Morgan on the Wall Street Oasis Company Database.

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Comments (204)

Feb 21, 2010

JPM has a very large Private Bank. Depending on what you do within the bank it can be a pretty good job. Realize that Private Bankers are essentially Rich people's bitch. Then again we are all someones bitch I suppose.

May 5, 2010

If anyone is interested in this, there is a good thread on analystforum.

http://www.analystforum.com/phorums/read.php?1,113...

Jan 22, 2012

in private banking JPM is one of, if not the top

Feb 13, 2013

My friend told me $70k base with $10k bonus (NY Office).

    • 1
Mar 19, 2014

I can't post a link because I'm new but there is a good thread here about the JPM PB Ladder google this: "JP Morgan private bank wso"

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Feb 21, 2010

Private Bank >>>> Private Wealth Mgmt

you are dealing with clients with a net worth of over $25 MM (it might be 50)

same sort of work as PWM, just a little more sophisticated

base salary for all front office analysts across the entire bank should be the same, I believe JPM pays 70k base.

no idea about bonus or exit opps, but i would be willing to bet that you'll be pigeon-holed within private banking unless you get an MBA

May 5, 2010

Nice...

Jan 22, 2012

PB BB SA--> IB BB FT possible?

May 18, 2012

I'm matriculating to Ross this fall, and have already met with the recruiters for GS, CS, and JPM:

CS and GS are almost identical in the structure of their Associate program. JPM is different because they use a Salary & Base model, and branch out the role into 3 different jobs, the Banker being the relationship/sales guy. CS has a 3 year contract for associates where you are salary + commish you generate, then you slide to 100% commission. If you do well at sales, you will always make much more on a commission plan than a salary + bonus.

How was the interviewing process? What office did you go out for?

Feb 13, 2013

I know someone working there. First year is 8AM-9PM Mon-Fri some weekends. those hours you said are what he does as a 3rd year

Mar 8, 2015

you can try the search button..

Feb 22, 2010

Best PB/PWM in the business so prestige in that area of finance is maximum bar none. Exit opps depend on which division within the PB you are in but definitely most stuff in AM and great B-Schools if you want to switch to something else.

May 6, 2010

I just went through their interview process. If you have any questions feel free to PM me.

Jan 23, 2012

@Pike

Historically they're not the top - but thats changed since the financial crisis. The Swiss banks have lost a shit load of big accounts, and all gone to JPM. This part of their bank is really doing great, and nabbing HUGE name clients.

I dont work there but have good source. They're meeting face to face with the biggest names in finance / business.

May 18, 2012

Speaking with a mid-lvl PWM'ER for GS, there really are no direct exit opps. You might go work for another PWM shop and get a nice guarantee or end up in Inst Sales or wherever else your network can place you.

Feb 13, 2013

I worked in PB as a summer analyst (non JPM) and have a few friends working as first year analysts for JPM (non NYC). Their comp is around 60-65K with ~10K bonus (projected). The associate I was working with (~26 years old) earned ~90K, no idea on bonus. As far as upper echelon positions (MDs), it could be anywhere from 400K - 1M+. It depends on how successful they are, location, etc.

Feb 22, 2010

Bump. I would like to hear more about this as well. I know there are previous threads on this, but can anyone discuss more about Exit Ops?

May 5, 2010

sent you a PM kingtut.

Jan 24, 2012

JP Morgan is huge stateside, but like C, MS and GS, they focus on very large accounts overseas, usually a networth of $20mm+ excluding primary residence. They are not that well known overseas for that reason with the exception of Mega HNW

Compensation for these ultra-elite banks can be high if you know who to tap. As an example- look up Farid Pasha- a Goldman Sachs MD in their PWM division. He was poached from UBS with a 70,000 GBP party in some fancy club and then given a $4mm signing bonus by GS. Why?. He was UBS's top earner for MENA clients and knew how to rake in the dough.

Go Figure- I spend $140k on an education and end up a monkey in a dungeon
A dropout paints soles of shoes red and gets rich,women and 3 houses

May 18, 2012

Do they have entry level positions for people with just a degree or do you need an MBA and connections to bring to the table to secure a job?

Best Response
Feb 13, 2013

From a friend:

$70K base for your first 18 months (stub year plus first full year)
$80K base for your next 12 months (full second year)
$90K base for your last 6 months (Jan-June third year)

1st bonus after your first few months is flat across first years and is slightly less than signing (which is $10K)

2nd and 3rd year bonuses can be anywhere from $15K to $50K+ depending on how good your group did and how well you did. I know someone who was a third year in a suburban Chicago office whose bonus was over $50K

I would assume the 1st year associate base is around $100K since the 3rd years get $90K as analysts.

Associate pay might go something like this:

1st yr: $150K all-in
2nd yr: $175K all-in
3rd yr: $200K all-in

Hours vary. 1st years can work 6:45-10 or later with some weekends during busier periods like the first month of each quarter when performance numbers come out, and you eat lunch at your desk everyday except for a few Fridays here and there. 2nd year is similar but not as bad. First half of your third year is also similar, but the 2nd half of your third year when you are preparing for associate promotions you barely do any work.

Now these are purely speculative post-associate numbers, but based on people I know in these roles and their lifestyles/spending habits/etc it would be something like this (assume these are for your middle of the road VP/ED/MD, ranges can be wide because at JPM is largely depends on how the PB does as a whole because it isn't a wire house):

VP: $200-250K all-in
ED: $300-500K all-in
MD: $400-$800K all-in

Now, if someone is a stud and posts Q1 numbers obviously they could make more than this.

And keep in mind that associates and higher get in at 7:30ish and leave by 5:30 or 6 every night and never work weekends.

These numbers are for the PB's core cities (NYC, Chicago, Houston, Dallas, LA and San Fran), they go down for the more regional offices.

Hope this helps!

I would agree with you, but then we'd both be wrong.

    • 18
Oct 9, 2013

Hi Roger,
The associate salaries that you mentioned... Would that apply for the technology stream as well (Application Developer, Associate)?
On a ball-park how much can an associate joining laterally (with 7 years of total experience) expect to make?

Jan 24, 2012

Thanks for your comments, but do you guys know what types of B-schools one can expect to get into following the analyst programme here?
Also, does anyone know anything regarding compensation from associate lvl and upwards the ladder? Obviously it depends a lot on your client book, but are there some sort of average figures?

Thanks

May 18, 2012

This is based out of the Chicago office. Entry-level is an Analyst. Post-MBA is Associate. Chicago office primarily hires from 3 schools - UChicago, Northwestern & Michigan.

Hartford - Do you have some specifics on the GS, MS offers? JPM is about $130K-$150K all in.

Feb 13, 2013

anddddddddddddd how does it vary for banker/product associate/investor associate lines? any? bankers are left to generate their own while the investor and product guys are more stable but not as high number potential id imagine?

May 6, 2010
Scandibanker1:

Thanks for your comments, but do you guys know what types of B-schools one can expect to get into following the analyst programme here?
Also, does anyone know anything regarding compensation from associate lvl and upwards the ladder? Obviously it depends a lot on your client book, but are there some sort of average figures?

Thanks

For what it's worth I have two friends that have been through or are about to finish their JPM PB analyst stints. 1st guy went to a strong semi-target and graduated with a 3.9+. He recently applied to HBS, GSB, and Wharton w/ a 770 GMAT, strong recs, good ECs, etc... and was dinged w/o interview at all three schools. He's not sure what he wants to do now. 2nd guy went to a target school and spent three years in the analyst program. He just landed a biz development role at a F500. I don't think the biz development role was his first choice as he was more interested in consulting. PE really isn't an option at all. It's going to be tough getting into bschool w/ PB experience especially if you're a white male working in finance like my buddy.

I believe associate pay starts around $115-20k. Other than that I really have no idea. The associates aren't really responsible for any client development. As with IBD they're really there to run the analyst pool and act as the buffer between the top and bottom of the office totem pole. Could you bring new clients in? Sure, but it doesn't happen all that much.

Feb 13, 2013
shorttheworld:

anddddddddddddd how does it vary for banker/product associate/investor associate lines? any? bankers are left to generate their own while the investor and product guys are more stable but not as high number potential id imagine?

No idea about product, but yeah I'd say investor is more stable while banker has more high/low.

I would agree with you, but then we'd both be wrong.

    • 2
Jan 24, 2012

Hmm... JPM PB analysts have a lot of different roles. You can either be a private banking analyst role or an investment analyst role. It will mean totally different responsibilities and skills. Also since PB is under Asset Management, I think you can lateral into Asset Management position after a while.

PB is a money management business. Biz development, PE or consulting are completely different career tracks. I don't think your buddies thought this through when they started. But with 770 GMAT, and 3.9+ GPA, I am pretty sure he can get in a top 10 MBA program, maybe Columbia, Chicago, or MIT would have worked out.

May 18, 2012

Unfortunately, I do not. However, I would imagine all offers would be very similiar. CS made a big point of how you keep commissions in addition to you salary as a "why CS" example, so maybe GS doesn't do that. Not sure though. Two years ago, GS was at a $100k base with extra bonus kickers.

Interested to hear more; I'll send you a PM

Feb 13, 2013

Out of curiosity, how competitive is JPM Private Banking or even Private Banking in general, relative to IBD?

Feb 13, 2013
seville:

Out of curiosity, how competitive is JPM Private Banking or even Private Banking in general, relative to IBD?

Within PB, I would say JPM is the most competitive, with Goldman a close second and CS coming in third.

As far as relative to IBD, no, it is not as competitive as IBD. But it is becoming more competitive relative to IBD. As many investment banks continue to slowly shrink, many more applications are flowing into PB analyst programs. The same 3.9 kids from the top targets (Ivy's, UChicago, Stanford etc) apply to JPM/GS/CS PB just like they apply to those same banks for IBD.

Although the pool of applicants is essentially the same, the reason IBD is more competitive is because 80-90% of the time if someone gets both offers they will choose IBD over PB. Which means that some second choice/deferred kids end up getting PB spots. However, on the flip side, there are a small amount of kids that will pick up an IBD offer yet not get a PB offer.

That last sentence may seem strange to 95% of this board, but the reason is that some extremely nerdy kids with 3.9's and perfect modeling skills could not make it in PB. You have to be able to present yourself well in front of a client, even as a first year analyst (well, once you prove to your banker you know what the fuck you're doing), and some kids simply lack the people skills to make that happen, so they don't get an offer. I'm not saying this is predominantly the case, but soft skills hold a much higher weight throughout the PB interview process than they do in the IBD interview process.

I would agree with you, but then we'd both be wrong.

    • 13
Feb 13, 2013
rogersterling59:
seville:

Out of curiosity, how competitive is JPM Private Banking or even Private Banking in general, relative to IBD?

Within PB, I would say JPM is the most competitive, with Goldman a close second and CS coming in third.

As far as relative to IBD, no, it is not as competitive as IBD. But it is becoming more competitive relative to IBD. As many investment banks continue to slowly shrink, many more applications are flowing into PB analyst programs. The same 3.9 kids from the top targets (Ivy's, UChicago, Stanford etc) apply to JPM/GS/CS PB just like they apply to those same banks for IBD.

Although the pool of applicants is essentially the same, the reason IBD is more competitive is because 80-90% of the time if someone gets both offers they will choose IBD over PB. Which means that some second choice/deferred kids end up getting PB spots. However, on the flip side, there are a small amount of kids that will pick up an IBD offer yet not get a PB offer.

That last sentence may seem strange to 95% of this board, but the reason is that some extremely nerdy kids with 3.9's and perfect modeling skills could not make it in PB. You have to be able to present yourself well in front of a client, even as a first year analyst (well, once you prove to your banker you know what the fuck you're doing), and some kids simply lack the people skills to make that happen, so they don't get an offer. I'm not saying this is predominantly the case, but soft skills hold a much higher weight throughout the PB interview process than they do in the IBD interview process.

SBed. Thanks a lot! I also sent you a PM!

May 30, 2012

Dont go unless you can guarantee a client base / possibility of being a jr partner somewhere down the line on the team. Otherwise you're out on your behind with very little skills to show.

Dont let the money / brand influence you.

    • 1
Jan 13, 2013

Is it possible to transition from PB to equity research or buy side equity analysis?

Feb 13, 2013

thanks for the amazing post roger, that seems spot on. From what I have heard talking to current 2nd years and some associates, your first year hours really depend on your group. some of them are 7:30-6/7 where as others are 7-9. It also depends on if you are joining an integrated (banking) team or an investment solutions team.

roger, can you add any clarification as to the differences in lifestyle between those two teams for first years.

    • 1
Feb 13, 2013

Investor is right on par with banker compensation. The capital advisor and wealth advisor both earn significantly less.

Investor is by far the best position.

Feb 13, 2013
chi312:

Investor is right on par with banker compensation. The capital advisor and wealth advisor both earn significantly less.

Investor is by far the best position.

The top bankers will make slightly more than the top investors simply because they are the ones who drive the revenue. This statement only holds true for the huge bankers though who bring clients in left and right and have been in the game for 20+ years.

I also wouldn't say that the investor position is by far the best. I personally would rather be an investor than banker, but for some actually being the one to go out and source clients and close them is a better fit than being the investment expert. Some people prefer the sale side to the market knowledge side.

I would agree with you, but then we'd both be wrong.

    • 3
Feb 13, 2013

For integrated teams: Hours not only vary per group but per the workload of the bankers you support. For instance, in my group, the younger analysts support the more senior bankers, so they have the heaviest workload. When performance numbers come out on the beginning of each quarter, I can work 6:30-10:30 Mon-Thursday + come in on weekends. I never stay past 7 on Fridays though. The ony thing about PB is that because most associates and up leave by 8 latest, there is no face time past 8. You only stay late when you have to get work done. On light weeks though, I can stroll in between 7-7:15 and leave by 6 if the floor clears out by then, so it's a big ebb and flow type thing.

For solution teams: These teams track market hours much more closely, because they are located strictly in NYC and are set up like a trading floor. Whereas the banking analysts sit in cubes with computers, the solutions teams sit on the floor on Bloombergs because they are trading all day long. I know a kid on the equity solutions teams who trades frequently with 2 of my best friends from college who work for the equity derivs teams in the S&T groups on the IB side at two other BB's because the solutions team trades with them to fill structured product orders from PB clients.
tl;dr: the solutions team trades with the IB S&T groups on the street to fill client brokerage orders made through the integrated teams at the PB offices throughout the nation

I would agree with you, but then we'd both be wrong.

    • 6
Feb 13, 2013

i figure that banekrs have to keep bringing in clients (or keep a certain size book) or theyre out... how does this work for investors?

    • 1
Feb 15, 2013

this will have to become the official PB thread

Feb 13, 2013
BTbanker:

this will have to become the official PB thread

Hopefully. When I was going through recruiting I could barely find info on PB, but now that I'm in it and see the resources the BB's are putting into building up their PB divisions (and AM in general), I figured I might as well give out the advice and info I was looking for when I went through the process.

I would agree with you, but then we'd both be wrong.

    • 5
Feb 15, 2013
rogersterling59:
BTbanker:

this will have to become the official PB thread

Hopefully. When I was going through recruiting I could barely find info on PB, but now that I'm in it and see the resources the BB's are putting into building up their PB divisions (and AM in general), I figured I might as well give out the advice and info I was looking for when I went through the process.

How are you seeing this shift affect day-to-day operations in PB? Seems like more $$ means higher revenue expectations and more scrutiny although that may not necessarily be a bad thing

Feb 15, 2013
rogersterling59:
BTbanker:

this will have to become the official PB thread

Hopefully. When I was going through recruiting I could barely find info on PB, but now that I'm in it and see the resources the BB's are putting into building up their PB divisions (and AM in general), I figured I might as well give out the advice and info I was looking for when I went through the process.

definitely, because I couldn't tell you a damn thing about it

Feb 16, 2013

Does anyone have any idea if comps at other BBs (e.g. CS and Citi) are similar?

Feb 13, 2013

Yep Im very happy for this thread and hope (but dont really hope) that people.. esp if i can build up my language skills for latam banking opps :D

Feb 16, 2013
shorttheworld:

Yep Im very happy for this thread and hope (but dont really hope) that people.. esp if i can build up my language skills for latam banking opps :D

Short - didn't you go to school to go into consulting? Change of plans? You should take a long look at BTG as well if you're serious about LATAM.

Feb 13, 2013
Ronaldo7:
shorttheworld:

Yep Im very happy for this thread and hope (but dont really hope) that people.. esp if i can build up my language skills for latam banking opps :D

Short - didn't you go to school to go into consulting? Change of plans? You should take a long look at BTG as well if you're serious about LATAM.

No school this year went to work at a startup in Brasil -- BTg as in beat the GMAT? Why?

    • 1
Feb 16, 2013

I look at this number and I say wow things have changed. What ever happened to yuppie culture, BMW's and designer clothes? 70k might pay the rent and some groceries not much more after taxes.

Feb 16, 2013

Good thread so far.
What is the difference between capital advisor, wealth advisor and banker ?
I suppose that there is people specialised in advising clients on tax issues, do they have a law degree or do they come from the analysts pool ?

Feb 13, 2013
TheSquale:

Good thread so far.
What is the difference between capital advisor, wealth advisor and banker ?
I suppose that there is people specialised in advising clients on tax issues, do they have a law degree or do they come from the analysts pool ?

Capital advisor focuses on lending. Banker is the relationship manager and they are the ones who bring in the clients. The wealth advisor is the person who advises on estate planning on that stuff.

Most wealth advisors are former tax attorneys, while most capital advisors I know started off in a similar lending role on the commercial side.

I would agree with you, but then we'd both be wrong.

    • 2
Feb 16, 2013
rogersterling59:
TheSquale:

Good thread so far.
What is the difference between capital advisor, wealth advisor and banker ?
I suppose that there is people specialised in advising clients on tax issues, do they have a law degree or do they come from the analysts pool ?

Capital advisor focuses on lending. Banker is the relationship manager and they are the ones who bring in the clients. The wealth advisor is the person who advises on estate planning on that stuff.

Most wealth advisors are former tax attorneys, while most capital advisors I know started off in a similar lending role on the commercial side.

Thank you.

Feb 16, 2013

Wow! Thanks a lot for all of that info Roger Sterling! I truly did not expect to get such a thorough response and I'm really surprised at how much my first thread on WSO took off!

If you could help me with one other question I'd appreciate it immensely. If I'm preparing for an SA gig with JPM PB, how should I go about preparing myself for the work? Should I spend my weekends improving my Excel and PowerPoint proficiency and studying the markets? Or should I be doing something else?

Also, does JPM bring back most of their SAs for full time or do only a few stand-out guys/gals get the full time offer among the summer class?

Be a good person and leave the world a better place than the one you were born into.

Jan 22, 2016

@noblehouse - I know people who went through the program and the best things to prepare (that you can control) are reading financial publications such as the FT, Bloomberg, Barron's to get knowledgeable about the markets and different macro themes. As crazy as it may sound, practice giving a mini market pitch out loud or in front of a mirror. Presentation and concisely articulating markets/complex ideas goes much farther in the PB. Hope this helps

Feb 16, 2013

With the recent decline of investment banking bonus, now the all-in annual take home of IB analysists and associates are almost similiar to same positions at MBB.

    • 1
Feb 17, 2013

Great Post! Thank you so much rogersterling. I'm wondering if GS has the same compensation structure like JPM?

    • 1
Feb 16, 2013
Fredericdi:

Great Post! Thank you so much rogersterling. I'm wondering if GS has the same compensation structure like JPM?

I can't speak with certainty, and I'm sure someone more knowledgeable than I can confirm/refute this, but I would imagine that GS compensation structure is very different from JPM only because they operate on commission, rather than the salary + bonus structure employed by JPM. After the analyst period, they wean you off of salary and you gradually move toward a more commission based compensation structure.

Be a good person and leave the world a better place than the one you were born into.

Feb 17, 2013
noblehouse:
Fredericdi:

Great Post! Thank you so much rogersterling. I'm wondering if GS has the same compensation structure like JPM?

I can't speak with certainty, and I'm sure someone more knowledgeable than I can confirm/refute this, but I would imagine that GS compensation structure is very different from JPM only because they operate on commission, rather than the salary + bonus structure employed by JPM. After the analyst period, they wean you off of salary and you gradually move toward a more commission based compensation structure.

So, for analysts period, do they have same compensation structure?

    • 1
Feb 17, 2013

Can anyone provide more insight into the solutions group. Is it sales and trading coverage for PB and JPM Securities wealth management clients. Similar to the MSWM capital markets group?

Feb 13, 2013
Mimbs:

Can anyone provide more insight into the solutions group. Is it sales and trading coverage for PB and JPM Securities wealth management clients. Similar to the MSWM capital markets group?

Solutions group only refers to the PB. They process the trading orders for the intergrated teams thoughout the country.

JPM Securities line of wealth management refers to the legacy Bear Sterns business, which is set up as a brokerage/wire house model and has no contact or affiliations with PB

I would agree with you, but then we'd both be wrong.

    • 1
Feb 17, 2013

So the solutions team is strictly execution trading? Do they pitch trades to the integrated teams? Do they provide market updates?

Mar 29, 2013

not true, the trading desks + alts/long-only diligence group cover JPMS. the desks have a substantial part of their flow coming from JPMS because of the brokerage nature of a lot of JPMS clients

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Feb 16, 2013

I'm not sure. Hopefully someone here can answer that.

Be a good person and leave the world a better place than the one you were born into.

Feb 13, 2013

GS also has the wealth management professionals and the financial investment professionals which are a bit diff -- the FI is like the investor and WMP is like the banker track... i think its closer to that commission model after a while too

    • 1
Feb 16, 2013

I hope RogerSterling will be visiting this thread again soon. He was a fountain of information.

Be a good person and leave the world a better place than the one you were born into.

Feb 16, 2013

I am shamelessly writing this post to garner a measly 1 banana point so I can utilize the private message function.

Be a good person and leave the world a better place than the one you were born into.

    • 5
Feb 13, 2013

silver banana for starting the thread and getting it up and going :) welcome to wso

    • 2
Feb 16, 2013
shorttheworld:

silver banana for starting the thread and getting it up and going :) welcome to wso

Thanks ShortTheWorld!

Be a good person and leave the world a better place than the one you were born into.

Feb 19, 2013

I created an account so that i could post a comment....GREAT POST/Comments. Still remember back in the days when i was trying to get into PB, there was literally no substantial information anywhere on thr web. Thanks OP and roger!

Feb 16, 2013

Can the bonus ever reach 100% or more of your base salary?

Feb 13, 2013
xmasboy:

Can the bonus ever reach 100% or more of your base salary?

Yea. Certainly not at an Analyst or Associate level.

Feb 20, 2013

GREAT POST AND THREAD

I'm preparing for a career change and I wonder if anyone has insight in to how they view prospective career changers. I have been in Hospitality for several years now, but hold a BS in Economics and took elective level Econometrics. I am also adept in Excel - MOS Master level.

Thanks,

Feb 20, 2013

Just got hired last week into a Summer Analyst role with JP's Private Bank. I'll be out west in a regional office and I'm very excited for the opportunity. Turned down an offer with Goldman in their Finance division, so hopefully I made the right choice. I'll be sure to keep up with this thread as my internship progresses this summer.

Feb 13, 2013

Any word about the base moving to $75k? I had heard this idea being tossed around.

Feb 25, 2013

Any idea on what the exit opps / bonus structure is like on the solutions team? thanks in advance

Feb 16, 2013

So is the IB bonus really shrinking very fast these days? What percentage of your salary is your typical bonus?

Mar 1, 2013

Sorry for any ignorance, but why is PB compensation/salary similar to IBD? The hours seem shorter too. Does it come down to exit opps/prestige then?

Feb 13, 2013
Mr.Saxman:

Sorry for any ignorance, but why is PB compensation/salary similar to IBD? The hours seem shorter too. Does it come down to exit opps/prestige then?

Base is similar, bonus is less. You have to offer the same base as IBD or else you couldn't recruit equivalent talent.

I would agree with you, but then we'd both be wrong.

Feb 13, 2013

Solutions team sounds more like the product associates then?

Mar 21, 2013

I've been a corporate lawyer (M&A, private placements and general corporate) for the past three years. Does anyone have a sense of: 1) where I would start in PWM (e.g. the bottom or not) and 2) whether law degrees and corporate law experience is valuable to any significant degree?

Is it worthwhile to go out and get your CFA before applying?

Thanks!

Mar 22, 2013
CRPMA:

I've been a corporate lawyer (M&A, private placements and general corporate) for the past three years. Does anyone have a sense of: 1) where I would start in PWM (e.g. the bottom or not) and 2) whether law degrees and corporate law experience is valuable to any significant degree?

Is it worthwhile to go out and get your CFA before applying?

Thanks!

Taking time off to get your entire CFA before applying will just waste time that could be spent working and gaining experience.

Just study for your CFA while job hunting/working.

Apr 16, 2013

Do you see lateral moves from PWM shops such as ML/UBS? What type of positions would be available?

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Feb 13, 2013

Does anyone have any info to share about the JPM PB Advice Lab?

Apr 23, 2013

Great thread - very informative.

But what about the exit opps from PWM/PB?

"Banking institutions are more dangerous... than standing armies." - TJ

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Apr 24, 2013

bump

Apr 25, 2013

The salary starts to differ a lot in your 2nd and 3rd year as an analyst when comparing PB/IBD. Also exit opps are completely different coming from PB instead of IBD.

Jun 12, 2013

Does anyone have info about compensation at the JPM Geneva office?

Jul 4, 2013
Zuckerberg:

Does anyone have any info to share about the JPM PB Advice Lab?

Anything in particular you want to know? They frequently come out with white papers on timely topics. Lots of commentary recently around hear end in tax planning strategies and tax laws that could be changing. Feel free to some follow up questions and I can provide better detail.

Feb 13, 2013

@amoeba.. .I have no idea about tech roles. Wish I had more info but that is completely out of my realm

I would agree with you, but then we'd both be wrong.

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Nov 5, 2013

This was incredibly helpful- thanks rogersterling especially.

Nov 13, 2013

Rogersterling is spot on.

I started as a banking analyst and stupidly turned down the opportunity to be the investor analyst. I realized later that the investor analyst (in my office) worked much less hours than the banker analysts. Our investor analyst started at 5:45 am and usually left around 6....with little variation. The banker analysts worked 6:15am - anywhere from 7-10pm, 7pm if there was little work, 8pm if there was lots of work but not too much, 9pm if there was a sh*tload of work, and 10pm+ when you are swamped.

This is west coast hours. The investor analyst was in 30 mins early which made all the other analysts (myself included) thinking it was worse, but this analyst was able to leave MUCH earlier consistently, because the work was more market dependent, in terms of timing.

Feb 13, 2013

This is very accurate... I'm now in my second year and I moved to the investment analyst seat at the end of the summer. Work is harder/stressful because everything tends to be a fire drill, but it is also more interesting/rewarding and I leave much earlier than I used to

I would agree with you, but then we'd both be wrong.

Mar 19, 2014

What about VPs and Above? Are they working the same hours as Investor Analysts or Banker Analysts?

Jan 27, 2014

How are first year analysts chosen between the banker, investor, or solutions roles? Can analysts ask for a switch after say a year? Thanks

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Sep 13, 2014

Since your extremely knowledgeable about this position, Do you think the wsj article about pay hikes for analysts would include the PB or only the IB

Feb 13, 2013

@AcctNerd VPs and above tend to get in around 7:30 and leave around 5:30 or 6 most nights. Some work later, but they are in the minority

@washredskinsfan you either interview for a solutions role or an integrated team role. If you interview for integrate team and get the job, then 95% of the time you will start as a banking analyst. Because there are a lot more banking analysts than investment analysts, the investment analysts usually don't move to that seat until their 2nd or 3rd year, depending on when a senior analyst moves on and a seat opens up

I would agree with you, but then we'd both be wrong.

Jan 27, 2014

Thanks for the answer. Quick question, how many suits and ties would you recommend for a PB first year analyst? Also, I know analysts should be proficient with Excel but what about Powerpoint? Thanks!

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Feb 13, 2013

I think for my first year I rotated through 3 suits, had 6-7 shirts, and 10 ties. You could easily get away with 5 shirts if they are all non-irons. I probably rotated through the same 5-6 ties the most, the rest were gifts I got over the years.

And yes, you should know PPT, but it's incredibly easy to learn, so I wouldn't worry too much about that.

I would agree with you, but then we'd both be wrong.

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Mar 1, 2014

RogerSterling, would you be able to comment on experienced hires lateraling into PB? I've spent 2.5 years in management consulting and am looking into JPM's PB career track, but am unsure how an experienced candidate would be perceived.

If I even broke into the gig, would I be subject to the same three-year 'requirement' before being considered for the Associate role? Would my past experience count for anything?

Appreciate all the input you've provided so far!

Feb 13, 2013

Rana I'd definitely say work on getting your series 66 since its self sponsored and can show initiative but even still a lot of teams will want people with both 7 and 66 for quick on boarding.

Also -- from my experience, JPM and Wells PB seem to have the most similar group structure with defined roles and levels of position and compensation, while at GS / UBS / MS the titles and tasks vary-- Goldman has financial investment professionals and wealth management professionals, UBS wealth strategy associates and client service associates, MS has sales associates and I forgot the other name... But the titles and roles are very fluid and depend greatly on the teams. One group may want you more for client service or prospecting while another may want you to do a deep dive on alternative investments and portfolio management . wells has investment management specialists as well for their name.. Citi investment counselor and the same for HSBC as well. BAML is segmented from independent producer to more team based in the private bank and us trust divisions I believe.

Other names to Check out- glenmede, Brown Brothers Harriman, hirtle Callaghan, hall capital, and look at the investment consulting shops too if you're interested in the client portfolio management side of things... Callan, Wilshire, and Cambridge Associates

Apr 9, 2014

Rogersterling59: I am active duty Special Forces and I'm ooking to transition at the end of the year. I have had very positive talks with JP Morgan PB and I want to prepare as best as I can for interviews. What can I read, study, learn for the JP Morgan PB interview process? I am new to WSO, I tried sending you a PM but I do not have banana points or something.

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Apr 9, 2014
Transition_Vet:

Rogersterling59: I am active duty Special Forces and I'm ooking to transition at the end of the year. I have had very positive talks with JP Morgan PB and I want to prepare as best as I can for interviews. What can I read, study, learn for the JP Morgan PB interview process? I am new to WSO, I tried sending you a PM but I do not have banana points or something.

send me a PM. I am a vet myself and might be able to help. Also, want to see who you have been talking to at the PB as I know a few people there.

Feb 13, 2013

Read up on any financial news that you can, and make sure you can talk about what has been happening in the broad markets lately. You will get a lot more fit questions than hardcore technicals. And no technicals will do a huge deep dive on any specific asset class or market. When I interviewed, most of the questions were very broad, and then I tied it back as to how the various assets classes made a well-diversified portfolio. If you can get enough banana points, PM me for more specific details. I'll toss you an SB to help

I would agree with you, but then we'd both be wrong.

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Apr 9, 2014

Ok thanks. I'll send you a PM when I get more banana points.

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Sep 13, 2014

How is the training? I heard its about a month long with the last week being for series 7. Any insight on how to prepare?

Nov 13, 2013

Training was 7 weeks when I was there. Prepare for training? That's what training is. Only preparation would be getting your clothes together. Training was business casual most days and a handful of suit days.

Sep 3, 2014

In the private bank world, does a CFA stands out more than a MBA?

Nov 13, 2013

Not necessarily. CFA is good, but when you have the name of a bigger shop CFA is needed less. It is looked well upon though. It would be hard to say. More important question is which one will help you get more clients in the future.

Sep 17, 2014

This is one of the most helpful topics I've seen on WSO, rogersterling59 is the man.

Oct 27, 2014

Extremely useful thread. Thanks Rogersterling and others that contributed.

Feb 13, 2013

I heard rumors that some restructuring is going on at the private bank and thus why a lot of summers didn't get return offers - anyone have insight to this

Oct 28, 2014

As of now, they're not doing full-time ocr at b-schools, which is unusual for them. Most of the interns at my school did not get offers either. However, there are rumors that they will post jobs in November.

Nov 1, 2014

.

Oct 27, 2014

With regards to a team I'm familiar with, they are recruiting for 2-3 analysts. This is a team in Latam though.

Mar 20, 2015

Thank you for all of the valuable information!

Mar 21, 2015

What's a typical day for a summer analyst? Hows the lifestyle for the summer and hours?

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Mar 22, 2015

I have recently gone through the superday for the summer analyst role in a southern division and am still waiting to hear back. (Should be tonight or tomorrow.) I figured I'd share the limited information I have gained from the experience, although it has been discussed before.

JPM PB is broken into three units: the Emerging High Net Worth ($1M - $10M), High Net Worth ($10M- $25M) and Ultra HNW ($25M + $100M+) though there are grey areas of overlap. The associates and analysts could theoretically cover all the divisions, but they focus only on one because someone in EHNW has a different agenda (i.e. retirement) than someone in the UHNW category (i.e. preservation for future generations.)

There are also two private banking teams: the Solutions Team and the Integrated Team. The Solutions Team is located solely in New York and the Integrated Teams are located at each regional division. The Solutions Team are "the guys with the Harvard degrees that tell me what to do," said the Vice President that was interviewing me. They gather market data and design the products which the integrated teams will implement.

This information is funneled down to the regional integrated teams via a daily "Morning Call." During this call the market trends and focus of the firm is communicated and there is the occasional Jamie Dimon and Mary Erdoes cameo.

The analyst I spoke with during interviews said he covers three regional divisions and does a fair bit of traveling. He said he loved his job because there is always something new going on and that he is constantly on his toes with little downtime. He said "I can be at work all day and then realize that it's time to go home, never realizing that I'd worked all day."

Obviously, because it was an interview, I didn't ask about hours or pay, but the post by rogersterling59 seems legit.

The whole shabang started with a 15 minute phone screening consisting of 80% behavioral/fit and 20% market questions. Then I found out 2 weeks later that was selected for the superday. Superday consisted of two, 2:1 interviews and they were the most laid back and conversational interviews I have ever been a part of. 100% behavioral and fit and very conversational.

Hope this helps. If my stars align, I'll be selected for the intern position and will fill y'all in as I go along.

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Dec 2, 2016

My experience with the SA superday at JPM this cycle was similar, except the superday was more intense. I had 6 2:1 interviews, but they were still super relaxed and not threatening.

Mar 22, 2015

Received the offer. Couldn't be more thankful.

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Feb 13, 2013

Update - FT analyst pay went from 70/80/90 to 85/90/95. Congrats on the offer.

I would agree with you, but then we'd both be wrong.

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Feb 13, 2013
rogersterling59:

Update - FT analyst pay went from 70/80/90 to 85/90/95. Congrats on the offer.

Associate pay steady ?

Mar 22, 2015
rogersterling59:

Update - FT analyst pay went from 70/80/90 to 85/90/95. Congrats on the offer.

Thank you. I appreciate that.

Also, is the pay increase just for the solutions team or for integrated teams as well? Does that include year-end bonus, or would it be 85/90/95 + bonus?

Apr 3, 2015

Is the bonus still 10k for first year

Apr 17, 2015

Congrats! I received my summer offer for JPM PB (NYC) back in February. I'm definitely looking forward to the summer.

I've heard such mixed things about FT offers in the fall--keeping my fingers crossed.

Breaking printers since 1999

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Mar 22, 2015
Walter Ray:

Congrats! I received my summer offer for JPM PB (NYC) back in February. I'm definitely looking forward to the summer.

I've heard such mixed things about FT offers in the fall--keeping my fingers crossed.

Thank you and congrats as well! I'm not sure how the solutions and integrated teams differ in terms of full-time offer rates, but I've heard that there is normally a good chance. I think I may have gotten a little lucky because my branch is doubling its AUM this year and is in need of more analysts. Looking forward to meeting you in NYC this summer at orientation.

Mar 8, 2015

rogersterling59: I came across an opening for Business Management Analyst/Associate in JPM's PB in one of the regional office, think (SF/LA). Is that equivalent to FT Analyst/Associate in terms of responsibilities? or is it something totally different?

Feb 13, 2013

Responsibilities will be different because you would be supporting senior people in the running of the business. You wouldn't be a true front office client facing person. Base pay should be the same.

I would agree with you, but then we'd both be wrong.

Apr 3, 2015

rogersterling59 - PM'd you when you get the chance. Thanks again for keeping this thread and continuing to contribute with so much detail.

"Now go get your f'n shinebox!"

Feb 13, 2013

Does anyone know if there is a PB branch in Dallas?

May 26, 2015

Anyone here for 2015 entry, joining the New York training around July?

Oct 27, 2014

I'm coming in as a second year, and do not have confirmation if i'm attending the training.

May 26, 2015

Something came up and so I can no longer attend the training in July. Heard there is a shortened training in February for off-cycle hires though.

Jun 7, 2015

I'm an incoming 2015 PB analyst and will be attending training in July.

Jun 5, 2015

What's a exit opportunity for Jp PB investor desk? Hedge fund , asset managment?

Jun 28, 2015

Not to veer too off the tracker, but are you allowed to take your book with you if you move from 1 bank to another?

Feb 13, 2013
Ion26:

Not to veer too off the tracker, but are you allowed to take your book with you if you move from 1 bank to another?

Nope. At JPM the clients are the banks clients not yours

Apr 16, 2013
shorttheworld:

Ion26: Not to veer too off the tracker, but are you allowed to take your book with you if you move from 1 bank to another?

Nope. At JPM the clients are the banks clients not yours

I kind of disagree here, though the contract you sign with JPM may state they are the banks clients, you can't bring them for X amount of time, required a garden leave etc etc the clients always go where they want to go. Every PB/PWM firm i have been with always states they are clients of the bank, but it in the end it never works that way. I know JPM PB has been losing a bunch of people to UBS, MS, ML and they seem to have no issues bringing clients over.

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Jun 28, 2015

Anyone work in JPMorgan PB in downtown Dallas? 100CC?

Jul 29, 2015

I may have missed it, but what do the exit opportunities look like for analysts and associates?

Jul 30, 2015
jcgtrader:

I may have missed it, but what do the exit opportunities look like for analysts and associates?

Bump. Really curious to hear about this; from my understanding, it's viewed as a bad thing to leave before/at AAC because you'd have worked on a book for nothing. At the same time, I've heard of many analysts leaving at AAC for other programs. What types of opportunities exist at that level in the PB?

The safest way to double your money is to fold it over twice and put it in your pocket.

Sep 30, 2015

bump. curious about the exit opps from PB/PWM for associates

Go Heels

Oct 14, 2015

another bump...also curious about exit opps, in particular top MBA programs. I know JPM PB is basically the gold standard in the industry, but what about Citi PB?

Oct 24, 2015

whats my chances of getting into the analyst program? I'm current 31 and have been at a BB Ops position for 2 yrs. Im from a non target and basically seems pretty grim as i'm going up against literally, kids 10 yrs younger. Has anyone working at JP PB see older 1st yr analysts? or is it a lost cause?

Nov 29, 2015

bump, also interested in exit ops, specifically top MBA programs. Getting ready to attend final round superdays for SA PB roles for JPM Dallas, and GS in both Dallas and Houston. Any insight would be appreciated

Dec 5, 2015

I have been at a small RIA as an investment analyst for 6 years and currently going for my MBA at a non target/not m7 school. I'd like to work for JPM PB.

Two questions: 1) is it difficult to land a job at JPM PB without a world recognized finance firm on your resume after you are beyond entry level? 2) Do you think a better fit would be an analyst or associate role with my experience--age 28?

Dec 17, 2015
undefined:

I have been at a small RIA as an investment analyst for 6 years and currently going for my MBA at a non target/not m7 school. I'd like to work for JPM PB.

Two questions: 1) is it difficult to land a job at JPM PB without a world recognized finance firm on your resume after you are beyond entry level? 2) Do you think a better fit would be an analyst or associate role with my experience--age 28?

Dbaseball - your profile seems in line with other JPM PB associates. Considering your 6 years of experience, you would definitely be a better fit for the associate role. There are plenty of non-target hires but more often in the regional offices.

I'm not sure if you're a first or second year MBA but the summer associate internship program is the most likely way in. Interviews and offers are happening now for MBA interns so you should connect with a recruiter/banker/office and apply ASAP. If you missed the boat for the summer then full-time will be almost purely a networking game (just like the job). Find an associate or VP (or two) in your target office and let them know you're interested.

Comp confirmation:
$125k annualized for 10 week summer program + travel & housing stipend
$125k base for full-time offers
$40-60k signing bonus (including relocation)

Source: Full-time associate hire through summer MBA program

Apr 16, 2013

Are you a banker or investor?

Dec 5, 2015

Thanks a lot, Gamba. Very insightful post--exactly what I was looking for. I'm a first year MBA, so perhaps this time next year/little earlier I'll shoot for the upcoming summer program.

Nov 5, 2013

Gamba - given the $125k base for full-time post-MBA offers, any ballpark estimates of what comp progression is like through VP?

Nov 5, 2013

Gamba - any idea what all-in comp is like for Associates? Interesting they match IBD base and signing out of MBA, clearly they are making a push for talent and those numbers are great, but curious what the bonus is in relation to that.

Mar 22, 2015

Do you get the signing bonus through A2A as well?

Dec 23, 2015

Hate to hijack this, but didn't know where else to post.

Going to start a PB Gig at a Top Tier BB in Asia, after just having graduated from a Top 3 US Public School. Working as an Investment Strategist on a team where I was told that my role would be working on mostly global macro research. If I were to leave after a few years, perhaps to the US, how feasible would it be for me to move laterally to somewhere like JPM or a Global Macro HF?

Dec 24, 2015

I'm just curious to see what some of you guys at the big banks think of my future opportunities. I started at a Big 4 in a risk position, completed the CPA test, and realized I was in the wrong line of work so I decided to leave after 2 years. For the past year, I have been working for a small firm where my duties include mostly tax and accounting work, but I also assist on some planning and admin duties for our RIA. I am not involved directly in the Asset Management duties at this point and am not sure I will get the chance anytime soon.

With that in mind, if I run out of growth room here or grow restless, would I have the background to make a move into a big bank in those various positions? Within the next year I should be a fully licensed CPA. I am currently learning the CFP material in my free time, but would the CFP or CFA make me more competitive?

Feb 13, 2013
BullRunKid:

I'm just curious to see what some of you guys at the big banks think of my future opportunities. I started at a Big 4 in a risk position, completed the CPA test, and realized I was in the wrong line of work so I decided to leave after 2 years. For the past year, I have been working for a small firm where my duties include mostly tax and accounting work, but I also assist on some planning and admin duties for our RIA. I am not involved directly in the Asset Management duties at this point and am not sure I will get the chance anytime soon.

With that in mind, if I run out of growth room here or grow restless, would I have the background to make a move into a big bank in those various positions? Within the next year I should be a fully licensed CPA. I am currently learning the CFP material in my free time, but would the CFP or CFA make me more competitive?

CFA if you want market investment strategy stuff , cfp if you want more planning

Dec 29, 2015

Does anyone have any insight on the GS PWM summer associate program? I will be interviewing in 2 weeks.
Any information would be greatly appreciated.

Jan 3, 2016

Anyone starting in 2016 with the NY training?

Jan 6, 2016

I'll be starting in summer 2016 doing the NY training!

Jan 9, 2016

Likewise!!

Jan 7, 2016

I'm currently at a BB bank in a coverage IBD group. I'm a first year analyst and I really don't like investment banking. I hate the hours and the tedious work and I don't think I want to do PE anymore. I'm thinking of trying to transition to PB at my bank.
Does anyone know how possible that may be?

Jan 3, 2016

Which offices?

Jan 19, 2016

Where do trust companies (U.S. Trust and Northern) fit in? I assume comp is lower at all levels due to culture. Is it easy to move to say JPM from these firms?

Jan 23, 2016

No idea about comp at these firms, sorry.

Moving to JPM from NT, I have seen it but not in front office position: RM, Special Ops project teams, Product Management definitely. Remember these divisions do have very decent comp nowadays.

Dec 5, 2015

Curious of Odysseus's question as well, "Where do trust companies (U.S. Trust and Northern) fit in? I assume comp is lower at all levels due to culture. Is it easy to move to say JPM from these firms?"

Jan 22, 2016

In response to people asking about exit ops: two common routes people take are analyst to associate or going to get their MBA. JPM understands the fit is not for everyone and is super supportive of people going to pursue an MBA. I know of one person who went to Columbia after their time as an analyst and that was strongly supported by the office as it was the right fit for that person. This could depend on the office though.

Confirmation - first year analyst is 75k with 10k signing.

I am curious about bonus structure for JPM PB during analyst years?

Oct 27, 2014

Bonus for 1st year is set. 2nd and 3rd year depends on your rating and where you rank against your analyst class. I'd say a safe range of $10k to $30k

Jan 23, 2016

Just checking in - I have been promoted VP early 2015. Well rated.
Working as an Investor at JPM PB outside the US.
Comp is USD based, for this year, it is great - in the future, non-USD employees will suffer I am sure.
Base is relatively low at 125k USD.
Bonus was 140k USD, of which 30k USD of stocks vesting in 2 years for 50%, 3 years for the other half.

Please let me know if you have questions about the role.

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Sep 6, 2016

Thanks. I've been recently hired as an associate investor in Europe. 72k EUR + some perks. No idea what kind of bonus and raise I should be expecting coming next February. Could you provide some guidance on that?

Mar 20, 2016

Curious if anyone knows any numbers on 1st year vp salary+bonus?