I am a post MBA from a top 3 school. Graduated in 2010, and I have 7+ years of strong management experience. I quit my post MBA job because it was terrible, and I have been applying tojobs for the last two or three months. I have gotten some hits, but I got one call from someone in the project management arm of Private Bank. It was a good phone interview, and she also said she would pass me on to person B who also had another position available.
I then got a call from person B, an office manager in the Private Bank who said the position was directly in a <span class='keyword_link'><a href="/finance-dictionary/what-is-private-banking-PB">private banking</a></span> role, so I assumed I was looking at the standard private wealth associate position, a common post <abbr title="Masters in Business Administration">mba</abbr> job (correct?). Interview was pretty good.
Then later that night I got a call from an MD in person B's group who wanted to tell me more about the position. He called it a 'client service administrator,' said it was part of a new group they are building, and said that it would mostly be mundane prospecting. Then, get this, he said the salary would be about 30k, but that I would get a piece of any business I brought in. He said he know that I had a great resume, but that I would also know that there would be tremendous upside, and that, if I did the job for a year or two, I could grow into other positions. How does this happen?! I know the market is bad, but since <span class='keyword_link'><a href="/company/jpmorgan-chase">when did <abbr title="JP Morgan">JPM</abbr></a></span> become AFLAC. Also, correct me if I am wrong, I was under the impression that there was minimal prospecting required for $50+ million clients. Also, the MD's linkedin profile says <abbr title="JP Morgan">JP</abbr> Morgan Securities. Isn't this the retail arm?
Can someone tell me what is going on here? I would absolutely consider the project management position, or a standard private bank associate position, but I was pretty frigging insulted when I heard about the base being 1/4 my previous base. That barely covers student loans. How does this happen at JPM? They want me to come in next week to meet the group.