private banking

Hello everyone! I just finished my superday last week and got an offer call this week. Have been hearing that JPM overhires summer analysts and the conversion rate to full-time analysts is low. I'm just wondering how accurate this statement is in the private banking division. Any thoughts would be appreciated;).

27 Oct 2021

Once and for all - Here is the best guidebook I can give you for PWM/PB at the Associate level. Enjoy and show me some love... 1.1 What is Private Wealth Management? 1.2 Who is a High Net Worth Investor? 1.3 Industry Today 1.4 Career Paths within Private Wealth Management 1.5 How to Build a Book 1.6 Training and Placement 1.7 Incentive structure 2 Main Private Wealth Management Programs and Recruiters 2.1 JPMorgan 2.2 Goldman Sachs 2.3 Credit Suisse 3 Recruiting and Interview Process 4 Useful Resources and Interview Questions 4.1 Industry Research 4.2 Sample PWM Interview Questions 1.1 What is Private Wealth Management?

23 Mar 2019

Hi everyone! I'm applying to summer internships next year and thought it might be useful for me and others to find out which divisions are the most difficult to get into. What do you think? The divisions (randomised) are... - Risk Management - Asset Management - Compliance - Private Banking/Wealth Management - Equity Research - Corporate Banking - Sales and Trading - Investment Banking Looking forward to your responses!

13 Mar 2021

There was a post talking about how JPM has their AM groups split into three types of people. The title of the post is "Private Wealth Management/Private Banking guide for associates". One of the types of people was a Private Banker: a person who "focuses on new business acquisition and on maintaining existing client relationships." Can anyone expand on this? How to get in? Are there internships?Comp/Hours/Lifestyle? Do any other banks or AM places do this?

26 Aug 2020

Hi everyone! :) I am a Spanish graduate student attending an Ivy League university in the US (think Wharton/Columbia/Yale) studying finance and economics. I know I want to work in the Buy Side but I am still unsure if I should do AM or PB. I appreciate work/life balance and I would like to work in EU (UK/ Spain/ Switzerland) after graduation. I have two interesting offers for this summer and both have pros and cons, so I am not sure which one to choose, given that both want me to intern with them on July-August. The positions and characteristics are the following: 1. Dodge & Cox -

26 Jan 2021

Hey Everyone.. I have finally joined WSO after years of lurking... hoping some of you can help put me in the right direction. I started my career different. I saw so many friends go to university and graduate with a finance degree only to go work at some retail company making minimum wage. I didn't want that. I went into banking as a teller and worked much way up to a relationship manager for Citi working with clients from $250k net worth to $10m net worth. I keep a close relationship with PWM and focus on investments and wealth management as well as some lending. Anyways, I'm 23 years old and

01 Jan 2019

Had received offer for Corporate Banking and Private Banking (combined) spring week at Barclays. They cancelled due to corona and will start fasttracking around June. They're first going to give us an online session to learn more about each division to help us decide which we want to be interviewed for, but I was curious about some vain-ass shit and was wondering if anyone could tell me if my conceptions are wrong! In my mind: Corporate Banking: + More "deals" / IBD vibe -- does CB work closely with IBD on every deal? - Harder lifestyle/hours -- how many in London? + More "clout" - More $$

14 Apr 2020

Can someone explain this job to me? They're sales, arent they? Essentially, investment specialists pitching products to clients based on products from solutions team. Lifestyle, salary & actual job requirements? Is this an admin job? or an advisory job?

19 Apr 2021

Hi all, As a Junior I'm a little confused as to how one gets into private banking. This past summer (sophomore summer) I did an internship at a private wealth management firm. To clarify, a small firm that managed around 120MM with client portfolios starting at $250,000. I learned a lot and found the work stimulating but I couldn't picture doing it long term. The strategies used were very redundant. Mostly long-term conservative growth. ETF's, broad based mutual funds, and municipal bonds comprised the majority of client's portfolios. There were only 3-4 clients who actually had money invested in individual corporations.

13 Sep 2009

Has anyone attended a superday for Private Banking at JP Morgan? I have one coming up and would greatly appreciate any help. Questions asked? How many interviews? Which location? Overview of the Private Banking JPM Super Day Interview The interview will likely be 6 interviews. According to our users, the JPM Private Banking super day will consist of mostly fit and behavioral interviews. You should plan to know the following: Know the stock price and CEO Understand some basic market dynamics and have a market outlook Why You? Why Private Banking? What area of PB do you want to work in? Also you

19 May 2018

Hey y'all!! I wanted to ask about breaking out of management consulting in the financial services industry, and transitioning into a private wealth management/private banking role. Generally on my background: *Consulting sales experience *Solid network of HNW individuals *Speaks Mandarin and German *No Series 7 *Great people skills I've really loved working in the financial services industry, but have never provided investment advice, although have worked directly on sales and client campaigning at the MC firm (big 4). Strong personal network of HNW individuals and some UHNW individuals. I'm

13 Oct 2017

It seems like PB entry level comp is in-line with other careers in finance (no need to tell me it is not as high as IB etc.). What do the VP+ levels make? From my point of view, I do not see why they would start an analyst at 70k +10k bonus, and pay a VP Portfolio Manager 100K + 20k bonus. So I am assuming all in VP level is more $200-300k, with MDs between $300k-3MM, dependant of course on a lot of factors. Can anyone shed some light on senior comp?

05 Mar 2011

Hi everyone, I work in London in a US BB bank in private banking as an Investment Advisor. I've joined on a grad scheme in 2011 from a target school. Unfortunately I have entered PB relatively randomly and I definitely crave for an institutional role. I understand that 3/4 years down the road my options are relatively limited and that Asset Management is probably the best shot. Unfortunately my bank doesn't have an AM arm hence I'm looking on how to join a competitor's arm (clearly GS or JP would be my favourites but I'm certainly not that picky:). I have tried to find AM headhunters but didn't have much luck (all my friends are either in S&T or M&A hence their contacts weren't of much help).

01 Mar 2015

I just started my internship in corporate/investment banking at a MM in NY and although its early, I don't believe this is the right path for me. I've started looking into for full-time roles in asset managementas I like the structure of these programs more. Does anyone have any knowledge on AM full-time recruiting (how hard it is, how many spots are typically left over from prior versus IBD/ other banking roles, and if my banking background would help my prospects? Ideally, I'd work at an AM or PB arms of BB's (JPM, BAML etc) but I'm also open to working at AM firms like BlackRock, Fidelity

30 May 2016

Hello, I'm working in secondary private equity as a second year analyst on middle office team, doing investor reporting, preparing fundraising and marketing materials, and preparing presentations for senior management. I recently interviewed with JP Morgan Private Bank in Miami and they're extending an offer to me to join the team as a second year analyst. In terms of salary, it will be slightly higher than what I'm making right now. In this role I will get client interactions, which I didn't and probably never will in my current job, and will learn about the markets. As I'm thinking this over

06 Aug 2021

Hello , First time poster. How hard would it be to switch from the private banking ultra high net worth division of a BB to the investment banking division? Is it doable? I have used the search function for this question but I have not found any clear answers. Thank you in advance, Big B.

11 Aug 2010

So this is kind of old school. I'm currently a consultant (3yrs out of college) performing macro analysis for capital markets and corporate strat guys. My fiance's father is a BB wealth manager in NY, generally managing ultra-high net worth families and VIP accounts like foreign royalty and the like. He has $2B AUM and growing as that sector consolidates; he'd like to teach me to take over his book and run the office, keeping things in the family. This seems like an extraordinary opportunity, both financially and from a relationship-building perspective, but I'm afraid I'll get bored if too much of the work amounts to financial planning while we farm out the real investment analysis/trading. I'm assuming his office isn't aggressive on the latter since the 3-4 underlings generally have financial planning backgrounds. I've always wanted to do institutional AM and receive the training/brand name in addition to more stimulating work, but this PWM opportunity seems more directly lucrative and perhaps more entrepreneurial.

12 May 2010

I'm looking into a Private Banking Analyst position at J.P. Morgan. I'm a senior at a semi-target, and I've worked in PWM before. I'm curious to know: -How does private banking differ from general wealth management (besides just the pure dollar amount needed to be a client)? - How actually "analytical" would an analyst position in private banking be? Would I be "supporting" higher-ups or selling more often than managing asset allocation, running performance reviews, and generally staring at Excel? - Would this be a good transferable position into other areas of Asset Management (i.e. portfolio management, hedge funds, institutional fund/mutual fund management)? Thanks

23 Sep 2011

Hello, I am starting a full time Analyst position in NYC this summer at a BB Private Bank. I know that I will need to take the Series 7 and pass. When will I need to take the exam (ie. within a few months of my start date)? Can I take it before I start my position? Am I supposed to be "sponsored" or anything like that (I thought someone mentioned something like that to me)? Also, will I need to take the Series 63? I know HR will tell me everything I need to know soon, enough. I'm just hoping to get a leg up now that I'm taking an easy course load second semester. Thanks very much for your help

30 Jan 2011

Hi, I am an undergraduate student considering going into Private Banking. So far there seems to be a dearth of information about that field scattered throughout the site. Here are my questions, I would appreciate if someone could answer them.

07 Sep 2011

Hey guys, I have a final round interview with Citi's private bank in a couple days. It consists of three half-hour interviews. During the first round phone interview, I was asked a mix of resume-related questions (describing my background, experience, etc.) and technical questions, related to risk management and valuation (discuss some risk measures, what is sharpe ratio, what is beta).

18 Nov 2010

Hey guys, I'm interested in looking into a Sales related career. I think that I would have the qualities to succeed in a sales-type position and I think that talking to people seems a hell of a lot more interesting than looking at charts and numbers and shit. I was hoping that someone could answer a few questions about a RM in a private bank (high net worth, such as JPM or GS). 1) how exactly do you get into the RM part of the business? I know that there are many parts of a PB but I was looking for the sales-based position. 2)do you start as a RM in the beginning? Like do you essentially shadow/help a RM manager and eventually pick up part of his book?

12 Sep 2012

I was wondering if someone could provide me with a list of the most reputable private banks in the US and in Canada? I have been doing a lot of research, but am having a hard time differentiating between something like JP Morgan PB and Goldman Sachs PWM. Ultimately, I want to be going into the PB industry and not so much the PWM one. The ones I currently know of are JP Morgan PB, Credit Suisse PB, GS PWM?, Citi Private Bank, BMO Harris Bank. I'm a student from Vancouver (born and raised) and I heard that is very difficult for a Canadian to get a internship/job in the states. Can anyone attest

13 Jun 2015

Hey guys- I am looking at banks with PB functions (so think MS/GS/Citi/Boutique PB) that also raise Private Equity funds. Would the PE fund be considered an investment manager from an operational standpoint? Investment Advisors in PB typically recommend asset allocation strategies to their clients, so I'm wondering if an investment manager that an adviser might recommend can be the internal PE shop.

03 May 2016

Hi there, I am currently looking at a few offers for this upcoming year and I think they're all great opportunities. Personally, if I were to stay within finance as a long term career, I would be interested in being in a sales or fundraising type of role, with a strong aspect of relationship management. Also definitely looking to get my MBA a few years down the line, and I have heard that Investment Consulting has very good MBA placement. At the moment, I have the impression that IC is better regarded in the industry compared to PB, and also presents better exit opps and valuable finance

06 Nov 2016

Hey guys I wanted to hear your thoughts on the Private banking/PWM route (I'm assuming they are the same thing?). A few people I am close to were once big traders in BB firms and now they advocate Wealth Management for BB banks. Is this bad advice for someone so early in their career path (Looking for an internship this summer for my Junior Summer)? It seems like it would be much easier to land a wealth management internship, however, I would not want it to limit my opportunities in other career paths of finance. Also, could a solely wealth management career path become very profitable (as in

06 Aug 2015

hey everyone, I just joined wall street oasis but I've been reading about ibanking and pwm on this website quite a lot in the last few weeks. I'm currently a junior double majoring in economics and political science at a semi-target looking to go into a pwm internship in los angeles this coming summer. and of course, I'm looking to target companies that do offer full time internships to their summer analysts. does anyone know which firms I should target? I'm currently doing a lot of personal networking to push my resume over to some firms but obviously want to do more until I actually hear back.

06 Feb 2011

After graduation, I have an opportunity to work at a top tech company (think Yahoo, Microsoft, Amazon) in a financial analyst role. I also have to opportunity to work as a Private Banking analyst for a BB. My goal is to get into a top 10 MBA. Ceteris paribus, what role would be more impressive for a B-school app?

05 Mar 2012

Offers at both. Associate level. Very different business models. Would like to kick it old school and give everybody a chance to comment. Which to choose?

04 Jan 2012

Will provide more details if helpful, but basically: * I'm a first-year undergraduate, and a little while ago my friend's dad told me he could try and get me a spring internship at a private bank. (Friend's dad does not do banking, just has friends that do.) * My CV was passed around a bit, and now in 2 weeks, I'm going for a coffee with an executive director there -- as a sort of informal interview, I suppose. (Him and friend's dad do not know each other.) * I've recently been gunning for spring weeks at a bunch of different banks (though unfortunately haven't landed any offers yet) so I'm

07 Jan 2020

Hi guys, looking for some external advise regarding this very important career choice that I have to make pretty soon. I have received offers for both JPM Private Banking VS GS PWM (SA Position) and I am having a little trouble deciding. Essentially the choice I make will impact the next 3 years of my career as I hope to get the full-time offer after the summer program. Can anyone bring some insight in which firm they think would be the better choice and why? Thanks for your input.

27 Feb 2012

Hi guys, Two of my friends accepted SA positions with Fidelity ER and JP Morgan PB , therefore they know now that they starting analyst salary would be 38.5k pounds for Fidelity and 50k for JP ( the salary just got increased from 45k to 50k). So I am a bit confused, how can there be such a difference, although reading this forum I get the impression that ER gives better exit opps for MBA and hedge fund / IB Associate afterwards. Thanks for your help !

31 Mar 2015

Hi all, Currently I'm a PB analyst (RM/Investment) in a Balance Sheet Bank, think (HSBC, BNP...) in Asia. I have worked almost a year and planning to move into IB/ER (prefer IB more). The main reasons are that the exit opportunities are limited and its technical side is too narrow. Background: target school in Asia; interned at S&T Ops in a BB before. 1. Between IB/ER, which one would be higher chance base on the skillset I gained from the BSB? 2. Are their any suggestion for me to act on in order to make such move on Q1? Is CFA mandatory? 3. Between internal transfer or external job seeking

28 Apr 2021

Hello, I'm a graduating senior at a US target school, and I'm interested in learning more about private banking/AM opportunities in London... noticed that most of the firms I am applying to have deadlines coming up in a week or two, but do firms such as Barclay's, JP Morgan, GS, etc hire on a rolling basis? How hard is it for a US citizen to work in London? Are there any available spots left? Do you know what the recruiting timeline is? I personally have not been able to network for any London offices; they never come around on campus so any input is greatly appreciated. I am also definitely open to a PM. I have had internships mostly in the US, only one in London this past summer but would love to go back though they weren't hiring FT. Thanks!

08 Oct 2012

Can anybody direct me towards any good threads on here or outside sources on PWM & PB career paths and other general information and discussions? I've read alot of threads on here but the information seems pretty limited since its mostly IB on here. Thanks EDIT: I'm mostly interested in information on breaking in as an analyst, I've already seen the thread about associates but nothing about as an analyst

23 Aug 2014

Hello friends, I would like to ask al the minds out there for your advice. First, the stats: As of right now i am working as a licensed banker. I have my 6, and life and annuities. i have 5 years of banking experience. My future goal is to be a Private Banker (possible focus on International clients, South America). Im with Chase now, so there is definitely opportunity to transition to JPM Private bank. My question is what do you think would help me reach my goal in terms of Education. I know a Series 7 is necessary ( at least for JPM) but i have to be sponsored for that. I am wanting to get a masters. Im not sure what would be better, MBA or MBA with specialization in Finance, MSF or some other Masters. Im also interested in going for my CFA.

08 Sep 2011

Advice request-what to do next: I currently work for the Wealth Management unit for a one of the biggest Swiss Banks. My position supports two advisors who in total manage approximately $450M. Went undergrad to a well respected private college majoring in business and am scheduled to finish a part-time MBA from the University of Connecticut in the Spring. My current position is focuses on servicing the existing client base which also includes analytical work supporting the portfolio management process and outbound calling to solicit trades from existing accounts (individuals and small institutions).

24 Sep 2014

Hi, I am interested in a position in the NY office of a private client division of a major mutual fund company (Fidelity/Blackrock/Neuberger/PIMCO/MFS etc.) This is not a position in retail, I would handle customized portfolio management and some client services for HNW clients. I wanted to know where this position would fall under- PWM? Private Banking? Asset Management? In comparison to the institutional side, the private client group holds an extremely small percentage of assets (>3%). The firm has little attention of wealth management services, so does this mean it is basically Asset Management in the PC division? Also what is the difference between these fund companies PC groups and the wealth management divisions of JPM/MS/CS? All help is grateful!

31 Jul 2014

What are analysts expected to wear on a daily basis in PB? Obviously if you are in front of clients you would be in a suit but are the entry-level positions also suiting up each day? Question mainly for the New York offices. Thanks.

29 Dec 2012

Hi guys, I received an email from JP with the aforementioned subject inviting me to an on-site 1 hour interview. My question is the following: I have already interviewed with the entire team at this location for the role under consideration, so is there a reason as to why they would need to have another interview? Is this what people call a "superday?" Also, what can I expect at such an interview if I've already had on-site interviews? I'd really appreciate some feedback regarding this matter. Thank you!

22 May 2013

Hello, so i'm actively pursuing a career in finance. I don't want to work at an investment bank and I think that creating a hedge fund or Asset Management company is my personal end game. My question is, what specific form of asset management allows you to deal with high net worth individuals assets. 10 Million dollars and above i'm talking. Also to pursue and find new high net individual clients would be very good for my skill set. Would this be private banking? I don't know, any help is appreciated.

20 Mar 2011

Does anyone have an opinion on JP Morgan's summer analyst program for private banking? More specifically - Which groups are the most desirable to be in? What are the hours/lifestlye/culture of the NY office? Is this a good place to start a career (considering all the regulations that are about to hit banks)? If anyone has any info I'd be really grateful.

13 Feb 2012

This summer i am doing an internship at a BB in new york city in the private banking department and had a couple of questions I was hoping some guys could answer. Firstly, are there multiple career paths in private banking, or does it normally follow the traditional analyst-associate-vp-director path? Also, what is the pay like throughout the different phases of the Private Bankers career, if there is a standard path? I know some of this sounds stupid but im new to the game and would love some insight. Thanks.

10 May 2011

I had an interview yesterday with a large European bank in a local office for a private banking position. The interview was very conversational as it was a personality fit interview, but I never really got a chance to talk about my internship. We spent more time talking about sports and golf and high schools and such. Is this a good thing? While I talked about my internship a little, I never really gave them a good overview of what I did. After a while I felt like I was talking to a friend rather than a prospective employer.

24 Jun 2010

I am currently a junior undergraduate student at a Big Ten University in the Midwest and have received internship offers in two different areas of investment banking. One is for a bulge bracket firm in Private Client Services, and another from a middle-market bank in Fixed Income Sales and Trading. Besides the obvious, I was wondering if anyone might be able to share the pros and cons of each area of business, and the outlook for these careers in today's economic environment. I feel I am very passionate about sales and enjoy building relationships with people. Please feel free to share your

04 Apr 2010

Does anyone have a list of head hunters / recruiters for private banking? I have found few roles advertised for analyst / associate roles apart from JP Morgan PB. Are these positions all filled through referrals or from MBA / undergrad recruiting?

27 Mar 2013

Not much info on here for Bessemer Trust. Anecdotal stories have suggested that they have a very conservative culture. Anyone else have experience working for them or have an idea of the culture?

10 Sep 2013

I'm looking into different full-time programs within JPM and have narrowed it down to private banking and TSS Sales. I wanted to get some feedback from people who have worked in either of the two; possibly pros and cons of each. I have some experience in private wealth management and am currently interning within fixed income ops. I'm more or less looking for somewhere that I can have the opportunity work in another LOB after a few years and work more hands on with different products. Any help would be appreciated, thanks guys.

10 Jul 2012

Anyone has done HV for JPM PB SA 2022? Any color on the questions? Thank you! I applied for HK, but insights on any locations will be appreciated

19 Jul 2021

Hello. So I have an offer to join a private banking/ PWM team in a local office for Merrill Lynch. ML does not do the typical analyst > associate > VP > etc. role like other BBs. I was hoping I could get some advice on this jobs impact of my career. Would this be a good first job out of college? Would it open up other opportunities with gained experience? What about looking good on my resume to get into a top MBA program? I don't know if PB is my long term plan but it is one of the few options I have right now. I have a 4.0 in college and started my own business in college, but did not go to a target school so that is what holding me back from something like IB (even with my countless networking hours).

04 Apr 2014