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2/28/13

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 rogersterling59

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?

Comments (203)

2/21/10

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.

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5/5/10

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

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

1/22/12

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

XX

2/13/13

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

3/19/14

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"

"Everybody needs money. That's why they call it money." - Mickey Bergman - Heist (2001)

2/25/15

Please kill yourself for posting three fucking threads that could have been wrapped into one

2/21/10

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

5/5/10

Nice...

1/22/12

PB BB SA--> IB BB FT possible?

5/18/12

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?

2/13/13

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

3/8/15

you can try the search button..

2/22/10

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.

5/6/10

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

1/23/12

@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.

5/18/12

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.

2/13/13

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.

2/22/10

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?

5/9/10

sent you a PM kingtut.

1/24/12

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

5/18/12

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
2/13/13

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.

10/9/13

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?

1/24/12

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

5/18/12

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.

2/13/13

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?

1/24/12
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.

2/13/13

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.

1/24/12

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.

5/18/12

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

2/13/13

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

2/13/13

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.

2/13/13

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!
5/30/12

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.

1/13/13

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

2/13/13

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.

2/13/13

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.

2/13/13

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.

2/13/13

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.

2/14/13

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?

2/15/13

this will have to become the official PB thread

2/15/13

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.

2/15/13

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

2/15/13

JENS88:
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

More money also means the banks are moving up-market. Say you used to define the HNW space as $2-3MM - $25MM and everything above is UHNW. Now banks are defining as closer to $5MM-50MM as HNW and $50-75MM+ as UHNW. The leaves every bite size below the $5MM mark to retail or mass-affluent wealth management. The bigger bite size leads to more revenue. This article on JPM explains this:

http://fwreport.com/article.php?email=paikert....

Note that in the article there is a link to a same profile on CS, and they actually did a series on the top US PBs which is a good resource.

Also, they aren't necessarily hiring much more people than they used to, but they are hiring better quality people and compensating them more than in the past.

And like you said, higher expectations isn't a bad thing. The PB/AM space in general is getting more competitive, and as a 1st year analyst I feel as though I could not have gotten in at a better time. Here is another article on Bloomberg that highlights this trend:

http://bloomberg.com/news/2012-12-04/banks-dis...trading-declines.html

Hope this helps to answer your question. If not, feel free to PM me.

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

2/15/13

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
2/16/13

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

2/16/13

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

2/16/13

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.

2/17/13

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?

2/16/13

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.

2/16/13

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 ?

2/19/13

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.

2/20/13

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.

3/21/13

TheSquale:
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.

2/16/13

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.

1/22/16

@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

2/16/13

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.

2/17/13

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

2/17/13

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.

2/18/13

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?

2/19/13

Fredericdi:
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?

I can't speak too much to GS, but I would be willing to bet money that their analysts have a similar comp structure.

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

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2/17/13

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?

2/19/13

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.

2/26/13

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

3/1/13

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

Solutions teams participate in the daily calls giving the integrated teams an update on what they are seeing on their desk on how they are monetizing our view on whatever product they focus on. If we have a client that is extremely sophisticated and maybe has their own view on a certain asset class we can use them as a resource to either get extremely granular on their product or help them create something to help accomodate the view of our client.
3/4/13

So does the client come to equity solutions for stock ideas or does the solutions team serve as a think tank for new investment ideas?

3/5/13

bankers4315:
So does the client come to equity solutions for stock ideas or does the solutions team serve as a think tank for new investment ideas?

Solutions team are really the think tank for new investment ideas. The investor on the integrated team services as the liason between all of the investment ideas and the client.

3/5/13

clark49:
bankers4315:
So does the client come to equity solutions for stock ideas or does the solutions team serve as a think tank for new investment ideas?

Solutions team are really the think tank for new investment ideas. The investor on the integrated team services as the liason between all of the investment ideas and the client.

Spot on. I don't know how it works at JPM, but the solutions team will never make MD money. You make good money and the hours are not terrible though.

3/29/13

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

2/18/13

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.

2/18/13

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

2/18/13

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.

2/18/13

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.

2/19/13

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

2/20/13

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.

2/19/13

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!

2/19/13

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

2/20/13

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

Yea. Certainly not at an Analyst or Associate level.

2/20/13

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,

2/20/13

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.

2/20/13

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

2/25/13

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

2/26/13

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

3/1/13

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?

3/1/13

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.

3/1/13

Solutions team sounds more like the product associates then?

3/21/13

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!

3/22/13

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.

4/16/13

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

4/17/13

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

4/23/13

Great thread - very informative.

But what about the exit opps from PWM/PB?

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

4/24/13

bump

4/25/13

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.

6/12/13

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

7/4/13

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.

10/30/13

@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.

11/5/13

This was incredibly helpful- thanks rogersterling especially.

11/13/13

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.

12/10/13

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.

1/13/14

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

"Everybody needs money. That's why they call it money." - Mickey Bergman - Heist (2001)

1/27/14

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

9/13/14

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

2/14/14

@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.

4/22/14

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!

4/28/14

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.

3/1/14

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!

3/4/14

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

4/9/14

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.

4/9/14

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.

4/28/14

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.

5/6/14

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

6/23/14

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?

9/22/14

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.

9/3/14

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

9/22/14

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.

9/17/14

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

10/27/14

Extremely useful thread. Thanks Rogersterling and others that contributed.

10/28/14

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

10/28/14

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.

11/1/14

.

11/1/14

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

3/20/15

Thank you for all of the valuable information!

3/21/15

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

3/22/15

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.

12/2/16

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.

3/23/15

Received the offer. Couldn't be more thankful.

3/24/15

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.

3/27/15

rogersterling59:

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

Associate pay steady ?

4/9/15

shorttheworld:
rogersterling59 wrote:

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

Associate pay steady ?

Curious about this as well

4/9/15

Can confirm that 1st year associates start at $125k but not sure about 2nd and 3rd year associates

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

12/4/15

I can also confirm that 1st year associate salary is $125. $75-$80-$85 for analysts. $10k signing.

1/10/16

Analysts salary is 85-90-95.

2/8/16

That is the salary for the NY office. Not the regional ones.

2/15/16

Could be true. I would assume not too much lower though. I do know SF, Miami (latam), are in the same range as NYC.

2/16/16

What I'm saying is that NYC and some others are 85/90/95, but those in the regional areas are 75/80/85 (I know this because I have an offer). Just wanted to clear some confusion

3/28/15

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?

4/9/15

Solutions and integrated team analysts and associates are part of the same broader programs so pay is same across both. Those numbers are base only, although we are told overall comp will not go up too much (they say not at all but I think that is more managing expectations than reality) but base will definitely make up more of the overall pay as a % going forward.

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

4/3/15

Is the bonus still 10k for first year

4/17/15

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

4/19/15

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.

3/29/15

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?

4/9/15

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.

4/3/15

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!"

4/19/15

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

4/20/15
5/26/15

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

6/1/15

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

6/21/15

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.

7/1/15

Yes, the training should be two weeks. I don't know if it's in February though.

6/7/15

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

6/5/15

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

6/28/15

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?

6/29/15
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

6/30/15
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.

6/28/15

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