Job 1) 3 year wealth management analyst program with JPMChase. They’ll bring me on as a second year analyst so the program would only be a 2 year deal. Exposure to all aspects of wealth management (i.e., Credit/Lending, Tax Planning, Estate Planning, and Investment Management). LONG HOURS. Great pay. Job 2) Back office portfolio/financial analyst role with a mega wealthy family. This family is the most loaded family in the area, most likely the most wealthy in the whole state (they employ over 1,000 people in various companies). This position is part cash flow/liquidity financial analyst, part portfolio returns analyst, and part proprietary investment analysis software developer. It is a very small group (3-4 people). The pay here is roughly 10k less than Job 1 but never will work more than 40-50hrs per week. HELP! My ultimate goal (10-15 years from now) is to be managing money, making investment decisions on a portfolio of assets (i.e., private investment group, HF, etc…). I’ve been told that Job 1 will lock me into a “salesy” type wealth manager role and I’ll never be able to transition into the actual investment decision making role. I don’t know if this is true. The second position sounds lamer in the short term, but keeps me away from that “relationship manager” pigeonhole. Let me know what you guys think. I have to decide ASAP.
Most people here will say Job 1, as the work seems more sophisticated, the pay is better, and there is potential for internal transfers.
How old are you? I’d go with the big name before anything else.
Turning 25 soon.
I am leaning towards 2. You can work in retail whenever you want, 2 will offer more upside.
1 sounds much more structured and will look on the resume should you decide to move on. I don’t think 1 will lock you into a salesy type role at all. 2 sounds much more unstructured with a better work life balance. I vote 1 since you are young.
but he would only be able to move on into other retail roles
I’d do 1 and try to network with internal folks in roles you want to be in. At your age/entry-level for me that would make more sense. For me, I’ve had a similar decision and would only consider #2 if I didn’t have #1 (because, and this is just my gut not based on fact, I’d think it’s harder to get into JPM chase or the like in their AM side from a small shop). If your goal isn’t to stay with that family, I’d go #1 (unless you need/want fewer hours - for me, again, I’m looking for more hours and better development/exit opportunities and I’d think #1 gives you that).
SuperiorReturn Wrote: ------------------------------------------------------- > but he would only be able to move on into other > retail roles No.
ASSet_MANagement Wrote: ------------------------------------------------------- > SuperiorReturn Wrote: > -------------------------------------------------- > ----- > > but he would only be able to move on into other > > retail roles > > > No. Yes
SuperiorReturn Wrote: ------------------------------------------------------- > ASSet_MANagement Wrote: > -------------------------------------------------- > ----- > > SuperiorReturn Wrote: > > > -------------------------------------------------- > > > ----- > > > but he would only be able to move on into > other > > > retail roles > > > > > > No. > > > Yes please elaborate?
CF_AHHHHHHHHH Wrote: ------------------------------------------------------- > SuperiorReturn Wrote: > -------------------------------------------------- > ----- > > ASSet_MANagement Wrote: > > > -------------------------------------------------- > > > ----- > > > SuperiorReturn Wrote: > > > > > > -------------------------------------------------- > > > > > > ----- > > > > but he would only be able to move on into > > other > > > > retail roles > > > > > > > > > No. > > > > > > Yes > > > please elaborate? No
ohai Wrote: ------------------------------------------------------- > Most people here will say Job 1, as the work seems more sophisticated, the pay is better, and there is potential for internal transfers. …which also helps to get into a better business school should that be a consideration down the line. They also can help with CFA reimbursement and there’s probably better perks too. Lastly, you will have a better network at the larger firm - also an advantage.
Is Job 1 with JPMorgan (Private Wealth Management or Private Bank) or JPM Chase? There’s a big difference. Even still, you’re young and you need that big company exposure on your resume. You’ll have a much better network at Job 1. If you’re working only 40 hours a week at age 25 you’ll never make it to the bigs.
Chuckrox8, JPMorgan: Private Wealth Management… Is that a good or bad thing?
CF_AHHHHHHHHH Wrote: ------------------------------------------------------- > Chuckrox8, > > JPMorgan: Private Wealth Management… Is that a > good or bad thing? Yes, JPMorgan PWM. I have several friends who work in their Private Bank and they really enjoy it although the hours are long, ~60-65. I would take Job 1 any day over Job 2. Email me at chuckrox8 at gmail.com if you have any thought provoking questions.
Option 1: Its very hard to transition from retail to institutional. But OP said he just wanted to manage assets, so I guess 1 can satisfy that. The thing is, he will have to build a book before he can that. Having a book is great, cause its just relationship management. Maybe he can join an existing team, pull a good salary and bonus. Enjoy life. Option 2: Con, BO position. But in a family office, its a lot easier to climb the ladder than a huge bank. Its easier to make internal connections. Everyone is leaning towards 1, so me too now. i change my mind
CF_AHHHHHHHHH Wrote: ------------------------------------------------------- > Chuckrox8, > > JPMorgan: Private Wealth Management… Is that a > good or bad thing? That’s a good thing. You don’t want to work the retail bank side…ever. I have a handful of clients that were former JPM analysts that have sinced moved on to manage money (mid-large RIAs). All of them have had good things to say about JPM.
Job 1. use that sh!t to get into something better. wait about a year and a half if they dont give you a perm offer(or any indication of a offer in six months) take that experience and go anywhere you want.
Ako Wrote: ------------------------------------------------------- > Job 1. use that sh!t to get into something better. > wait about a year and a half if they dont give you > a perm offer(or any indication of a offer in six > months) take that experience and go anywhere you > want. Word. You just got SOS’d.