Private banks are clients of I Banks and specific arms length rules apply. Meaning there are limitations and prohibitions on the types of business and products JP Morgan IB and PB or JPIM (JP Morgan Investment Management) can transact on. While some of the recruiting efforts may over lap there are strict Chinese walls between the various entities.
In terms of “ultra high net worth” that tends at most banks to be a very specific business within a business staffed primarily of well connected, highly experienced, elite schooled or all of the above staff.
Traditional wealth management is much more accessible with much greater numbers of hires. These more traditional advisors or brokers are typically grouped in teams that hire analysts directly out of school and sponsor junior staff for their licenses.
It’s a bit of apples and oranges although the name sounds the same.
The private wealth analyst who covers a family office at GS however comes from a very different background typically than the recent grad studying for their series 7 at Morgan Stanley as part of one of their wealth management teams. They are both very real and respected careers but the former has far greater barriers to entry.
I am not sure if I am misunderstanding you but institutional sales is typically part of the financial markets business (sales and trading). Typically broken down into credit, rates, commodities or FX sales. Yes the work hours are less than IB, the job however requires a fair bit of client entertainment and can be extremely intense. It’s a tough way to make a living😀
I try not to post on such important topics without first hand experience. I haven’t been involved in private banking, wealth management or money management recruiting in over a decade so I would be speculating.
As noted IB, FM, CM recruiting all seems to be getting earlier and earlier. For select candidates we now interview freshman year for rising sophomore internships. It used to feel weird hiring people not old enough to drink alcohol, now they look too young to vote😀
For staff roles it tends to be department specific with the exception of operations which most banks recruit as an analyst class with a similar timeline and summer internships as the aforementioned client facing roles.
If his current major is international business, there’s most likely an expectation of study abroad. One ball he might want to get rolling ASAP is to apply to do a semester abroad sophomore spring, rather than the more typical junior spring or fall. He may be able to choose a destination that would have more actual lower-division business classes than his LAC offers.
This way, if he does end up transferring, he can get his time abroad in first (because there won’t be time after, if he’s trying to cram the remaining business coursework into two years) and potentially knock out a few requirements that he couldn’t otherwise have taken. Plus, he’d miss the depths of winter next year at his current campus, and start moving on after the fall semester, returning to the new school.
OTOH, if he decides to stay at his current school, he can still do the early semester abroad and get some extra business exposure, and he could still explore options for a junior-year semester away as well. Seems like a win-win, and either way, he’d have a break from the current setting to look forward to.
There are often January deadlines to start applying for the following spring semester, so he’d want to get moving on this right away if it sounds appealing. My daughter did this when she was pondering the idea of a transfer during her first year. It gave her a less-discouraging timeline to work with, knowing that she was only committing to two more semesters on campus, followed by a study-abroad experience that she knew she wanted. By October of sophomore fall, she had settled in and decided to stay, but she was still happy to have the spring semester abroad planned, and then to be able to start junior year refreshed and ready to be wholehearted about her on-campus experience. And if she had decided to transfer, she could have gotten all of her applications in before leaving, and then returned to a fresh start elsewhere.
A few specific ideas after looking at relatively high transfer acceptance rate schools: Northeastern, BU, Notre Dame, UVA, Tulane, Vanderbilt, UMiami and UMich. Any thoughts about transferring halfway through sophomore year to undergrad business programs there?
You’re assuming that kid doesn’t like cold, rural LAC so needs to switch it up halfway through sophomore year? Or kid takes accounting and says “Oh my Lord, I was born to be an accountant, get me out of here and into a full blown business program?” Or something I’m missing?
All the schools you’ve listed are fine places but they range from “most every kid can find their peeps here” (Michigan) to “kind of a fit school” (Notre Dame) or “definitely a fit school” (Miami). So if you could tell us exactly what’s going on here… kid is miserable? Kid plans to become miserable? Kid developed a latent interest in Valuation and the current college doesn’t teach that???
Not sure how well we can advise you. Why did the kid pick the current cold LAC? Start there.
Transferring half way through an academic year might put your kid out of sequence for required courses that start fall term. IOW, they wouldn’t be able to take the second semester of a course because they haven’t yet taken the first.
This might add more time for them to complete theor bachelors degree.
Vandy doesn’t have a business major. They have an ‘experience.’ . Sub in Emory, Rice or WUSTL. for like schools. Rice just started a major - so maybe an easier in - I don’t know.
Some of these may be ‘high’ acceptance rates go due to pathway type ot other type of agreement programs. Some may only do Fall transfers. I’m not sure if this list - just throwing out.
Might Fordham be another to consider since Wall Street is the goal ?
I don’t see an issue taking a shot but I’m not sure that the transfer #s you see are reflective of someone not affiliated with a pathway.
Not sure which of these schools take mid year transfers. UVA McIntyre does not, not sure off the top of my head about the rest. Also not sure where you are getting your info that these schools all have high transfer acceptance rates. The devil is always in the details.
For McIntyre transferring is quite competitive, and priority given to in-state students (I expect many are coming from VA CCs and Wise):
Michigan Ross transfers have to spend 3 years there. Mich Ross takes about 25 transfers per year from other colleges with preference to Michigan residents.
How many spaces are available and what are my chances?
There are approximately 25 spaces for transfer students applying from another institution. Preference is given to Michigan residents enrolled at community colleges in the state of Michigan. Admission is highly selective, but holistic in nature. The review process considers your level of academic achievement including course rigor and GPA, your depth of extracurricular involvement, and the strength of your application essays. Please read our Transfer Admission Application Requirements and Review Criteria for more information.
This is the research you have to do for each of the schools. Did your S apply to any of these schools last year? I agree with the others that these schools are quite different in many ways. It seems with just a few questions (posed to your S) some schools would fall off the list (and others could be added.)
S went through exercise of pulling requirements and the schools he ia interested in all require more credits at their equivalency than he would have by year-end and he was advised his chances would be much better next year. He is most excited by medium to large schools with good sports teams in the South only.
List so far is:
GA
GA Tech
UNC
UVA
UT Austin
Vandy
Georgetown
UFlorida
Clemson
Wake Forest
He could have applied with good chance of success to TCU (too fratty/party), UMiami and South Carolina this Spring, but just chose not to as he would rather stay where he is than go to those. Plans to use some of those as matches for next year.
Any others to consider in either category for next year?
In view of your experience, what would be a good/efficient way for S to research whether the following interest him as business career paths (including skills needed at outset, lifestyle, geographies and earnings/career profiles)? All client facing roles; considering both money-center (ie NY) and regional South (Texas east to Florida and up to the Carolinas).
capital markets
M&A advisory
leverage/structured finance
Sales and trading
traditional asset and investment management
alternative asset management/PE funds
client-facing commercial banking/lending and corporate finance
specialized real estate or energy/data centers finance
High net worth wealth management/private banking, international and domestic
Management consulting (diferent types?)
Other business roles outside banking and consulting?
Georgia Tech may not be a realistic option due to semi-guaranteed transfer option eligible students. U Virginia has a similar program. U Florida also has “guaranteed” transfer for some non-UF college students.
Not sure if comments like this are permitted on CC, but there are multiple websites which address these type of issues in detail. (I do this frequently for students, but my recs would not be permitted on this website.)
