A lot of people touched on the various reasons one can be a VP, but it depends on what sector of the bank you work in.
Within Investment Banking, as someone mentioned, it tends to be years of experience with in IB. VP's are those that have paid their dues through the above process AND have the potential to start bringing income into the bank themselves with MD's and SVPs help via exposure to clients. Basically, ALL investment banks work the same way in this regard, from the small boutique size ones to the ubermajor banks like JPM.
It literally is a pecking order as far as pay grade, perks, seniority, etc etc Advisors' MD level but by and large, this is how it goes for an investment banker. Now, as far as other aspects of the bank Traders execution guys are typically ranked at VPs, with the jr guys with less experience being ranked at AVP level. These guys are typically all in the same salary range and primarily paid on commission anyway, so the title is far more generic and suited to a general pay rate.
Guys that run desks can be SVPs or MDs, depending on the size of the desk, but more importantly the amount of money you bring in. As far as 'support' aspects of the bank, operations, IT, HR, etc etc. Again, title absolutely means where you stand in the bank and the higher the title, the more weight you have BUT these groups are absolutely at the call and will of the 'front office' business units actually bringing in money to the bank. A VP in IT or Ops can easily be at the mercy of some associate or even analyst making all sorts of noise with his superiors concerning a problem that's affecting his money making ability, real or perceived.
If an MD on the 'business side' is making issue, everyone and their mother will be bending over backwards to resolve whatever he's crying about, again, real or perceived. You're not important. You don't bring money into the business.
You're an expenditure, plain and simple. However, you can be a programmer on the business side, and easily be a VP because what you're developing is potentially bringing in money or supporting clients. Any further questions, fire away Because with that title would be an automatic pay bump if he was under the VP pay range, via HR policy.
This is pretty a-typical of a major finacial company like JPM or other top tier banks. What's more common is for someone to be part of an Executive Commitee within their business unit, and that makes them a big someone, regardless of title As I mentioned, outside of IB, it's a very easy generic title for HR to stamp on someone, so it's used pretty commonly on the business side of things. Within IB, it's a specific mid-level rank. Within support groups, it's a significant rank but associated primarily with people reporting into you, along with your pay grade.
Thanks Cepheid, that's very informative and a lot more info than I imagined I would get. While JPM's retail business is substantial, the firm is literally thousands upon thousands of traders, bankers and other 'front office' higher end job.
For every teller, there's probably a trader or banker.. What cepheid said, pretty much. Just to underscore: it's not about how many direct reports you have if any , the depth of your hierarchy, or time in service. At the bank I work for, there are VPs with 0 subordinates.
One is 2 cubes away from me. Quote: One is 2 cubes away from me. I'm not sure if you're rolling eyes at me for posting this or my bank for having a VP in a cubicle with 0 subordinates. In case it's the former: I wasn't attempting to sound cool. I was reinforcing the silliness of the number of VPs at this institution. At every finance institution They have separate corporate and functional titles though.
So I was an AVP but my functional title was analyst. In actuality, I was a programmer. The same at my bank. This is true, which is why I broke up the title rankings in an earlier post with some spaces.
Still with enough work, it's not uncommon for the 'analyst' level to make more than an AVP with enough OT. Good point I forgot to mention, thanks. Bammann Click here to read more about Linda. Stephen B. Burke Click here to read more about Stephen B. Todd A. Combs Click here to read more.
James S. Crown Click here to read more. James Dimon Click here to read more. Timothy P. Flynn Click here to read more.
Mellody Hobson Click here to read more. Michael A. Phebe N. Water Cooler. Yeah, the money sucks and you generally have to wear a suit. F that. I worked at JPMChase. I had a Series 7 and virtually no experience. Bachelors in Spanish.
I work at a large bank - buy side analyst. The money does suck, relatively. I work from am - pm daily. I do not wear a suit.
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