Profile
How Rupesh found a job he loved after Tech Sales outside of Tech
About
Challenges
Resources
Rupesh Baraili
Private Client Banker at JP Morgan Chase
Transition Summary
BDR @ Impact
Private Client Banker @ JP Morgan Chase
Tell us about your career so far!
I'm passionate about people: talking with them, engaging them, and helping them solve their problems.
I joined SV Academy's Tech-Sales boot camp because I wanted to work in the tech industry. I was part of the 41st cohort, which was fantastic. Everybody was rock solid. We taught each other how to strategize, cold call, and handle prospect objections. Everyone was there for each other!
After graduating from SV Academy, I landed my first offer at Impact.
I enjoyed my time there and felt like I was slowly getting there in the tech industry. But at the same time, tech sales had its cloud nine moments for me and lows at other times. I had to make a lot of cold calls and experienced stress from slow weeks - it was a roller coaster! And in 2022, unfortunately, my company started laying off people, and I was a part of a 10 percent cut.
The layoff from my first tech job gave me time to understand and self-reflect on what I am good at, what I do well, where I could do better, and how to transition this into my next career move.
I applied for other SDR positions in tech while also applying for banking jobs. J. P. Morgan was the first to reach out to me with an answer and offered me great compensation. Now, I work as a private client banker at J.P. Morgan Chase.
Moving to banking was one of my best decisions after layoffs. I enjoy what I'm doing right now in the finance industry. Whenever a customer comes into my office with a problem, I am there to help you. Even though I represent the bank, I want to be your advocate.
What are the benefits of going into banking?
In banking, you directly impact people's daily lives while making meaningful connections. I help my clients open their first bank accounts, work on their credit scores, get access to new credit cards, plan for their investments, retirement & legacy planning, trust accounts, and IRA planning.
In terms of compensation, if you're in a bustling location like Silicon Valley, Fremont, or Marin County, where there are a lot of affluent clients, 100k first year is there for you in your first year. The second year, 120k plus, is achievable. And, with great teamwork, you can even aim for National Achievers, similar to the President's Club in the tech industry, and you can make anywhere between 150k and 200k a year. This includes your base pay and commissions. It is a base + commission role, and your commission is usually uncapped if you are a licensed banker. Like tech sales, the more you sell, the higher you take home, which motivates me to win more client business for myself and my company.
Unlike other sales jobs, where people won't answer your calls or are often rude because they don't understand why you're calling them in the middle of the day, bank clients usually answer your call and know how you will help them. They are warm towards you, and you get much fewer objections and face much less rebuttal than outbound tech sales. Every call is an opportunity for you to connect with your client and bring more business in-house. Compared to my tech sales job, most of the things I do in banking are inbound, with one-third being outbound calls.
Often, you don't even need a bachelor's degree or specific banking experience because once you get a job offer, most banks will train you and pay your salary until you're licensed. At first, your job is to study and pass the test. I had a guaranteed ramp-up minimum commission for the first year, and if I made more, I would get the highest.
Sign up for our newsletter
Discover inspiring stories, valuable resources, and advice to navigate your
career transition with people who are two steps ahead of you.
How did you break in and land your first banking job offer?
It was a two-step interview process: the first with a recruiter and the second with the branch manager/hiring team. There are non-licensed and licensed positions in the banking industry. I went for a licensed banker and small business specialist role. The pre-qualification for applying for a bank position is some sort of customer service experience, a little prospecting, or banking experience with high school or GED. You need to understand and be excited about the banking industry in general.
Even though I didn't have direct banking experience when I applied, I knew a lot about the industry because I graduated with a business administration degree. I also helped my girlfriend prepare for her investment and securities licenses. My high-volume prospecting and sales experience in tech also helped me show my WHY.
You have six months to get all the licenses, but if you are dedicated and work hard, it can take as little as three months to be ready on the floor.
It's not challenging, but you want to do it for at least 8 hours every day for three months. Imagine you're preparing for a board exam, except the passing mark is high. And your background check and your financial credit health have to be good in general.
Thankfully, I passed everything on my first attempt in three months.
What’s your advice for people who are interested in pursuing this career? Especially from tech sales?
Networking with many bankers would help you understand, prepare for the interview, and get referred if you want to apply. But there's actually not much industry-specific homework you are expected to do because the industry prepares you with all the basic terminologies, rules, and regulations (ex., SEC, SIE, or FINRA)
My advice during the interview is that you need to understand day-to-day prospecting, cross-selling, and up-selling with clients. I would tell them to bring their excitement and enthusiasm about helping people achieve their financial goals. And if you've worked in sales before, like me, you're ready to get those prospecting skills—that puts you a step ahead.
I think this path would be great if you're excited about the finance or FinTech industry in general and have some knowledge and excitement about bank deposits, securities, investments, access to credit, wealth management, credit cards, etc. Many of us already have that because it's part of our daily lives.
For example, banking could be an enriching career if you're an SDR or BDR from tech and are excited about the FinTech industry. And If you want to go back to tech, you can always go back to the FinTech realm, where there's been much development lately with AI.
Disclaimer: The opinions expressed here are my own and do not necessarily reflect those of JPMorgan Chase Bank NA. I am referring to my experience throughout my career in general and not necessarily my time at JPMorgan Chase Bank NA.
Transition Tales