People prefer IBD at a junior level because: - training is thorough - gain transferable finance/accounting skills - clear career progression - work with people your own age - pay is higher (not measurably but it is higher) - more exit opportunities A PWM analyst prepares material on mostly asset backed credit, trusts, mortgages or investment advisory to high net worth people. There is not an established path (as there is in IBD) from analyst to senior banker. At the associate/VP level, you are expected to begin sourcing your own clients and if you don't have any by a certain point (one to two years) you are let go. In some cases, senior bankers transfer some of their smaller clients to junior bankers if the client agrees. I agree about what you say about IBD but PWM is not anywhere near back office at a bulge bracket. Private bankers who have a solid client base are known for having some of the best jobs on the street (high pay and extremely low hours).