Where should a local user executable be placed (under $HOME)?

I have an executable for the perforce version control client (p4). I can't place it in /opt/local because I don't have root privileges. Is there a standard location where it needs to be placed under $HOME? Does the File System Hierarchy have a convention that says that local executables/binaries need to be placed in $HOME/bin? I couldn't find such a convention mentioned on the [Wikipedia article for the FHS](http://en.wikipedia.org/wiki/Filesystem_Hierarchy_Standard) . Also, if there indeed is a convention, would I have to explicitly include the path to the $HOME/bin directory or whatever the location of the bin directory is?