Preheat oven to 350 degrees.
Bake the cake in 2 round pans according to box directions. When cool, cut the cakes in half horizontally. Spread the jam on top of 3 layers, but not the top layer. Stack and create a 4-layer cake.
In a small saucepan, combine the peanut butter chips and milk, melting and stirring over medium-low heat until smooth. Remove from heat and combine this mixture with the frosting in a large bowl. Beat until thoroughly combined. Spread this icing over the top and sides of the cake.
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