Offer Decision : JPM vs BAML
I have to choose between the following two summer analyst offers:
A) Public Finance/ Tax-Exempt Capital Markets at JPM
B) Equity Research at BAML
Which job is a better bet for landing a full time BB ibd position?
I know both jobs represent very different work and there a ton of other factors involved, but I wondering how you would compare the offers on this criteria alone. Rest assured that this aspect alone won't determine my decision.
Thanks!
The JPM offer has the plus of being with a more prestigious bank and the fact that it is still within the realm of JPM investment banking , albeit pubfin instead of corpfin. However, the BAML ER position, although not an investment banking position, may be more relevant from a company valuation and financial modeling point of view. It seems like the skills I would learn in that capacity would be more useful to IBD. But does the brand name/fact that I would actually be doing investment banking , in some capacity, make JPM a better option? I've also heard there's more lateral mobility to move into IBD at JPM. Is this true?
I would take the equity research offer, but only because I don't think public finance would be terribly exciting. I also think you would have more flexibility moving from a equity research position which is definitely front office, than from a capital markets position, which is more middle office. What it ultimately comes down to is what are you more interested in? Don't worry about brand name as much, you'll be fine with either.
I agree - I tend to think the ER job will be more relevant. However, does one tend to lend itself to moving into traditional IBD work better than the other though? The pubfin job is within investment banking after all but the ER gig revolves more around valuation, company financials, etc.
If you take the ER job, your answer to "why investment banking" will be scrutinized at every interview. You will have to explain to them why you're now interested in IBD after doing ER. With the other position, it appears more obvious that you're interested in IBD.
For what it's worth, BAML pays its summer analysts--at least in the IBD--considerably more than JPM.
Sure, JPM is slightly more prestigious, but as everyone else has mentioned, summering with the public finance group won't necessarily help you land a FT IBD offer. I think that the ER position will help you land a position in one of BAML's more market-oriented groups.
Nonetheless, you have 2 great choices.
I thought they both paid the same, actually.
Bank of America or JP Morgan? (Originally Posted: 02/02/2007)
Hiya, new user here. Im an equivalent of a sophomore (studying in england) studying engineering. I have summer internship offers from Bank of America (Banc of America Securities in the US I guess) and JP Morgan in London. Both for investment banking, no idea about group or anything. I liked Bank of America but is that a step down in the world? Would i close doors for myself? Thanks a lot for any help!!!!!!
JP Morgan without a doubt. BoA in London is quite small in relation.
JP Morgan, hands down
First of all, congratulations on both of your offers. Honestly, either one will be a great opportunity for you. While BofA Securities in London is a relatively small operation compared to US, BAS has such a huge balance sheet (due to the consumer bank) that allows it to leverage these relationships and compete with the traditional investment banks. Additionally, by the time you accept a full-time offer after graduation, BofA will most likely have acquired a large European Bank anyway so you will by no means be limiting yourself from the experience of having international exposure. As a summer intern, you will have the opportunity to learn the business, form relationships both internally and externally, and work with teams that will make the decision to bring you in as a full-time analyst. It is this experience that will open or close doors for you at this point, so I would go with the firm you connect with better.
Thank you guys! I like the last post with the long explanation too. Maybe i will call both to see if i can meet more people and choose by who's just cooler or something. It's only a summer internship.
JPM vs. BofA (Originally Posted: 06/01/2010)
My cousin just got two full time offers (unusual circumstances) from JP Morgan Fixed Income desk (some kind of derivatives I think) in London and from the LevFin Group at BAML. Which should he take?
Well obviously they are vastly different fields, does he like trading or banking? Both are top-notch franchises, so he can't go wrong. That being said I'd pick JPM fixed income in a second.
Both offers are with top groups. The question is does he want banking or trading more.
Also, is the BAML in London? I would take JPM in London, not sure about BAML.
he is a lucky mofo to have to make this choice
One is IBD/CM (BAML) and one is S&T (JPM) from what it sounds like. Depends on what he likes.
BAML Lev Fin without even thinking, unless he wants to do trading. Lev fin is more IB than trading, while Fixed Income is pure pure trading
Plus, BAML's lev fin group is very strong, second only to JPMorgan
But is the same true in London? IFR usually puts JPM 9/10th for European High Yield/ Lev Loans (DB and RBS seems to dominate, the latter only in High Yield). BAML doesn't even feature in the top 10.
Bb.
BAML. Don't look back.
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