Goldman vs. JP S&T

Hello all,

I have been very fortunate to receive summer internship offers at both Goldman Sachs and JP Morgan, both in Sales & Trading.

I have felt a good fit with both firms, and would feel very lucky to work at either.

Many people have told me "You just don't turn down Goldman - they are the best". Is this something you agree with, or is it nonsense? I know JP is a fantastic firm as well.

Which would you choose, and why? Things I consider are resume building, prestige, compensation, and most importantly, working with great people.

Thank you all for your advice.

 

this is a great problem to have

Disclaimer for the Kids: Any forward-looking statements are solely for informational purposes and cannot be taken as investment advice. Consult your moms before deciding where to invest.
 

JPM man all the way. Like you said think about the long run, and look at all the Q3 revenues for each bank. I know Revenue isn't the only measure, but JP is on top dude.

 

Well do you know which desk you want to be on? Goldmans program is rotational (minus the few "investing" desks which recruit separately) and JPM's program is placed. I think that, more than anything, should drive your decision.

 

Personally I think a rotational program is best. You definitely want to be exposed to as many groups and products as possible. The last thing you want is to be placed in a group that you don't like / a product your not interested it. Plus I found it much easier to network when in a rotation program.

 

it depends on what you want to do post summer a) join one of these firms b) venture elsewhere, hedge funds like a citadel or de shaw or other geography

if (b) at all, gs due to name brand ... if (a), you will be fine wherever you do well and like the team/product -- you will likely be able to get an interview with gs if you did your summer at jpm, and vice versa

 

To clarify, GS has a rotational program that allows you to sit on several desks in both fixed income, equities, and commodities.

JP tends to place you in one role although they do emphasize your ability to visit other desks and network.

In neither program do you determine your desk at the beginning of the summer.

I realize desk is the most important factor, so in which areas are each firm stronger?

 
Best Response

I don't know how it works in NYC, but the "rotational" program in GS in London means that they give you a desk on the floor and no official rotations, and you have to walk up to people and get work. They also have a reputation for hiring a lot more interns than grad spots. They might even tell you something like "There are 85 of you and 40 spots". This makes the program extremely cutthroat and very uncomfortable. Also the problem with rotations is that you might get work from a desk who is not actually hiring, so even if you get good reviews the desks with spots might have already hired someone since there are so many interns. So the process is quite random and there's a lot of luck involved. I think a program where you are placed in a desk where they are looking to hire, you have the 10 weeks to work with them and they are only going to have you as an intern gives you a much better opportunity of landing a job which should be your number 1 priority. As far as learning goes, you can still go spend time with people. In London JPM will tell you what desk your offer is for. If that's not the case in NYC you need to consider wether you want to maybe get placed at a desk you don't like and being stuck with it or being able to network your way to any desk and then maybe them not having a place for you. You are rolling the dice either way. But you will also be fine wither way, both very solid firms, specially in the US.

 

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