J.P. Morgan Group Selection

Hey guys,

I recently accepted a general IB offer from J.P. Morgan in NYC next summer. I have been networking with a few groups and currently my favorites are LevFin, TMT, and M&A. Does anyone have advice on what are considered the best groups at JPM in terms of prestige and exit opportunities (PE and HF)? Or about lifestyle / culture?

Thanks.

 

Congrats on the offers! I'm a JPM LevFin alum so I have to push for it as #1. If your ideal exit is PE, LevFin will give you the best training and network after a 1-2 year stint. TMT and M&A along with General Industries are other top groups at JPM. If you want to develop industry expertise early, can't go wrong with TMT or GI.

KJ

Credential Focus Finance professional passionate about helping you succeed in recruiting.

KJ CredentialFocus .com Premium finance recruiting services
 

Sponsors (FSG) places incredibly well. While it was likely a biased opinion, I met with a 2nd year FSG analyst at JPM while I was going through my SA process. He told me that FSG often places better than Lev Fin or M&A on any given year. Again, possibly biased but he for one was heading to a top MM PE out in Cali and said much of his class placed similarly.

Note on JPM FSG: They actually have 0 associates in the group if you can believe that. They boot their analysts out after 2 years (although I should clarify that they tend to 'boot' them to amazing buyside gigs or b-schools through their relationships and recommendations, but suffice it to say that they are very supportive of getting their analysts buyside gigs partially to keep those relationships strong).

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I have heard very similar things too - this is one thing I'm struggling with. People always talk about "JPM LevFin" being tops on the street but then I hear that FSG does most of the LBO modeling for PE shops and that they're more prestigious and place better in PE, so I'm not sure what to think about it. I have also heard they have no associates - kind of bizarre. Can anybody else comment on this?

Thanks for your contribution!

 

Most BBs nowadays use black box plug-and-chug models for conformity and presentation purposes. Only in rare instances will you have to build a model from the ground up (which is very inefficient). I'm not sure how much you actually learn, but it's what FSG uses. SLF always has the option of owning the LBO model if they want to - it just means you have more crap to do.

 

SLF and FSG both work on the model. There are multiple versions of the model on a LBO deal -- to PE firms, to rating agencies, to lenders, etc. FSG's clients are financial sponsors (PE firms), while SLF structures the debt and mainly deal with lenders, CLOs, asset management firms, hedge funds. You'll get deal and model experience in either group. The model is not built from scratch, JPM uses a template called the 270 model to coordinate model sharing among multiple teams. But because of the split in client responsibility, FSG is stronger in PE placement and SLF is stronger in Asset Management/hedge fund exits.

KJ

Credential Focus Finance professional passionate about helping you succeed in recruiting.

KJ CredentialFocus .com Premium finance recruiting services
 
Best Response

KJ - I will be very direct, as you are spreading information that is not entirely correct, in both of your posts. You do mention that you have worked in Lev Fin, but I don't think you have worked in New York - as you are calling one of the groups General Industries - I am currently at JPM and I believe our Asia team calls it that way.

In New York and London the group is called Diversified Industries (the former Cazenove part that covers UK, is simple called Industrials).

So I will speak from my experience. In New York, Lev Fin DOES NOT MODEL. Generally, on a financing deal, modeling will be done either by coverage, or by financial sponsors group if it's an LBO financing. Yes, there is a template called the "270 model", however, very few groups actually use it - no one in my group does. What we do use, is a standardized 270 output called a sum sheet. It's a one page that shows the financials projections, cash flow profile and debt paydown of the business. Most bankers simply bring in this standard tab into their own models.

And now to clarify regarding placement. Financial sponsors group places extremelly well into PE - their seniors will vouch for analysts and place calls to their clients. Next is M&A and strong coverage groups. Lev Fin is towards the bottom in terms of placement (not counting ECM and DCM here) - and this is because they don't have any modeling experience. They do however place into credit funds, but those who get those jobs are the ones who brushed up on modeling on the side. Lev Fin has a lot of A to As though.

 

FSG, M&A, HC, TMT, DI are among the best groups there. DI has an awesome team culture. JPM HC and DI are the best on the Street for their industry coverage. HC is having a big year in deal flow.

 
sdgo:

FSG, M&A, HC, TMT, DI are among the best groups there. DI has an awesome team culture.
JPM HC and DI are the best on the Street for their industry coverage. HC is having a big year in deal flow.

How well do HC groups place into PE though? Perhaps a naive questions but I rarely come accross PE shops with HC verticals... Obviously the MF do but once you start looking at the MM guys I feel like there is much more emphasis on consumer/retail/manufacturing/industrials/biz services

 
Yakehito:
sdgo:

FSG, M&A, HC, TMT, DI are among the best groups there. DI has an awesome team culture.
JPM HC and DI are the best on the Street for their industry coverage. HC is having a big year in deal flow.

How well do HC groups place into PE though? Perhaps a naive questions but I rarely come accross PE shops with HC verticals... Obviously the MF do but once you start looking at the MM guys I feel like there is much more emphasis on consumer/retail/manufacturing/industrials/biz services

1) They place fine 2) Thanks for the over half a year bump
 

Could someone please elaborate on JPM Cazenove - I'm very interested in their exit opps and how prestigious they are. Would be great if you could describe both for Cazenove in general and UK TMT / UK Industrials in particular. Cheers

 

Exactly what cruel3a said. If you want a more friendly group and are native British, go for a UK team. You wont be disappointed in Cazenove. The EMEA teams have absolutely soul-crushing hours with FIG being the worst. All the groups are top notch though.

A brutally frank heads up - the offer rate for interns at JPM is quite low in London due to the fact that they offer year-round internships. Expect something like 10-25% offer rate. A lot of it will come down to luck as to whether the group you are in is actually hiring.

Thanks a lot! Glad to hear that you can't really go wrong with any EMEA group. Sadly, I'm not British, so not sure whether Cazenove is that realistic when there are other candidates from the UK.

Any comments on the LevFin group? Will it be technical/modelling-heavy or is this mostly taken over by other groups?

 
gridlock:
Thanks a lot! Glad to hear that you can't really go wrong with any EMEA group. Sadly, I'm not British, so not sure whether Cazenove is that realistic when there are other candidates from the UK.

Any comments on the LevFin group? Will it be technical/modelling-heavy or is this mostly taken over by other groups?

Not British = unlikely to be placed in Cazenove. All their EMEA groups are good though. LevFin is quite technical, moreso than the traditional coverage groups and you spend a lot of time interacting with the DCM desks. I believe JPM LevFin is number 1 in Europe although this could be out-of-date. Bear in mind it's quite a popular group.

 

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