JPM Group Placement

I just got an SA offer from JPM NY IBD. I saw previous posts about "picking the best group at JPM", but would still like to hear some opinions. I'm not from a solid finance background - but did some banking before. I'm pretty comfortable with modelling and valuation. Aiming at going back to Asia in the long term.

Consumer/Retail
Capital Structure Advisory and Solutions
Debt Capital Markets
Diversified (have no idea about this...)
Equity Capital Markets
Financial Institutions Group
Financial Sponsors Group
Healthcare (not interested)
Mergers & Acquisitions
Natural Resources
Real Estate, Gaming, & Lodging
Syndicated Leveraged Finance
Technology, Media, & Telecommunications

 
State of Trance:
M/A by far has the best exit ops to generic PE
That's actually false. Sponsors probably "beats" it in terms of exits. There are no associates in that group, so analysts get great exposure. Plus, senior people there actually go to bat for analysts during recruiting. M&A is M&A, you'll get a lot of attention during recruiting simply for being in the product group, but at JPM, Sponsors is stronger.

JPM has one of the strongest healthcare practices on the street, arguably only behind Goldman. FIG is very strong as well, although it doesn't enjoy the benefit GS FIG has where you aren't pigeonholed for exits.

I am permanently behind on PMs, it's not personal.
 

I'd shy away from FIG unless you are positive you want to work with financial institutions. It would pigeonhole you because valuation techniques are much, much different for financial institutions versus other industries. This is due to most revenues and expenses in FI coming from interest, thus rendering EBIT and EBITDA ineffective.

 

Heh, that's a funny question. The easy answer is no group is particularly hot right now. Here in the U.S., FIG is probably the hottest product group due to the consolidation and restructurings in the space, but that's here and not in London.

As far as what's hot in London... I'm not 100% sure. I wouldn't be surprised to see the tech space heat up, as some of the smaller techs are probably cash-starved right now and are trying to hold out as long as possible but that time will be coming to an end fairly soon. Biotech (which will likely fall under healthcare if JPM doesn't have a biotech group), alternate energy, and industrials may be groups to look at.

 
jimbrowngoU:
Heh, that's a funny question. The easy answer is no group is particularly hot right now. Here in the U.S., FIG is probably the hottest product group due to the consolidation and restructurings in the space, but that's here and not in London.

So would it be a good time to get into FIG in the U.S.? Also if you're in FIG is it really that hard to learn valuation techniques for other industries if need be? If so, are FIG bankers at a place like Goldman or JPM at a disadvantage for buyside opportunities?

Thanks

 

FWIW, I would choose TMT, especially if this is a SA type of thing. For one, TMT covers a pretty large space and the skills are certainly transferable. Two, it will probably keep you pretty busy for the summer. I know that the thought of an "intense" group may make you wary, but it is in that type of environment where you'll likely learn the most. If you're in a laid back group, you may not get much work and may end up doing a lot of shit that is useless. If you're in an intense group, there's a good chance you'll get a shot at doing some decent stuff. And it's only for a summer, so you can deal with not having much of a life - it's banking, so you likely won't have much of one regardless of the group.

 
toiysam:
thanks a lot guys. so i will do it like this 1. advisory: TMT, DI, CHR, NR 2. FIG advisory 3. ECM 4. DCM 5. Real estate finance 6. securitazation

i hope i get in advisory.

Is this for SA? Do you know if you'll be in JPM or JPM Cazenove?
 

hahahha i know... i am really lucky. i think that jpm is now one of the best places to be, if not the best. i really liked the people i met in there, they were really nice and down to earth. very international i might say... i guess that just the guy from hr was English. in the second round everyone that interviewed wasn't English.

 

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