Internships at JPM: Banking vs S&T
Is there any JPM specific advice you have for deciding between two offers (one in banking and the other in S&T)? I went into my super day being sure I wanted to do banking, but spoke to some people working in S&T (particularly in Sales), and now I feel less sure. I really love working with people, and all my previous jobs (sales associate at a clothing store, waitress, private tutor) have involved some sort of "sales" component to them, which I enjoy a lot because I seem to be very good at it.
Originally, I was interested in working in M&A. I think M&A is very interesting because deals can have huge impacts on our society as a whole. I wouldn't feel like the work I'm doing is meaningless. I'll admit what I was most interested about in M&A was forming relationships with clients and pitching them deals (which I wouldn't be doing much of until later in my career). Does this mean I am a better fit for Sales?
Additionally, in terms of a summer internship, I really want to learn as much as possible. What are the differences between banking and S&T in terms of internships? Do you have any JPM specific advice?
Thanks so much! :-)
sounds like ibd might be better. you'll have alot of opportunity to use your sales skills later on, but i think it's useful to a broader exposure to companies thru ibd (in snt you'll be selling stuff like rates or derivatives, which are cool but not as applicable to industry overall)
If your interested in sales, I would take IBD, I would only take S&T if you like structured products, or potentially you can get on a good trading desk, right? If your interested in the people side of things, even JP Morgan Private Banking could be interesting.
Is the S&T in equities or fixed income? Equity trading is not the best area to be entering right now. There are other desks outside of structured products that still are very important these days-FX and rates for example.
If you're unsure about what you want to do FT then go IBD. It opens up a lot more future opportunities. It's also a bit easier to use an IBD internship to get a FT S&T offer (I did M&A for my junior year internship before accepting S&T for FT) than to use S&T internship to get into IBD.
If you're a big relationship person, S&T is a great place to be. But beyond that, some other big differences to think about-do you have a hardcore passion for markets, politics, macroeconomics or do you prefer more the nuts and bolts of companies, how they work, what makes them profitable, and a lot of quantitative excel analysis? Do you prefer a fast paced, high energy environment where each day you only eat what you kill, or do you like to be able to nurture and develop a project in order to contribute to something huge after a few months of work? These are some differences you will find between IBD and S&T.
Also, it is worth noting the difference in work/life balance. In S&T you can make the same money while still having a life outside of the office. Markets aren't open on weekends or holidays, which means you won't be working then in S&T. In IBD you must be available to your clients 24/7.
Those are just some questions to ask yourself.
I think things are more flexible than a lot of people think. At most of the information sessions I've been to, I've spoken to people who've spent part of their careers in IBD and part in S&T. I don't think you'll go wrong with either opportunity, as you'll develop networks and skills in both of them.
I'm only a college junior, but this is why I've chosen to apply for S&T: I'm passionate about politics, markets and current affairs. That's what I love. However, I'm also pretty quantitative and I'd like to understand (or one day, maybe even help engineer) complicated financial products and think about strategies relating to them. I was considering applying for IBD because I liked the idea of working on big projects, but working in S&T is pretty big too: you're working with the lifeblood of the world's economy and you're helping to build markets. We're different people and obviously I don't know much about S&T yet, but maybe hearing about how someone else is approaching applications will help :)
The people I've spoken to at JPM in S&T have said that JPM has a really good training program. They're biased. But because you can't do much during an S&T internship, I think you spend a lot of time shadowing people and learning about what they do instead of always grinding away.
But if you do JPM S&T in NYC this summer, we'll probably be co-interns!
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