I know JPM is a top 3 IB, but I can’t help but wonder if it’s worth it? I have an offer from them and a top EB. I’m leaning towards JPM just because of the brand name but I have heard that the culture is shit and the pay isn’t that good either. An1 all in comp seems to be around $160k whereas I can easily make $200k at said EB. Is it worth the pay cut, culture, and burning bridges of my network at the EB for JP’s brand name?
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My opinion is to pick the bank that you think you will fit best with. Trust me, if it's EB vs JPM, you will be splitting hairs at that point. It's not really worth having a tougher two years with people you don't enjoy being around (especially for 80+ hours) just for a tiny difference (if any).
I'm at JPM and think the culture is amazing, but its all group dependent. Don't think An1 total will be 160k, base is 110k so hopefully bonus is at least 100k but hard to guess.
How do you like culture? And company overall? Accepted 2023 SA offer in CIB
Like I said, highly group dependent, and placement doesn't happen until after you accept. Lot of WLB initiatives introduced by the firm recently. My group sticks closely to these and it helps a lot (pencils down at 6pm Friday, no marketing work on weekend, flex time 6:00-7:30 pm, fully protected holiday weekends and personal quarterly protected weekends). However, I hear there might be other groups who don't stick to these as religiously as mine does.
Wondering the same thing. Just accepted ‘23 SA with JPM as well. NYC office?
Would you say the top groups have good culture? And is it possible to get into the top groups without having alums in them?
I'm currently networking into JPM IB, I'm in Dallas but will probably have to move to NY for M&A analyst role. I'm not sure what to expect for pay.
think most top groups have good culture but put in long hours. A lot of group placement seems more dependent on social networking skills than raw horsepower except maybe HC which requires a case study as part of their process. Don't think it depends much on alumni
True, would add that certain coverage groups emphasize the school on your resume more than others. Went through group placement with a nontarget friend who got ghosted by analysts in different groups after multiple follow ups while I as a target kid typically got responses the day of or a day after.
Culture at JPM is really group dependent. I would say Healthcare and FSG have the best culture but they are also the most difficult groups to get in
how is M&C culture?
Sucks ass. Most VPs suck. Associate Sucks.
del
Probably the sweatiest group at JPM after M&A
Thoughts on Consumer and Retail group culture? Also how strong of a group are they?
how's culture in m&a?
The absolute worst in terms of hours. They're mandated in office all the time (some other groups are more flexible) pulling the most 8am-2 or 3am shifts. Staffed on like 5 live projects at once or some shit but at least one of them's probably a big name. Talked with one analyst who said they're excited to go to the office but I bet they're just fronting lol. Exit opps are the best out of JPM though
Source: Networked with them for group placement; got a couple email responses from different people after 1am... that shit is not normal
jamie dimon tho mmm
Bump
Left JPM NY last year for a UMM fund. Have close friends across all products & coverage groups so going to share what I’ve learned.
OP’s decision essentially comes down to two parts (culture and exit) since pay should not be an issue this early in your career. Answers to those questions depend on the group you’re in
Culture: as someone mentioned above, FSG, C&R, and HC have the nicest people & being more social groups. IND and FIG are intense and quite the opposite. M&A, M&C, IND, and HC will work you the most
Exit: while all groups at JPM can technically land you any fund, I would say that you will have a easier time being in M&A and HC, though I personally have worked at neither. Friends from both groups got interviews from every single MF during on-cycle, largely because of the groups’ reputation. I know for a fact that for both groups, people in my class who wanted a MF offer got one.
How difficult would you say it is to get into those top groups? And if I understood correctly, you still have a chance of going to a MF from any coverage group right? Just have to work a little bit harder
The top groups have more technical processes than the rest. M&A has many rounds of interviews (a few technical rounds). HC asks everyone to complete a case study. Group placement largely depends on your performance. Admittedly, there’s some nepotism for target school kids.
You will get looks from MF regardless; just more interviews if you are in the top groups
Heard good things about C&R culture. Any insight on how the group places for exits/what kind of people are usually in the group.
Very laid-back culture in C&R. Exit may be slightly worse than M&A / HC per capita but any MF should still be doable.
I work at JPM at the moment, and have worked with different teams.
JPM is a great company, and a great Investment Bank, I feel proud to work there. I do work alot and hours can be shit but also sometimes good for my group but your manager's attitude dictates 80% of how you feel about your job IMO. You might love the job and firm, but if there is a demon of a manager breathing down your neck, you will hate waking up in the morning to go to work. I have had the shittiest managers, and the mobility at JP is pretty solid, and now I work for a great manager and team that I really enjoy working with. I think JP is aware of the issues you listed and is working towards it, but will they be able to solve it quick enough that is a question. It should be added that last year was an abnormal year for IB, and revenues were all time highs, and so so many people burned out, hence the great resignation.
BUT, it does suffer from issues that are seen throughout the industry, burnt out analysts and culture issues. This is AN INDUSTRY problem. You don't think GS and MS and many other EBs face this issue?
So to answer your question, is JP worth it? Yes. Are the EBs worth it? Yes. Are MMs worth it? Yes. I would argue, ask what kind of work environment you want, how is the manager, what kind of industry... etc, either way the pay is pretty good, post taxes EB/BB salaries are pretty similar and will give you a similar life style.
In terms of mobility, if I start in a one group but want to move into one of the top groups, how difficult and long would it take?
I would recommend a bare minimum of 8-12 months. But also good networking into the team you want to mobilize into. Referees in your current team helps.
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