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.
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Preftige?
Selected already? Are you a diversity candidate or something?
scroll up to username to find out!
No they just finished on campus recruiting at my school and I accepted immediately.
HC
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.
not going to JPM, but from what i've heard from friends, i thought LevFin didn't do their own modelling? was i under the wrong impression?
Is this for internship or full time? I thought that they would begin interviewing in Jan.
It's for an internship. They had on campus recruiting at my school this past week and gave offers.
Add FSG to the top list. Overall, its difficult to break into Lev Fin, M&A, FSG and TMT coverage. All the prospective interns with offers will be marketing themselves to this batch.
Natural Resources is very strong too, to help round out your top five.
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).
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 - 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.
I dont work at JPM but have spoke with LevFin analysts there and they say the same thing. LevFin does not place that well
Healthcare, FSG, TMT, DI, M&A
Those seem to be the most often mentioned top 5 at JPM. Where do you get your information?
Any more replies? Also interested. Thanks
Just commenting on the healthcare group being top five. I'm pretty sure the vp of investment banking at JPM heads HC Coverage, so it makes sense that it is one of their better groups.
No direct correlation to the comment above. Vice Chairman status is tied to seniority and deal generation - many of these guys have spent time in multiple industries.
There is representation from most industry groups at the VC level.
Oh alright, that's interesting. Well if part of it is tied to deal generation than that's a plus for those groups.
how is JPM fig?
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.
Would agree that this is true for HC, not sure I'd agree with DI being top group on the street in its industry.
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
Can anymore comment more on which groups are strong at JPM? how is nat res for PE placement? And can someone confirm the LevFin stuff said above?
This is for JPM NY : Top groups in terms of PE exits are FSG, M & A, TMT, HC, FIG & DI. Nat Res has placed analysts into MM PE before but its not a top group at JPM or even among all of the other banks on the street.
Most accurate post from my understanding
Any insight into exit opps for venture capital (preferably on the West Coast) and which groups might be best for facilitating that move? Thanks!
Can London and New York be compared in terms of LevFin and FSG? Does LevFin in London model? Facing a similar decision and am leaning towards M&A.
how does JPM's TMT, HC, and DI groups compare on the street to other banks? Are they among the top 3 in those industries? Can you speak to their placement in recent years? Any top PE shops?
JPM HC is the best group in HC on the street and places extremely well. In terms of PE, have heard this past year had Warburg, Carlyle, MDP to name a few.
So no one has cleared this up.... does JPM LevFin place well into PE?
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
Cazenove is a powerhouse of corporate broking and has killed ECM this year. That is all I know.
J.P. Morgan Group Selection - How does it work? (Originally Posted: 02/05/2014)
I know later in this year the incoming SAs talk with people from different groups and then the SAs preference groups and the groups preference SAs. My question is how do these discussions actually work? Are these conversations interview style or informal? How does a group decide which SAs they want? How much does an SAs preference really matter?
Any input on the overall process would be great. Thanks.
Bump?
Interested as well.
JPM London Group Selection (off-cycle) (Originally Posted: 12/19/2012)
Hi,
hopefully some of you guys can give me some input as I don't really have any idea. I can't say that I'm interested in a particular industry, either.
Are there any particularly strong or weak groups I should avoid/aim for? This is for London, by the way.
And a more general question: Do people usually get one of the groups they want (e.g. top 2 preference)? For example, if most people rank M&A first, would it be smarter to choose some decent industry group you can live with instead (for game theory reasons)?
According to my experience as off cycle intern in M&A Advisory in Continental Europe, TMT, DI and FIG are strong but they have the most brutal hours.
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?
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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