JP Morgan MMBSI
Can anyone provide insight into JP Morgan's MMBSI (middle market banking & specialized industries) group?
Background: The group is within the commercial bank and works with companies w/ $20-$500m revenue and has a 3 year analyst program, made up of 2 18-month rotations, which feeds into either an "associate banker or underwriter" job.
From what I understand, intern salary is $36/hr and 1.5x overtime. Assuming full time analysts are paid on a 40hr/week basis, analyst salary is $75k/year, whereas CCB (corporate client banking) group works with companies w/ $500m-$2b revenue and analysts make $85k/year... Any idea what bonuses are like for MMBSI?
How difficult would it be to switch into JPM IB after the summer/after the 3 year analyst program/after the 3 year program + business school?
Thanks in advance!
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I don't work at JPM (at a different BB) but my current roommate works in CCB there and we've thoroughly discussed CB. Keep in mind I am in the Southeast.
In the Commercial Bank, 1st year Analyst pay for MMBSI is around $65K, 8-10% bonus. CCB is $85K base, 25-35% bonus. ABL base salary (also included in CB) is around $68-70K, 8-15% bonus.
I think it will be extremely difficult. MMBSI handles the smallest clients within the Commercial Bank and the job tasks aren't even close to CCB. At my Bank, I've seen people go from Corporate Banking to Investment Banking and I've also seen people go from ABL to DCM. Middle-Market guys typically exit to other banks, or a select few of the top analysts end up in PE at Credit funds.
Do any JPM MM analysts go to top business schools --> IB associate? Or is that also difficult
Why not just go directly to IB (at another firm) after a year of MMBSI? Yes it'll take a lot of work but a quick LinkedIn search shows several JPM MM analysts > Lower MM IB firm.
A trend that I've noticed though is that I don't see many BAML/JPM/WF Middle Market analysts move to BB IB. The exits (for the people that truly want it and work their ass off for it) seem to be mostly limited to small, boutique IB firms.
So would doing the MMBSI summer analyst program basically limit you to credit-related work after? No transferrable skills at all to IB?
For the most part, yes. From what I understand MMBSI does the least financial modeling out of what my roommate views as the three main CB groups (CCB/MMBSI/ABL)
Where did you find these numbers? Also what region is this for Northeast / NYC? (Referring to the OP)
forum/friends, for nyc
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OP, how long did it take for you to hear back after superday? I just had mine yesterday and I assumed I was supposed to hear back today...
Has anyone heard back from the nov 1 & 2 super day?
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