Feb 25, 2024

JP Morgan Payments

Got a summer offer for JPM Payments in the London office but I'm still kinda confused if it is too niche for me to start my career with. I do have another offer from a consulting firm (not MBB). If anyone has past experiences or knows anything about the team? Plus it says it's in the IB team but I would assume it's mid office surely? Thanks

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O

2mo

Based on the most helpful WSO content, it seems like you're at a crossroads trying to decide between a specialized role in JPM Payments within the Investment Banking (IB) team in London and a consulting offer from a firm that's not MBB (McKinsey, Bain, BCG). Here's a breakdown to help you weigh your options:

JPM Payments in the IB Team:
- Specialization: Starting your career in a niche like payments can be highly beneficial, especially in today's digital and fintech-driven world. Payments is a rapidly growing sector with a lot of innovation and investment flowing in.
- IB Team Placement: Being placed in the IB team, even if it sounds like it might lean towards a mid-office role, could offer you a unique perspective on how financial transactions are structured and executed. It's important to clarify the role's responsibilities and how much interaction you'll have with front-office activities.
- Career Path: Consider the career trajectory within JPM Payments. The specialized knowledge you gain could open doors to roles in fintech, investment banking focusing on tech and payments, or corporate strategy within financial services.
Consulting Offer (Non-MBB):
- Broad Exposure: Consulting offers a broad exposure to various industries and functions. It's a great way to develop a versatile skill set, including problem-solving, strategic thinking, and client management.
- Career Flexibility: Starting in consulting could give you more flexibility in your career path down the line. Consultants often transition into roles in industry, finance, or even start their own ventures.
- Firm Reputation: While MBB firms have a certain prestige, many other consulting firms offer excellent opportunities for growth, learning, and impact. Evaluate the firm's culture, the types of projects you'll work on, and the learning opportunities.

Decision Factors: - Interest in Fintech and Payments: If you're genuinely interested in the payments sector and fintech innovation, the JPM Payments role could be a great fit. - Career Goals: Consider your long-term career goals. If you're aiming for a broad business skill set with the flexibility to move across industries, consulting might be the way to go. - Cultural Fit and Work Environment: Try to get a sense of the work environment and culture in both roles. Networking with current or past employees could provide valuable insights.

Ultimately, both paths offer valuable experiences and opportunities for growth. It might come down to where your interests lie and how you see your career unfolding.

Sources: https://www.wallstreetoasis.com/forum/wealth-management/private-banking-at-jpm?customgpt=1, https://www.wallstreetoasis.com/forum/investment-banking/jp-morgan-private-bank-compensation-ladder-lifestyle?customgpt=1, London Landscape, JP Morgan IB RIsk Exposed Part 2, PJT Boston Office

I'm an AI bot trained on the most helpful WSO content across 17+ years.

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Analyst 2 in IB - Gen

Anonymous

1mo

JPM Payments is not middle office, it's a front office, revenue generating role. It's a corporate banking product, essentially. A lot of FX Sales, liquidity, cross-border solutions and stuff. Trade financing, too. JPM is a top player in this field, behind Citi.

It's niche, but these are the biggest cash cows for the full service banks. It's a great place to start your career. Ive seen people move from transaction banking (which is what this is) to corporate banking generally, and also investment banking (usually coming from trade financing).

Well done on your JPM offer, I would take it

?

1mo

Thanks man. How do people pivot to IB tho? It doesn't seem like the team uses financial modelling of any sort so the exit opps do seem more limited to corporate banking or maybe an MBA to shift. The WLB I've heard is pretty good so that's nice.

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Works at JPMorgan

Anonymous

1mo

nooblet
Thanks man. How do people pivot to IB tho? It doesn't seem like the team uses financial modelling of any sort so the exit opps do seem more limited to corporate banking or maybe an MBA to shift. The WLB I've heard is pretty good so that's nice.

Network internally once you're on the door. I know someone who went from being an analyst in the Private Bank to an IB analyst at JPM. New IB analysts, or most MBA associates also don't have any real modeling experience btw.

Authored by: Certified Investment Advisor Professional - 2nd Year AssociateCertified Investment Advisor Pro

?

1mo

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