JPM Groups in 2024

I’ll bite. Ignore my title. Finished analyst stint at JPM and no longer w the company.

Disclaimer: all the groups are very good…one of the only advantages of being at a top bulge bracket bank vs. another bank where only a couple groups offer great exits (RBC, UBS, etc.). It isn’t the end of the world if you don’t get your top choice. Below is my opinion but would say generally in-line with consensus (think some people may disagree with me about M&A).

Rankings (Predominately based on exits/experience):

T1:

Healthcare / M&C
M&A

T2:

Tech
Diversified Industries (DI) / Consumer Retail / LevFin (SLF)
Financial Sponsors (FSG)

T3:

Everything else

T1:

Historically for top groups would say it was always M&A > Healthcare > M&C…don’t really see that as the case anymore. Healthcare and M&C have had the best exits the past couple of years and analyst quality/experience in M&A is super hit-or-miss from what I’ve seen (and a bunch of internal issues there recently). If you are dead set on going into megafund PE, try to get into one of these 3, will be a bit easier.  Hours are very rough across all 3, pretty consistent 2-4am nights.

M&A and M&C are fairly small groups while Healthcare is one of the largest. Pretty nepo process for all 3…HC favors Wharton/Columbia, M&C favors Princeton/Cornell, M&A favors uChicago/Harvard (M&A most open to non-targets). That said, is doable to place into any of these 3 from any school but helps to have the inside track. Easier to place into M&C or M&A as a women compared to Healthcare. Typically lots of technical questions for all 3: M&A very acc/dil focused, Healthcare has a case study, M&C valuation focused.

T2:

Still pretty competitive to get into (particularly tech) – wouldn’t neglect reaching out to these groups.

Tech probably the best for VC/growth exits, generally pretty decent hours/culture (NY team only, SF is brutal) but not the most granular modeling experience.

DI is the biggest group (15-20 interns), generally has good exits but long hours. Decent culture. Experience can vary quite a bit based on what subvertical you kinda get locked into.

Consumer Retail used to be arguably the best bang for your buck in terms of exits vs hours worked. New group head from DI now in charge and brought over business services to the team. Pretty brutal hours now (2-4am usually). Easier to place into the group as a guy.

LevFin tbh has really nice people and great WLB. Way more interesting work compared to DCM/ECM. Don’t get good modeling experience however (don’t hold pen at JPM). Exits are still very good though, you’ll just have to put in more work preparing. Can get megafund for sure but a lot exit into private credit or switch to coverage for a 3^rd year before leaving.

FSG probably has the best WLB out of the coverage groups and decent exits. Downside is not really room for promotion (very much 2 and out) and typically don’t hold pen (like CS/BAML SLF/Sponsors). Very small group but MDs will make calls for you. A bit pigeon holed.

T3:

Groups are still good but tend to be niche (Real Estate, Latam M&A, Energy, Infrastructure, FIG, CFA, ECM, DCM, PCM, etc.).

Would note that the CFA (structuring team basically) is very small (1-2 interns) but probably have the smartest people across IB. Super impressive bunch.

PCM/ECM/DCM great for building a long-term career at the bank given it is substantially easier and great WLB (market hours typically) but hard to exit into PE.

FIG is horrifically brutal hours/culture with low return rates. Have great exits (Megafund FIG PE pretty easily) but not the move my friend. They are of the few groups that has to proactively reach out to interns to try to recruit them. Would avoid like the plague unless you really love the space.

Overall advice:

People you work with is more important than the deal/group. Would focus on fit during placement and see where the vibes are. You’ll get plenty of exit opps out of the top 10 groups or so and very good niche exits out of the niche groups.

Would recommend narrowing down to 5-6 groups before placement starts and start lightly reaching out during the new year (don’t bombard 5 analysts in the same group within a week, reach out to alum/friends first). Once placement starts would narrow down to 3 groups within the first few days and then just focus on those. Keep one backup option just in case. Do not tell multiple groups they are your top choice…the intern sponsors within each group talk to each other. Surefire way to ensure you end up not getting your top choices. Totally fine to tell a group they are your number 2 or 3 option late in the process, just don’t give exact ranking early in the process in case you get cut from a group (they typically won’t tell you if you are cut, they’ll just ghost you). If you’re getting ghosted by all your top choices you need to pivot quickly vs waiting until last 2 days of placement to do so.

Try to strike a balance of being professional and relatable on the calls…tailor to your audience accordingly i.e., talking to a 1^st year analyst vs. VP. Avoid talking about politics, religion, etc. Be up to date on recent deals in respective industries, macroeconomic news, appropriate pop culture, recent sporting events, study technicals, etc.