JPM MMBSI Generalist SA -> Mid-Cap FSG FT possible?
Incoming SA at JPM Commercial Banking (formerly MMBSI) in NYC. Excited for opportunity, but have a unique interest in the specialized Financial Sponsors Coverage group within the commercial bank as well (called “Mid-Cap FSG” I believe). Also find the Syndicated Finance Group really interesting as well.
Was wondering if anyone knows how to get some exposure to these groups as a generalist/core intern? Recruiter said they do take some generalist interns for the specialized groups for full time, but wondering if this is an actual pipeline or a “blue moon” type deal.
Yes but you need to be the top of your commercial banking intern class and do a lot of networking. Usually 1 - 2 kids will place into FSG / SFG full time.
Gotcha. Any advice on how to approach networking and indicating interest? Recruiter said to “indicate interest early-on” in the specialized groups—but not sure who to indicate that interest to exactly, haha
Reach out to the juniors for coffee chats. Ask smart questions about the group and the work they do - not just stuff you can google. Most importantly, don’t be a bot
also fyi it also means the intern under the SFG / FSG who got in through specialized industries has to be worse than you by most metrics. So by joining them FT, you are effectively taking them out.
So in short, in addition to being top of your cohort, you'd have to be more personable than the SFG / FSG intern and they would have to be underperforming. It's quite difficult, but also probably worth spreading your wings outside of NYC to CHI if that is a career you're looking for.
Tried making the switch last summer but didn’t get the return for MMBSI. Believe this was the main reason as to why I didn’t receive it.
Huge thing I will say is that in training they say to tell your intent manager early that you’re interested in switching groups. Looking back, think it was a mistake of mine to do so but I think even if I did it wouldn’t have made any difference. JPM has cut down on internal transfers and if you plan on using C&SI as a stepping stone for IBD, it’ll be hard. Better to focus on securing the return and re-recruiting for IBD. C&SI will not sponsor you for FINRA licensing unless you’re an Assoxiate for specialized industries and VP for EMM
Thanks for the color—if I may ask, what do you think is the reason you didn’t receive a return? Low headcount?
Also, have you seen C&SI interns being successful in external IBD recruiting at other banks for full time?
Recently, no. But its typical that the C&SI interns weren't really looking to get into IBD in the first place anyways or well what WSO would say is that they aren't necessarily the people who would be in IBD to begin with.
Re return, I’m pretty sure #1 reason was for group switch and using MMBSI as a stepping stone - I personally didn’t realize how much I wanted to be in a IB seat until I was 2 weeks into the internship and realized the work C&SI analysts do just pigeonholes you. I worked my ass off and requested for the switch to FSG but it was too late and think it bit me back.
For FT IB recruiting, I was able to get multiple supers and landed a gig at a very small boutique. If you really want to do IB, you’ll have a much better shot settling for a lesser-known place. The JPM name helps but everyone will know you did commercial banking, even if you try to brand it as much as IB as you can. Best advice I’ll say is that if you really want to do IB, it better be fore reasons other than money.
Partially agree on this. JPM as a whole hasn’t reduced internal transfers for FT employees. The C&SI program management or HR (most annoying people in the world BTW) was just pissed off at the number of C&SI summer analysts looking to switch to ABL / FSG / SFG. As such, they added the policy where you have to forfeit your C&SI return offer if you want to switch to another team. Once you are a full time analyst, if you crush it for a year or two, I have seen people switch to FSG / SFG / LevFin/ M&A / Coverage. This is a small amount tho because people will self select into being comfortable with the 30-40 hours per week that the C&SI seat gives you with still very good pay.
Regarding the switch from C&SI SA to ABL / FSG / SFG Fulltime, i highly recommend telling you manager early, but i would phrase it as a gradual interest that grows and not that you are set on switching teams from the get go as that could leave the wrong taste in managers mouth. I would maybe do it like this; week 1: let manager know you are very excited for the summer and float the idea that you are going to network to figure out what you want to do; week 2: let manager know you have had a coffee chat or two with a member of the FSG team and thought it was interesting. Ask if they have a contact you can chat with; week 3: chat with their contact and a few other juniors. Let your manager know you are interested in switching after the chats. It’s imperative that you are crushing it in your day to day and C&SI projects. Would focus networking on juniors as they will pass feedback on to the analyst manager who is in charge of hiring decisions
Eos cupiditate quod possimus consequuntur aperiam. Provident et ut corrupti officia consequuntur ex voluptatem. Iure nihil ipsam sequi at eum recusandae.
Animi eos sit et architecto vitae et voluptate. Inventore illo praesentium explicabo quia nihil impedit inventore vel. Magnam nobis eum fugit vero rem. Corrupti nesciunt doloremque odit possimus eaque velit. Dicta placeat voluptatem illum culpa nostrum optio voluptatum similique.
Rerum culpa quas voluptatem vel dolorem. Nulla aut necessitatibus excepturi vel est quia. Et temporibus facere culpa dolorum et suscipit reprehenderit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...