JPM SA/FT IBD GROUPS and Analyst Program

All, JP guy here looking to help out any incoming summer analysts who are most likely about to start the group placement stage. This is not an opportunity to ask me what group I am in, or seek my help in the placement process. I intend to remain anonymous and simply want to provide a legit, current, and accurate post on JP Morgan's SA program and placement process.

For starters (more for curious individuals) the SA program for JPM is 9 weeks rather than the regular 10 you may see at the other BBs. The first week is training in there Chase Manhattan Plaza building near Wall Street. This will only include IBD SAs (public finance included) and IBD Risk SAs (only a handful total) for all the US and Calgary. There are one of two groups you will be placed into for training based off of your pre-training test you complete in April/May. Before someone asks if it matters what group your in, it does not. No one cares what group your in and neither should you. Lastly, before I get to the groups, JP's full time offer rates are very high for IBD... 100% and 90% in some groups. HR and MDs will tell you on the first day, that the offer is yours to lose so to speak. Just work hard and don't be an idiot.

In regards to groups... You really can't go wrong.

For product groups we have M&A, Debt Capital Markets/Investment Grade Debt, Equity Capital Markets, Syndicated and Leveraged Finance, and a corporate finance Group.

For Industry groups, we have healthcare, natural resources/energy, diversified industries, consumer/retail, TMT, sponsors, real estate, FIG, Public Finance, and LATAM

The placement process for SAs has already begun or begins soon. HR will send you a large deck that will have a few slides. Essentially a mini pitch book for each team. Each group has contact information that you can reach out to. Following the distribution of that deck, webinars will be held to and each group has 5-10 minutes to give their 2 cents and give a Q&A. You then number each group in order of preference. informational interviews are then given by some groups.

Now this is where networking and some technicals may matter. To put it simply, all you naive monkeys want to be in the same groups in most cases... M&A, LevFin, Sponsors, and TMT. So your chances at getting into one of these groups is harder. For example, out of the 150 or so SAs (freshmen, sophomores, and juniors), sometimes each group will have 30 to 50 kids list them as their first or second choice. So interviews have to occur. Some kids get pre-picked by alumni and interviewers, some actually come in to meet the group, and some call around the floor looking for support from analysts... and some just pick the group. I don't think I need to explain whose chances are better. In addition to that, some groups have interviews and they can get technical. Some analysts just don't want an unsharpened pencil to babysit to be honest. Some are just cranky. But in many cases, they need a reason to say no and get the process over. To be clear though, I'm not talking about modeling technicals. But, industry knowledge, basic/general IBD technicals, stock picks, industry trends and news, industry metrics, etc. Basically, why do you want to be in M&A or Tech. Read a primer, blog, book, league tables if you feel the need.

The selection process is relatively quick and most kids do get one of their top choices as long as they don't list (1) M&A, (2) LevFin, (3) TMT. Perhaps network hard for two groups. Industry groups like DI and FIG are also much larger than the rest and are solid groups.

Before someone asks... no, you don't then need to spend the month of May prepping for your group. If anything, acting like you know the answers and getting something wrong will hurt you. Interrupting an analyst while he is teaching you something will hurt you. Being curious, asking the right question, remembering the answer and doing a good job on that pitch slide or comp sheet is what will get you on any analyst's good side.

Apologies for the length... will provide information on specific groups as well as SA experiences/lifestyle upon request. No exit ops questions. Kids have gone to the buyside from all of these groups. Sponsors, LevFin, and M&A have all sent kids to MFs within the last couple years before some clown starts talking about which is better for that career path.

 

@TheFix

In all honesty, I'm still not 100% sure. The groups correct title is Corporate Finance Advisory. In a way it is almost like a umbrella group to all of IBD's product offerings. They manage relationships with corporate clients and somewhat serve as a financial consultant or advisor to these firms.

For example, a corporate client may need tax advice on some acquisition or sale of a division, commodity derivates for hedging purposes, FX trading and hedging solutions, how to set up a subsidiary (location, legal structure, etc.). Additionally, they may seek advise on their ratings... how they may be improved, commercial banking solutions, insurance solutions, liquidity and capita raising solutions. I can't really provide anything more in depth because I simply don't know. And if I were to guess, I bet the group serves more as a liaison since we have groups and teams that specialize in this. Can't imagine the same person hedges foreign currency risk, commodity risk, and then provides tax advise in the afternoon.

 
hobomagic:
Can you shed any light on non IBD FT offer rates? Specifically ER SA's? Thanks

Unfortunately cannot help in regards to any information pertaining to ER. Not part of the IBD SA program and I have no exposure to that group. In regards to IBD FT offer rates, they are strong. I mentioned in the original post that they have always been high.

 

Got some PMs and figured it would be best to address them here.

In regards to performance reviews, there is a mid program review with HR. Less than ten minutes where they simply say if you are "on track" [towards getting an offer] or not. And in relation to this, another PM asked about switching groups. There have been some really one off occurrences where kids have moved mid-summer, but more than rare. Nonetheless, towards the last few weeks of the program HR will send out an SA (all SA - Ops, Tech, S&T, Risk, IBD, Private Banking) email basically asking if kids are interested in a FT offer (or return offer for younger interns) and if they want to consider switching groups. I can't say what your chances are in switching and have no clue if your chances in switching divisions are high for FT. I can say your chances for switching around the front office divisions if your coming from the front office is strong if you are a freshmen or sophomore intern though. Now this is obviously your call, because you then list the ONE or two groups you would like to switch into. It gets tricky because IBD conversion rates are so high that groups are looking to fill many or even a single spot. Also, you have to notify your current group of your request because they now need to find someone else. Some people may say that it is not worth the risk. My 2 cents is no one cares if your a good SA. In my group, a strong SA wanted to move to a different group. He was dinged by the group since all of their spots were filled by current SAs interning in that group. He still received an offer from our group and came back. So it is worth a shot. You won't piss me off and he didn't piss an senior guys either.

 
Best Response
AA:

Thanks for doing this. Any tips on how not to be the guy who doesn't get a return offer?

I know there are more comprehensive answers to your question. In all honesty, I think its relatively hard not to get an offer for JP IBD SAs. If I were in a position to give return offers, I can say that a number of kids would not be working in our group. We have had girls ask how to paste special on the last day, guys who end up hard coding models/cap structures/pitch slides on there last week, kids who ask for days off, kids who wear sleeveless button downs (not kidding, HR actually sends out a memo on what to wear and specifically states no white socks and no short sleeve button downs), think they are too good to make copies, etc. Keep your head down, ask for work, ask goof questions, show interest/curiosity/passion, and show them that you've learned.

Specific example of one kid who didn't get an offer... Talked about PE and exit ops on his first day. Told people he was rich. Spent hours on frat mail and total frat move. Was an awful creepy wingman. Was socially retarded and lacked an ability to understand speaking with an analyst is different than speaking with an MD, or an SA vs. Analyst, etc. And couldn't do busy work or anything above that.

I know it sounds weird, but you will be fine. Get in tight with an analyst or two. They will get you involved in their deals and give you good work. They will help when they can with teaching you simple/cool things, and will take you out with the older guys. Then the older guys respect you and like you, and then you get the teams support. And if a week goes by and you don't get work, don't worry. I wasn't put on a pitch solo until my last week, wasn't given work until my second/third week, and wasn't given anything meaningful until half way through.

 
Scrooge McDuck:
AA:

Thanks for doing this. Any tips on how not to be the guy who doesn't get a return offer?

I know there are more comprehensive answers to your question. In all honesty, I think its relatively hard not to get an offer for JP IBD SAs. If I were in a position to give return offers, I can say that a number of kids would not be working in our group. We have had girls ask how to paste special on the last day, guys who end up hard coding models/cap structures/pitch slides on there last week, kids who ask for days off, kids who wear sleeveless button downs (not kidding, HR actually sends out a memo on what to wear and specifically states no white socks and no short sleeve button downs), think they are too good to make copies, etc. Keep your head down, ask for work, ask goof questions, show interest/curiosity/passion, and show them that you've learned.

Specific example of one kid who didn't get an offer... Talked about PE and exit ops on his first day. Told people he was rich. Spent hours on frat mail and total frat move. Was an awful creepy wingman. Was socially retarded and lacked an ability to understand speaking with an analyst is different than speaking with an MD, or an SA vs. Analyst, etc. And couldn't do busy work or anything above that.

I know it sounds weird, but you will be fine. Get in tight with an analyst or two. They will get you involved in their deals and give you good work. They will help when they can with teaching you simple/cool things, and will take you out with the older guys. Then the older guys respect you and like you, and then you get the teams support. And if a week goes by and you don't get work, don't worry. I wasn't put on a pitch solo until my last week, wasn't given work until my second/third week, and wasn't given anything meaningful until half way through.

Very helpful. Thanks.

 

Of the 150 or so incoming FT analysts for North America IBD think 40% Ivy Targets, 35% usual non ivy targets mentioned on this forum 25% randoms/diversity schools.

Schools represented include MIT, BC, Gtown, Vanderbilt, Amherst, Williams, USC, Berkeley, MIT, Barnard, Gtech, Morehouse, Nova, Notre Dame, Washington University, UPenn, Wharton, H/Y/P, Clumbia, Chicago, Michigan, Hobart, William and Mary, W & L, Florida A&M, U of Illinois, Texas A&M, Clemson, Holy Cross, Dartmouth, Rice, Maryland, Miami Ohio, Texas, SMU, Cornell, Lehigh, Brown, Tulane, Wesleyan, Fordham and a bunch more.

Target's might have 2 to 10 kids incoming while the other schools will have one.

 

You mentioned this -- "There are one of two groups you will be placed into for training based off of your pre-training test you complete in April/May." What kind of test and how much does the training differ for each group?

 

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