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.
