Top Groups at JPM?
Anyone have an idea of what are the best groups at JPM? I have looked at the search and saw a previous thread in 2018, but I'm not sure if anything has changed since then. Thanks!
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FIG & Healthcare from what I gather
I thought M&A and healthcare
Do you know if there is a group specific process if you select M&A as your group preference for JPM? Heard M&A group specific interviews can be extremely technical and challenging.
I talked to someone in M&A, and if I understood correctly, he said that the timeline is the same as the other groups. And so you still get a generalist offer even if your first choice was M&A. Someone who has actually gone through the process could actually give better insight
I can tell you as someone who has been through the M&A process, it is very technical and challenging. Out of 100+ interns, around 50 or so will put M&A down as their top choice, and historically the group only takes 7-8. The process starts off with formal networking and technical questions for around a week. Then the group selects a batch to send off to an informal "second round". There, a prospective intern will have 4-5 more interviews with the final being a senior in the group. Those that make it to the final round usually get a call to let them know if they made the cut or not. However, HR has the final say in the placement process, so nobody really knows.
This is correct. JPM doesn’t really have any “bad” groups, but these would be the strongest from an exit and deal experience perspective. The worse groups would probably be the traditional “niche” groups - Power / energy, real estate and gaming, and FIG, which, apart from energy are still all top 3 groups in their respective industries, but better to avoid if you have other options.
I thought they were strong in Energy as well. Maybe I am just thinking about the DCM side.
All the groups are very good.
Best groups are M&A, Healthcare, and M&C (in order). All 3 have very nepotistic placement processes. Generally, M&A likes UChicago and random non-targets, Healthcare loves Wharton/Columbia kids. M&C likes Princeton/Cornell kids. Tons of technical questions for them (particularly if you’re a male, from what I’ve heard). For a lot of interns, it’s difficult to even get these groups on the phone during placement. M&A and M&C are small groups, while healthcare is one of the biggest (15+ summers).
Next is C&R, Diversified Industries, Tech, FSG (sponsors), SLF (no particular order). DI is the biggest group at the bank while FSG is one of the smallest. FIG is really good for exits, but has really bad culture/hours...usually not the most popular choice.
Rest of the groups are still good, just not as highly sought after. Can place well into PE out of almost every coverage group. You can get placed into ECM/DCM but it is very unlikely as these 2 groups are preffed by people who value having lower hours
Do you have any theories on why M&A likes random non-targets if it's the best group?
Historically all the analysts from top schools left the firm, so a lot of the ASO/VP’s are from non-targets. So they pull in a lot of other non-targets.
Hows the Energy/Power group at JPM?
In terms of Houston Energy JPM is good not great. I would say a tier below the top guys in Houston (think like Jefferies, Evercore, Barclays, etc.). Houston is a different animal than NY. As said above can't necessarily go wrong at JPM and a group like Energy for JPM may not be the very top on the street but it's still good. Having a balance sheet and being able to make top tier capital commitments in Energy is key as its a very capital intensive business and companies appreciate the capital support and corporate M&A will need a financing package. Look at Chevron/Noble deal (JPM advising Noble I'm pretty sure). Interested to see if that helps stir up some additional large cap M&A since things have been quiet. In terms of upstream A&D Jefferies dominates. Can't speak to Power
speaking from personal experience it is NOT unlikely to get put into dcm. multiple interns who have preffed it in bottom area (target/non-target) have gotten put into DCM (non lev fin)
I’ve heard of it happening to people who only go for the super competitive groups and then strike out
I don't have any bananas to give but for anyone reading, this comment is spot-on accurate.
Hate to bump an old thread but this has some useful information so never hurts to bring it back
Can you speak more to FSG in terms of lifestyle and culture? If they have one of the smallest groups do they get totally grinded?
Very much a lifestyle group at the bank - not heavy on hours typically. Fairly collegial and has solid exits as well.
Tech has being doing well for the past 2 years
Has anyone heard much about the public finance group at JPM
LevFin is great, although a bit less modeling intensive compared to BAML/CS from what I've heard. Not entirely sure though.
Im not sure if this is completely valid with the BAML vs JPM lev fin- I am pretty sure BAML and JPM have the exact same structure of groups and therefore same work processes:
-Both have FSG -Both have lev fin origination (bankers) and lev fin capital markets (the pricing/technical support) -Both have traditional IG DCM -Both have corporate (commercial banking) groups
Additionally both have global banking groups- tbh Im pretty sure they are exactly the same in their processes- the model is held by coverage for bonds and by FSG for PE capital raises. I think it is a myth that they are so different. However, if someone has experience in both groups and can speak to their similarities/differences that would be interesting.
Noob question, what is the difference between lev fin origination (bankers) and lev fin capital markets (the pricing/technical support)
Pretty sure tech was the best performing coverage group at jpm last year and is killing it right not (lead left on biggest software ipo this year and sole sell-side advisor in biggest tech M&A deal). Whether that translates to exit is another thing
How’s their regional M&A group？
Harvard
does anyone have any thoughts on JPM TMT in SF?
have heard it's very sweaty
Yeah its sweaty af. Lots of pitching all the time from what I have heard with less skew towards live mandates
Work in tech banking at an EB in SF and looking to lateral. Pretty sure JPM is right behind Goldman this year in tech banking market share. Not sure how not having any live deals could make that happen?
Have heard horrible things about culture of the group. Attrition rate is sky high
Which group would give you the best experience in NY?
Saw on the other thread that M&A will be divested this year. Can anyone confirm this?
can you link? Does that mean that modeling will be done in house?
Hows DI as a group, what do they cover? Also, what does group placement look like? Are technical questions asked when reaching out to the individual groups?
DI covers industrials, auto, paper & packaging, airlines, manufacturing, services, etc...
It's a very large group therefore you'll get a ton of deal flow, which is great at the junior level from a learning standpoint. In my experience however, the group is extremely sweaty and is probably one of the roughest rides at the bank along with FIG & M&A in terms of hours.
It varies but generally, most of the sought-after groups will have industry knowledge questions at a minimum. A decent chunk will have heavy technicals.
Though a lot of people on this site don't pay Securitized Products too much attention, but JPM has by far the largest structured finance practice globally. This year they're at over 45% ahead of #2 Citi (which is another strong player in the space particularly CLOs and ABS). Agree with the prior healthcare nods as well.
Is there is a good reason why people on this site don't pay JPM Securitized Products too much attention? How would one go about deciding between JPM Securitized Products (NY) and JPM IB C&R (Dallas)?
C&R = consumer and retail?
On the note of why people don't pay securitized products much attention, I can't answer that. Most people on this site have an M&A/Coverage or bust mindset. While some of these other roles pay just as well, in some cases better, and put you up against less competition for exit opps to the buyside. Instead of competing with 500 Coverage Analysts that came in the same time you did, you're competing with like 50-100 instead. Several BBs have really good structured finance shops. CS/JPM/C lead the pack as T1. DB particularly for ABS and RMBS is somewhere in between. BaML/Wells are T2, and then there's the rest.
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