JPM Markets Research vs S&T

Could someone break down what the main differences between JPM Markets Research and S&T?

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Class of '28 Aug 2026 Cohort

5.00/5

Sales & Trading Career Roadmap (optional)

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Class of '28 Apr 2026 Cohort

5.00/5

Sales & Trading Mock Interview

“The mentor provided extremely detailed and thoughtful feedback throughout our session. What I appreciated most was that the advice was not generic. He took the time to understand my background, past experiences, and the specific roles I am currently recruiting for, and then tailored his suggestions accordingly. He also connected many of his recommendations to his own professional background and experiences, which made the feedback much more practical and credible. Instead of simply telling me what to change, he explained why certain answers or approaches would be more effective and how an interviewer might interpret them. He also shared specific examples from his own experience to illustrate his points. I came away from the session with a much clearer understanding of both my strengths and the areas I should improve, as well as several concrete ways to strengthen my interview preparation. Overall, the session was extremely helpful, personalized, and actionable, and I would definitely work with him again.”

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Based on the most helpful WSO content, here are the main differences between JPM Markets Research and Sales & Trading (S&T):

JPM Markets Research:

Primary Function: Provides in-depth analysis and insights on various financial instruments, markets, and economic conditions. The goal is to inform and guide investment decisions for clients.
Clients: Typically serves institutional investors, including hedge funds, mutual funds, and sovereign wealth funds.
Work Focus: Analysts in research focus on gathering data, analyzing trends, and producing reports. They often specialize in specific sectors or asset classes.
Output: Research reports, market commentary, and investment recommendations.
Interaction: Limited direct interaction with clients compared to S&T. Most communication is through published reports and occasional client meetings or calls.

Sales & Trading (S&T):

Primary Function: Facilitates the buying and selling of financial instruments on behalf of clients. This includes equities, fixed income, commodities, and derivatives.
Clients: Similar to research, S&T serves institutional investors but with a more direct and transactional relationship.
Work Focus: Traders focus on executing trades and managing risk, while salespeople maintain client relationships and provide market insights.
Output: Execution of trades, market-making, and providing liquidity.
Interaction: High level of direct interaction with clients, often involving real-time communication and quick decision-making.

Key Differences:

Nature of Work: Research is more analytical and report-driven, while S&T is more transactional and client-facing.
Client Interaction: S&T involves more direct and frequent client interaction compared to research.
Output: Research produces reports and recommendations, whereas S&T focuses on trade execution and market-making.

These distinctions highlight the different roles and responsibilities within JPM's Markets Research and S&T divisions.

Sources: S&T vs Capital Markets Long-Term, My Story: From Trading Floor at UBS To Entrepreneur on Kickstarter, CIB Credit Risk J.P. Morgan, Confused about S&T while studying for FINRA exams - can someone help out?, Strongest Groups within S&T at BBs

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Analyst 1 in HF - EquityHedge

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