Accept JPM Ops, or continue summer internship search?

Hi guy,
I'm a Penn State junior, and have an offer w/ JP Morgan Operations (not in any major financial centers.) I absolutely must accept or deny this internship by Monday

I really do think my resume is relatively competitive, ... at this point, would you continue looking, or settle for it?

Reading WSO gives me the impression that ops will not lead to anything. As someone who wants interviews for front office jobs in NY, or f500 corporate finance, come senior year, I really have no idea what to do.

Would you take the risk, forego the offer, or would you take (as you believe ops internship is actually looks pretty good on the resume)?

 

Others may disagree, but it never is a bad thing to have a strong name like JP Morgan on your resume. While you may not think operations is ideal banking, corporate finance etc. in the short run, it's still a good job, with I'm assuming competitive internship pay, and a well respected company across different industries. Plus you can look to network or leverage relationships to make a move to other areas of the company if you're a strong performer. I think too often people get tied down to what's the right "path" to banking, S&T, etc. Sure there may be a traditional way of getting to a career, but it is by no means set in stone. What ultimately matters is being a strong performer, a likeable person, and making people believe you can do the job, regardless of your background. A name like JPM tends to command respect on a resume in my opinion, especially if you can highlight your skills and experience properly.

With this said, you should evaluate what your other potential opportunities are (i.e. have you been getting interviews lined up at other companies?), likelihood of something working out with that and weigh the risks.

Know I didn't tell you one way or the other, but something to consider.

 

Hey man, thanks for the reply. Being from Penn State, I've had interviews for positions in AIG, BlackRock, and Citi in New York, yet somehow nothing glamorous has worked out.

I guess, I really just wish I knew to the extent of how good/bad ops look on a resume, come recruiting season, and and how many more NY positions (pref. front-office) there are; that way I can actually evaluate the risk/reward. Right now, I'm torn by uncertainty and regret anticipation.

I've heard from many stories of people who secured sweet internship late April; but those are stories, I can't put a statistic on that, to evaluate.

 
tbb07:

I guess, I really just wish I knew to the extent of how good/bad ops look on a resume, come recruiting season, and and how many more NY positions (pref. front-office) there are; that way I can actually evaluate the risk/reward. Right now, I'm torn by uncertainty and regret anticipation.

I don't think it makes you look "bad" by any means. Plus, being from PSU there have to be loads of alumni around all areas of JPM that you can network with once you're in there.

I guess I am a little biased. I went to a total non-target (albeit did well there), don't currently work in IB (wanted to badly back in the day though, glad it didn't work out now), but have found that working for big brand name firms in different areas has opened up a lot of doors and opportunities for me. On top of this, having recognizable names and a broad range of experience has given me a unique skillset to be marketable for several types of jobs. Not saying you should not pursue banking, but I worked non-banking jobs (yet relevant like operations) for two internships with well known firms in college and still got a couple ib interviews at full-time recruiting.

 

Honestly, I know infinite amounts of PSU alums in NY, and none in the Philadelphia area. IB actually isn't my goal; however, a job with a great starting salary is. I'm not sure if Operations at a BB can get me that.

Also, on my resume, can I put euphemisms, such as "Finance Analyst" instead of "Operations Analyst", and for location, can I put "Philadelphia, PA" or "Philadelphia Area"? My actual work location is Wilmington, which is 20 minutes away, according to friends and google maps.

 

Operations at a BB actually has a pretty good starting salary. Most positions start around 50-60k with up to a 5k bonus.

Just put "Summer Analyst". Then if you put a description, "Investment Banking Operations" would be most accurate.

Don't put Philly if you're working in Wilmington. If they ask you how Center City is, or for your favorite cheesesteak joint and you're clueless, shit's an insta-ding at worst and just looks bad at best. Go ahead and put Wilmington, DE on the resume.

 

My interviewers both lived in Philly, and I expect to rent there. I'll use my digression I suppose.

Also, your figure is almost spot on. 48.5k annualized, assuming 40hrs/week (no over time). (Overtime is $35.)

I saw you on the other thread; it appears you're waiting to hear back from a super day. How often do juniors go without a summer internship, and make it out fine? I need something to cheer me up, as I'm of the impression Operations is the equivalent of nothing, after much WSO research....

 
Best Response

Yeah, I did Ops as an SA last year. I don't think its the equivalent of nothing. I was able to work on the trading floor of a large bank, gain useful skills (mostly learned on my own), and network with tons of people. Every interview I go to, its the first thing they ask about. It's all about presentation, you really need to have a plan going in so you can best spin the experience later on. If all you do is go in, book trades, and leave at the end of the summer you're dead in the water.

As far as people landing superdays without any prior experience, I myself have never seen this happen. However, keep in mind that I'm at a non-target, where the only people that stand a chance at landing internships with any bank (let alone FO) have well above a 3.0 GPA (usually 3.5+), double major, and tons of extracurriculars/leadership positions. It might be different at a target, but I wouldn't say that's necessarily the case. Also consider the fact that FT superday recruiting is even more competitive, simply because there's less slots to fill, so essentially I would say its a no go.

As to your last question, SA's get paid the same salary as a 1st year FT analyst. Its just prorated for the ~3 months you're there over the summer. The only case you would get paid substantially more for FT than SA is if you're clocking overtime or getting a bonus, which is pretty rare in Ops and I've only seen for MO positions which are usually in NYC and other financial centers.

 

Also, from what I've read, employers do not see why a person transitions from back office to front office/corp fin/consulting. So I'm curious, how did you play off your ops role? (What's your spin?)

As of now, excuses that come up include: 1) I didn't know what part of finance I wanted to do; now I know (back office has great exposure) 2) JP Morgan has a great brand and an offer I couldn't refuse 4) Pretend I accepted the offer early (lol it's April), and could not renege

 

Oh, I just realized your post on the BAML thread was for FT positions, not internships. That does answer my question then; it is possible to get ft interviews, with a Junior ops internship hah. Hope you're thinking finding luck else where.

My gpa is between 3.5-3.7, am single major, and have tons of school experience (never had internship though), so I hope I'll get interviews with quality companies & positions, come senior year.

At this point though, I am still praying something happens, so I can be in NY this summer.

 

The answer to your question is it really depends. So for my situation I had it easier in a way because I was interviewing for a FO position for the product I used to book in Ops. Sounds great at first, but the flip side is I was grilled on the ins and outs of said product. I was lucky enough to have a great mentor during the summer, who went above and beyond to teach me about the product I was working with rather than mindlessly booking them day in day out.

My advice is to do the best you can with whatever is in front of you right now. What this means for your situation is firstly landing an internship, then crushing it. Seriously. Doesn't matter if its Ops or IB. Work your ass off, ask for more projects, hell- create your own if you have to. Go above and beyond...show that you're not scared of hard work and know your shit. Worry about your exact story later, simply because it has yet to develop.

 

Thanks for the comment, kruzon. Let me know how your recruitment goes.

Anyone else have any input before I make my decision at the end of Monday?

 

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