I got an offer for investments at T. Rowe and an offer to do internal audit at J.P. Morgan. I hope to do investment management or even IB in the future, but I am torn about which to take. I'd greatly appreciate any advice! Thank you! :)
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What? Why would you do internal audit at JPM if your goal is investment management? Please take T. Rowe. Congrats.
Thanks so much for your help! I was thinking about taking J.P. Morgan because they mentioned there is a lot of internal mobility and quite a few internal auditors moved into areas that they audited before, e.g. IB. Would it still be worth taking T. Rowe then?
Can you clarify if the T. Rowe position is a pure investing role? I would take anything they are saying about internal mobility at face value. Unless your passion is internal audit or you'd feel comfortable being an internal auditor, you should take the T. Rowe position (assuming it's an investment internship). You would have a stronger profile for interviewing for IB if that's what you're looking for out of undergrad. I've seen buyside ER / LO AM -> FT IBD, have never seen internal audit -> FT IBD.
"Internal mobility" is not a replacement for direct experience. If you're able to get direct experience in "investments" and that's what you want to do, then you should take that. There will always be lateral opportunities at other firms based on your experience. Plus, T Rowe is a great firm in of itself.
T rowe
Assuming its an actual investing role T Rowe is an exit opp so not sure why this is even a question
It's investment and trading! I wanted to ask because JPMC is a bigger firm and would probably have more opportunities to network. I didn't know that T. Rowe is an exit opp, so thank you for noting that!
Just to add to this, but the JPM role also was higher paid, so I was not sure if that was an indication of what the full time pay would look like.
HR always says there is great mobility, especially when you're doing accounting. There are droves of people trying to move from accounting/other roles at the firm, to IB. AN even bigger problem is that you'll have to do a minimum of 2 years before being able to interview for teams internally, in addition to having good reviews, hoping the manager of your current team is sympathetic with the move, hoping that the IB team will be interested in interviewing you and most importantly giving you a shot.
I've found that JP is shallow as hell, and not having relevant experience/top tier school will make getting an opportunity extremely difficult for a lot of IB roles.
If T Rowe is an investment based role, go for T Rowe. Keep in mind, auditing investments is not investing. Can you list out the responsibility of the T Rowe role here?
I didn't know that I'd have to do 2 years before interviewing for jobs internally! Wow, that seems like a lot of variables to consider. Thanks for letting me know.
And yes, the T Rowe role includes investment and trading and is more quantitative in nature. It is heavy on coding and includes working on algos.
ABsolutely take T Rowe.. Sounds like you have a quantitative background and you would let all of that knowledge go to waste in accounting.
T Rowe
T Rowe is a solid MF and a pretty tough one to get into. If you're truly joining their investments team, this is a golden opportunity. Even if this isn't a pure investment role (is it? or is it more product mgt?), there will be vastly more internal mobility at T Rowe compared to a BO audit role at JPM. If you want to move into a FO role at JPM later on, it may even be easier coming from a FO role (or even quasi FO role) at T Rowe than a back office role at JPM. Plus, from day 1 at JPM audit you're going to be thinking of how to get out of your BO audit role at JPM. That doesn't set up for a great work experience there. What happens if 2 or 3 years go by and you're doing audit at JPM? What are you going to do then? You will be vastly more marketable coming from whatever the 'investments' role is at T Rowe.
Good luck!
It is investments and trading! Your notes on BO versus FO make a lot of sense, and thank you for outlining what the near future might look like working in audit. Thank you so much for taking the time to respond to my question!
Happy to help!
Two things to keep in mind, first in finance you always want to be as close as you can to the profit generating units. No matter what type of finance you get into, the closer you are to the money, the more important you are and more money you will make in your career. If JPM goes through a restructuring (as it does all the time), the first to cut are the BO cost centers like audit. And second, there's a hierarchy within the mutual fund world. T Rowe is viewed as a very high end mutual fund to work for. Your exit ops / skill set development / CV pedigree with anything remotely connected to the investing side will be very strong among other parts of the MF world and broader buyside.
Good luck! Feel free to DM me if I can help in anyway.
how did a person asking this question get an offer at T Rowe
Preftige is a hell of a drug
If your goal is investment management or IB take TRowe... not sure where there's confusion on an audit role (with literally any firm) vs a top asset mgmt firm investment role. Trowe's prestige as an asset manager has better street cred than JPMAM anyway.
OP's probably gonna take JPM anyway because of the brand name
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