Hey everyone. I have a interview for the JP Morgan Chase Commercial Banking Analyst Program coming up, and I was wondering if anyone knows anything about this interview or the analyst program?
Has anybody ever had this this interview? What types of questions are asked?
Anyone know the salary they pay someone in this program?
JPM Commercial Banking Program Overview
JP Morgan describes the division below.
Commercial banking provides a range of financial solutions to help corporations, organizations, real estate investors and owners achieve their business goals. We help our clients succeed while making a positive difference in our communities.
Commercial Banking Intern Experience
One user shared a specific experience working in commercial banking at JPM within the middle market banking group.
I am currently interning in Middle Market Banking for JPM CB. TheKid1, you are actually not quite correct. In the Middle Market, you do not actually do any IB work. You may work with IB products through the IB and be exposed to some of their deals but the IB does mostly all the structuring and face time, etc. Mostly in the Middle Market you deal with local clients with revenues between $20mm-$500mm - sometimes more or less depending on the client and their situation. Now, when I say "deal with", I mean literally structuring deals for these clients mostly in the form of a term loan or revolving line of credit. The Bankers will try to bring in other JPM products like TSS, IB, and PB to increase profitability, but mostly the team deals with credit exposure. I think the only exception is GNPH (Government Not for Profit Healthcare) and I dont think they roll up in the MM specifically.
There are two primary groups of individuals who make up the deal teams in the MM. It's usually one underwriter, who performs all the due diligence, credit analysis, etc. on the client, and then the Banker, who meets with the client and discusses their needs and evaluates management.
There are also several other segments within the CB that take interns. I see Commercial Term Lending and Real Estate Banking here. They are all similar to what you do in the Middle Market but more specialized in that group and you are not constrained to revenue limitations (I believe). Commercial Term Lending could be debt for an apartment complex that leases rooms. Real Estate Banking could be structuring the capital lease debt for a companies new office. If you want the best exposure to other LOBs and more of the IB feel, definitely go with Middle Market or if you can Corporate Client Banking (very similar to MM but with larger sized companies).
IMO, there is almost no better place to intern. The people I work with at JPM are very helpful and want to help you learn and find your niche. So, if you are interested more in the IB side, you may be able to sit it on some IB calls and get some exposure into how they run their line of business. Same goes for Private Banking and TSS. I happened to do them all. You also get to exposure to great research tools and get a general feel on how to structure a deal as an underwriter.
I know everyone thinks about pay, so I will mention it. The pay is a little less than the IB on an hourly rate for internship (2012 numbers) at around $26. As an underwriter (2-4 years) you will make close to, if not, six figures. As a Banker, you may make more than that - somewhere around $200k average but the range is much greater. Make rain and you will be rewarded. It is parallel to any other sales position.
Cries takes a subjective point of view. I also like the CB because I can get out of the office at 6pm and have a life and still make good money. You can also work until midnight if you want to stay on top of all your work, but it's usually not required (in MM). Find what you like to do and get good at it. Just my opinion.
I got the position coming out of a large school but not even close to Ivy League at all. Just understand what Commercial Banking does, be able to articulate your past experiences well, explain why you want to work for JPM and CB, and get to know the people you're interviewing with (They will most likely be senior individuals with a lot of experience in the bank and will probably have some interesting stories). Enjoy your superday.
Read more about JP Morgan Chase on the Wall Street Oasis Company Database.
Read More About Commercial Banking on WSO
- Big 4 To Commercial Banking - AMA
- A Guide For Switching From Commercial Banking To Investment Banking
- Commercial Banking SVP Ask Me Anything (AMA)
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