JP Morgan IB Division Rankings?

I accepted a general IB SA offer in NYC and I have 0 guidance in this. All I know is that M&A is the most "prestigious" but I have several questions and I would appreciate if anybody had answers to any of these...

What is the ranking in terms of prestige?

What is the ranking in terms of pay/likelihood of large signing bonus bc of deals?

Is it easy to switch around divisions?

Which groups give the most full time offers?

Which are easiest to transition to PE? Which are the best to stay in and work your way up in JPM?

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Comments (35)

  • Analyst 2 in IB-M&A
Jan 21, 2021 - 4:25pm

HC/M&A/M&C top groups. FIG is also top of street (aside from GS) but its fig and terrible culture. Tech is okay, small group focuses on fintech/industrial software I believe more capital markets than m&a.

No idea about C&R/Industrials but at the end of the day if you're at JPM your exits should be fine it'll come down to the individual mostly (though MF from groups that aren't top might be hard)

source: 2 roomates at JPM

  • Prospect in IB-M&A
Jan 21, 2021 - 4:47pm

I was in the call earlier today. There was over 100 people in the call. Is this A normal number of ibd interns for jp?

  • Intern in IB-M&A
Jan 21, 2021 - 6:17pm

London is just below 80 so sounds about right (JPM known for having massive class sizes)

Jan 21, 2021 - 6:27pm

Yes. for SA 2020, there were 178 across all IB divisions and locations. 

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Jan 21, 2021 - 5:17pm

Don't think they're the most sought after, but probably safe to say they're middle of the pack in respect to other Oil & Gas groups. Deal flow is solid, which is driven by the large balance sheet being able to provide financing to the capital intensive industry. More so average in respect to M&A mandates is my understanding

Have heard culture has been rough especially over the last year or so. Seniors are concerned about the state of the industry leading to more nonsense pitching, more work, and higher turnover. I would think this would be a common theme from most Oil & Gas groups however (aside from Restructuring focused groups)

Most Helpful
Jan 21, 2021 - 5:06pm

Current 2nd year analyst at JPM and it's a slow day so I'll bite. Worth noting this is just my opinion based off of my experience here, but welcome any feedback and comments from others as well

What is the ranking in terms of prestige? 

I'll interpret "prestige" as consistent strength, reputation and performance across the street. It's JPM so the brand is almost second to none, and almost every group is extremely competitive and near the top in their respective space. If we're looking at it from that perspective I would list it accordingly:

  • Tier 1: M&A, Healthcare, Media & Communications, LevFin, and FIG (all of these are either #1 or very close to #1 in their respective areas)
  • Tier 2: Technology, Consumer & Retail, Financial Sponsors, Diversified Industries (Industrials), and Real Estate are all about equal (imo trying to compare them is basically splitting hairs)
  • Tier 3: Other remaining groups

What is the ranking in terms of pay/likelihood of large signing bonus bc of deals?

Not sure what you mean by this? The pay is on par with the other BB's and you're ranked using the traditional top/middle/bottom bucket system

Is it easy to switch around divisions?

Yes it is and actually a lot easier than you'd think. I know numerous people who have done it at the analyst level and have seen it done with even less than a year of experience (although I would wait at least a year personally). Put in a year or so of good work and you should have people who can go to bat for you without a problem. There used to be a firmwide initiative that would give all 3rd year analysts the option to switch groups, but not sure if this is still a thing anymore

Which groups give the most full time offers?

Can't speak for every group here, but mine has been consistently high (90%+) over the past few years. I believe it's pretty similar across the bank

Which are easiest to transition to PE? Which are the best to stay in and work your way up in JPM?

It's JPM so almost every group at the bank is strong and will provide a path to PE and the Mega Funds if you so choose. Some groups will naturally have a bit easier of a way to the top funds than others, but you'll get looks from almost everyone in most groups

  1. Tier 1: M&A, Healthcare, and Media & Communications are probably the strongest three in regards to consistent placements.
  2. Tier 2: FIG, LevFin, Technology, Consumer & Retail, Sponsors, Diversified Industries (Industrials), and Real Estate are bucketed together and I've seen UMM/MF placements out of each of these groups the last few years. I'm not as familiar with the Real Estate buyside space, but have heard nothing but great things on exits here

I'll caveat my comment above by saying that there are a few groups that probably won't be the most ideal for a direct path to PE

  • Energy: People I know in Oil & Gas are trying to get out or transfer internally to another group. This is just a result of the industry dynamics today and I think it's fair to say Oil & Gas just isn't where most people want to be. Doubtful that there's much happening on the buyside here. I can't speak on Power & Utilities, but would think it's definitely much better than Oil & Gas. Would be curious if anyone else has any insight here
  • Investment Grade Finance: Traditional DCM role and definitely not the best path for PE
  • Corporate Finance Advisory: Internal ratings team that is actually really interesting and cool to work with. Might open up some unique credit focused opportunities, but don't think they are a great choice if focused on PE, although you could probably swing it. Only person I know who started here moved internally to a coverage group then moved onto PE
  • LATAM/Public Finance: Idk

For career banking / work life balance:

  • Good: Have heard from my friends in Investment Grade Finance and LevFin that both of these are pretty sweet gigs. While there are definitely the periods of time where it's extremely busy, the culture is great and everyone gets along really well (Analysts to MD's). Also no emphasis on facetime so have heard of them leaving at 7pm during slow periods
  • Bad: FIG, Diversified Industries, and M&A are all brutal and extremely sweaty. I would not plan on staying in any of these long term
  • I've heard good things about the culture in Media & Communications as well, but I think they are pretty heavy on the hours especially as of late

This was probably way more info than you asked for, but hope this helps. Happy to answer any additional questions

  • Analyst 1 in IB - Ind
Jan 21, 2021 - 5:19pm

Maybe a little unrelated, but since JPM has CIB under the same umbrella, just curious where CB sits? Are CB and IB coverage of the same industry seated together or is CB more separated from the rest of IB? Have heard at BofA CIB verticals sit together. Just curious if they sit together, what the general sentiment is towards that side.

Jan 21, 2021 - 6:18pm

Corporate Banking at JPM is broad and in addition to the traditional debt capital markets focused financing groups there are other specialized groups which include ABL, Treasury Services, etc...I'm not as familiar with Treasury Services however so most of my feedback below is based on my experience with the other two.

As a whole I believe Corporate Banking is "technically" housed under the Commercial Bank. I use quotes here because although the line of business is housed under the Commercial Bank they do work with the Investment Banking teams often. I've also had circumstances where a Corporate Banking junior has taken the lead on the model and has run it throughout a deal. Due to the size of JPM they are able to work on some pretty large deals and when it's crunch time the hours are very similar to those in Investment Banking. Base pay is also on par with those in the Investment Bank at the analyst level, just a slightly reduced bonus I believe. General sentiment is positive and many of juniors there are bright and can produce quality work. Have seen multiple move into the Investment Bank at the associate level

Might be stupid to point out on my end, but if you actually mean in person as well no they do not sit together

  • Intern in IB-M&A
Jan 21, 2021 - 5:55pm

For FSG at JPM, do you know if they are responsible for the technical work (models) or is it more of a soft coverage group?

Mar 25, 2021 - 1:11am

Thanks for this. So is it safe to say within product LevFin and M&A are the only worthwhile groups (so no ECM / DCM / Derivs etc.)? Also, within LevFin, are there differences within the industry verticals (culture / deal flow / experience / skillset - models? / strengths / weakness)? For someone looking to explore LevFin at JP, how technical do they get in interviews?

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  • Principal in HF - Event
Jan 21, 2021 - 9:04pm

I've interacted with some moron VP- and director-level JPM bankers in the HC group.

I guess talent always thins out in the middle in IB? Smart ones at the bottom have better exit opps, MDs are making good money and have real careers, but VPs/Directors/Associates can sometimes coast while bringing little value.

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