JP Morgan S&T Summer Analyst - Can Anyone Offer Help Choosing Asset Class?

TUnitG6's picture
Rank: Chimp | 13

Hey everyone.

I recently accepted an offer at J.P. Morgan for the S&T Summer Analyst program. The program is not rotational; we rank our choices and they rank us.

I have recently seen seen the FICC Citi Survey (can't link to it as I am a new member), but understand that this chart is a bit old (2009).

Right now I am leaning towards Commodities. What else should I be looking at? Last summer I was at Citi and got to rotate through Equity Derivatives, Munis, and Mortgages.

How is JP in equities? Is there anyone here that works at JP, is a client, or familiar with the firm that could offer some insight?

Thanks!

Comments (9)

Feb 25, 2013

The Equities franchise at JPM is definitely not bad, but is not the firm's strongest area in terms of market share or P/L. Don't get me wrong... I don't have anything against them (quite the contrary), but that's the reality. Additionally, there have been a few rounds of layoffs in that division over the past year (more so than other areas of S&T).

In terms of the FICC umbrella, pretty much every division is strong. Credit is arguably the best on the street, MBS might be as well, Rates has got to be close. FX may not be #1, but I'd be surprised if you didn't enjoy a Summer on any of those desks. Honestly, I don't know too much about Commodities, but from all I've seen JPM is at least decent there. Really, this all depends a lot on what you want to do - Sales? Trading? Structuring? Research? Strategy?

Regardless, take Placement Day very, very seriously. Hopefully this sounds like a given, but you'd be surprised: Make sure to get business cards from everyone you meet with (write down a quick notes on the back of their cards to refresh your memory later, if you want). Follow up with the groups that you want to work with as well... there are always a few desks (i.e., pretty much every Trading desk) that gather a lot of interest from the class, so anything you can do further to make yourself stick out (positively) is good.

Feel free to send me a message if you have further questions on this.

Best Response
Feb 27, 2013

Hey! Thanks so much for the comment. Didn't think anyone would respond.

I actually can't PM you until I have 10 bananas, so when that happens, maybe we can talk.

    • 2
Oct 23, 2013

Hey I'm applying for that internship right now. Did you have a good experience there? And do you remember what kinds of questions were asked in your interviews? Obviously the general fit questions and such, but trying to feel out what technicals come with a summer S&T interview.

Thanks!

...

Oct 23, 2013

Hey, thanks for commenting.

I did have a good experience. I definitely learned a lot from internal research and the traders. I ended up working in Convertible Bonds and Equity Derivatives trading.

At the end of the summer I didn't end up getting an offer. It was mostly fit...my boss didn't feel that 14 people yelling at me at once (flow trading) was my thing, but rather I would do better in an investing role in an asset management type position. The biggest issue I had with the JPMorgan program is that it wasn't rotational. There was a lot of stress on you finding a fit within your group.

In terms of interviews, they were mostly fit based/behavioral. In terms of technicals, however, I would come prepared with a stock pitch, be able to talk about the markets, and why you're interested in finance. They don't expect you to know a lot about everything, but you should be able to speak intelligently, very well, about one thing specifically. It shows passion.

Let me know if you have any other questions. You can PM me.

Oct 24, 2013

Since u have already interned, you should have a pretty good idea of wht product you fit best. Go for something that you enjoy and you feel maximizes your skillset, not for something you think is "hot".

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Oct 25, 2013

I would also argue go for something where you know you will develop unique skill set...personally i would go for credit

Oct 26, 2013

Just out of curiosity, why do people think credit is so interesting? There is so much legalese and granularity involved in analyzing credits. I almost feel you have to be more of a lawyer type to really enjoy it.

To OP: what did you end up doing? Asset management?

Oct 26, 2013
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