JPM IBD NY or BAML IBD NY for SA

Hey everyone--I was fortunate enough to get an offer for a summer analyst position with JPM in IBD in New York, in addition to an offer with BAML's IBD team in New York? I'm a bit lost--any advice?

Region: 
United States - Northeast

Comments (33)

Feb 1, 2013
Feb 1, 2013
Macro Arbitrage:

BAML

Why BAML? I'm trying to get an idea here-

Also thanks so much

Feb 1, 2013
wallstreetm10:
Macro Arbitrage:

BAML

Why BAML? I'm trying to get an idea here-

Also thanks so much

Groups?

Generally speaking, though, JPM's seen as a "top-tier" BB (along with GS and MS), while BAML is seen as a "bottom-tier" BB, where it kinda hangs out with UBS...

Feb 1, 2013

Congrats!

Feb 1, 2013

John Prestige Morgan

Feb 1, 2013

I'd like to hear some reasoned arguments for BAML vs. JPM. Frankly, I've had a bit of a man crush on Jaime for a while, and not knowing sweet bugger all about either of their New York offices I'm intrigued.

Bonus question, who wins in a fight between Moynihan and Dimon?

Feb 1, 2013

JPM hands down

Feb 1, 2013

JPM no question... congrats on the offer!

Feb 1, 2013

An Irishman versus a Greek? C'mon now, we all know who's winning that boxing match.

Feb 1, 2013
Feb 1, 2013

JPM for that prestige. However the BAML building is AWESOMEEEEEEEEEEEEEEEEEEEEEEEEEEE

    • 1
Feb 1, 2013

jpm. duh - prestige, exit opps, people, everything. but yes group will matter, but that will be beyond your control

Take it as it comes
JJ

Feb 1, 2013

The only reason I can possibly see choosing BAML (and even then maybe not) is if you knew you'd be placed into a DCM/ECM role at JPM (BAML splits it up so you are guaranteed industry or M&A if you got a role in IBD).

Feb 1, 2013

JPM for sure. Unless some high-up alum or personal-connection got you into BAML, and you don't want to piss him/her off.

Feb 1, 2013

It's weird to see somebody recommending BAML. Thought it was consensus that JP is far and away better. I guess if you're 1) doing M&A at BAML vs. Industry group at JP or 2) IBD at BAML vs. Capital Markets at JP (the latter assuming you prefer Corp Fin to ECM/DCM) BAML will be better. Otherwise, JP.

Of course you should also consider your likelihood of getting a return offer, and also fit with the team.

Feb 1, 2013
jkeyes19:

It's weird to see somebody recommending BAML. Thought it was consensus that JP is far and away better. I guess if you're 1) doing M&A at BAML vs. Industry group at JP or 2) IBD at BAML vs. Capital Markets at JP (the latter assuming you prefer Corp Fin to ECM/DCM) BAML will be better. Otherwise, JP.

Of course you should also consider your likelihood of getting a return offer, and also fit with the team.

I'm pretty sure the guy recommending BAML was kidding (though if it was a serious suggestion, then I'd be interested to hear the reasoning).

Even if you were guaranteed placement in BAML's M&A group, you'd still be better off taking JPM. M&A is definitely BAML's top group, but that doesn't mean it's a top group on the street. Also I've heard JPM has one of the highest SA to FT offer/conversion rates (~90%) in IBD.

Feb 1, 2013
asiamoney:
jkeyes19:

It's weird to see somebody recommending BAML. Thought it was consensus that JP is far and away better. I guess if you're 1) doing M&A at BAML vs. Industry group at JP or 2) IBD at BAML vs. Capital Markets at JP (the latter assuming you prefer Corp Fin to ECM/DCM) BAML will be better. Otherwise, JP.

Of course you should also consider your likelihood of getting a return offer, and also fit with the team.

I'm pretty sure the guy recommending BAML was kidding (though if it was a serious suggestion, then I'd be interested to hear the reasoning).

Even if you were guaranteed placement in BAML's M&A group, you'd still be better off taking JPM. M&A is definitely BAML's top group, but that doesn't mean it's a top group on the street. Also I've heard JPM has one of the highest SA to FT offer/conversion rates (~90%) in IBD.

You obviously don't know what you're talking about. Sponsors is BAMLs best group, not M&A. Not sure how you can make those calls when you've never even worked in the industry. I think exit opps are pretty similar across both banks. It comes down to whether you think you'll be able to get into the best groups at either bank.

Feb 1, 2013

Unless you hated the people you met at their super day, choose JPMorgan.

Feb 1, 2013

how is this even a question?

Feb 1, 2013

thanks everyone! all this feedback is much appreciated.

Feb 1, 2013

OP said he is likely being placed in the M&A group at both banks.

JPM has very good exit ops in general, especially M&A. Regular placement into MF.

Also, FT conversion from SA is above 90%. If you perform well, you WILL get an offer because there is a FT slot available for each intern seat.

Ppl who don't get into top BB's, usually pick BAML.

Feb 2, 2013

One of my close contacts took Lev Fin are BAML over JPM Healthcare and then went on to a megafund and is now at a top tier HF.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.

Feb 2, 2013

Lev fin and sponsors are one of the better groups at BAML; in terms is deal volume.

Feb 2, 2013

Agree with the above poster--no one is "guaranteed" M&A (especially at JPM). I have friends in the group and I know for a fact the ONLY person that has a guaranteed spot in that group was the kid that was a sophomore in the group last year and is returning. About a 1/3 of the intern class with interview for 6 spots so be realistic.

Overall though, unless you're doing capital markets then go to JPM. BAML has face time in a lot of its groups (particularly bad in M&A).

For the record, anyone looking at exit opps would rank Sponsors the far and away top group at BAML. I'd say Lev Fin is on par with M&A for #2.

Feb 3, 2013
kaiden:

Agree with the above poster--no one is "guaranteed" M&A (especially at JPM). I have friends in the group and I know for a fact the ONLY person that has a guaranteed spot in that group was the kid that was a sophomore in the group last year and is returning. About a 1/3 of the intern class with interview for 6 spots so be realistic.

Overall though, unless you're doing capital markets then go to JPM. BAML has face time in a lot of its groups (particularly bad in M&A).

For the record, anyone looking at exit opps would rank Sponsors the far and away top group at BAML. I'd say Lev Fin is on par with M&A for #2.

How does the process of placing interns into various groups work? Is it like in Liar's Poker where they have some networking sessions during that initial week of training? How important/necessary is it to have networked with people from that group prior to starting the SA stint?

Feb 3, 2013
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