I am currently in the final round of interviews for a few Investment Banking and Equity Research positions. The idea of having to make a decision is starting to get real. For the time being, I want to focus on two positions:
- JPM Junior Investment Banking Analyst Program
- Investment Banking Analyst at a small boutique
From what I have gathered so far, the JPM JA IB Program is essentially a year long internship in which you get paid the same base as a 1st year analyst, but with a significant haircut to the bonus (~$95-100K all in). The following year there is no promise that you are transitioned into the Analyst Program, but it is likely (~75%). If successful, you become a 1st year analyst.
The small boutique is about 10-15 people and I am not sure of their deal flow (asking in the interview). The important part is that I would be a 1st year analyst and have the potential to lateral to a BB as a 2nd year analyst (if I play my cards right).
Long term, I want to move to the buy-side and work at either a L/S equity hedge fund or a value-oriented asset manager. If I go with the JA position, I put myself a year behind. If I go with the small boutique, the exit opps are limited and I may have a difficult time transitioning to a BB. If I have the choice, which one should I go with?
I can only speak for one non-NYC JPM location, but I can confirm that the last 3-4 JIB Analysts all received FT offers (2 year typical analyst contracts), and were given nearly the exact same responsibility as 2 year analysts. Your idea that it resembles an internship more closely than a FT position is way off base. Also, being "1 year behind" is totally backwards as you will still have one year as an analyst at a top BB.
FYI: Make these threads in the future once you have offers, as opposed to interviews.
My comparison to being an intern for a year is an exaggeration, but that comparison does not seem too farfetched based on the available information and opinions on WSO. Thank you for the clarification. Much appreciated. I guess my thought process is that I am a better candidate for future opportunities (exit opps) if I am a true 2nd/3rd year analyst at a BB rather than a 1st/2nd year analyst (after being a Junior Analyst) at a BB.
As for your FYI, the responses on WSO can be delayed or non-existent so I figured I would get ahead of the curve. Of course, there is a strong possibility that I don't get an offer from either, but I want to better understand people's thought process on this situation in case I do have to make any job-related decisions in the near or distant future.
Anyhow, thanks for the response. +1
You are welcome. Good luck, I am sure you'll make the right decision.
I am sorry for coming off as curt, I had not realized how critical WSO was of the program. As someone who is very interested in the program and has spoken with a handful of JPM analysts and associates in various cities I just think very strongly of the opportunity, and that you would get unreal looks upon completion of the one year stint. Doing 3 years as an analyst at JPM is a huge accomplishment and in my eyes anyone who would try and discredit you for doing the JMPJA program doesn't understand how competitive banking is today. I really think you should view the position as JPM IB Analyst with a slight bonus haircut. Again, best of luck to you!
No worries, man. I appreciate the insight as I have not gotten the chance to speak with more than one or two JPM analysts / associates about the program. Good luck to you too (seems like you are attending the Superday as well).
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