Intro I am an incoming IBD summer analyst for JP Morgan. HR said that group placement will be announced in March, so I am trying to narrow down my top choices.
Two Questions
1. Which groups provide the best experience? I heard that Healthcare, M&A, FSG, FIG, DI, and T/MT are the best so far, but I would like to hear the forum's opinions.
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Hi LBOwned, any of these discussions helpful:
No promises, but thought I'd mention a few relevant users that work in the industry: AlexKom @Pradeep1986" @Lei-Zhao1"
I hope those threads give you a bit more insight.
This bot thing is absurd, right?
bump
just contact one or two analysts, prepare your motivation, knowledge about the sector and say you are ready to work hard
The groups you named are great.
You're an incoming summer analyst - no one cares that you went to a nontarget now. It's a level playing field. That being said, networking is still important if you want the group to push for you, just doesnt matter where you went to school anymore
Choose the groups that interest you the most/will be the best culture fit for you. You're at JPM in IB, all of the groups are going to be fine. More important to be somewhere you can thrive.
I don't know about the other ones, but I know that M&A has an entire placement process with technicals and everything (I had a friend go through last year). I'm not sure how you get plugged into that, but it seems pretty intense.
I'd say LevFin, M&A, healthcare, TMT, FIG, industrials (diversified industries) are all pretty solid.
Is there a particular order you would rank each of the coverage groups?
I wouldn't really know about culture -- had a buddy in LevFin who enjoyed the culture for the most part and said they had really solid exits (among those groups).
LevFin/M&A/healthcare all probably work the hardest due to deal flow, but have really solid exits. The only better M&A team on the street is MS, JPM LF is in-line w/ BAML for top on the street. Healthcare is constantly in the news advising on lots of deals.
TMT, FIG, DI are all great cultures as well, exits are slightly less so I'd imagine but definitely do-able.
Dk #'s on FT rate.
For Europe, JPM's DI, TMT, FIG, and C&R groups tend to be very strong. Many people from these groups exited to major funds such as KKR, Apollo, or Warburg in recent years. However, I can assure you that there is somewhat flexibility to move to another team if you receive an offer from the group you interned with. I know one guy who interned in ECM and then received an offer to join the TMT team full-time. Try to get your first-choice and if that does not work out just make sure you perform well. Good luck!
How does that work? Did he impress someone at the team? Or did he just cover a spot?
Anyone have any idea for JPM HK groups? (Also return offer %?)
I hear LevFin and FIG are their top groups. With LevFin having an awesome/fratty culture and FIG being super intense. Also read in previous threads their C&R group is top-notch too, along with the rest you mentioned.
HC probably among the best on the street.
Is the HC group that strong?
Google this: jp morgan healthcare private equity linkedin
JPM S&T - How do they stack up? What are the best groups? (Originally Posted: 02/14/2007)
How does it stack up/what are the best groups? What do people think about their internship program?
The first thing to understand: the "best" group is the group where you will succeed. It's better to be a top bucket analyst in something that isn't sexy like Real Estate and Lodging than be bottom-bucket in TMT. Culture is crucial here, as is your skillset and interest in the sector or product the group engages with.
That being said and while most of the groups at JPM are obviously solid in terms of deal flow and street reputation, I would personally say HC, C&R, LevFin and TMT are the strongest. All of those are top 2 and have absurd deal flow, and some really smart and committed people. HC is a bit of a sweatshop, but tbh all of JPM is a bit of sweatshop so that shoudn't turn you off. LevFin will develop your credit skillset, but it's modeling heavy relative to the other groups.
The FIG group is definitely the strongest on the street but it's FIG. That's an entirely different world with different analysis being done, different skillset, etc. If you want FIG, then by all means go for it, but it's unique. FIG at JPM is also one of the worst groups culture-wise on the street. Know one or two MDs there who are some of the biggest assholes I have met in banking. Sponsors is oddly pretty weak at JPM actually and sponsors groups are sort of looked down upon because they basically just do bitch work on transactions for PE shops, and all the serious stuff is typically done by the financing teams since the strategic thinking is being done by the sponsor themselves. M&A is obviously also quite prestigious and good at JPM but everyone wants M&A so I'll just let you know that your chances of sliding in there are much lower than other groups you might want.
Do you know anything about their industrials group?
Yeah they're strong for sure. Right up there with BAML for the top spot in my opinion. Good group culture, very laid back and down to earth. If that's something you're interested in, then definitely a great choice.
great program, take it if you can get
+1 for the solid info. Are you a professional in the industry or a student?
Thanks. I'm an analyst at another top BB.
I know the hours are better in S&T but does that mean bonuses are lower than IBD as well?
Also, what are the hottest groups right now at JPM?
I know an MD in FIG at JPM - really straightforward, down to earth guy. Surprised the culture is like that with the rest of the group.
That's good to know; I just had a really bad interaction with one during recruiting back in the day and one of my buddies works there and has introduced me to a couple of guys who take themselves too seriously. But obviously sample size is small, so not to say that there aren't some good guys in the group.
.
Bonuses in S&T are the same as in banking the first 1-3 years. Med and avg are probably the same that is, with higher variance in S&T. Also depends on your group, at least after the first year. Also, don't get too excited about the hours. S&T has shorter hours overall, but they can get long depending on the group. The more structured the product, the longer the hours. In general, struturers work the longest hours, then sales, then trading. That said, your first year or two you'll work longer hours regardless. I know a good number of people in S&T who work one or more weekends a month, and lots of long days.
I was under the impression that LevFin at JPM was not very modeling heavy, can you confirm this is not the case? Is all of the LevFin team in NY or do they have members in other cities (Chicago, San Fran etc.)
That's correct. I work in one of the LevFin groups and we do not do modeling much. However the group still has the best deal flow on the street and you develop a very strong credit skill set. The vast majority of LevFin is in NY but I know for sure there are teams in Chicago and Florida/Atlanta, not sure where else. Also worth noting the group has great hours compared to many others.
Do structured products groups pay more at lower levels?
This is the most accurate answer. I feel compelled to elaborate on FIG. I have some absolutely absurd horror stories from multiple first hand stories. Avoid at all costs. They will try to lure you in by pointing at MF placement (and to be fair they have pretty great placement), but you can find that elsewhere at JPM. The culture in this group is poison.
Can you share some of the stories? Everyone says this but nobody ever says what's actually so bad about the culture in FIG
no, but the hours are longer
hmm, why do so many people want to work in that area then? better exit options?
What are the best groups at JPM? How does it stack up against MS, Lehman, and DB for credit trading?
JPM innovated a tremendous number of now standard products. for credit trading i'd put it up against anyone.
what about structured credit?
structured credit is part of credit....i stand by my statement here...JPM invented a ton of what's now standard.
do you have a offer?
yes, I'm trying to pick out groups to shadow before deciding
let's redirect here...what sort of things are you interested in? forget prestige.
interested in $$ and quantitative stuff
points for honesty i guess. structured credit is your gig.
in what desk would you find the most sales-trader? I guess I'm asking which trade desk has more interaction with the clients.
"Sales-traders" are equities only.
so would you say that JP Morgan is top 3 BB for Sales and Trading? better than Goldman or MS?
Sales traders are not equities only......
As for JP's position it's much more subjective than that - depending on the area you're interested in it may well be a small bank with little/no presence in america.
so which areas are strong in JPM?
What desks besides equities have "sales-traders"? I've never been on a trading floor that has that role except on the equities side....
F&O has mainly sales traders in JPM - obviously this is equities but for some reason its classed as a seperate business unit.
I would like to hear what PrestigeCaller has to say about this
People tend to do best when they truly like their sector. What are you interested in? The expertise you build now will be carried with you for the rest of your career. That doesn't mean you can't pivot later, but you are entering an intense learning environment so try to learn about something that interests you versus focusing on prestige/exit ops.
From a macro perspective healthcare is 20% of our economy and growing with a lot of change (i.e. M&A) to come, and big tech is only getting bigger/more important. Oil & gas is still big now; will it be as prominent in 30 years?
Thanks
Side question: do you actually learn about each industry in the industry groups? Because it seems to me everybody is basing their preferences on culture + exit opps. Excuse me if it sounds like an ignorant question
The people preaching culture and exit ops are most often college students who have no idea what they are talking about. Culture can be important, but every BB group is hard on analysts. Your initial industry focus could drive your entire career trajectory.
That said, I started in a product group (M&A, Financial Sponsors, etc.), moved into tech (although I did several tech deals in my product group) and then switched to healthcare.
And in your healthcare group, are you actually learning about healthcare/putting any past knowledge of healthcare to use? I guess what I’m asking is how different is the work between different industry groups
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