Hey, I'd like to preface by thanking you guys for your input / help.
So I interned at JPMC in their Financial Analyst Development Program last summer and have received a return offer for FT employment through the same program (I would be on the Chase side of things, likely working under the Chase CFO team in Fin P&A).
I enjoyed most of the work I did, but always wanted to try to get into IB (just to see if I could cut it / if the grind was worth it. I mostly didn't want all those assholes professors talking shit about IB in college to shape my perceptions about the industry.)
Most of the program heads / recruiters have reiterated that after the two year rotational FADP program analysts have "plenty of movement opportunities within the company."
Has anyone heard of / know about the chances of lateraling from the retail banking side of JPMC to the Investment Bank (actual IB roles, not BO / MO controllers / support work for the IBD).
As it stands I have accepted the offer and plan to go there and kick ass for two years, network, and look for other opportunities. Unless I get into an IBD at another BB / EB would it be worth leaving? Would trading away the name brand to work for a smaller shop or non EB/BB be worth it?
Thanks everyone for your time and help.
Hi there,
So i have a friend who worked at Chase on the commercial banking side so you're not getting a primary source, but from his understanding/experience there is great mobility within your branch of the bank - but limited to that. What that means is (for example) a star IB analyst on the JP Morgan side would not have trouble lateraling to trading if s/he so requested, but a credit analyst for commercial banking on the Chase side would have no shot going to JP Morgan IB, but would be able to move to another Chase role such as FADP.
However, you're not out of luck entirely! My friend knows plenty of people who have made it from Chase finance role -> lower MM IBD. You'd need to grind hard with networking, getting your technicals down, and making sure you don't piss off your current boss by half asking your current job by focusing on the prior two, but it's definitely possible.
As far as "trading away the brand name" - thats irrelevant if you want to do banking/high finance. Sure if you wanted to move outside finance the "JP Morgan Chase" name is better than any lower MM firm you would lateral to, but any investment bank recruiting for a FO role would look much more favorably upon a candidate with IB experience from even the crappiest shop than someone working in FADP at Chase.
Pretty much this,
Your best shot would be going to a good MM bank in the same city as your commercial banking role. Prepare for those interviews so you can crush them and use that to get into IB. Once you get some solid deal experience, you could potentially lateral to a BB but it would still be tough.
I think the easiest way would be after a couple of years in commercial banking, get into a top MBA program and use your experience and network on the Chase side to give you a leg up on summer associate recruiting.
The only way I could see you could go from commercial banking at Chase straight to JPM would be if you had Jamie Dimon going to bat for you.
Unfortunately, a big part of investment banking is that people get labeled fairly quickly. There is a sense of arrogance that exists among people in IB, they think most people couldn't do what they do. The reality is that I could probably place you in the JPM analyst program tomorrow and you'd be just fine.
Thanks for your feedback guys.
As of now I think my best bet would be to commit to the FT role and look for IB opportunities wherever I can get them. I've also been really interested in consulting and it is not unheard of for FT analysts at Chase to move into MBB consulting (They're obviously not Boston / NY PE roles but I've heard in terms of training its pretty standardized for MBB analysts).
Would I be a solid MBA candidate (contingent on strong GMAT scores) having 2 years experience at Chase then 2 to 3 years in consulting (since I'm already interested in consulting / would love to travel etc).
I suppose my biggest concern is that I would be pursuing an MBA for two reasons 1) to Further grow my network and learn and 2) To win IB internships and convert them into FT associate positions. I know some consulting firms offer to pay for / cover part of an analysts MBA (contingent upon them returning to work for the consulting company post graduation, which, of course, would pose a pretty big problem if I'm looking to break into IB).
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