Do you know if there is a group specific process if you select M&A as your group preference for JPM? Heard M&A group specific interviews can be extremely technical and challenging.

 

I talked to someone in M&A, and if I understood correctly, he said that the timeline is the same as the other groups. And so you still get a generalist offer even if your first choice was M&A. Someone who has actually gone through the process could actually give better insight

 

I can tell you as someone who has been through the M&A process, it is very technical and challenging. Out of 100+ interns, around 50 or so will put M&A down as their top choice, and historically the group only takes 7-8. The process starts off with formal networking and technical questions for around a week. Then the group selects a batch to send off to an informal "second round". There, a prospective intern will have 4-5 more interviews with the final being a senior in the group. Those that make it to the final round usually get a call to let them know if they made the cut or not. However, HR has the final say in the placement process, so nobody really knows. 

 

This is correct. JPM doesn’t really have any “bad” groups, but these would be the strongest from an exit and deal experience perspective. The worse groups would probably be the traditional “niche” groups - Power / energy, real estate and gaming, and FIG, which, apart from energy are still all top 3 groups in their respective industries, but better to avoid if you have other options.

 
Most Helpful

All the groups are very good.

Best groups are M&A, Healthcare, and M&C (in order). All 3 have very nepotistic placement processes. Generally, M&A likes UChicago and random non-targets, Healthcare loves Wharton/Columbia kids. M&C likes Princeton/Cornell kids. Tons of technical questions for them (particularly if you’re a male, from what I’ve heard). For a lot of interns, it’s difficult to even get these groups on the phone during placement. M&A and M&C are small groups, while healthcare is one of the biggest (15+ summers).

Next is C&R, Diversified Industries, Tech, FSG (sponsors), SLF (no particular order). DI is the biggest group at the bank while FSG is one of the smallest. FIG is really good for exits, but has really bad culture/hours...usually not the most popular choice.

Rest of the groups are still good, just not as highly sought after. Can place well into PE out of almost every coverage group. You can get placed into ECM/DCM but it is very unlikely as these 2 groups are preffed by people who value having lower hours

 

Do you have any theories on why M&A likes random non-targets if it's the best group?

 

Historically all the analysts from top schools left the firm, so a lot of the ASO/VP’s are from non-targets. So they pull in a lot of other non-targets.

 

In terms of Houston Energy JPM is good not great. I would say a tier below the top guys in Houston (think like Jefferies, Evercore, Barclays, etc.). Houston is a different animal than NY. As said above can't necessarily go wrong at JPM and a group like Energy for JPM may not be the very top on the street but it's still good. Having a balance sheet and being able to make top tier capital commitments in Energy is key as its a very capital intensive business and companies appreciate the capital support and corporate M&A will need a financing package. Look at Chevron/Noble deal (JPM advising Noble I'm pretty sure). Interested to see if that helps stir up some additional large cap M&A since things have been quiet. In terms of upstream A&D Jefferies dominates. Can't speak to Power

 

speaking from personal experience it is NOT unlikely to get put into dcm. multiple interns who have preffed it in bottom area (target/non-target) have gotten put into DCM (non lev fin)

 

I've heard it happen across different people who ranked essentially each coverage group, so not just the super competitive ones of M&A/HC

 

Has anyone heard much about the public finance group at JPM

 

Im not sure if this is completely valid with the BAML vs JPM lev fin- I am pretty sure BAML and JPM have the exact same structure of groups and therefore same work processes:

-Both have FSG -Both have lev fin origination (bankers) and lev fin capital markets (the pricing/technical support) -Both have traditional IG DCM -Both have corporate (commercial banking) groups

Additionally both have global banking groups- tbh Im pretty sure they are exactly the same in their processes- the model is held by coverage for bonds and by FSG for PE capital raises. I think it is a myth that they are so different. However, if someone has experience in both groups and can speak to their similarities/differences that would be interesting.

 

DI covers industrials, auto, paper & packaging, airlines, manufacturing, services, etc...

It's a very large group therefore you'll get a ton of deal flow, which is great at the junior level from a learning standpoint. In my experience however, the group is extremely sweaty and is probably one of the roughest rides at the bank along with FIG & M&A in terms of hours.

 

C&R = consumer and retail?

On the note of why people don't pay securitized products much attention, I can't answer that. Most people on this site have an M&A/Coverage or bust mindset. While some of these other roles pay just as well, in some cases better, and put you up against less competition for exit opps to the buyside. Instead of competing with 500 Coverage Analysts that came in the same time you did, you're competing with like 50-100 instead. Several BBs have really good structured finance shops. CS/JPM/C lead the pack as T1. DB particularly for ABS and RMBS is somewhere in between. BaML/Wells are T2, and then there's the rest.

 

Necessitatibus cumque quis dolor nihil expedita. Exercitationem quis libero suscipit aut. Molestias quisquam a natus iusto. Amet qui est voluptatem quia nobis perspiciatis voluptas. Quasi quia nisi asperiores aut sequi distinctio reiciendis.

Facere corporis ut eaque eligendi debitis. Est dolorem laudantium et omnis amet commodi. Quia ut maxime non ab quia.

Fugit dolorem illum odio maxime ut. Et dolores impedit vel quisquam sed nostrum veniam. Aut aliquam et qui rerum.

Qui debitis accusamus sapiente maxime. Sint ut ipsam neque sit.

 

Ratione dolor consequatur in sunt consequuntur. Aperiam dolorem cumque eum consequuntur aliquid aperiam. Est nemo laudantium dolor mollitia ut soluta quia.

Est deserunt nulla maxime numquam repellat voluptatem aspernatur. Explicabo nemo similique perspiciatis. Quia sed in sint quos minus. Non numquam magnam perspiciatis odit tempora.

Aut explicabo voluptatibus odit velit distinctio impedit nostrum est. Quam ut dolore mollitia et. Incidunt nostrum et illo numquam quas quo saepe.

Dolor ut dolores consequuntur porro accusamus earum. Quae dolor in quis magni. Necessitatibus perferendis modi nemo aut modi. Excepturi quia consequatur fugiat modi eaque.

Array

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
kanon's picture
kanon
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
DrApeman's picture
DrApeman
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”