Vault Verdict: J.P.
Morgan is one of the top banking firms to work for in the world, as
well as one of the most prestigious. As such, the firm is looking
for best in class candidates who are bright, motivated, driven,
passionate, and eager to learn and make an impact. The firm runs a
lauded internship program that gives students the ability to work
with senior bankers and clients as they gain valuable experience.
For full-time professionals, the firm offers excellent career
development opportunities, including strong formal and informal
training, and plenty of mentoring and networking opportunities.
Although insiders will work long hours and stress can be high
depending on which group or business unit they join, the firm
generally places a strong emphasis on creating a healthy work-life
balance for its employees. Salaries and bonuses are said to be
competitive, if not slightly below the Street average, while
benefits get average marks from insiders. Diversity recruiting,
however, is one of the firm's strong suits; J.P. Morgan is deemed a
leader in diversity, and diversity is a cornerstone of its culture.
With respect to the firm's business outlook, it is said to be very
good despite a tough regulatory environment. The firm's senior
leadership is strong, employee morale is good, and the firm is a
leader in most of the areas in which it operates.
Hiring
Process
"For interns, we recruit and solicit resumes from a range of
schools. Once resumes are submitted, we review and propose the top
talent to receive first-round interviews. We then identify those
top prospects to take part in a Super Day. After that, we identify
our top talent and extend offers. Additionally, we utilize special
networks (such as various diversity and women's networks) to source
candidates. We are looking for diverse candidates who come from
various educational backgrounds who are motivated, inclusive, and
eager players."
"We seek bright, motivated candidates with diverse backgrounds
and drive. We look for impeccable ethical standards and the ability
to lead and persuade. Our interview process is extensive but we are
always professional in our selection process."
"The firm aims to hire best in class talent and not necessarily
those with a financial background. Although a background in finance
will make the learning curve slightly easier to manage at the
start, jobs in finance require mostly on-the-job training. This
firm recognizes that and wants to hire smart, driven, hardworking,
passionate people who are eager to learn and make an
impact."
"The ideal candidate is an intelligent, driven, creative, and
hardworking team player with the highest ethical standards. No
employee succeeds alone, and the ability to collaborate within a
team and across teams and divisions with people of diverse
backgrounds, skills, and points of view is critical to winning. The
firm thinks long term about its businesses and client
relationships, and candidates must be able to put aside short-term
profits and agendas to meet the long-term needs of the firm and its
clients, all while maintaining the highest standards of ethics and
integrity. Ultimately those high standards are key to retaining and
gaining clients, our own talent, and to growing our business."
Interview
Questions
"For intern/analyst-level: How do you feel that the Fed's
current interest rate policy has affected the U.S. economy and
global markets? What do you think the ECB's response to the threat
of inflation should be and why? What is the most demanding task you
have undertaken, did you succeed or fail, why or why not? How would
you value the store on the corner and what measures would you use
and why? What differentiates J.P. Morgan from other firms you are
considering?"
"Tell me about a conflict with someone you worked with or
managed (a job or a school project)? How did you deal with the
person and the problem? What was the outcome? Explain the
difference between stocks and bonds and how you would use each in a
client portfolio."
"Typical questions: (1) Describe a time when you were in a
difficult group position and how you worked out of it and asserted
yourself as a leader. (2) What qualities have proved to help you be
successful thus far? (3) How do you think you can help better J.P.
Morgan?"
"What do you do to stay current on news about the financial
services industry? Tell me about a recent news event that affects
our industry."
Intern
Experience
"Best: client exposure was great, but more importantly I was
part of a small team. My manager and my mentor for the summer were
fantastic; they took the time to actually teach me how to do well
in my program and made sure I met everyone on the floor, not just
how to finish the work I was doing. Worst: networking and attending
events would be much easier if everyone was in Midtown."
"As a summer analyst at J.P. Morgan, I was given quality
assignments and made to feel like a true member of the team,
despite only being there for eight weeks. The employees were very
welcoming and willing to help and educate me whenever possible. The
most difficult part was, given the complexity of the business, you
often only saw a small piece of the big picture and did not get a
full understanding of the entirety of the business."
"Best: great focus from senior employees on fostering learning
among the interns; large amount of resources placed on the
internship program from start to finish. Worst: as expected, the
majority of events for the interns were based on NYC, making it
more difficult to participate for those in other
offices."
"Best parts: Involved in client meetings. Manager facilitated
positive work environment. Exposure to senior management. Speaker
series included Jamie Dimon. Intern group events allowed for
networking throughout the firm. Competitive pay. Worst part: the
bureaucratic work environment."
Career
Development
"Informal training and mentoring occurs every day. Senior
members of the team place high importance on developing younger
and/or less experienced employees. Promotion policies are fairly
rigid."
"Best: During my first three years I was able to work in three
functional areas on two continents and get promoted once. I have
had an opportunity to get involved in long-term underwriting, sales
of short-term securities, and an internal strategy/management
function. Worst: Due to their size, the entry-level programs tend
to be very managed and streamlined, which meant that I had to
sometimes fend for myself when wanting to do something outside of
the box."
"J.P. Morgan provides extensive training to interns and requires
analysts to complete a series of additional training classes
throughout the year. While the firm does offer additional training
as one's career evolves and grows, more targeted training to those
in the middle stages of their career could be offered."
"The firm encourages the development of juniors in
many ways, including formal training, informal mentoring within and
outside of one's team, networking opportunities with senior
professionals and other juniors, inclusion of juniors in senior
people's meetings and work. J.P. Morgan is better at this than
other banks from my first-hand experience and from what I've heard
from my friends and family in the financial industry."
Quality of
Life
"The financial crisis introduced constant job insecurity and the
kind of sharp elbows and internal competition that often
accompanies that. However, the firm tends to encourage work-life
balance and to have a friendlier culture than other investment
banks."
"Best parts: Current manager and previous direct managers have
been supportive of flexibility. Colleagues are always willing to
pitch in on a team when another team member needs to be out of
office. Worst parts: Support for flexibility generally comes from
the top and is inconsistent in some areas of the firm where some
senior managers are more supportive than others. Consistent drive
to do more with less without strategic investments results in
increased stress and pressure."
"J.P. Morgan has given me the opportunity to work remotely with
a non-traditional schedule, which has greatly enhanced my quality
of life, allowed me to spend more time with family, and given me
greater freedom to pursue my goals and interests outside of work.
However, the job still has to get done, which sometimes requires
long hours in a fast-paced, demanding environment. Yet that
environment of collaborating under pressure with smart, motivated,
and driven colleagues is also part of what makes the work
enjoyable."
"Work-life balance is strongly encouraged. Proactive efforts are
made to ensure junior staff is not overworked in intensive
deal-related areas. Work-life balance is viewed as legitimate
versus firms that put programs in place designed to keep employees
at their desks. However, J.P. Morgan needs to be more focused on
fixing technology to make employees' lives easier, rather than
employees bending to technology."
Salary and
Benefits
Best: performance-based bonus structure accounts for a large
portion of overall compensation, in addition to a competitive base
salary. Worst: not many additional perks outside of monetary
compensation."
"Best: flexible hours, 401(k) matching, and vacation time.
Worst: employee salaries do not rise at an acceptable rate. Those
who are newly hired are often hired on at a higher rate than their
new colleagues."
"Vacation for juniors (analyst and associate levels) is good.
But we tend to be underpaid."
"Pay is competitive, and firm culture is great. The firm offers
401(k) matching plus a pension plan in additional to employee stock
plan and other financial opportunities. However, medical coverage
is expensive with a family (though the coverage is
extensive)."
Diversity,
Philanthropy, and Green Initiatives
"I believe that J.P. Morgan is a leader in diversity. Diversity
is a cornerstone of our global corporate culture, and includes
seeking a diverse slate of candidates for key job roles, building a
diverse talent pipeline working with schools and industry groups,
and linking management rewards to achieving the stated diversity
goals. We are a leader in corporate philanthropy, as evidenced by
our active efforts to hire veterans and addressing their unique
challenges around housing and education, our recent investment in
Detroit, and our employees' active involvement in community
projects and local and national charities. In regards to our green
practices, our New York corporate headquarters is one of the few
LEED Platinum office buildings in the U.S."
"We are an exceptionally diverse workplace. In my office, we are
almost half women, and we have many races and many gay
employees."
"The firm has really revamped its focus on diversity in the
workplace and as a woman I have really noticed this. There are a
number of great networking and other opportunities for women to
gain senior-level attention."
"Best: we believe in diversity and are trying to be more
successful. Worst: this is still mainly only at the junior
level."
Business
Outlook
"The business outlook is challenging for everyone, but we are
competing hard. Morale is good, and I have high confidence in our
leaders at all levels of the firm. The firm plans to be in its core
businesses for the long term and does not overreact to short-term
disruptions by exiting core businesses or cutting key
personnel."
"Regulatory costs have increased in recent years but besides
that, the firm's business outlook is highly positive. We are
leaders in most businesses we run, and employee morale is
high."
"The current regulatory environment of the banking world has
made it harder for the industry to provide unique and sophisticated
solutions to our clients. Each month, each of us spends more time
dealing with the increasing demands of regulators and regulations,
but we somehow find a way to continue to deliver what our clients
need when they need it. At J.P. Morgan we continue to do
first-class business in a first-class way."
"The firm's leadership is known to be the best around, and our
fortress balance sheet and excellent product line position us
well."