Having the opportunity to work with such intelligent people from different professional and cultural backgrounds, hearing key firm executives in the senior speaker series, and a strong training experience.
Not applicable. I thoroughly enjoyed my experience.
Advice to Potential Interns
J.P. Morgan provides the opportunity to work in a close-knit cultural environment, with the advantages of having leading roles on some of the top deals on Wall Street.
Sample Interview Questions
• Considering your asset management background, why specifically do you want to do banking? What did you not like about your past internship, and how does banking differ?
• Tell me about a time you have demonstrated leadership.
• How have you prepared for a possible career in IB?
• Walk me through the valuation methods (intrinsic and relative)—how would I go about valuing Apple?
• Apple is a weird company, in that they are sort of uncategorized in industry and have little or no comparables. How would you value them?
• When is it good to use a DCF, when is it not?
• How are your Finance & Accounting Skills? Rockstar I assume?
• Walk me through a DCF (hi-level)
o What is discount rate in DCF and how do you calculate?
o Within WACC, what is Cost of Equity and how do you calculate?
o Within CAPM, what is Beta and how do you calculate (Two methods)
o What is the formula for unlevered beta
o The two methods you gave me are both historical. How could you calculate a forward-looking beta?
o What are the methods for calculating terminal value
o What is Gordon Growth method, what does it mean, and what is the formula?
o How do you find the terminal growth rate (somewhere around inflation or GDP- conservative growth)
Advice to Management
Hours can always be improved, but the firm is making an effort. The firm excels in diversity and training.