What does the backstage of investment bank JP Morgan look like? How is the recruitment process? An Analyst at JP Morgan gave us all the secrets to a successful career in the world of market finance. He also removed the veil on his day-to-day life within the company, in the United Kingdom.
JP Morgan is the largest bank in the United States. It was created following the merger of Chase Manhattan Bank and JP Morgan & Co. in 2001. In more than 60 countries, the company is the world’s leading investment bank. It offers financial services to businesses and individuals.
The Journey of an Analyst at JP Morgan
Can you go back to your academic background?
I am an engineer by training, a graduate of ESILV, a generalist engineering school I joined directly after my scientific baccalaureate. Subsequently, I joined Paris-Dauphine University with a double degree for the MSc 268 Financial Markets. The opportunity for me to gain a specialization in investment and market banking. In my third year, I had the opportunity to fly to the United Kingdom, to Coventry, as part of the Erasmus academic exchange program. I mainly took programming and math courses there, but most of all I made memorable encounters. It remains one of the fondest memories of my student life.
My academic career has been punctuated by a semester of study abroad, several projects and related experience, as well as several internships with companies. All of these experiences played a major role in building my professional project and in my choice of a fourth year financial engineering specialization.
My course culminated in a one-year work-study program where I graduated from both establishments in September 2019.
Can you return to your professional career?
After joining my engineering school, my curiosity for the field of finance increased, which I knew nothing of then. In my first year, I did an internship at a private bank as a credit risk analyst. This experience allowed me to have a global perspective of the economy and, above all, to confirm my desire to orient myself in this particular sector.
Following my return from the United Kingdom, I naturally wanted to practice my new skills and, since I know the core area of banking technology today, I decided to do my second summer internship as a developer.
The first two internships this combined only confirmed my interest in finance and more specifically in market finance, which seemed like the perfect way to combine my curiosity in finance and my obsession with IT and volume topics. Since then, I have continued to cultivate my passion in this field to become my vocation.
In Master 1, I got my first six-month internship in the trading room at Dexia, with an interest rate derivatives trading team, followed by a one-year work-study program at HSBC in Paris, in mesa structuring equity derivatives. I enjoyed these two experiences both intellectually and humanely. They allowed me to fully immerse myself in the life of a trading room and build the technical foundations that still serve me today.
By the end of my studies, in September 2019, I wanted to have professional experience abroad. So I decided to go back to the UK, to London, in six months, but in a professional setting this time.
After some interviews and applications, I finally joined a systematic index structuring team at BNP. In other words, it is a team of engineers who develop automated investment strategies. A few months later there, I was called back following one of my previous applications to interview JP Morgan in London for a ” summer internship “sa dirty. The feeling on one of the teams I met was so great, I was able to get the internship at the end where I had a job offer to join a team. dirty in convertible bonds. So I joined JP Morgan’s London trading room in November 2020. I will be moving to offices in Paris this summer because of Brexit.
Market finance and banking sectors
How did your vocation for the world of finance and banking happen?
As explained previously, my curiosity, along with my obsession with a number of topics and some professional experience, pushed me to orient myself towards this path. I think my initial motivation was very simple: I tried to understand how and why a political, climatic or even sporting event could have an impact on the economy and financial markets. Even today, the fact of knowing that the smallest event can have a large and direct impact on our daily lives fascinates me.
In fact, financial markets are at the center of world events (from politics, to sports). Anything that affects the world will inevitably have an impact on markets. You might think that working in a trading room separates people from what’s going on in the world, but in reality, that’s not the case. A person working there is often considered the second person who knows about the occurrence of a world event (after the journalist).
Everyday life at JP Morgan
What does your daily life look like as an analyst at JP Morgan? How does a typical day go?
My day-to-day inside JP Morgan is to best serve the interests of our clients by providing them with liquidity and prices in the pool of European convertible bonds. The bank is also present in the primary market. We work with convertible debt issuers to best support them in their process of issuing new bonds to the market. Finally, because of my engineer profile, I apply my computer skills every day to suggest ideas and automate as many repetitive tasks as possible to allow all team members to focus 100 % on business, managing our customers and their orders.
A convertible bond as a “hybrid” financial instrument, at the crossroads between the equity market and the bond market, my typical day is punctuated by equity market opening hours (whose bonds are OTC) .
I will start around 7 am (London time), the market will open at 8 am and client orders will start to flow. Around noon, it’s time to get something to eat and go back to mesa. At 4:30 pm the market closes. I finish the latter trade and I’m working on some related topics, so my day ends about 5: 30-6 pm
How would you describe the working environment at JP Morgan?
The atmosphere is so beautiful! People are caring and very open-minded. You will feel a real culture of excellence. Everything is done to help you unlock your potential and evolve in the best possible way within the company.
The recruitment process for a summer internship of JP Morgan
How is the recruitment process at JP Morgan?
The largest source of recruitment is through ” summer internship “, an eight-week internship in the summer is considered the” royal road “to merging a large American investment bank. The selection process always starts with an online application. You have to answer all sorts of questions about to your academic and professional background as well as your motivations.Then there is a series of numerical and logical tests to be conducted.
If these steps are successful, you only have one last step left, called ” center of analysis », An intensive day of interviews in London where you will find several teams looking for a« summer intern “. If you pass your interviews and feel good on one of the teams, you will have an offer. Once in training, you will have eight weeks to prove yourself.
In summary, the recruitment process is certainly very selective, but takes place every summer. Every year a new promotion of “ summer intern Happening, this is the very philosophy of the bank: to continue to attract young talent to stay as competitive as possible.
Advice for a successful recruitment process at JP Morgan
What advice would you give to students about joining JP Morgan?
I have three tips in mind, the first is to do what you want! This universe is highly competitive, great job opportunities after graduation are more rare and more difficult to obtain than in other sectors. You need to be patient, choose your internships carefully, document yourself, be curious, be interested in economic and financial news and often accumulate a few internships (about 2 years for me) before succeeding in a interesting position. Many will tell you that if you don’t like what you’re doing, you won’t succeed …
The second piece of advice I can give is to have experience abroad, whether professional or academic. Going abroad will change your outlook on things and give you an open mind that will be an undeniable asset for the future.
Finally, your internships and technical knowledge are not the only things recruiters are looking for. On the contrary, your personality, your extracurricular activities and your passions are just as important for your future team. It is called ” fit “Good news! Above all, don’t deprive yourself, be it in sport, travel or anything else hobbies. Go for it, they will be appreciated!