The JPMorgan Chase & Co. Graduate Application Process and Interview Questions

JPMorgan Chase & Co. (known as JPMorgan) is an investment bank and financial services firm headquartered in the US and operating globally. It is the largest bank in the US and the sixth-largest in the world ranked by assets (currently over $2.7 trillion).

JPMorgan offers services which include retail banking, commercial banking, investment banking, asset management, private banking and private equity businesses.

The company was created in 2000 when J.P. Morgan & Co merged with Chase Manhattan Corporation. The ‘J.P. Morgan’ part of the brand relates to investment banking and asset management.

London is JPMorgan’s headquarters in EMEA. Competition for graduate positions in corporate and investment banking roles (‘front office’ positions) is fierce and positions are mainly acquired through participation in the summer internship programme. In 2017, it was reported that only 2% of applicants secured front office graduate roles.

JPMorgan application process

Contents

  1. What Graduate Opportunities Does JPMorgan Offer?
  2. What Qualifications and Skills Does JPMorgan Require?
  3. The Application Process
  4. Receiving an Offer or Feedback (And What Happens Next)
  5. Further Reading

What Graduate Opportunities Does JPMorgan Offer?

Candidates can only submit applications for up to three programmes and should note that a withdrawn application still counts as one of your three applications.

If you are having trouble deciding which opportunities to apply for, you can take the pymetrics test and the results may then be used to guide your decision. 

You should note that your score will be used in your application; if you don’t take the test as part of your decision-making process, for most roles, you will receive an invitation to take the test after you submit your application.

Early Insight

JPMorgan offers early insight schemes in the UK which include Spring Week and Code for Good:

  • Spring Week is aimed at undergraduates looking to gain a better understanding of the firm, how it serves clients and how parts of the business work together.

    There are three tailored programmes within Spring Week: one for those studying for a finance degree, one for those studying non-finance degrees and one related to the technology business.

  • The Code for Good is a hackathon which takes place in London at the beginning of November. Applicants will ‘collaborate with other coders to develop innovative technology solutions for non-profit organisations’ and find out about a career in technology.

    Candidates can register their interest ahead of applications opening and candidates attending and taking part in the event can often progress to internships and full-time roles.

Financial Services Apprenticeship

Offered in the Bournemouth and London offices, this apprenticeship is aimed at school and college students who have the UCAS equivalent of three C grades at A-Level or other qualifications with no grade below C.

Candidates gain industry-recognised qualifications while working and a day per week is allocated to in-person and online training. Successful completion of the apprenticeship may lead to a full-time role.

Applications open in October.

Technology Degree Apprenticeship

The four-year technology apprenticeship combines technology and financial services at the Bournemouth Technology Hub.

Candidates require the UCAS equivalent of one A and two B grades at A-Level or other qualification with no grade below a B. One subject should be mathematics, computing or IT-based.

Applications open in October.

Summer Internships

JPMorgan offers a host of internships across its various lines of business. Opportunities are available globally.

Opportunities at JPMorgan in the UK for 2020 include the following internships:

  • Quantitative research
  • Financial analyst
  • Corporate analyst
  • Software engineer
  • Wholesale payments & corporate banking
  • Risk management
  • AI & machine learning
  • Wealth management
  • Asset management

Applications for 2020 are currently open with deadlines in November. It is advised that candidates apply early as programmes close once the positions are filled.

The summer internships run for between 8 and 12 weeks between June and August. Successful candidates may be offered a full-time job at the end of the summer.

Full-Time Graduate Positions

JPMorgan offers full-time graduate positions in 13 business areas including investment banking, software engineering, risk management, wealth management and asset management.

Programmes vary from two to three years and are available to both undergraduate and graduate students.

What Qualifications and Skills Does JPMorgan Require?

For internships and full-time graduate positions, applicants must be in their penultimate or final year of university (depending on the programme applied for), eligible to work in the UK and be on track for a 2:1 degree or equivalent. A degree in economics or finance is not required but a good level of numeracy is. Applicants must be fluent in English.

Other key skills vary from programme to programme but include:

  • A strong interest in finance and asset management
  • A well-rounded academic background
  • Excellent verbal and written communication skills
  • Excellent attention to detail
  • Ability to handle pressure
  • The vision and ability to come up with strategies and plans
  • Strong quantitative, interpretive and analytical skills
  • Works well in a dynamic team environment
  • Flexible, adaptable and resilient
  • The confidence and initiative to take on responsibility and manage projects
  • Knowledge of Microsoft Office
  • A second European language is essential for some roles and beneficial for others

Showing motivation for wanting to work at JPMorgan is essential and candidates who can ask well researched and insightful questions will do well at the assessment centre stage.

The Application Process

The application, interview and assessment process for graduate roles varies between the different lines of business at JPMorgan. 

For technology positions, please see JPMorgan Technology Interview & Assessment. For the majority of other roles, the application process involves:

  • Online application form
  • Online numerical reasoning test
  • Interviews
  • Assessment centre

Online Application Form

You will need to create an online account and sign in to access the online application form.

In addition to your standard personal details and experience, the JPMorgan application form requires uploading your CV, attaching a 500-word cover letter and also includes several questions which vary depending upon the division applied to.

Application form questions are likely to address such issues as:

  • Why you wish to work at JPMorgan and your chosen division
  • How your background has prepared you for the challenge
  • Your financial experience (Or, if you have no financial experience, show your interest and aptitude by providing examples of other times you have demonstrated leadership and quantitative skills)
  • What you know about the financial services industry generally
  • Your strengths and weaknesses
  • Where you see yourself in 10 years
  • Which location you want to work in and why
  • Problems you may have faced and how you dealt with them

Online Numerical Test

The numerical test involves completing 12 games through the pymetrics platform and is 20-30 minutes in length.

The test will require you to:

  • Perform basic calculations
  • Interpret information contained in tables, charts and graphs
  • Use percentages
  • Use ratios
  • Use fractions
  • Use logical thinking
  • Perform calculations and reasoning using time and dates

No mathematical experience beyond GCSE is required, although a degree with a technical background will be an advantage. 

There will be extreme time pressure during this test. You should work as swiftly and accurately as possible. It is extremely important that you manage your time appropriately on the test, and move on once a question's allocated time has passed.

Interviews

Successful candidates must complete a Hirevue interview before being invited to the assessment centre.

Hirevue uses an algorithm to assess your traits such as blinking, body language, etc. as well as your answers and compares them to other high-performing individuals currently at JPMorgan.

The Hirevue interview consists of between five to seven questions with around three minutes allocated to each question and 30 seconds of preparation time. There is no option to pause or re-record.

Depending on the line of service to which you have applied, you may be asked a combination of competency, motivational, technical or commercial awareness questions.

You will need to demonstrate your knowledge of JPMorgan as you answer your interview questions.

Prepare by:

  • Going to the on-campus presentations
  • Talking to JPMorgan staff
  • Studying the JPMorgan website, programmes and culture

Most of the JPMorgan interviews are competency-based and you should, therefore, be prepared to discuss:

  • Previous jobs
  • Experience solving problems
  • Leading teams
  • Topical business issues

JPMorgan suggests that candidates structure their answers using the Problem-Actions-Results (PAR) technique as this demonstrates your problem-solving skills.

  1. State a problem you encountered at work or university
  2. Describe the actions you took to solve it
  3. Demonstrate beneficial results

You will also be given the opportunity to ask questions yourself. Be sure to have some prepared.

Here are some key questions to help you prepare:

Competency Questions

  • Describe a time when you exhibited good teamwork
  • Provide an example of when you encountered problems in a team
  • Explain an instance when you influenced someone
  • Describe a situation in which you changed something
  • Tell me about a situation where you showed leadership
  • What is your biggest achievement?
  • How would you invest £10,000?
  • Tell me about a time when you failed to meet an objective
  • Describe a time that you faced multiple competing deadlines – Which did you prioritize?
  • Who is a leader you admire and why?
  • Describe a time when you successfully persuaded a group of people or a team to agree with you
  • Describe a time when you had to give a presentation to a group of people
  • How do you adapt your presentation style to meet the needs of an audience?
  • What would you do if you were unable to meet a deadline?
  • You're taking a document to an important meeting that starts in a few minutes and you find a prominent typo. Time is running short and you can’t reprint the document. What would you do?
  • Which is better: to be respected or to be respectful?
  • Describe a time when you used your negotiation skills
  • Which is better: meeting a deadline or doing a perfect job?
  • What three things would your friends say about you?

Motivational Questions

Commercial Awareness/Technical Questions

  • What do you think finance at JPMorgan involves?
  • What's going on in the markets currently?
  • How do any new regulations influence the bank?
  • Talk about some recent financial news that interested you
  • Who are JPMorgan's key competitors?
  • What caused the recession?
  • How could a financial crisis be prevented/solved?
  • What do you think you will be doing in your first year/internship at JPMorgan?
  • What is 17 x 18?
  • What is share capital?
  • What is IPO?

For certain positions, you may also have to:

  • Solve a riddle
  • Draw some graphs
  • Do percentages and mental arithmetic

TIP: The most important thing to do in an interview is to keep your cool. They will be trying to find your breaking point. Do not panic and become flustered. Take your time when solving problems and do not be afraid to speak your reasoning out loud.

JPMorgan application process and interview questions

Assessment Centre

Successful candidates are invited to attend a day at the assessment centre. Exercises and interviews will vary depending on division and whether the role is internship only, as only some divisions recruit directly for full-time roles.

The various exercises, tests and interviews are set out below and you should expect some combination of around five in total:

Case Study

In some cases, preparation material will be sent to you by email before you attend the assessment centre. You will then be given a package of documents that provides information on a scenario similar to the kind you are likely to face in your department.

The case study will either present you with a business problem for which you have to come up with possible solutions, or a choice, such as a choice of possible acquisitions/investments. You will be given time to read over the material and answer the questions given.

You will then either be asked to present your answers to a manager or engage in a role-play exercise in which you will act as though you are briefing a client or superior. You can expect to be questioned on your reasoning, so make sure you can justify your choices and solutions.

Group Exercise

The topic of this exercise will likely be the same as the previous case study, possibly with new information added. The group will have 35 minutes to discuss the topic, demonstrating that they can work well as a team. This exercise may simply take the form of a discussion; alternatively, you may be required to reach a conclusion/solution as a group or have specific goals to achieve within the time frame.

In the case of asset management, the group has the opportunity to choose from four possible discussion topics. The exercise then involves working collaboratively to select the main points to present to a panel, followed by a 5-minute presentation as a group.

Be sure that you speak enough but not too much during the discussion. Do not interrupt other candidates or dismiss their ideas. Even if the exercise takes the form of a debate, it is important to remember that this is first and foremost a teamwork exercise.

Problem Solving (Fast Track) Exercise

The fast track exercise will vary but it is designed to test your data analysis and problem-solving abilities. For example, you may be given a set of cards and have to find a logical pattern in them to determine the missing information.

As these tests do not require any outside information and rely largely on logic, they are difficult to prepare for. WikiJob have various practice aptitude tests to help you get used to these types of questions.

Receiving an Offer or Feedback (And What Happens Next)

A recruiter will be in touch within two weeks of your last interview/assessment day. If you receive an offer, you may be able to delay accepting until you have heard back from all banks or financial institutions that you have applied to. Some offers are ‘exploding offers’ which have a specific time frame for acceptance and will need careful consideration.

JPMorgan advises that you trust your instincts when deciding which offer to accept. Do not let money nor deadlines for acceptance influence you too much.

There is a comprehensive onboarding process ahead of starting an internship or job at JPMorgan. Make sure that you respond promptly to all correspondence you are sent and send in any information requested in a timely fashion. 

Ensure you are ready to join a fast-paced environment where you will be expected to learn quickly.

Further Reading

You might also be interested in these articles on WikiJob:

Citigroup Application Process and Interview Questions

Barclays Application Process

The Morgan Stanley Graduate Application Process

Goldman Sachs Application Process & Interview Questions