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.
Candidates can only submit applications for up to three programmes and should note that a withdrawn application still counts as one of your three applications.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.
JPMorgan offers early insight schemes in the UK which include Spring Week and Code for Good:
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.
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.
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:
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.
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.
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:
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, 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:
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:
The numerical test involves completing 12 games through the pymetrics platform and is 20-30 minutes in length.
The test will require you to:
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.
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.
You will need to demonstrate your knowledge of JPMorgan as you answer your interview questions.
Most of the JPMorgan interviews are competency-based and you should, therefore, be prepared to discuss:
JPMorgan suggests that candidates structure their answers using the Problem-Actions-Results (PAR) technique as this demonstrates your problem-solving skills.
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:
For certain positions, you may also have to:
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.
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:
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.
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.
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.
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.
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