ECE, Batch of 2012
Investment Banking Analyst, JP Morgan Chase
JP Morgan, a US based investment bank, has been a seasoned recruiter at NSIT. It offers the profile of Junior Analyst in its Centralized Research Group (CRG), Mumbai. Well known for rolling out onshore offers (London and New York) to even undergrads working at the Mumbai office, there are half a dozen NSITians working in JP Morgan’s London office, all without MBAs.
In this interview with Saumitra Dubey, we find out more about the life at JP Morgan, the essentials of cracking Wall Street and much more.
Tell us about the teams you’ve worked with at JPMC.
I was recruited on campus in 2012. I chose the DCM (Debt Credit Management – Asia) team. A good thing about JPMC is that it gives frequent opportunities to apply onshore. We have 7 NSITians working in the London office full time.
How hard is it to make to front offices from India?
It was very tough to make it 3-4 years ago, during recession. But in the last one year, we’ve had 20 converts out of 150 people (15% of the team in Mumbai). But then markets are saturating again after an year of aggressive hiring. I was one of the last few lucky ones to make it to London.
Inter-mobility is really good within JPMC. You can easily move from Investment Banking to Treasury Banking or Corporate Banking. Talking about onshore mobility, it all boils down to market conditions. You can move to the London, New York and Australia offices, owing to the firm’s growth-oriented culture.
Tell us something about the exposure at JPMC.
From making pitch books to working with onshore teams, we aren’t a back end office at all. It’s more a middle office setup. You work get with front end teams at London, New York and Hong Kong on a rolling basis within a year of joining JPMC, which gives you immense exposure.
How have you changed as an individual while working at JPM?
It’s been a very enriching experience, a roller-coaster of sorts. Sometimes, I crib about the long working hours, wishing I could easily have worked at a say Texas Instruments with hardly 7-8 working hours. You feel like doing an MBA and changing your field.
I keep asking myself this question, but I realize I am really happy and satisfied. Looking back, JPMC has been the perfect place to start my career. This is the place to start your career if your aim is to crack Wall Street.
What’s the performance criteria for an employee at JPM ?
It’s a subjective question, to be honest. I’d say you’ve got to be very resourceful and sharp. To start with, communication skills aren’t a prerequisite, you’ll hone them here. NSITians do really well at JPMC. You’ve got to be very very motivated and be willing to slog it out. To sum it up, you’ve got to be resourceful, willing and smart. You have to be very smart, on your feet and proactive.
If not London, where would you’ve been ?
I had secured an admission at ISB, had I not made it to London. But the I would have had to give up on Investment Banking to go there. ISB is more known for consulting. But then, you always measure delta gains, and I choose to go to London, it’s just a huge huge opportunity.
How would you describe a typical day at JPM?
It varies from team to team, and whether you are on a live deal or not. When not on a live deal you do cost analysis and look to raise funds. During live deals, you give live updates to clients, pitch in with syndicate teams and do post deal analysis. So you are always busy, you are either doing executions on some days and doing marketing pitching on the other days.
What about people from other colleges at JPMC ?
We have undergrads from BITS, few NITs and some good Mumbai colleges. JPMC recruits from B-schools like IIM I, K, XLRI and MDI. We have several BITSians getting PPOs, post their 6 month internships. We don’t have NSIT interns, because there isn’t a 6 month window to do a summer internship at NSIT.
What Finance knowledge is needed to get into JPMC? Is CFA needed ?
Knowledge is a plus, but not a prerequisite. I remember by entire interview was about market news. All you need is basic aptitude and willingness, something a CFA exam won’t give you.
Any comments on “NSIT to Wall Street”?
This is a really good initiative, and I am glad that you’re connecting juniors with the right people. When it comes to off campus applications, brand NSIT can be leveraged. Never be boastful, because they’ll grill you. Show your keenness and they’ll hire you.