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. Roles in the following areas are recruited through internship programmes. If you decide that a career in one of these areas is for you, you must apply to a JPMorgan internship:
Investment Banking Sales, Trading & Research Securities Services and Clearing, Treasury Services
The following programmes do not strictly require a previous internship, however recently all graduate roles have in fact been filled by successful interns:
Asset management Finance Technology Private Bank
There are also opportunities available for PhD candidates from highly quantitative disciplines, in Quantitative Research, both for internships and full-time roles. Most new employees will join the company in either the London, Bournemouth, Glasgow or Edinburgh locations. Candidates can only submit applications for up to three programmes and should note that a withdrawn application still counts as one of your three applications.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; 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 2023 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 2023 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.
Investment Banking
Investment Banking recruits analysts for five key business areas at JPMorgan:
Country Mergers & Acquisitions teams Pan-European Sector teams Country Capital Markets teams (Debt and Equity) Securitised Products team Leveraged Finance
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. JPMorgan values diversity in their employees, and accepts applicants from all degree backgrounds. A degree in economics or finance is not required but a good level of numeracy is. Those coming from a non-numerate background will need to demonstrate their aptitude and enthusiasm for the role. 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 Extra-curricular achievements in addition to academic excellence, which demonstrate your teamwork skills and leadership potential 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
For technology roles, it is advantageous to have real-time system experience, Unix, SQL and one of a number of application languages such as Java, .Net, C++ or VB. Showing motivation for wanting to work at JPMorgan is essential. Candidates who can ask well researched and insightful questions will do well at the assessment centre stage.
Training and Development
JPMorgan offers a wealth of training on both an inductive and ongoing basis. Most graduate programmes are three years in length and offer a great amount of mobility within each department. Training and qualifications will vary depending on your business area:
Investment Banking – Training begins in June or August with the Financial Services Authority (FSA) training and exams. You will then attend a seven-week Global Training programme that takes place in New York. Upon your return to the UK, your professional development will continue with courses at their Investment Banking University. Sales, Trading & Research – You will attend a seven-week Global Training programme that takes place in New York. Upon your return to the UK, your professional development will continue with courses at their Global Markets University. There is a high degree of mobility available within this programme. Securities Services and Clearing, Treasury Services – Throughout this two-year programme, you will have the opportunity to rotate among the following five functions: Product Management, Segment, Strategy, Sales and Risk. Specific training programmes are ongoing throughout each rotation. IB Risk – You will attend a seven-week Global Training programme that takes place in New York. Upon your return to the UK, your professional development will continue with courses at their Risk University. Operations – The programme begins with a two-week induction, is highly mobile and requires a great degree of flexibility. Asset Management – You will undertake the CISI Investment Management Certificate (IMC) as part of the formal Graduate Induction Programme. The study of further qualifications such as the CFA (Chartered Financial Analyst), CAIA (Chartered Alternative Investment Analyst) and CIMA (Chartered Institute of Management Accountants) are highly encouraged, according to the needs of each business area. Additional optional training programmes are also available. Finance – During the first three years at the firm, you will study towards the CIMA (Chartered Institute of Management Accountants) qualification. Technology – The programme begins with a five-week Tech Boot Camp. Throughout your employment, there is a great deal of opportunity for mobility and further development. Private Bank – This role begins with a four to six-week comprehensive training programme.
The Application Process
The application, interview and assessment process for graduate roles varies between the different lines of business at JPMorgan. For technology positions, see further below. 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. 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
Why did you choose JPMorgan? Why did you choose this department over the other departments? Where do you see yourself in 5 years? Why did you pick your university? Why did you pick your university course? Are you planning to do an MBA? What motivates you? Why do you want to work in this industry?
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.
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:
Online verbal reasoning test Personality test Retake of the numerical test in paper form Problem-solving exercise Written exercise Group exercise Case study and presentation Role-play exercise Self-awareness interview Up to three 30 or 45-minute competency-based interviews Technical based interviews Final round interview (competency-based, depending on the line of service)
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 or 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. Some projects are developed and delivered in association with external partners in the FinTech arena, while others are enterprise technology initiatives (such as big data, mobile solutions, machine learning and cloud development). Projects also include innovations, both internally and externally, for things like electronic payments and cybersecurity.
What Technology Schemes Are Offered at JPMorgan?
In the UK, JPMorgan offers the following technology-specific opportunities:
School Programmes/Apprenticeships
These programmes are aimed at students leaving school who will either undertake work experience or higher education qualifications. Many of these opportunities could lead to apprenticeships and training once the student is at university. Some offer entire degree programmes with the prospect of a full-time job offer on completion. On offer are:
Technology Graduate Level Apprenticeship Programme – 24-month honours degree Technology Degree Apprenticeship Programme – 4-year honours degree Work Experience Programme – one week Think Ahead Programme – one week
Early Insight Programmes
Early Insight programmes are typically for undergraduate students looking for experience and information on particular business types. They usually last one or two weeks, and are undertaken before an internship. As mentioned above, these include Code for Good in London and Spring Week – Spring into Technology for programmes specifically related to the technology business. These are offered in Bournemouth, Glasgow and London. Spring Week activities include participating in hackathons, coding challenges and shadowing current employees.
Internships
JPMorgan offers the following technology-specific internships for graduates with at least a 2:1 degree. They all offer broadly similar opportunities with varying lengths of commitment:
Technology 12-month Internship – Industrial Placement
You will work on key projects to help create technical solutions to real business problems for the firm and its clients. Training opportunities are offered throughout, and you will be involved in innovative new projects and products. It starts in either September or March in the following locations:
Bournemouth Glasgow London
This 12-month internship can lead to a full-time job offer.
Software Engineer Off-Cycle Programme
This six-month placement takes place in London only and starts in September. You’ll develop your coding and other business skills, working on real projects alongside the technology teams delivering real solutions to business needs. Internships can lead to the Software Engineer graduate scheme for successful candidates.
Software Engineer Internship
This 10-week internship takes place over the Summer in the following locations:
Bournemouth Dublin Geneva Glasgow London
You will learn coding skills and work in agile teams alongside current developers. Internships often lead to the Software Engineer graduate scheme for successful candidates. The internship also offers the chance to join in with the global hackathon.
Tech Connect
This is a full-time, multi-week, intensive Java training course designed to kickstart a career in tech. It leads on to the Software Engineer graduate scheme. Tech Connect is for those that do not have a computer science or engineering background. Candidates must be able to demonstrate a well-rounded academic background with a 2:1 degree, a desire to switch to a technology position and must be available to start work in January. It takes place in London.
Software Engineer
This is a full-time position in London as part of a team of technologists delivering innovative solutions that make a difference to customers, clients or employees. Responsibilities vary depending on location and team assignment and the work will be varied. Whatever the project, JPMorgan says you’ll own it end-to-end and be expected to keep teams and internal/external stakeholders up to speed. You will develop the coding and business skills to take your career forward. Work could include developing digital solutions, using big data or machine learning, and using agile methodologies to build solutions. You might be working on giving customers an improved banking experience or making systems work faster or be better integrated. Participants can also join the agile Force for Good teams who ‘develop real-world technology solutions for non-profit organisations’. Aimed at graduates with computer science and/or engineering degrees, candidates must also have a strong interest in financial services and excellent coding skills.
How Will I Be Supported on the Technology Graduate Schemes?
Support is on offer for all positions and varies in nature depending on the length of the scheme. Support offered can include:
Employee shadowing Line manager Buddy system Team members (including those globally) Networking events Senior speaker sessions Peer-mentorship programmes Technical mentors Online training programmes and modules Virtual workshops Face-to-face sessions Induction programmes Continuous training opportunities including cybersecurity knowledge Technical and business skill support including presentation and communication skills
Who Can Apply for the Technology Graduate Schemes?
Graduates or those that will be graduates by the specific programme start date can apply. A 2:1 computer science and/or engineering degree is preferred (aside from the Tech Connect Bootcamp). Other degree subjects may be considered depending on other experience. Candidates require:
Strong interpersonal skills and communication skills Ability to thrive in a fast-paced, collaborative environment Exceptional problem-solving ability Knowledge of programming languages (for example, Python, Javascript, Java, C++, C#), databases, data structures and algorithms
JPMorgan does not accept speculative applications and candidates may only apply to a maximum of three programmes in any 12-month cycle.
When Do I Apply?
Deadlines vary according to the specific programme, so candidates should check carefully. Some applications have closing dates in September, others November. Other programmes only open for applications in October. Programmes will close as soon as positions are filled, so candidates should apply as soon as possible after applications open.
What Happens After I Complete the Technology Graduate Scheme?
Each programme allows for successful candidates to progress to the next stage of their career with opportunities including full-time positions, higher-level internships or being invited to act as student campus ambassadors.
Will I Be Paid?
Positions are paid but the amount will vary depending on the length of the scheme. Information on pay and benefits will be shared with candidates during the application process or at the time of offer. 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.
