Former Domestic Corporate Actions Specialist at JP Morgan
over 3 years ago
The Private Bank is one line of business within JPMorgan Chase. They specialize in handling as many aspects of very wealthy client’s portfolio ranging from “Portfolio Servicing” (which Corporate Actions is part of), to trusts, tax issues, credit cards, money market funds, mutual funds, investment management (client gives decision making authority to an investor), etc. Most clients are wealthy individuals, but also trusts, foundations, organizations, and companies can be clients. Corporate Actions is part of Operations that also includes: Income Collections (dividends/interest), Proxy, Class Actions, Domestic and International Settlements, Statements, etc. Operations can also be called the “back office”. Whereas the “front office” are the brokers, bankers, and investors. The “middle office” can be considered either the custodian or the client service representatives that speak to the clients. They are licensed by SIFMA with at least a Series 7 and 63, but may have more licenses now. Operations specialists do not get licensed and can’t speak directly with clients. Municipal Bonds and Treasuries take up a surprising amount of client portfolios.
Former Freshman Experience Program Participant at JP Morgan & Chase
about 3 years ago
In an interview, the most important qualities are the following: Consistent eye contact. This might seem simple, but it is heavily overlooked. Being upbeat and have confidence. Do not come across too confident, but be upbeat about your answers to show passion. Highlight why you would be a good fit for JPM. Talk about teamwork, analytical skills, qualitative skills. It is all about the team, remember to emphasize teamwork. Keep your opening story less than a minute and a half. In this story, mention your major, and how you became interested in finance. At the end of the story, tie it back to why you are interviewing (To work in collaborative and effective teams, and that you can be an asset to any of these teams) Be sure to send follow up thank you emails. I cannot stress this enough. Make sure you do not send the same people the same email if you have multiple interviews. Believe it or not, they might check with each other what a student might send them As a freshman, I do not think you would be asked technical questions. Regardless, if you want to start prepping early, feel free to reach out and I can give you some good resources.
You should be confident! Fund Accounting is not difficult, and JPMorgan Chase has numerous people working for them who have limited training in accounting. If you know your way around a trial balance, you are qualified. If you have a degree in accounting, you are overqualified. There are some very nice and talented people working in the Boson office of JPMorgan Chase HFS. However, you should note that, as of late, there has been an increasing demand to cut costs and outsource a significant portion of the work. To date, this has not been successful, and operations teams are feeling the attrition. As a Fund Accountant, you are the final point of contact to the client. If you are waiting on a price from an overworked team in Dallas, the client will be dissatisfied with you. People in the Boston office are talented, but there is a snowball effect, and the loss of institutional knowledge that comes when marketable employees have left hits hard. If you're looking at this position as anything other than a below-entry-level foothold in the accounting profession, you have the wrong impression. This is not a finance job. There is no exit opportunity for finance professionals. This will also not give you the same amount of experience as a job at an accounting firm. This is an operations job that teaches you accounting. You'll make good money for the work you're doing, and it's unquestionably the best operations job you'll find, but it is an operations job.
Former Global Technology Summer Analyst Program at JP Morgan & Chase
about 3 years ago
Be confident in your answer and be prepared to explain your answer. This can be said for both technical and behavioral interviews. External activities outside of school work would be great to show your experience, but you can also highlight teamwork with group projects if you do not have any experience working with others outside of school. Research some details on the company before going in. What are the different line of businesses, who are the top executives. One important aspect is to ask questions if something confuses you. A lot of interviewers would use acronyms out of habit and asking what those are may clarify the confusion.
Pace career services and Handshake have a great team and I’m sure they have stressed this, know your resume and be honest. When interviewing, I think the interviewee should be able to have talking points on what you have done, some of the skills you have picked up along the way and why you think those skills / experiences you’ve had can be transferable and a value-add to the position you are applying to. My rule of thumb is to have at least 3 talking points for every experience on your resume. For me, it helped to tell a story of my experiences, what led me to this point interviewing for this position and why I thought I’d be a great fit. During my time interviewing for the internship, I had no idea what internal audit was however, I was willing to work hard and learn as much as I can - two aspects I think every intern should have coming into their internship.
Make sure to do your research! Understand their different business units and figure out which ones you connect to the most. Ask each interviewer for a business card so you can send a follow-up email. Treat every minute that you're there like an interview, not just your time with the hiring manager. Finally, make sure that you really are interested in working there for the right reasons! If you only want to work at JPMorgan for the prestige or the compensation, you won't get the job. Employers can tell when you have a genuine interest in what they do every day and they resonate with that more than any long list of accomplishments.