JPMorgan Chase & Co.

JP Morgan Chase is a performance-based meritocracy, much like Goldman Sachs. If an employee performs well, he or she is rewarded accordingly.

While the work-life balance for junior level analysts is virtually non-existent, employees tend to appreciate the career development opportunities available to those who put in the work.

JP Morgan was fifth overall in the most recent Vault Banking 50 ranking of top investment banks to work for, compiled based on a weighted average of quality-of-life factors and firm prestige. Its highest marks were for prestige, where it bested every other bank save Goldman Sachs and Morgan Stanley.

Like so many other banks on the Street, JP Morgan is known for its long hours, especially for junior staff members. But following a trend on Wall Street in recent years, JP Morgan is taking steps to improve the quality of life of its analysts and associates. In January 2016 it launched a new initiative called “Pencils Down,” which puts guidelines in place stating that its investment bankers aren’t expected to work on weekends unless they are working on a live deal—one that’s scheduled to be announced the following Monday.

Hours aside, employees consistently praise JP Morgan’s culture—citing things like respect and a strong moral fiber—as well as its training programs and opportunities for advancement.

In describing its own culture, the firm website states a belief in “doing first-class business in a first-class way,” defined as respecting, valuing and supporting clients and one another.

JP Morgan Chase looks for academic excellence in the candidates it hires. Since many business schools have grade nondisclosure policies, its looks at other indicators of academic excellence and achievements, such as GMAT scores and Dean’s List recognition.

The firm is also on the record as being open to candidates who don’t have significant prior experience in finance. “We really look for people who have unique and diverse backgrounds,” Noreen McEnaney, who runs campus recruiting in North America, told CNN Money. “We’re always looking to add fresh perspectives and appreciate the value of people who shift career tracks at the MBA level.”

A video on its website echoes this sentiment, stressing that having the ability and desire to learn, together with a positive attitude and passion, are what it looks for most in the hiring process.

That said, MBA candidates seeking careers in investment banking who come from non-finance backgrounds would obviously do well to take advantage of finance and banking electives, as well as related extracurricular activities, while in business school to help position themselves for success on the job.

For more on the best business schools for investment banking, click here.

Pre-Internship Opportunities

JP Morgan Chase offers many avenues for MBA students to potentially join the company, including several Early Insights programs. Among the various Early Insight programs are Early Advantage, for rising first-year MBA students of diverse backgrounds; Launching Leaders, for first-year MBA students who self-identify as black, Hispanic/Latino or Native American; Winning Women, for first-year female MBA students; and Proud to Be, for first-year MBA students who self-identify as gay, lesbian, bisexual and transgender.

These pre-internship programs—which take place over two days during the summer before the first year of business school—offer direct insight into the firm and available roles that might dovetail with students’ areas of interest and ability. Participants in the programs also have the opportunity to network with senior leaders and can often leverage these experiences into future responsibilities and create valuable connections.

Internship Opportunities

According to the firm’s website, there are as many as nine different internship programs available to MBA-level students, the vast majority of which draw on the unique skill sets students develop as part of an MBA program. These are generally considered to be the surest route to landing a full-time post-MBA position. Among these are the Management Associate Internship, designed to offer a holistic picture of the firm’s business and industry to interns who get to lead strategic, high-priority projects while working side by side with senior executives; the Markets Associate Internship, designed to help interns develop deep industry and market-sector knowledge through work with the firm’s sales, trading and research teams; and the Quantitative Research Associate Internship, designed to let participants immerse themselves in the practical application of quantitative data as they become experts in a particular market sector. There are also internship programs in corporate banking, investment banking, global wealth management and consumer and community banking, as well as an internship program specifically for U.S. military veterans.

As part of any of these programs, MBA interns get to partake in challenging and meaningful work, gain access to senior management and work directly clients. Additionally, interns participate in training and development programs and networking opportunities.

Post-MBA Opportunities

In many respects, full-time opportunities for MBA graduates at JP Morgan Chase & Co. mirror many of the summer internship programs available to students while they are still in school. MBA graduates come in as full-time associates in the firm’s investment banking, global wealth management, corporate banking, and consumer and community banking divisions.

Regardless of division, incoming MBA graduates at JP Morgan Chase stand to benefit from the firm’s focus on extensive training and mobility. In investment banking, for example, the full-time associate program begins with a month of technical skills training in New York, which includes preparation for licensing exams, a speaker series, networking sessions and a mentoring program. Successful investment banking associates can expect to find themselves on a track toward vice president.

MBA grads who come in as part of the three-year global wealth management program, meanwhile, enter as either associate bankers or associate investors. Partnering with senior bankers, the associates work directly with clients on everything from banking to estate planning, developing investment plans and trading across major asset classes. Initial training consists of seven weeks of client case studies and presentations from more than 180 senior leaders, and many successful associates are positioned for promotion to vice president at the program’s end.