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J.P. Morgan Investment Banking Associate Interview Questions & Reviews

Updated Jun 25, 2014
All Interviews Received Offers

Getting an Interview  

33%
33%
33%

Interview Experience  

66%
16%
16%

Interview Difficulty  

Average Difficulty
10 candidate interviews Back to all interview questions
Relevance Date Difficulty
in

Accepted Offer

Neutral Experience

Investment Banking Associate Interview

Investment Banking Associate

I applied through college or university and the process took a day - interviewed at J.P. Morgan.

Interview Details – Process involves a lot of networking, both with your school's alumni base and with people in the group you're interested in. It is almost impossible to get into the bank if you don't come from a target school or don't find alumni who will push you through.

Interview Question – Variety of technical questions - Walk me through a DCF, Qualities of a good LBO, etc.   Answer Question

Negotiation Details – Coming through the MBA recruiting process there is very little negotiation. You come in with a class of 60-80 other MBAs all at the same salary/signing bonus/start date


No Offer

Neutral Experience

Investment Banking Associate Interview

Investment Banking Associate

Interviewed at J.P. Morgan

Interview Details – Just called walked in said a few things we had a drink and I got the job


Accepted Offer

Positive Experience

Difficult Interview

Investment Banking Associate Interview

Investment Banking Associate
New York, NY

I applied through college or university and the process took 3 months - interviewed at J.P. Morgan in January 2010.

Interview Details – Interviewed as an MBA student. Process was high touch and I probably had 10+ informal interviews before the formal process started. Formal process involved a first round interview with 2 senior bankers and then second round was 2 interviews with MDs.

Interview Question – What is your biggest weakness?   Answer Question


Declined Offer

Positive Experience

Easy Interview

Investment Banking Associate Interview

Investment Banking Associate
New York, NY

I applied through a recruiter - interviewed at J.P. Morgan in December 2012.

Interview Details – First round interview at university. Second round on site in NYC.

Interview Question – Can you quickly go through a DCF for company X.   Answer Question


Accepted Offer

Neutral Experience

Investment Banking Associate Interview

Investment Banking Associate

Interviewed at J.P. Morgan

Interview Details – Very Professional interview and I liked they way the interviewer asked questions closely and candidly. He really took an interest in what I had to say and listened very patiently to answer to all of the questions.

Interview Question – What would your friends say about you?   Answer Question

Negotiation Details – No negotiation.


1 person found this helpful

No Offer

Negative Experience

Average Interview

Investment Banking Associate Interview

Investment Banking Associate

I applied through college or university - interviewed at J.P. Morgan in October 2013.

Interview Details – This was a first round interview made in a target business school for a summer associate position. Unfortunately it seems that the process was extremely biased and decision had been made prior of the interview. We only got 15 minutes of time to pitch ourselves, tell why banking, and ask questions. There were presumptions made already about me even before I entered, which might be because I am an international candidate. I got cut in the middle of a question and received even less than the 15 minutes of allocated time since the interviewer was running behind her schedule.

Interview Question – What do you think about working on Manhattan?   Answer Question


Accepted Offer

Neutral Experience

Investment Banking Associate Interview

Investment Banking Associate

Interviewed at J.P. Morgan

Interview Details – The interview process at JP Morgan was very well run and very informative and helps understanding the different aspects of the jobs and requirements. I appreciated the great interaction with the different people that I met and the sense of teamwork that I got. The work balance in these jobs is a real challenge and I was pleased that it was not concealed at the time that I interviewed.


2 people found this helpful

No Offer

Positive Experience

Difficult Interview

Investment Banking Associate Interview

Investment Banking Associate
New York, NY

I applied online and the process took 2 weeks - interviewed at J.P. Morgan in February 2011.

Interview Details – I was invited to interview and did okay on it but then they asked me for transcripts and additional background information.

Interview Question – Pre-deal situation
BuyCo plans to acquire 100% shares of SellCo in a stock-for-stock transaction.
BuyCo has a net income of $300,000 and 100,000 shares outstanding
Market shareprice of BuyCo is $50.0
Pre-deal EPS = $3.0
Pre-deal P/E = 16.7x
SellCo has a net income of $100,000 and 50,000 shares outstanding
Market shareprice of SellCo is $60.0
Pre-deal EPS = $2.0
Pre-deal P/E = 30.0x

The deal
BuyCo agrees to pay a premium for control of 30%, so the offer price for one SellCo share is 1.3*$60.0 = $78.0
Stock-for-stock exchange ratio is $78/$50 = 1.56 of BuyCo shares for one SellCo share
BuyCo issues 1.56*50,000 = 78,000 new shares to exchange them for all the SellCo shares outstanding
Total shares of NewCo = 100,000 (pre-deal shares of BuyCo) + 78,000 (new shares) = 178,000 shares
NewCo expected EPS = Total net income/Total shares outstanding = ($300,000+$100,000)/178,000 = $2.25
NewCo expected shareprice = (P/E of BuyCo)*(expected EPS) = 16.7x*$2.25 = $37.45

Post-deal situation
EPS of NewCo fall from $3.0 to $2.25, so the deal is 25% dilutive for BuyCo shareholders
BuyCo shareholders own 100,000/178,000 = 56.18% of NewCo
SellCo shareholders own 78,000/178,000 = 43.82% of NewCo

http://en.wikipedia.org/wiki/Accretion/dilution_analysis
  View Answer


Accepted Offer

Positive Experience

Difficult Interview

Investment Banking Associate Interview

Investment Banking Associate
London, England (UK)

I applied online and the process took 3 weeks - interviewed at J.P. Morgan.

Interview Details – Online application. Then online tests. Then two interviews on site. Then a full day assessment centre, testing number skill, presentation skills, debating skills, soft skills.

Interview Question – Questions included - why do you want to do this, tell me about yourself, tell me a time you achieved more than was asked, tell me a time you worked with difficult colleagues and how you resolved the situation, tell me how you saw the global financial crisis, tell me how you think the industry and the bank should respond to it, tell me a person you admire and why, tell me what inspires you, do you have any questions for me... also heard of "how many ping pong balls would fit on the deck of the Titanic"... "what was JPM's lowest share price in the last 12M"   View Answer

Negotiation Details – Phone call to tell me I had the job, with salary details. Accepted on the spot.


No Offer

Neutral Experience

Difficult Interview

Investment Banking Associate Interview

Investment Banking Associate

I applied online and the process took a day - interviewed at J.P. Morgan in September 2011.

Interview Details – First investment banking interview, asked about markets in East Asia.

Interview Question – What's the market like in Asia in the past half year?   Answer Question

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