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Public Finance

J.P. Morgan’s industry leading Public Finance group within the Corporate & Investment Bank serves the firm’s public sector and non-profit clients with a focus on meeting the complex investment banking needs of U.S. municipalities, non-profits and taxable/tax-exempt fixed income investors. In facilitating our clients’ access to capital, Public Finance is divided into Investment Banking, covering issuer clients and Sales & Trading, covering investor clients. Summer Analysts are hired directly into either the Investment Banking program or the Sales & Trading program and will remain with that team for the entire summer. Investment Banking and Sales & Trading cover different sides of the business, but offer exposure to all aspects of the capital markets given the close interaction and collaboration among the various teams within Public Finance. As a part of the Public Finance group, you will be directly involved in transactions from day one and involved in helping address the challenges faced by our public sector clients. We hire most of our full-time Analysts from our summer class, so you may very well find yourself returning to school with a full-time offer.

Application deadlines vary.  Please check with your School’s Career Service for your applicable deadline.

The magnitude of a Summer Analyst's job
 
As a Public Finance Summer Investment Banking Analyst, you will work side by side with colleagues from our offices around the country to create solutions that meet the diverse financial needs of prominent public sector clients. Our coverage teams are based regionally and by industry sector, and you will participate in a rotational program through two or more of our coverage teams over the course of your summer internship. This role also provides exposure to all aspects of capital markets by working closely with the Public Finance sales, trading, debt capital markets, underwriting, credit origination and derivative teams, with opportunities to directly manage the deal process from inception all the way to closing.
 
As a Public Finance Summer Sales & Trading Analyst, you will be part of a team of top professionals, executing transactions with institutional clients and learning first-hand how capital flows from the world's largest institutional investors to its most prominent public sector borrowers and issuers. This program is unique in the Investment Bank as Summer Sales & Trading Analysts will rotate across a number of different “desk” roles within Public Finance, including sales, trading, syndicate, credit analysis, credit origination and debt capital markets over the summer. Following orientation, Summer Sales & Trading Analysts will have a “home base” desk within Public Finance and rotate to each functional area (e.g. Sales, Trading and DCM). This allows cross-training within these different functions in order to learn the product and the business, ultimately providing a diverse experience for our Analysts. 
 
Responsibility from the start
 
As a Summer Investment Banking Analyst, you will:
  • Learn about debt modeling and the financial analysis used to structure bond transactions
  • Evaluate debt capacity and profile analysis of our issuer clients
  • Work with bankers to evaluate client solutions and understand the day-to-day activities of an Analyst
  • Assist in the preparation of client presentation materials and responses to Requests for Proposal
  • Participate in the execution of “live” transactions
  • Interact with all product and sales teams in the Public Finance group
 
As a Summer Sales & Trading Analyst you will:
  • Learn about the short- and long-term municipal bond market including how non-profit and governmental entities manage their financing needs
  • Understand how tax-exempt bonds are originated and sold to investors
  • Comprehend bond math concepts, credit analysis, structuring, and how J.P. Morgan manages risk in this business
In addition, depending on the functional area you are assigned to, your specific responsibilities may include:
  • Sales: Maintain relationships with institutional investors and deliver the firm’s entire platform; work with trading and research teams to provide comprehensive client coverage, including market updates, pricing, executing client orders and providing institutional clients with information about specific securities; provide marketing ideas and help initiate transactions
  • Trading: Support market marking in a particular product range; assist senior traders in managing risk, liquidity and net exposure’s; help support all aspects of the trading desk: pre-trade analysis, research on index constituent changes, inbound and outbound trade processing and the design of optimal strategies for large trades; help track supply and demand; evaluate market developments in order to give clients accurate product information
  • Debt Capital Markets: Immerse yourself in market information and facilitate its distribution to the department and to issuer clients; engage in technical analysis around market data, option valuation and other fixed income analytics; develop product solutions to meet the complex needs of both Issuer and Investor clients
Training and development
 
World-class, hands-on training will be provided – both during orientation and throughout your internship. Summer Analysts undergo an intense five-day orientation and training session in New York led by expert professional instructors and inspiring J.P. Morgan professionals who also conduct training for full-time Analysts. You will learn about J.P. Morgan's history and its position as a leading global organization with a wide range of products and knowledge depth that enables us to help our clients solve problems and seize opportunities. Learn more about our top-ranked training programs for Summer Analysts.
 
Public Finance also provides business-specific training where you will gain technical and practical knowledge about municipal finance that will help you to succeed as a Summer Analyst. Over the course of your internship, you will also learn a great deal from your colleagues and teammates, and from hands-on experience working on the desk or as part of a coverage team. There will be additional opportunities for enrichment through lunch-and-learn sessions with senior Public Finance professionals, as well as junior roundtable discussions.

Application deadlines vary.  Please check with your School’s Career Service for your applicable deadline.

 
 

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