THIS IS WHERE

YOU NEED TO BE.

OUR PROGRAMS
This section will help you choose where you see yourself at J.P. Morgan.
Each program offers full-time Analyst positions for graduates and internships
for undergraduates. There are also internships and full-time positions
available for quantitative PhD candidates and summer Associate programs
for people with an MBA.

Line of Full-time Summer Internships MBA Quant PhD

Business opportunities internships outside of opportunities opportunities
the summer

Investment ✓ ✓ ✓ ✓
Banking
Sales,
Trading & ✓ ✓ ✓ ✓
Research
Risk ✓ ✓
Asset
✓ ✓
Management
Technology ✓ ✓ ✓
Operations
& Business ✓ ✓ ✓
Services
Finance ✓

To find out about our graduate and internship deadlines please visit
jpmorgan.com/careers
49 50
 INTERNSHIPS
Our internships and placement
programs offer you an insider’s view
of what it’s like to work at J.P. Morgan.
Unlike some work experience programs,
you won’t be a spectator, you’ll be
Brochures. Websites. Company presentations. There’s only so much they
treated like any other team member,
can tell you about what it’s really like to work at J.P. Morgan. Want to know
taking part in real projects, real
the truth? Then find out for yourself.
decisions and contributing to real
meetings. You’ll experience the same
exceptional quality of work, pressures
and thrills as any other member of
the team.
We take our award winning programs
very seriously. We want our interns to
become our full-time graduates which
is why we do our very best to create
an environment where you can reach
your full potential.
Your summer with us will not just be
about the work you do within your team.
We run a number of development and
social events for you to get involved in.
Our product knowledge sessions are
led by some of our senior leaders and
will widen your understanding of the
different areas within the bank and the
TURN THE PAGES TO LE ARN ABOUT THE DIFFERENT BUSINESS ARE A S
51
industry in general. Social events begin
from day one and allow you to get
to know us outside the office, and
vice versa. Our Philanthropy team also
run team building days for you to get
involved with local community projects.
If your time is flexible, an autumn,
winter or spring internship could be
for you. With all the advantages of a
summer internship, these programs
last between three and nine months
depending on business need and
your availability.
A placement or an internship with us
will be intense, challenging, enjoyable
and memorable. And it could result
with you going back to university with
a firm job offer in your pocket.
Even if you decide that this is not the
industry for you, your summer at
J.P. Morgan will stay with you forever,
not just on your résumé, but through the
friends you make, the skills you develop
and the networks you build. This is the
first step in shaping your future.
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 As an Analyst you’ll receive eight weeks of intensive training in New York then
join one of the following areas:
INVESTMENT BANKING Country based Mergers & Acquisitions
Focusing on M&A transactions within a specific country and across all industry
sectors, you’ll learn the ins and outs of brokering deals at the forefront of
client interaction.

Pan-European Industry Sector

Can you rise to the challenge of being part of a market leading team, making
deals that continue to transform the corporate landscape? Are you energized by
the thought of joining a firm that can boast 90% of all Fortune 100 companies
and over half of the FTSE 250 as its clients? Organizations who’ll utilize your
expertise to achieve their financial strategies. If so, these are the kind of
responsibilities waiting for you.
You’ll have a lot to learn and fast. As well as incredible levels of exposure to
different facets of our business, you’ll be carrying out in-depth company
and industry research, analyzing data and drawing financial and strategic
conclusions from your work.
Investment Banking the J.P. Morgan way is about harnessing your talent and
steering it towards a common goal. Teamwork matters. You’ll be working
alongside some of the finest minds in the industry and your opinions count.
Responsibilities come early, rewards are fantastic and the work itself captivating.
You’ll learn how to originate and execute transactions and coordinate the various
teams involved. Working alongside the M&A team, you’ll help to value the target,
assess its merits and define negotiation arguments. With the Capital Markets team,
you’ll determine the optimal financing structure.
Capital Markets
This is where you’ll learn how we provide advice, structuring and execution
capabilities to clients across the entire capital structure. You can specialize
in either Equity Capital Markets (ECM) or Debt Capital Markets (DCM).
Securitized Products
Securitization is the process of transforming assets into tradable securities.
You’ll learn about and advise on the different forms of asset-backed financing
and derivative structures.
Competencies we look for in Investment Banking:
• Genuine interest in financial markets
• Commitment to learning
• Analytical thinking
• Communication skills
• Teamwork
• Project management skills
• Numeracy

53 54
 SALES, TRADING
& RESEARCH

As an Analyst you’ll receive eight weeks of intensive training in New York then
join one of the following areas:

Commodities
This high powered division is responsible for the trading, sale and derivative
contracts of commodities such as Precious Metals, Base Metals, Agricultural
Goods, Livestock, Minerals and Energy.
Sales, Trading & Research is the collective name for our Equities, Credit, Rates,
Credit
Foreign Exchange (FX), Commodities and Emerging Markets businesses.
The credit group focuses on corporate debt and its derivatives. Innovative
You’ll join us in one of these areas and specialize in one of the following roles:
solutions and world-class execution capabilities ensure we deliver an
Marketing, Research, Sales, Sales Trading (Equities only), Structuring, Trading.
outstanding service to our clients.
This is where the big deals happen, where split-second decisions can make $millions
Emerging Markets
of difference. Success depends upon a combination of confidence, sound judgment,
As part of the firm’s long-term growth and expanding market requirements we
innovative products, speed of action and clarity of thought.
provide a full range of credit, rates and FX products to emerging economies in
Latin America, Central and Eastern Europe, Africa, the Middle East and Asia.

Equities
Equity represents part ownership of an organization. Companies come to
equity markets when they need to raise capital. We advise upon and create
bespoke investment opportunities for our clients based on detailed analysis
of market sectors.

Rates & Foreign Exchange

We trade around 10% of the $1.3trillion FX volume every day in London.
Our impressive market share is testament to our ability to capitalize on
price movements caused by macro-economic factors. We were recently
voted “Best Derivatives House over the Past 20 Years” by Risk magazine.

55 56
The Roles
Marketing
Working with senior level management,
you’ll develop outstanding client
relationship skills and a formidable
knowledge of our products. Working
on deals, you’ll provide an essential
link between the structuring team, the
sales force and investors. You’ll learn
how to pitch ideas, identify target
investors and respond to their needs.
Research
The speed and insight of your analysis
on company valuations, share price
drivers and macro-economic views
enable our clients to make informed
decisions on long and short term
strategies. With a strong team on
board it’s no wonder we were voted
Institutional Investor’s #1 in Global
Research for 2007.
Sales
Fund managers rely on salespeople for
the best advice on how to weight their
portfolios for maximum returns. Armed
with the latest research analysis, market
feeds and forecasts, you’ll act as a
conduit between clients and traders and
market makers, condensing information
and balancing the requirements of each.
Sales Trading (Equities only)
You’ll be speaking directly to the dealing
desks of your clients. Whether they’re
institutional investors or hedge funds
they’ll be relying on your analysis of
fast-moving markets to make the best
business decisions.
Structuring
You’ll soon appreciate why our
innovative, market-leading products
are so successful. The expertise you
develop in financial engineering
could see you focusing on financial
modelling, legal frameworks and
rating agency criteria.
Trading
Fast-paced and exhilarating, this is
where financial transactions are priced
and executed. We’ll give you all the
world-class training you’ll need to buy
and sell assets for clients and the
bank alike.
Competencies we look for in
Sales, Trading & Research:
• Ability to perform under pressure
• Analytical thinking
• Decisiveness
• Exceptional levels of numeracy
• Relationship-building skills
58
 As an Analyst you’ll receive eight weeks of intensive training in New York then
join one of the following areas:
RISK
Credit Risk Management Special Credits Group
You’ll review financing and trading Working as part of a small team you’ll
proposals, present recommendations learn to evaluate the longer term viability
based on the risks you’ve identified to of companies in financial distress.
senior credit executives, develop the
You will also work on turnaround
means to mitigate against risks and
management strategies and be involved
help market the transaction to our
in the leadership of creditor groups in
internal and external clients.
effecting restructurings.
The Portfolio Solutions and Collateral
Market Risk
Management team work with
Market Risk works in partnership
marketers, traders, and credit risk
with the Investment Bank’s business
managers to facilitate transactions.
groups assessing risk appetite, risk
You’ll model and price the counterparty limits and individual large and complex
credit risk on derivatives and transactions. You’ll provide independent
provide structuring and credit risk identification, monitoring and control
mitigation advice. of a business group’s market risk,
Credit Portfolio Group analyze stress testing results, conduct
Generating revenue through lending, trading and capital markets always runs
As a member of the Public Side Risk ad-hoc investigations and provide
the risk that the return on our investment won’t be what we expect. We don’t like
Management team, you could be opinions on significant new trades.
surprises and neither do our clients. Our highly skilled Risk managers ensure we
minimize exposure for both ourselves and our clients and maximize returns. responsible for supporting a senior
credit research analyst. Your primary
Bottom line impact places Risk Management right at the heart of what we do
responsibilities will include the
as a business – and at the core of global industry and commerce, as recent
development and maintenance of
events demonstrate.
financial models, the gathering of Competencies we look for in Risk:
Risk is broken down into the five areas of Credit Risk, Market Risk, Operational industry statistics and the understanding • Numeracy and analytical ability
Risk, Legal Risk and Reputation Risk, but we only run graduate and intern of credit structures, collateral and legal
• Ability to work in a team
programmes in Credit Risk and Market Risk (although you will be exposed to agreements. The modelling you will
• Strong communication skills
the other areas of Risk throughout your training). There are three main groups perform will include liquidity projections,
within Credit Risk: Credit Risk Management, the Credit Portfolio Group and the capital structure analysis, restructuring • Attention to detail
Special Credits Group. and liquidation analysis. • Ability to perform under pressure

59 60
 Your training will begin in London where you’ll learn the skills to get
you started and prepare you to join one of the following areas:
Currency
We’ve been a leader in the currency
overlay market for the last 20 years.
With our expertise to guide you,
you’ll learn how we successfully
manage over $80billion of our clients’
international assets.
ASSET MANAGEMENT Equities
Learn first hand how a disciplined,
risk-controlled investment process is
essential in increasing the value of our
clients’ assets.
Some of the world’s largest institutional investors (pension funds, governments, Fixed Income
insurance companies as well as private individuals) trust us to invest their money, Our clients expect solutions on a global
$1.2trillion of it overall. We grow, nurture and develop their investments, not just scale and this is where you’ll learn how
we deliver. Group functions include
in the short term, but over three to five year periods.
quantitative research, portfolio
We’re perfectly placed to predict change and respond in a positive, fully informed management, as well as trading and
manner. Where our competitors react to client needs, we pre-empt them. We have product or client specific areas.
the innovative products and in-depth market understanding to ensure our
Investment Operations and
suggestions are as swift as they are wise.
Client Services
The Investment Operations teams
provide an essential service to the
Institutional Asset Management
business, as well as the Client Services
teams who look after the needs of our
retail and institutional clients.
61
Client Infrastructure (Sales,
Marketing, Strategy & Planning)
You’ll quickly develop your product
knowledge and understanding of the
wide range of services within this
group and the business as a whole.
Finance (Accountancy)
The outstanding work of our world-class
accountants allows us to drive
management decisions. You’ll see how
and why this important function
underpins much of what we do.
Real Estate
Covering all aspects of acquisitions,
asset management, finance and control,
research, product development and
client service you’ll understand how to
put together business models that best
serve our clients’ interests.
Competencies we look for in
Asset Management:
• A keen interest in financial markets
• Analytical thinking
• Ability to perform under pressure
• Strong relationship management
and communication skills
• Attention to detail
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 Plan
You’ll learn how to analyze the needs of different business areas, to pinpoint
TECHNOLOGY the technological resources required and to manage the resulting projects.

Development
This is where we take ideas and bring them to life. You’ll learn all about delivering
new projects, integrating in-house specialists and third-party suppliers and how
to manage budgets.

There is one simple equation that’s fundamental to the work of our Technology area: Operate
intelligence + innovation + investment = competitive advantage. This straightforward Our support team is involved in the resolution of complex issues which
formula underpins some of the most complex and fascinating technological solutions relate to the business-critical systems of our production systems.
to be found not just in our industry, but anywhere in the world. And it’s all supported
Control
with a massive commitment of $7billion-a-year investment.
Our systems need to be robust, effective and seamless. Our Control team
Join us in Technology, and turn the theory into practice. You won’t necessarily work to minimize problems and to ensure contingency plans are in place
need a degree in IT, but you do need to be excited by the possibilities created by for a speedy resolution.
the latest technologies, in a manner that drives results and generates business
Competencies we look for in Technology:
success. We don’t measure downtime in seconds. We measure it in $millions.
• A keen interest in technology
Technology is split into two distinct yet mutually-supportive areas: Business
• Creativity
Technology and Infrastructure. The former focuses on building and designing
• Versatility
new business functionality, the latter supports our core operating systems, data
• Thought leadership
centers, desktops, networks, mainframes and distributed servers. The two divisions
are further divided into four specialist areas: Plan, Development, Operate and • Planning skills
Control, one of which you’ll eventually specialize in. • Logical thinking

As a graduate, you’ll be given world-class training delivered by some of the finest

minds in the industry and appreciate how the four areas and two divisions interact
with one another and with the business as a whole. You’ll also grasp the wide
scope of our technologies, the innovative thinking that made them possible and
the business needs they address and drive forward. And following a dedicated
training program, it won’t be long before you’re making the decisions that justify
our investment in technology and our investment in you.

63 64
 FINANCE
The Finance Europe, Middle East and Africa (EMEA) Control Group maintains a
consistent and robust control environment across the region by reporting and
monitoring key performance indicators and advising on line of business control
issues – these could be anything from ledger and system conversions, to product-
related issues or the interpretation of corporate policies and legal entity issues.
Finance is an essential part of our business. It’s accountable for the delivery of
financial information, whether to an individual business area or for the firm’s
overall results. It also provides financial and capital-related information to regulators.
Working in Finance you could perform a variety of duties. These include executing
strategy and business development projects, preparing and analyzing financial
reports, providing advice on transactions, defining accounting policies, managing
annual planning and budgeting or consulting in special situations and building
new business teams. You’ll also contribute to developing standards and metrics,
raising control awareness across all business lines, playing a critical role in
supporting the strategies of the firm.
65
J.P. Morgan offers continuous development, learning and training, providing
a dynamic platform from which to launch your career and equipping you with
transferable skills for the future. In addition to our superb internal training, we’re
proud to offer our Finance Analysts the opportunity to study for a prestigious
professional qualification over a three year period – the Chartered Institute
of Management Accountancy examination (CIMA). The CIMA will develop your
financial expertise and provide you with the strategy and management skills
required in key decision-making roles. The training program is designed to
develop high-caliber individuals through structured learning, complemented
with experience in various business areas. For more information visit
jpmorgan.com/careers
Competencies we look for in Finance:
• Attention to detail
• Accuracy
• Problem solving skills
• Team building skills
• Communication skills
• Analytical skills
• Ability to work under pressure
66

OPERATIONS &
BUSINESS SERVICES
Our teams in Operations & Business Services help to create competitive advantage
for the firm. The integration between these areas is at the heart of leading change –
not only for our firm, but for the investment banking industry itself. We manage
change, reduce risk and ensure consistency across all locations and operations.
We invest heavily in the infrastructure, productivity and functions that contribute
to our continuing profitability.
Such is our global reach that our people need an in-depth appreciation of the
business as a whole – exactly what you’ll gain as a graduate. In our structured two
to two-and-a-half-year development program, you’ll understand the inter-relation
between our different business areas, appreciate what they do and what
they want to achieve, and be ready to provide the essential and innovative
solutions they need.
You’ll need to demonstrate leadership, flexibility and versatility in all that you do.
Of course, it’s not just about understanding the whys and wherefores of how we
work – you’ll also need to express them to internal clients and external suppliers.
Rotations give you variety and increase your perspective on what we do.
And whatever department you join, you’ll be up to speed very quickly.
67 67
Operations
The majority of our roles in Operations & Business Services are offered in this area.
Operations cover the full end-to-end management of transactions booked by the
front office. Analysts work in a variety of roles, such as Risk Management
analyzing our exposure to risk, ensuring we have appropriate controls in
place and working with clients to establish successful trading strategies.
Trade Management supports our traders in a fast-paced environment, effecting
trades through to completion and identifying continual process improvements
to respond to constantly changing market conditions. Client Services deliver
integrated trading services to clients – from the management of settlements
through the delivery of robust, innovative solutions to help J.P. Morgan stay ahead
of the competition with more efficient processing models.
Business Services
The majority of our roles are in Client Infrastructure within the Treasury &
Securities Services business. Roles in this group include Sales – building
relationships with clients and selling solutions through direct, consultative
interactions. Product Management – enhancing existing product capabilities while
managing a $multi-million balance sheet. Strategy – optimizing our portfolio of
products and services, making them more efficient. Deal Support – providing our
clients, with end-to-end project management and consultative reporting. For these
roles, you’ll need to demonstrate strong relationship and business development
skills. There are also roles in Transition Management and Risk.
Some opportunities are available in Corporate Functions, where roles are offered
in our support areas such as Legal, Compliance, Audit, HR and Marketing.
For more detailed information on these roles, visit jpmorgan.com/careers
Competencies we look for in Operations & Business Services:
• Accuracy and attention to detail
• Analytical thinking
• Project management skills
• Problem solving skills
• Communication skills
• Ability to work in a team
68
 At J.P. Morgan we know nobody gains an MBA without commitment, ambition
and the drive to succeed. Which is why we recruit MBA summer interns into
our Investment Banking line of business.

You’ve got the talent and we’ve got the opportunities for you to utilize your
unique entrepreneurial skills. We’ll ask you to work with senior clients and
senior management, as well as learning from your peers.

Your learning curve will be as fast as it is steep. Our training will augment what
you already know and prepare you for the challenges of a fast-approaching
future. We’ll place equal emphasis on providing you with industry knowledge
and developing your leadership potential. You’ll enjoy the kind of work your
intelligence, confidence and drive thrives upon.

And that work is sure to captivate you, whichever part of the investment bank
you join. We pride ourselves on being pioneers, whether it’s a case of deals,
products, or ways of working. We’ll expect you to share that sense of pride,
and to add to it. You’ll be alongside some of the finest minds in the industry.
You’ll help clients realize their goals. And you’ll achieve your own.

For more information visit jpmorgan.com/careers

MBA OPPORTUNITIES

69 70
 An all-year round recruitment cycle. Flexible joining dates and internship durations.
And opportunities to work three days a week while finishing your studies. If you’re

QUANTITATIVE PHD studying towards a Quantitative PhD or equivalent degree (e.g. DEA), we’ll do
everything we can to get to know you better. We have a wide variety of full-time roles
and internships available in areas such as Exotics and Hybrids, Proprietary Trading
and Structuring. However, our main opportunities lie within Quantitative Research.

A career in Quantitative Research offers intellectual stimulation and with real

rewards and unprecedented levels of support. Our team are acknowledged industry
leaders in financial engineering, derivatives modelling and risk management.
Join them and join a 200-strong team of analysts working at the cutting edge
of research. This is the team that develops and maintains the sophisticated
mathematical models, methodologies and infrastructures used to value and
hedge different financial transactions.

The specifics of your role will depend on your academic background. For example,
you might develop mathematical models for pricing, hedging and risk management.
Or you could support trading activities by explaining model behavior. You may even
implement risk measurement and valuation models.

Quantitative Research doesn’t exist in isolation. We use the most refined academic
practices to solve real problems. So you’ll liaise with traders, marketers and risk
managers across all regions and asset classes to create viable solutions.

It’s an environment of collaboration that you’ll relish. You will, of course, need
outstanding technical and academic skills. We’ll expect a PhD or equivalent
degree in a highly quantitative discipline such as engineering, mathematics
or computer science, and to be able to demonstrate exceptional analytical,
quantitative and communication skills. Your understanding of advanced
mathematics and numerical analysis will prove essential in derivatives pricing.
You’ll be adept at designing effective numerical solutions in programming
languages such as C/C++ and have a keen interest in the financial markets
industry and are driven to achieve results.

71 72
GO GLOBAL
Asia Pacific

We offer internship and full-time opportunities in Asia if you are fluent in an Asian
language (ideally Mandarin, Korean, Japanese, Bahasa Indonesian, Thai, or Vietnamese).
You can join the following programs with undergraduate or advanced degrees in
Hong Kong, Singapore, Tokyo, or Seoul:

• Investment Banking
• Sales & Trading
• Research
• Private Banking
• Operations
Asia application deadlines for full-time positions: September 21, 2008.
Asia summer internship deadlines: November, 2008.

We also have positions in the US. Check our website for further details.

jpmorgan.com/goglobal

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GET INVOLVED
It doesn’t matter what stage of your undergraduate education
you’re at, we’ll have a program to suit you. Read on to find out
more about some of them.
Winning Women
These events are designed to help us meet the next generation of female leaders.
They are also for you to find out why working at an investment bank – and J.P. Morgan
in particular – is a great career choice for you. jpmorgan.com/winningwomen
Good Venture
The global Good Venture case study competition offers you the chance to make a
difference to the non-profit organization of your choice. It’s a unique opportunity to
interact with J.P. Morgan people and give a good cause some serious investment.
If your team is selected, you will present in New York to a panel of our
senior people. jpmorgan.com/goodventure
Spring Week
Aimed at first year students (and second year students of a four year course),
Spring Week is an opportunity to gain an insight to our industry. Highlights include
lunch with senior management and Analysts, interactive workshops, networking,
work shadowing and social events. jpmorgan.com/springweek
Industry Impressions
If you’re a first year and you’re ready for an intense introduction into Sales,
Trading & Research, our week-long Industry Impressions program is for you.
Work shadowing and rotations through this business area could give you an
unforgettable start to your career and the chance to get to know us better.
jpmorgan.com/industryimpressions
Deadlines
For up-to-date information on all of our full-time and internship deadlines visit
jpmorgan.com/careers
76
 Instant
information

77 78
 Notes

79 80
 The paper used in this brochure is from forests
that are managed in an environmentally appropriate,
socially beneficial and economically viable manner.

We hope you enjoy reading and using this brochure.

You can also view it on our website
jpmorgan.com/careers

When you’ve finished with it – please consider

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SERIOUSLY.