A day in the life of a JP Morgan intern

JPM internBusiness Insider, Mike BirdSophie, the JP Morgan intern that we shadowed for a day.

Every major investment bank offers an internship programme — they’re both an opportunity for students to test out the profession, and for the firm to scout for its future employees.

We got the opportunity to follow Sophie, a University of Cambridge economics student, as she went through a day of her 10-week summer analyst internship.

She’s one of hundreds of interns working at the investment bank during the university holidays, who are essentially following the same programme, whether they’re in London, Hong Kong or New York.

If previous years are anything to go by, a majority of the summer intake will be offered positions at JP Morgan for when they finish studying — becoming high-flying and highly-paid investment bankers.

This is how Sophie’s day went.

It's an early start. Sophie has to be at her desk for 6:30 a.m, in London's Canary Wharf.

Business Insider, Mike Bird

JP Morgan's London headquarters is this 31-storey tower on Bank Street. The bank bought the tower in 2010 -- it had previously belonged to Lehman Brothers.

Business Insider, Mike Bird

Sophie, the intern we're following, works in global equity sales. She's there for 10 weeks this summer, having completed other internship periods at the bank already. The desk essentially sells shares from around the world to largely UK-based clients.

Business Insider, Mike Bird

This is the set-up at Sophie's desk, with one of the thousands of Bloomberg terminals in the building.

Business Insider, Mike Bird

Interns come to the programme through a few different avenues, but for most there's a battery of numerical tests, assessment days and interviews before they get anywhere near the job.

Business Insider, Mike Bird

The equities sales desk were largely all there before we arrived at 6:30 a.m. The first job for Sophie is to bring together content for morning email to about 1,000 clients.

Business Insider, Mike Bird

For regulatory reasons that email isn't sent directly by interns, and all correspondence goes to a permanent analyst on the desk first.

Business Insider, Mike Bird

At 7 a.m. analysts brief salespeople in the European equities morning meeting, before markets open.

Business Insider, Mike Bird

There are both analysts in the room presenting, and calling in from other cities round the world to give briefings.

Business Insider, Mike Bird

Once each individual presentation is done, there's a round of quick-fire questions from the floor.

Business Insider, Mike Bird

It's an extremely international office.

Business Insider, Mike Bird

And people are able to customise their desks as they see fit -- with this chair, for example.

Business Insider, Mike Bird

Sophie worked on a corner of the colossal equities floor. One storey up, the fixed income floor is similarly enormous, and that's still just a small chunk of the bank's London operation.

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Even looking out east, away from London, there are some pretty brilliant views from the higher floors of the building.

Business Insider, Mike Bird

The morning email goes out at 8 a.m. For the rest of the day, Sophie has meetings with other analysts and clients of JP Morgan.

Business Insider, Mike Bird

As markets open in Europe the whole equities floor gets a little louder. By 8:30 or 9 a.m, it feels like a lot later in the day than it actually is.

Business Insider, Mike Bird

After the email's sent, there's a smaller analyst meeting with the immediate members of Sophie's team.

Business Insider, Mike Bird

The JP Morgan canteen is pretty sizeable, with a big range of food on offer, including a sushi station.

Business Insider, Mike Bird

It's a busy place, and there's no shortage of places to refuel within the building itself. When we went it was taco Tuesday, which is apparently particularly popular.

Business Insider, Mike Bird

This Starbucks is just round the corner from the canteen, and gets absolutely rammed later in the day.

Business Insider, Mike Bird

Later in the day we sat down with Tim, Vice President in Global Cash Equity Sales (and Sophie's boss) who went through some of the details of the internship programme with us.

Business Insider, Mike Bird

Most of the interns on the programme are hired by the bank to work permanently: 'We have an incentive to train them as completely as possible, so there's essentially no difference between an intern at the end of their time here and a first year analyst.'

Business Insider, Mike Bird

The actual desks get a hand in the recruitment of their interns too -- and there are opportunities to move around JP Morgan if they find another part of the firm that they think they would be interested in.

Business Insider, Mike Bird

One of the misconceptions about the interns is that you have to have a financial education. Tim told us: 'Of course some people will start out with an academic advantage over others, but within three or four weeks that gap gets closed pretty dramatically.'

Mike Bird, Business Insider

Sophie said the most surprising thing about the internship was how much responsibility they took on. Though regulatory requirements mean they can't advise clients directly, they draft reports for clients and attend meetings with them.

Business Insider, Mike Bird

Tim said the ability to self-start was crucial for successful interns: 'At university you have this very structured life with particular weekly obligations. Once you start working, you can't spell out exactly what you'll do from Monday to Friday.'

Mike Bird, Business Insider

Interns in Hong Kong, London and New York all follow essentially the same internship programme -- and those that become first year analysts will meet for several weeks of training in the US.

Business Insider, Mike Bird

Among the other perks of the job, there's a well-stocked sweet shop by the canteen.

Business Insider, Mike Bird

Alongside the sweets and chocolate there's a Krispy Kreme station, making it a little surprising that there aren't more enormous bankers wandering around the halls.

Business Insider, Mike Bird

Thankfully there's also a gym -- we couldn't take pictures inside, but it's well-stocked. Between the coffee shops, newsagents, gym and canteen, it feels like there's enough amenities for a small town.

Business Insider, Mike Bird

If you're at JP Morgan and you want to do hot yoga with your colleagues, this is the place to be.

Business Insider, Mike Bird

A lot of the interns and staff carried these coveted and symbolic gym bags into work -- they're given to employees at JP Morgan and they feel like an optional part of the uniform for young investment bankers.

Business Insider, Mike Bird

Later in the day Sophie was tasked with giving a presentation on a large European stock to a room of analysts and other interns -- it's a 10-15 minute presentation that mimics what analysts are required to do when they're with clients.

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The analysts then offer probing questions -- it's a friendly but rigorous process that's clearly meant to push the interns in the way that it would when it's done for real.

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Afterwards, a quick trip to a different coffee shop -- though most of them are around the canteen, there's one just off the edge of each trading floor too.

Business Insider, Mike Bird

At the end of the day there's an address from one of the most senior staff members at the bank to all of the interns, held in JP Morgan's London auditorium. .

Business Insider, Mike Bird

JP Morgan won't disclose how much the interns are paid, but they're effectively being trialled for first year analyst jobs reportedly paying around $85,000 (£54,200) before bonuses.

Business Insider, Mike Bird

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