J.P. Morgan first-round interviews

Question

Hi there, does anyone know what kind of technical questions J.P. Morgan asks in first-round IB interviews? I have an interview coming up for a summer analyst position and want to make sure I’m focusing my prep on the right topics. I've been reviewing accounting concepts like the three financial statements and changes in working capital, but I’m not sure how much JPM goes into valuation or even basic modeling frameworks in the first round. Has anyone gone through the process recently and can share what came up? Appreciate any tips or resources you found helpful. Thank you!

Answer 1

Hey there,

a few of my candidates have gone through first-round interviews at J.P. Morgan recently, so maybe I can help. From what candidates have told me, the focus is usually pretty classic. Expect questions on the three financial statements, how they link together, and things like what happens when depreciation changes or how an increase in revenue flows through the model. Changes in working capital do come up, but they’re often wrapped into broader accounting or cash flow questions.

Valuation basics definitely show up too (especially DCF and comparables) though you likely won’t be pushed into full modeling in the first round. Just make sure you can explain the logic behind each method and when you'd use them. If you're solid on accounting and can speak clearly about valuation concepts and walk through a simple DCF or accretion/dilution logic, you’ll be in a good spot.

If you need any support with your preparation, feel free to reach out. I wish you much success!