Where Should I Work: JP Morgan Chase or Citibank?
Citigroup and JP Morgan Chase (JPMC), both headquartered in New York City, sit side by side on the list of the Big Four banks in the U.S. Each provide investment banking and other financial services to a wide variety of institutions, governments, private investors, and corporations.
Applicants with MBAs are obviously in high demand at both companies, and competition is fierce for positions at either one. Here we’ll compare the two and hopefully lend some insight into which one is the best fit to your career goals.
Internships
JP Morgan Chase offers internships for both early year undergrads and for postgraduate students. The undergraduate Early Insight program has a variety of positions posted, and applicants can consult the site for opening dates. These are typically short term and take place in JP Morgan’s worldwide offices as well as online.
For graduate and later year undergrad students, Internships at JPMC are usually 10-12 weeks long, with longer terms available in certain regions and business divisions.
Citigroup offers internships for undergrad and graduate students at the analyst level. Associate level internships are available to MBAs and other Master’s students on a full-time or summer basis. Opportunities in the U.S. and at the firm’s global offices are all searchable and available for application online.
Interviews
According to figures posted on Indeed, both firms have a process that takes around two weeks from scheduling to notification of your next interview. One interviewee for an Associate position at JPMC advised to “be confident and give qualitative and quantitative details regarding previous experiences”. Another candidate recommends inquiring about your potential team’s goals, and initiating a conversation about how exactly you will fit into this scenario.
Interviewees at Citigroup also report an overall positive experience, with phone appointments lasting about fifteen to thirty minutes. At the end of the call, the interview team will notify you as to whether you’ll advance. A current employee in the Operations department said of their interview that it was “open and loose and to the point. Professional questions like a checklist.” Another hire in Investments Accounting said, “I was interviewed and got an offer a month later.”
Compensation
The most recent published data from Paysa states that Citigroup pays an average salary of $96,700, ranging from $63,000 in the 25th percentile to $118,000 in the 75th. Specific positions pay as follows:
- Investment Banking Analysts – $70,000 on average with a range of $60-79,000
- Financial Analysts – $84,000 on average; a range of $75-$91,000
- Credit Analysts – $62,000 on average; a range of $52 – $71,000
- Risk Analysts – $90,000 on average; a range of $78 – $100,000
- Technical Analysts -$93,000 on average; a range of $82 – $102,000
As for JP Morgan Chase, the average salary is $84,524, ranging from $52,146 at the 25th percentile to $104,814 at the 75th percentile. A breakdown by position is as follows:
- Private Client Banker – $67,000 on average; a range of $57 -$76,000
- Underwriter – $58,000 on average; a range of $53 – $63,000
- Financial Advisor – $65,000 on average; a range of $55-$73,000
- Technical Analyst – $75,000 on average; a range of $65-$84,000
- Business Analyst – $92,000 on average; a range of $82 – $103,000
- Senior Business Analyst – $118,000 on average; a range of $104 – $130,000
Culture
JPMC employees have described the culture there as “fast paced and stressful” which should come as no surprise to anyone familiar with the investment banking world. Another worker said, “always be on task, time management is key but you must know how to manage your time before [getting hired]… it is not something that can be taught nor is it the responsibility of management.” Hours were generally reported as average for the industry, sometimes 40 per week but often more. Dress code is business casual/corporate casual according to the majority of employee reviews.
Again, no surprises with Citigroup when one employee said, “[it’s a] competitive environment in a highly competitive market. Management focused on profit, client service and emphasized adherence to compliance parameters.” Another Citi employee rated it a 5/5, saying, “The environment if fun and professional at the same time. The managers are organized and passionate about what they do.” Other workers cited increased stress at year-end, and yet another mentioned that their office was “in a constant state of change”.
Most reviewers said that hours were 40-45 per week on average with an increase during busier quarters. As for dress code, Citi is also business/corporate casual, and employees can earn a ‘jeans badge’ by donating money to charity.
Career Development
Citi offers promotions after 6 months, and raises once a year. Bonus structure here is strong and reliable, and any pay increase is based upon a ratings system.
JPMC’s promotion system is less well documented by employees, and one said, “pay raises are guaranteed. However, the amount is unknown.”
Both companies provide an impressive benefits package including healthcare and wellness coverage, retirement plans, and family leave, among others.
Recruiting
JPMC recently updated their university recruiting schedule; details on the changes can be found here. Citi also offers a robust recruiting program globally, with events updated here.
New New York City MBA Jobs for Experienced Candidates
From week to week, this column highlights positions for freshly graduated MBAs. The going assumption is that readers have about five years of prior work experience. However, there are many MBA graduates who have spent a decade or more working in the field before they arrived at the decision to pursue b-school. This week, let’s explore jobs for more experienced MBA graduates.
Continue reading…Invest in Your Future By Applying to New MBA Jobs at Top Investment Firms
You’ve invested all this time in earning your MBA degree, now invest some time in applying to new MBA jobs at these top investment firms. Working at an investment firm can be widely varied and rewarding, with the average graduate earns more than $140,000 according U.S. News & World Report. Here are just a few potential landing spots for MBAs to bring their talents after earning their degree: Continue reading…
New Investment Banking Jobs for MBA Students and Grads
More than a decade removed from the Great Recession, finance remains a popular and lucrative career for MBAs. There are plenty of varied and well-playing opportunities available across the U.S., with the average graduate earning more than $140,000 according U.S. News & World Report at top firms. Those interested in putting their hat in the ring, here’s a look at some of the best new MBA jobs in investment banking. Continue reading…
New MBA Jobs: JP Morgan Chase, Bank of America Merrill Lynch, and More
It’s always good to see when MBA jobs flourish, with lots of MBA employment opportunities around the United States. Check out just a few of these exciting new MBA jobs at firms like JP Morgan Chase, Bank of America Merrill Lynch, General Mills, and more below. Continue reading…
U. Chicago and Northwestern Deadlines, and More – Chicago News
Let’s explore some of the most interesting stories that have emerged from Chicago business schools this week.
University of Chicago and Northwestern University Reveal 2018-19 MBA Deadlines – MetroMBA
Both of Chicago’s top-tier business schools—Chicago Booth and Northwestern Kellogg—have announced deadlines for the upcoming MBA application season, starting this fall and extending into April of 2019.
Northwestern Kellogg MBA deadlines for 2018-19 begin Sep. 19, 2018 / Photo via northwestern.edu
How Superstition Changes the Way We Make Decisions – Kellogg Insight
Northwestern University Kellogg School of Management professors of marketing Ping Dong and Aparna Labroo recently published new research that explored the impact of superstitious actions on everyday decisions in an edition of Kellogg Insight.
According to the article, they were specifically interested in understanding how they “changed the way we calculate our odds of success or failure when deciding whether to do something risky.”
Labroo uses their study as an opportunity to suck the metaphysical life out of superstitious actions: “We can think about all kinds of good things happening and all kinds of bad things happening, but thinking about the probability and trying to compute expected value is less natural. It takes a little more effort.”
You can check out the full article here.
Could Walk-In Clinics Ease the Opioid Crisis? – Booth Chicago News
New York physician and psychiatrist Dr. Tamir Aldad was frustrated by the “boomerang” effect he experienced with the opioid addicts he treated for “substance use disorder, depression, bipolar disorder, post-traumatic stress disorder, or potential risk of self-harm,” who returned to the “ER in a couple of weeks with the same or worse problem than they came in for in the first place.”
After Dr. Aldad enrolled in Chicago Booth’s Executive MBA program, he launched the Mindful Urgent Care startup, a “walk-in psychiatric clinic designed to … increase mental health access and speed quality and affordable treatment to a population of patients with unmet needs.” Dr. Aldad and his teammates placed first in Booth’s Global New Venture Challenge this past April.
Aldad writes, “In value-based care, patient outcomes really matter. What we are seeing now is that patients in mental health are costing more and more. If a patient winds up in a hospital because they couldn’t get in to their doctor’s office or have a medication refilled, the healthcare costs escalate. We have an opioid crisis, and we have to proactively work to find ways to prevent mental illness from getting worse.”
Read more about Aldad’s experience in the Booth EMBA program here.
Quinlan Alum Leads Through Service – Quinlan School of Business Blog
The Quinlan School of Business at Chicago’s Loyola University recently interviewed alum Illiana Alvarenga BBA ’14, BA ’14 about Quinlan prepared her for a multi-faceted career path that includes a healthy dose of service and service leadership as part of her position as the Chicago chair of UNICEF’s Next Generation Initiative.
“It was at Loyola that I strengthened my love for giving back. For me, Quinlan strengthened a foundation of being strategic, but also encouraged us to always keep in mind what’s good for our communities,” Alvarenga writes.
This year Alvarenga traveled to South Africa with UNICEF to figure out how they “can leverage technology to help with programs to stop illness through increased handwashing, help girls excel in STEM-based careers, and more.”
Alvarenga also works as a competitive intelligence senior associate at JP Morgan Chase, where she focuses on “supporting the business in understanding emerging consumer behavior trends, the changing payments landscape, digital and mobile initiatives in financial services, and new developments in financial technology.”
You can read the full Quinlan interview here.
