J.P. Morgan interview process

1. Step 1

   Video screen

   Recorded video interview for roles that require one, 3 to 5 questions with about 30 seconds of prep and about 2 minutes per answer, camera and microphone required.

   • May assess language proficiency, presentation, or technical ability depending on the role.
   • Reported mix: two behavioral prompts, one motivation prompt, and one values or market-news prompt.
   • Reported: some roles start with a Pymetrics game assessment of about 30 minutes before the recorded interview; official guidance says assessments vary by position.
   • “Why JP Morgan?”
   • “Why investment banking?”
   • “Provide an example of when you sought out relevant information and used it to develop a plan of action.”

2. Step 2

   First round

   One or two live video interviews of 30 to 45 minutes with analysts or associates, behavioral first and technical second.

   • The behavioral conversation covers your resume, teamwork, leadership under a deadline, and a weakness.
   • The technical conversation covers a DCF walk, LBO candidate traits, accretion and dilution, and a recent deal.
   • Reported split is roughly 60 percent behavioral to 40 percent technical across the two conversations.
   • “Tell me about a time you had to lead a project under a tight deadline.”
   • “What is one of your biggest weaknesses?”
   • “Walk me through a DCF.”

3. Step 3

   Final round

   Three to five back-to-back 30-minute interviews over two to three hours with associates, VPs, and one or two MDs.

   • Each interviewer mixes technical and behavioral questions; the MD conversation leans behavioral.
   • Valuation questions come from several angles: how you would value a company, negative earnings, and interest rate moves.
   • One guide reports a lower count of two to three interviews with an optional group-placement conversation after.
   • “How would you value a company?”
   • “How would you value a company with negative earnings?”
   • “How do interest rate changes impact valuation?”

Share of the 19 J.P. Morgan questions in our bank by topic. Each topic links to a worked example.

1. Behavioral questions37%
2. Mental math and markets16%
3. Three-statement questions11%
4. DCF questions11%
5. Accretion and dilution11%
6. Enterprise value bridge5%
7. Valuation multiples5%
8. Paper LBO5%

• A direct answer first, then the reasoning and one real limitation.
• Three-statement links, DCF, enterprise value versus equity value, and accretion or dilution.
• A current market development discussed with a verified source and your own view.
• Consistency of your actual experience across different framings of the same story.
• A specific reason for one coverage or product group, not the firm broadly.

Real questions from the set. Open one to answer it with grading.

• Which group: Coverage, Advisory, or Capital Markets?Behavioral questions|Advanced
• How many coins fit in this room?Mental math and markets|Advanced
• How does issuing $50 of new debt flow through the three statements?Three-statement questions|Advanced
• Walk me through a DCF (JPM technical)DCF questions|Basic
• What is accretion/dilution in an acquisition?Accretion and dilution|Advanced
• Can enterprise value be lower than equity value?Enterprise value bridge|Basic
• How do you pick a comparable company set and use it to value a target?Valuation multiples|Basic
• Paper LBO: solve for exit equity, MOIC, and IRRPaper LBO|Advanced

• Pick one task from the actual posting and explain what draws you to it, backed by a real example rather than a prestige claim.
• In paper-LBO practice, state your assumptions before calculating and check the implication once you finish.
• Review any recorded answer for missing evidence, and replace a vague leadership claim with the decision you actually made.
• Explain why the specific work fits your interests without claiming knowledge of a private scoring system.