Source: JPMorgan Chase
In a first for the UK, J.P. Morgan is now offering school leavers the opportunity to secure a front office investment banking role through an apprenticeship route.
The four-year Level 6 Financial Services Apprenticeship programme enables individuals to ‘earn as they learn’, completing a degree BSc (Hons) in Applied Finance from the University of Exeter and gaining two professional qualifications obtained from the Chartered Institute of Securities and Investments (CISI). Individuals undertaking this apprenticeship now have the chance to progress to a role within an investment banking front office team focusing on Mergers & Acquisitions, Debt Capital Markets or Equity Capital Markets.
J.P. Morgan currently takes on approximately 70 apprentices per year across its existing Financial Services and Technology degree apprenticeship programmes in Bournemouth, Glasgow and London. As a result of success across these programmes, the firm is increasing its investment in apprenticeships from 2021 to bring the annual total of school leaver apprentice places at the firm to in excess of 120.
The new front office investment banking apprenticeship strand is an addition to the existing front office trading route for the firm’s Markets business, which launched in 2019, and the established core Operations and Corporate programmes. Front office investment banking apprentices’ daily tasks and training will include building financial models to support transactions, preparing marketing materials, managing data rooms and transaction documents and responding to queries from clients and potential clients. This mirrors the experience of interns and graduate analysts.
A level school leavers will start their apprenticeship journey on a Level 4 Investment Operations Specialist Apprenticeship at the bank, before progression onto one of the Level 6 Financial Services Professional Apprenticeship pathways.
The first batch of individuals to take the new front office investment banking apprenticeship route will begin in January 2021, with these candidates taken from the existing crop of Financial Services apprentices and alumni currently working in the Operations and Corporate departments at the firm.
“We have enormous belief in the power of apprenticeships,” said Vis Raghavan, EMEA CEO at J.P. Morgan. “The success of our business depends on diversity of thought. Opening up different pathways into J.P. Morgan is a fundamental part of that, and we have no doubt that the expansion of our apprenticeship programme into front office investment banking groups will mean we can attract even stronger candidates.”
“This is a bespoke programme and reflects what we’re doing on the markets side of J.P. Morgan, where we have run a front office trading apprenticeship programme since 2019,” added Phill Paige, Executive Director and UK Early Years Careers Lead. “We are thrilled to be able to offer a broad group of school leavers the chance to not only gain a qualification from a Russell Group university while simultaneously working for a leading firm, but actually to become a future dealmaker working at the very heart of business.”
John Glen, Economic Secretary to the Treasury, said: “Young people should have great opportunities when they leave school - that includes high-quality apprenticeships that offer routes for career progression. I am pleased to see J.P. Morgan leading the drive to diversify financial services and opening up new opportunities across the bank to school leavers from underrepresented backgrounds. It is a clear indication that apprenticeships work and will give young people from across the UK a great start in banking.”