Title: Did I Make a Mistake Declining a JPM Analyst Role out of College?
I graduated in 2021 and relocated to Boston, where I received job offers from three companies:
- JPM – Analyst ($70,000)
- State Street – Fund Accountant, Private Equity ($60,000)
- State Street – Client Invoicing ($55,000)
With aspirations in Private Equity, Investment Banking, and M&A, I sought advice from my father. He pointed out that while JPM paid more, State Street offered a role in Private Equity. Trusting his judgement, I accepted the State Street position to set myself up for future success in the industry.
However, I was unaware of the high demand for JPM Analyst roles among recent graduates and the missed opportunity it presented at the time.
The role I accepted turned out to involve fund Accounting and reconciliation, a far cry from my original expectations. While I gained some insight into Private Equity concepts like waterfalls, it wasn’t the experience I had hoped for.
I have since switched companies (for a higher salary), still working in fund Accounting for the Bridgewater hedge fund. I am determined to break into M&A, Investment Banking, or Private Equity, but have realized that fund reconciliation experience may not be what these firms are looking for. I crave a role that involves more interaction and deal-making, rather than repetitive keyboard tasks.
One response
No, you are not an idiot for turning down the JPM Analyst role out of college. Making career decisions, especially early in your professional life, can be challenging and confusing. It is important to consider various factors before making a decision.
In your case, it seems like you were torn between a higher-paying role at JPM and a role at State Street that aligned more closely with your long-term career goals in Private Equity, Investment Banking, and M&A. Seeking advice from your father was a wise decision, as he provided insight into the industry and how the role at State Street could potentially set you up for future success in the field you are passionate about.
It is important to note that hindsight is 20/20, and you may not have had all the information at the time of making your decision. You may not have been aware of the prestige and opportunities that come with a JPM Analyst role for recent graduates. However, it is essential to focus on the present and future rather than dwelling on past decisions.
Your experience at State Street and later at Bridgewater has provided you with valuable skills and insights, even if it may not have been exactly what you expected or wanted. Use these experiences to your advantage and continue to work towards your goal of breaking into M&A, Investment Banking, or Private Equity. Networking, gaining relevant experience, and continuously learning and improving your skills will be key in achieving your career aspirations.
Remember, every career decision you make is a learning opportunity, and it is never too late to pivot or make changes to align with your goals. Keep pushing forward, remain resilient, and focus on constantly growing and adapting to new opportunities in the industry. Good luck on your career journey!