Fixed Income Strategy
The Fixed Income Strategy group helps internal and external clients find profitable investment strategies.
J.P. Morgan hires PhD candidates into Fixed Income Strategy in New York for Summer Associate positions. You will be expected to work full-time during the summer and will also participate in structured networking activities and other ongoing training designed to give you a broad exposure to J.P. Morgan. If your summer experience is a success, you may be offered an opportunity to work full-time after graduation or part-time during the school year.
About Fixed Income Strategy
On a day-to-day basis, our top-rated researchers follow the markets and identify trading opportunities, ideas, and themes. Underlying this is a continual development process of new models, analytics and approaches to valuation of different assets. The end goal is to uncover relative value trades that have a good chance of being profitable.
Responsibility from the start
As a Summer Associate in Fixed Income Strategy, your responsibilities may include, but are not limited to:
- Keeping abreast of market developments
- Developing client-oriented research on fixed-income cash and derivatives markets
- Generating timely trade ideas, both strategic and tactical
- Partaking in significant client interaction, including presentations
- Econometric modeling of fixed income markets
- Programming of models
What we look for
The ideal candidate will have:
- Enrolled toward a PhD program in finance, economics, science, or a quantitative field such as mathematics
- Proficiency in C/C++ and/or VBA programming (knowledge of a statistical package such as SAS is a plus)
- Excellent presentation skills, both oral and written
- A strong interest in fixed income markets
If you don't have a strong financial or business ba
ckground, be sure you can tell your story; be able to demonstrate your quantitative aptitude both scholastically and practically (former jobs, for example) and be ready to articulate how your background will enhance your career at J.P. Morgan. (You'll find out more tips in our Advice Center including advice for career changers).
Summer projects
Coming from a background in computational chemistry and molecular modeling, I was concerned about the crossover between the two fields. My experience at J.P. Morgan confirmed that the skills and tools used to solve complex problems in both fields are actually quite similar.
My main summer project was to help make more accurate projections of mortgage prepayment rates under varying interest rate paths. I was able to impact the business directly since accuracy in these projections is essential for fair value estimates of mortgage-backed securities. J.P. Morgan’s prepayment model contains a large number of functions and coefficients that are periodically calibrated to empirical data. For my project, I tested a genetic or evolutionary algorithm to see if we could improve the speed of the optimization. It was a great learning experience, and I really enjoyed working with the people at J.P. Morgan during my internship.
– Summer Intern in Fixed Income Strategy, 2008
We also offer summer opportunities in our Proprietary Positioning Business
Proprietary Positioning Business (PPB) is an internal risk-taking group at JPMorgan that identifies and capitalizes on opportunities across a broad range of asset classes, instruments, and products including equities, currencies, commodities, interest rates and related derivatives and structured products in major global markets. The business is extremely active in seeking opportunities and expanding into new products and markets.
How to apply
For more information, read before you apply. It will give you detailed information and direct you to useful links related to your application. You may also want to visit our interview process and check with your campus careers office or our campus schedule to see when we'll be visiting a school or city near you.
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