Investment Banking — JPMorgan Chase Job Simulation on Forage
My personal review
This advance JPMorgan Investment Banking Job Simulation on Forage have four tasks in total.
Task 1: Find some M&A targets
Task 2 : Target information and auction process
Task 3: Financial Analysis — run the numbers
Task 4: Provide an investment recommendation
If you’re pursuing a career in investment banking, then this is tailored for you! Forage offers investment banking career paths that consist of various job simulations across different companies, particularly banks, and this simulation under JPMorgan is just one example.
Given that we are simulating roles directly from these companies, the advantage lies in the fact that the training is provided directly by the companies or banks themselves. This means not only do you have the opportunity to learn, but it also serves as valuable exposure. You’re learning from the top-notch professionals, all for free.
One of the valuable aspects I gained from this simulation is access to resources. Yes, the answer resources are free, and this includes the Excel templates used in each problem, provided for free as well. In addition to the knowledge gained, I acquired practical know-how on the job and its processes.
In the first task, we were tasked with identifying potential M&A targets. Don’t worry too much, as experts from JPMorgan will guide us through the process. Here, you analyze your client and select potential M&A targets from strategic, financial, and structural perspectives. I recall receiving phone call notes and templates on how to summarize key points of recommended targets or not, as well as an email template for submission.
For Task 2, we created a PowerPoint slide summarizing the auction process, incorporating charts created in Excel that illustrate the acquisition target’s key financials, indicative valuation, shareholder details, and the client company profile with key information summarized.
Task 3 involved valuing the company based on projections provided by the client. This provided valuable experience in learning how JPMorgan conducts DCF (Discounted Cash Flow) valuation in Excel, culminating in communicating the findings to the client through a summary slide report.
Lastly, Task 4 addressed last-minute issues, such as a plant fire and competitor offer, prompting us to write an email to the client to discuss these issues and enclose our revised valuation.
Overall, the experience was top-notch.
Please note that all job simulations on Forage are free and ungraded. However, each simulation is provided by the corresponding company, meaning all tasks, problems, and answers come directly from the company. This is designed to give you an accurate representation of what it’s like to work at that specific company and perform day-to-day tasks as if you were already on the job.
Upon completion of each simulation, you will receive a certificate acknowledging your active participation. This certificate will include a resume snippet, interview tips, and skill upgrades, although these are not the main benefits.
Now, onto the most important part: upon completion, you will gain access to the company’s talent network. You will receive updates when your chosen company has openings, and if you are among the first to notice a ‘Hiring now’ status, you may have the opportunity to participate in the screening process.
