J.P. Morgan 2028 first-round interview guide

For
2028 summer analysts
Sources
13 cited

Got a first-round call from J.P. Morgan? Here is when a first round sits between the HireVue and the superday, what each program has asked in it, and how to prepare.

A student in a quiet campus study nook on a phone call, sitting forward in an armchair with a closed laptop and an open notebook on the table, soft window light and autumn trees outside.
Some J.P. Morgan processes add a first round between the HireVue and the superday: a phone or video interview, or a screening call.

Key facts

  • Is there one?: Not every process has one. A New York investment banking process in March 2025 had a first round before the superday; a New York Leveraged Finance process in February 2025 went straight from the HireVue to the superday.3,4
  • Format: A phone or video call. Private Bank has used a screening call after the HireVue, and Quantitative Research an HR call. If you are studying abroad, expect Zoom.2,6,7,3
  • Investment banking: Walk me through a DCF, depreciation through the statements, accretion and dilution, why J.P. Morgan, a team challenge, and where rates are headed (New York, Mar 2025, across the first round and superday).3
  • Credit and Markets: One interview round after the HireVue, and the last step: 30 minutes of behavioral questions and 30 of technical ones, with an offer call about a week later (New York, Mar 2026).9
  • Quantitative Research: Two technical rounds with live coding before the superday (New York, Nov 2024); a first round on database design and pull request review (New York, Oct 2026).7,8
  • Timing: Under a month for the whole New York investment banking process, first round and superday included (Mar 2025); two to three months in Credit and Markets (Mar 2026).3,9

J.P. Morgan describes two rounds: a virtual assessment, then an interview round that can hold several interviews, virtually or in person by program. A first round is how some programs split that second round.1

What the J.P. Morgan interview looks like

  1. Where it sits

    J.P. Morgan runs a virtual assessment (the HireVue, or HackerRank for technology), then an interview round that can hold several interviews. Some programs split that round: a first-round interview or call, then the superday. Others go straight to the superday.1,3,4

  2. Who gets one

    In New York investment banking, a March 2025 process had a first round and a February 2025 Leveraged Finance process did not. At some target schools, J.P. Morgan has called top candidates for October phone screens, then given them expedited superdays just after New Year (summer 2025 and 2026 cycles). Private Bank applicants have had a screening call after the HireVue, and Quantitative Research an HR call and technical rounds.3,4,5,6,7

  3. The format

    Expect a phone or video call with one person, sometimes two back to back. J.P. Morgan says students abroad should be ready for a video interview on Zoom. For a video call, test your Wi-Fi, lighting, audio and background first.3,9,2,1

  4. What they ask

    Investment banking mixes technical, behavioral and markets questions: a DCF, depreciation, accretion and dilution, why investment banking, a team challenge, recent deals and interest rates. Credit and Markets ran 30 minutes of standard behavioral questions with one interviewer and 30 technical minutes with another, built around a market condition and AI. Quantitative Research is technical: live coding, database design, statistics.3,9,7,8,11

  5. How to answer

    J.P. Morgan's guide says to build examples from your own experience as context, action and result, take a moment before you answer, and keep it concise. If you do not know something, say so and show you are willing to learn rather than bluff. Do not read from notes or use software to generate answers.1

  6. After it

    Next is the superday. In New York investment banking the whole process, first round included, took under a month (Mar 2025). In Credit and Markets, the one interview round was the last step, and the offer came about a week later.3,9

Before your first round

  • A quiet room, your phone charged, and for video: Wi-Fi, lighting, audio and background tested.
  • Your resume printed or open, and two questions about the program written down.
  • For investment banking: a DCF, depreciation through the statements and accretion or dilution, each in under a minute.
  • One view on where interest rates are headed and what that does to M&A.
  • Three stories in context, action and result: a team challenge, pressure, a time you led.
  • For Quantitative Research: one language you can code in live, plus probability and statistics basics.
  • Paper and a pen, to take notes as J.P. Morgan's guide suggests.

The questions

Expect the same three strands as the superday, in a shorter call: technicals for your program, why J.P. Morgan and why this role, and a view on the markets. Quantitative Research rounds are technical throughout.3,9,7,1

  • Technical: A DCF, depreciation through the statements, accretion and dilution.
  • Behavioral: A team challenge or disagreement, pressure, leadership: a real example.
  • Fit and motivation: Why investment banking, why J.P. Morgan, why this program.
  • Markets: Recent deals, where rates are headed, a market condition you find fascinating.
  • Quant and data: Live coding, Big-O, database design, probability and statistics.

Which division question you get

Investment Banking, New York
Mar 2025: walk me through a DCF, $10 of depreciation, accretive or dilutive, why investment banking and J.P. Morgan, a team challenge, recent deals and rates, across the first round and superday.3
Investment Banking (summer associate), New York
Sep 2026: a phone interview and a second online interview before the superday, with follow-up after follow-up on the details of a J.P. Morgan merger raised in the interview.10,11
Credit and Markets, New York
Mar 2026: 30 minutes behavioral, then 30 technical on a market condition and how AI affects it, and why it fascinates you.9,11
Private Bank, US
Early 2026: a screening call for some applicants after the HireVue.6
Quantitative Research, New York
Nov 2024: an HR call, then two technical rounds with live coding. Oct 2026: a first round on database design and pull request review.7,8,11
Asset Management, New York
Oct 2026: a phone interview on Python (Big-O and data structures) and statistics (probability, distributions, hypothesis testing).11
Sales and TradingBest guess
Expect a market view, a trade idea and quick mental math, in line with the Credit and Markets round above.

The Sales and Trading line is our best guess from the Credit and Markets round and the Markets math test.

Example questions and how to answer them

Technical"Walk me through a DCF."3
  1. 1Project unlevered free cash flow for five to ten years: EBIT after tax, plus D&A, minus capex and the change in working capital.
  2. 2Find a terminal value, with a perpetuity growth rate or an exit multiple.
  3. 3Discount the cash flows and the terminal value at WACC.
  4. 4The sum is enterprise value; subtract net debt for equity value, and divide by diluted shares for value per share.

Tip: Asked in a New York investment banking process in March 2025. Keep it to about a minute, then stop and let them ask.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. A DCF values a company on the cash it will generate. I project unlevered free cash flow for about five years: EBIT less taxes, plus depreciation and amortization, minus capital expenditure and the increase in working capital. Then I estimate a terminal value for the years after, either by growing the last cash flow at a long-term rate or by applying an exit multiple to EBITDA. I discount both back at the weighted average cost of capital, and the total is enterprise value. To get equity value I subtract net debt, and dividing by diluted shares gives a value per share.

Technical"What makes a deal accretive or dilutive?"3
  1. 1Define it: accretive if the buyer's earnings per share rise after the deal, dilutive if they fall.
  2. 2Quick test: compare the buyer's cost of funds (after-tax cost of debt, interest lost on cash, or the inverse of its P/E for stock) with the target's earnings yield at the price paid.
  3. 3If the yield beats the weighted cost, the deal is accretive.
  4. 4Name what the test leaves out: synergies, fees and new amortization.

Tip: Asked in the same March 2025 New York process. Have one worked example with round numbers ready.

Markets"How would higher interest rates affect M&A activity?"3,11
  1. 1Financing: debt costs more, so leveraged buyers can pay less and some deals stop working.
  2. 2Valuation: a higher discount rate lowers DCF values and tends to compress multiples, so buyers and sellers disagree on price.
  3. 3Mix: more stock-funded or cash-rich strategic deals, fewer leveraged ones.
  4. 4Close with a view: where you think rates are headed and which deals still get done.

Tip: Asked in New York investment banking in March 2025, next to where you think rates are headed. Have a one-line view and one deal to point to.

Behavioral"Tell me about a time you worked through a challenge or a disagreement on a team."3,1
  1. 1Context: the team, the goal and what the disagreement was about.
  2. 2Action: what you did yourself, using "I": how you listened, what you proposed, how you decided.
  3. 3Result: the outcome, with a number if you have one.
  4. 4Close on what you would do the same way at J.P. Morgan.

Tip: A theme from the March 2025 New York process. J.P. Morgan's guide asks for this context, action and result shape, from your own experience.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. In my corporate finance class, our four-person team split on which company to value for the final project: two of us wanted a retailer with clean filings, two wanted a fast-growing software company. With a week lost to arguing, I suggested we each spend one evening on a two-page case for our pick and vote on the data. I wrote the case for the retailer and helped a teammate find comparables for the software company, so both cases were fair. We chose the software company, and I took the comparables work since I had already started it. We finished two days early and got the top grade in the section. What I took from it is to move a team from opinions to evidence quickly.

Markets"Explain a market condition you find fascinating, and what it affects in relation to AI."9,11
  1. 1Name one condition you follow, such as power demand or credit spreads, in one line.
  2. 2Explain what drives it today.
  3. 3Link it to AI through one mechanism: data center power use, chip demand or productivity.
  4. 4Say why it fascinates you, because the follow-up asks.

Tip: The technical half of a New York Credit and Markets interview in March 2026, followed by "Why is this fascinating to you?". Pick a topic you can talk about for five minutes.

More J.P. Morgan interview questions

Technical

  • “How does a $10 increase in depreciation affect the three financial statements?”3

    Investment banking, New York, Mar 2025; the review does not say which round asked it

  • “Where do you think interest rates are headed?”3

    Investment banking, New York, Mar 2025

Fit and motivation

  • “Why investment banking, and why J.P. Morgan?”3

  • “Why is this market condition fascinating to you?”9,11

    Credit and Markets, New York, Mar 2026

Quant and data

  • “How would you design a database with fast writes, storage and access, using layers of key storage? How would you use AWS?”8,11

    Quantitative Research, New York, Oct 2026

  • “What is the time complexity of your code, and which data structure would you use?”11

    Asset Management, New York, Oct 2026; topics, our wording

Practice for J.P. Morgan with Intervyo

Start free to practice J.P. Morgan questions and track when it opens. Go deeper on J.P. Morgan with the pack, or cover every firm you apply to with the Season Pass.

Free

Try it and track J.P. Morgan

$0no card

Sign up free
  • 2 HireVue-style questions, scored
  • A resume review and a cover letter
  • An online assessment in the real format
  • The tracker, with alerts for 5 companies

J.P. Morgan Pack

Every J.P. Morgan stage

$89one payment

Get the pack
  • 12 live AI mock interviews
  • 50 J.P. Morgan video interview questions, scored
  • 80 online assessment runs and 50 technical questions
  • 15 resume reviews and 45 cover letters
  • The J.P. Morgan process map and 10 research briefs

Premium, $149 adds the superday simulator.

Season Pass

Save 63%

Every company you apply to

$16.58a month

Get the Season Pass
  • 20 live AI mock interviews a month
  • 130 HireVue-style questions a month, every company
  • 150 online assessment runs a month
  • 5 superday simulations a month
  • 30 resume reviews and 90 cover letters a month

$199 a year, or $44.99 monthly. Cancel any time.

How long to hear back after the interview

J.P. Morgan reviews on a rolling basis. Where there is a first round, the superday has followed within weeks in investment banking; Quantitative Research and the summer associate track took one to three months in all.2,3,7,10

  1. Nov 2024 (summer 2025)

    Markets Quantitative Research, New York

    An HR call, two technical rounds with live coding, then a three-interview superday. One to two months.7

  2. Feb 2025 (summer 2026)

    Leveraged Finance, New York

    No first round: straight from the HireVue to a virtual superday.4

  3. Mar 2025 (summer 2026)

    Investment banking, New York

    Application and assessment, a first-round interview and a superday, all in less than a month.3

  4. Early 2026 (summer 2027)

    Private Bank, US

    A screening call for some applicants, after HireVues submitted at the start of January.6

  5. Mar 2026 (summer 2027)

    Credit and Markets, New York

    One interview round after the HireVue, then an offer call about a week later.9

  6. Sep 2026 (summer 2027)

    Investment banking summer associate, New York

    HireVue, a phone interview, a second online interview, then a superday. Three months in all.10

  7. Oct 2026 (summer 2027)

    Quantitative Research, New York

    An easy online step, then a first-round technical on database design and pull request review.8

J.P. Morgan cannot speed up its decision because you hold another offer, so tell your recruiter about a deadline but do not expect it to move theirs.2

Best guessIf a week passes after an investment banking first round with no news, check "My Application" and send your recruiter one short, polite email. In other programs, two to three weeks of quiet is normal.

What happens after the interview

  1. Online application

    Resume and application questions on J.P. Morgan's job site, reviewed on a rolling basis.2

  2. HackerRank (Quantitative Research)

    Done, if you applied to Quantitative Research: a HackerRank coding challenge, then the HireVue.1,12

  3. HireVue video interview

    Done. The recorded virtual assessment, plus a math test for Markets.1,13

  4. First-round interview (sometimes)You are here

    This page. A phone or video call before the superday, in some processes.3,6

  5. Superday

    Several back-to-back interviews, virtual or in person by program: four of about 25 minutes in New York investment banking (Feb 2025).1,4

  6. Offer

    Investment banking decisions have come within a couple of days of the superday; in Credit and Markets the offer call came a week after the interview round.4,9

First round vs superday

The first round is one call, or two back to back, that decides who reaches the superday. The superday is several interviews in a row with more people from the team.

Format

First round

A phone or video call; for Credit and Markets, one hour split behavioral and technical.3,9

Superday

Multiple interviews, virtual or in person by program.1

Who

First round

One interviewer at a time; Credit and Markets had one for each half.9

Superday

Analysts, associates and a VP in New York investment banking.4

Length

First round

30 minutes a half in Credit and Markets (Mar 2026).9

Superday

Four interviews of about 25 minutes in New York investment banking (Feb 2025).4

Content

First round

Technical, behavioral and markets questions; live coding for Quantitative Research.3,7

Superday

The same blend, with follow-ups that push for your exact role and the outcome.4

2028 summer analyst status

For summer 2027, investment banking superday invites went out within weeks of the posting, which was live by Dec 29, 2025. For most summer 2028 investment banking programs, expect any first round around January 2027.5

FAQ

Does J.P. Morgan have a first round before the superday?

Sometimes. A New York investment banking process in March 2025 had a first-round interview before the superday, while a New York Leveraged Finance process in February 2025 went straight from the HireVue to the superday. Private Bank and Quantitative Research have used screening calls and technical rounds.3,4,6,7

Is the J.P. Morgan first round on the phone or on video?

Either. Private Bank has used a screening call and Quantitative Research an HR call; J.P. Morgan says students abroad should be ready for a video interview on Zoom. Test your setup as you would for the superday.6,7,2,1

What does J.P. Morgan ask in an investment banking first round?

Technicals such as a DCF, depreciation through the three statements and accretion or dilution; why investment banking and J.P. Morgan; a team challenge; and recent deals and interest rates. The March 2025 account lists these across the first round and superday together.3

Is the J.P. Morgan Quantitative Research first round technical?

Yes. Quantitative Research has run two technical rounds with live coding before the superday, and a first round on database design and pull request review. Asset Management added Python complexity and statistics questions.7,8,11

How long is a J.P. Morgan first-round interview?

Credit and Markets in New York ran one hour, 30 minutes behavioral and 30 technical. Plan for at least 30 minutes, and keep each answer concise, as J.P. Morgan's guide advises.9,1

How should I prepare for a J.P. Morgan first round?

J.P. Morgan's guide says to research the program, prepare two questions about it, build examples from your own experience as context, action and result, and admit when you do not know something rather than bluff.1

Interview at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.

  1. 1JPMorganChase: Early careers digital handbook (PDF)
  2. 2JPMorganChase: Hiring FAQs
  3. 3Candidate report on a public forum: Investment Banking Summer Analyst interview, New York (Mar 2025)
  4. 4Candidate report on a public forum: Summer Analyst interview, Leveraged Finance, New York (Feb 2025)
  5. 5Candidate discussion on a public forum: JPM SA '27 (from Dec 2025)
  6. 6Candidate report on a public forum: Jpm Private banking 2027 SA (from Jan 2026)
  7. 7Candidate report on a public forum: Markets Quantitative Research Summer Analyst interview, New York (Nov 2024)
  8. 8Candidate report on a public forum: Quant Researcher intern interview, Quantitative Research, New York (Oct 2026)
  9. 9Candidate report on a public forum: Credit & Markets Summer Analyst interview, New York (Mar 2026)
  10. 10Candidate report on a public forum: Summer Associate interview, Investment Banking, New York (Sep 2026)
  11. 11Candidate reports on a public forum: JPMorgan interview questions (company database)
  12. 12JPMorganChase (job site): 2027 Quantitative Research - Markets - Summer Internship - Analyst - United States
  13. 13JPMorganChase (job site): 2027 Markets Summer Analyst Program, New York

Intervyo isn't affiliated with, endorsed by or sponsored by J.P. Morgan. Formats change between cycles and divisions, so always follow the instructions in your own invite.