J.P. Morgan 2028 superday guide

For
2028 summer analysts
Sources
14 cited

Invited to a J.P. Morgan superday? Here is the format by program, the technical and behavioral questions interviewers ask, the math test some Markets desks add, and when you hear back.

A student in a navy blazer seated at a small meeting table in a plain room with soft daylight, framed from across the room, a blank answer sheet and a pencil on the table before the interviews begin.
A J.P. Morgan superday is several back-to-back interviews of 25 to 30 minutes; a New York Equity Research superday opened with a 10-question pen-and-paper math test.

Key facts

  • Interviews: The final round can be multiple interviews, held virtually or in person depending on the program.1
  • In practice: Four back-to-back interviews of about 25 minutes in New York investment banking (2025); three of 30 minutes in New York Equity Research (2026); two of about 25 minutes in Internal Audit (2025).4,6,10
  • Length: Plan for 25 to 30 minutes per interview. Credit and Markets in New York split one hour into 30 minutes of behavioral and 30 of technical questions.4,6,7,10
  • Who you meet: Analysts, associates and a vice president in New York investment banking; associates and directors in Equity Research.4,6
  • In person or virtual: Virtual or in person, by program. New York investment banking was virtual in February 2025. Students abroad should be ready for a Zoom interview.1,4,2
  • Markets test: A New York Equity Research superday opened with a 10-question pen-and-paper math test (May 2026), and a Quantitative Trading and Research superday invite named a math assessment (Apr 2026).6,13
  • Hearing back: Within a couple of days after a New York investment banking superday in 2025. Reviews are rolling, and J.P. Morgan cannot speed up a decision for a competing offer.4,2

How technical it gets depends on the desk. New York investment banking asks accounting, valuation and deal questions; Internal Audit is almost all behavioral; Private Bank is "not very technical" beyond knowing what is happening in the markets; Quantitative Research is all technical.4,5,10,12,11

What the J.P. Morgan superday looks like

  1. The invite

    J.P. Morgan runs two rounds: a virtual assessment (the HireVue, or HackerRank for technology), then an interview round that can hold several interviews. In investment banking the invite has come straight after the HireVue, often within weeks of applying, with some candidates seeing a first-round interview first. Equity Research in New York sent its invite about a month after the HireVue and math test.1,3,4,5,6

  2. Who you meet

    Expect people from the business you applied to, from analysts to directors. New York investment banking has meant analysts, associates and one vice president; Equity Research, associates and directors; Internal Audit, Internal Audit professionals.4,6,10

  3. Each interview

    The interviews run back to back at about 25 to 30 minutes each: four in New York investment banking, three in Equity Research and two in Internal Audit. Equity Research opened with a 10-question pen-and-paper math test before the interviews.4,6,10

  4. What they ask

    A blend of behavioral and technical questions that leans toward fit and communication in investment banking. Interviewers push for specifics: if an answer is vague, they ask for your exact role and the outcome. Technicals are core concepts (the three statements, depreciation, DCF and comps) plus open questions that link them to rates and M&A.4,5

  5. How to answer

    J.P. Morgan's own guide says to base examples on your real experience and structure them as context, action and result. Take a moment before answering, keep it concise, and if you do not know an answer, 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. Your questions and after

    Prepare two questions about the program and ask them; it shows interest in the role. After the day, take 20 minutes to note what went well and what to improve, and send a thank-you email to your interviewers or recruiter.1

The rounds, by program

Investment Banking (Leveraged Finance), New York (Feb 2025) 4 x 25 min
Virtual, back to back, with analysts, associates and one VP. Fit-leaning, with core technicals.
Investment Banking, New York (Mar 2025) First round, then superday
Technical, behavioral and markets questions across both rounds.
Equity Research, New York (May 2026) Math test + 3 x 30 min
A 10-question pen-and-paper math test, then associates and directors.
Credit and Markets, New York (Mar 2026) 30 + 30 min
One interview round after the HireVue: 30 minutes behavioral and 30 technical, with an offer call about a week later.
Quantitative Research, New York (Nov 2024) 3 interviews
After an HR call and two technical rounds with live coding.
Asset Management, New York (Aug 2026) 2 x 1-on-1 + group case
Invited the day after an insight event.
Internal Audit, Jersey City (Aug 2025) 2 x 25 min
Almost entirely behavioral, with light technical discussion.

Firm-wide, the final round can hold several interviews, virtual or in person by program. Each row above is one program's superday, with the month it ran.1,4,5,6,7,9,10,11

Before your superday

  • Three or four stories you can tell in about two minutes each, built as context, action and result: a challenge, a team disagreement, pressure, a time you led.
  • The three statements and how depreciation moves through them, cold.
  • DCF, comps, accretion and dilution, and how rates move valuation, each in under a minute.
  • One deal or market trend you can explain end to end, and what it means for the group you want.
  • Every line of your resume, ready for a follow-up two levels deep, with no exaggeration.
  • A reason for J.P. Morgan and for this program that only you could give.
  • Two questions about the program for each interviewer.
  • For Markets: mental math and quick probability, practiced on paper without a calculator.
  • For a virtual day: Wi-Fi, lighting, audio and background tested, dressed as you would be in person.

The questions

Expect behavioral questions on your own experience, technicals that depend on the desk, and questions that test whether you can connect what you know to the markets. J.P. Morgan's guide adds questions on your academic background, strengths, weaknesses and career goals.1,4,5

  • Behavioral: Pressure, leadership, a team disagreement or challenge: a real example, with the follow-up on your exact role.
  • Technical: Accounting and valuation in investment banking; math, probability and coding in Markets and Quantitative Research.
  • Fit and motivation: Why investment banking, why J.P. Morgan, why this program.
  • Markets: A recent deal or trend, how rates affect valuation and M&A, a market condition you find interesting.
  • Resume follow-ups: Your classes, projects and past roles, often two levels deep.

Which division question you get

Investment Banking (Leveraged Finance), New York
Feb 2025: the three statements, depreciation, DCF and comps, how rising rates affect valuation and M&A, why J.P. Morgan, pressure and leadership.4
Investment Banking, New York
Mar 2025: walk me through a DCF, a $10 increase in depreciation, what makes a deal accretive or dilutive, plus why investment banking and a team disagreement.5
Investment Banking, regional offices
Prep for regional offices such as San Francisco leans toward industry-focused technicals; New York toward advanced ones like paper LBOs and merger math.3
Equity Research, New York
May 2026: a 10-question pen-and-paper math test, then three 30-minute interviews with associates and directors.6
Credit and Markets, New York
Mar 2026: a market condition you find fascinating and what it affects in relation to AI, plus standard behavioral questions.7
Quantitative Trading and Research
Apr 2026: the superday invite named a math assessment.13
Quantitative Research, New York
Nov 2024: brain teasers, calculus-based probability, statistics, linear regression in detail and Python basics, across live coding rounds and a three-interview superday.11
Asset Management, New York
Aug 2026: two one-on-one interviews and a group case worked on together.9
Private Bank, Los Angeles
Apr 2026: not very technical; know at least something happening in the markets.12
Internal Audit, Jersey City
Aug 2025: team conflicts, leadership, managing deadlines, why Internal Audit, risk and controls, interest in financial services.10
Sales and TradingBest guess
Expect markets questions, a trade or market idea and quick mental math, in line with the other Markets desks above.

The Sales and Trading line is our best guess from the Equity Research, Credit and Markets and Quantitative Trading rows above.

Example questions and how to answer them

Technical"How does a $10 increase in depreciation affect the three financial statements?"5
  1. 1Income statement first: depreciation up $10, so pre-tax income down $10 and, at a 25% tax rate, net income down $7.50.
  2. 2Cash flow statement: start from net income down $7.50, add back the $10 non-cash depreciation, so cash is up $2.50.
  3. 3Balance sheet: cash up $2.50, PP&E down $10, so assets down $7.50; retained earnings down $7.50, so it balances.
  4. 4State your tax rate assumption out loud before the numbers.

Tip: Asked in a New York investment banking process in March 2025. Walk the statements in the same order every time, and finish by showing the balance sheet balances.

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

Written by Intervyo as an example. Assuming a 25% tax rate: on the income statement, depreciation rises by $10, so operating income and pre-tax income fall by $10, and net income falls by $7.50. On the cash flow statement, net income is down $7.50, but depreciation is a non-cash expense, so I add the $10 back, and cash from operations is up $2.50. On the balance sheet, cash is up $2.50 and PP&E is down $10, so total assets fall by $7.50. On the other side, retained earnings fall by the $7.50 drop in net income, so both sides are down $7.50 and it balances.

Technical"If a company issues a dividend, how do the P/E, EV/EBITDA and P/B ratios change?"3
  1. 1Start from what a cash dividend does: cash leaves the company, so equity value falls by the amount paid.
  2. 2P/E: price falls and earnings barely move, so P/E goes down.
  3. 3EV/EBITDA: equity value falls but so does cash, which offsets in enterprise value, so it stays about the same.
  4. 4P/B: market value and book value both fall by the same amount, so the result depends on whether P/B started above or below 1.

Tip: Asked in a J.P. Morgan investment banking interview, and offered as a guide to the level of difficulty in New York. Give the direction for each ratio, then the one-line reason.

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

Written by Intervyo as an example. A cash dividend takes cash out of the company, so equity value falls by roughly the dividend. P/E goes down, because the price falls while earnings are mostly unchanged. EV/EBITDA stays about the same: equity value falls, but cash falls by the same amount, and since enterprise value subtracts cash, the two offset, and EBITDA does not change. P/B depends on where it started: market value and book value both fall by the same dollar amount, so if P/B was above 1 it rises, if it was below 1 it falls, and at exactly 1 it stays put.

Technical"What makes a deal accretive or dilutive?"5,3
  1. 1Define it: accretive if the buyer's earnings per share rise after the deal, dilutive if they fall.
  2. 2The quick test: compare the cost of what the buyer pays with (after-tax cost of debt, foregone interest on cash, or the inverse of its P/E for stock) against the yield it gets (the inverse of the target's P/E at the purchase price).
  3. 3If the yield is above the weighted cost, the deal is accretive.
  4. 4Mention what the test leaves out: synergies, deal fees, and new depreciation or amortization from the purchase.

Tip: Asked in New York investment banking in March 2025. Paper merger math is fair game in New York, so have one worked number ready.

Markets"How do rising interest rates affect valuation and M&A activity?"4
  1. 1Valuation: higher rates lift the risk-free rate and the cost of debt, so WACC rises and DCF values fall, most for long-duration growth companies.
  2. 2Multiples: higher discount rates usually compress trading multiples.
  3. 3M&A: financing gets more expensive, so leveraged buyers pay less and deal volume tends to slow.
  4. 4Close with a current view: what rates are doing now and which deals still get done.

Tip: Asked in a New York Leveraged Finance superday in February 2025, to test whether you can connect technicals to the markets.

Behavioral"Tell me about a time you handled pressure."4,1
  1. 1Context: one sentence on the situation and the deadline.
  2. 2Action: what you did, in order, using "I", with the hard choice you made.
  3. 3Result: the outcome, with a number if you have one.
  4. 4Reflection: what you would do the same or differently next time.

Tip: Asked in a New York investment banking superday in February 2025, where vague answers drew follow-ups on the candidate's exact role. J.P. Morgan's own guide uses this context, action, result shape.

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

Written by Intervyo as an example. Last spring I was leading a four-person team on a case competition, and two days before the final our main data source turned out to be out of date. I split the work: I rebuilt the market sizing myself from public filings overnight, and moved two teammates onto the slides so we did not lose a day. I told the group exactly what would change and what would not. We presented on time with the new numbers and placed second of 20 teams. What I took from it is to check the source data on day one, which I now do on every project.

Markets"Explain a market condition you find fascinating and how AI affects it."7
  1. 1Pick one condition you follow, such as power demand or credit spreads, and say it in one line.
  2. 2Explain what drives it today.
  3. 3Connect it to AI with one specific mechanism: data center power use, productivity, or demand for chips.
  4. 4Say who wins and loses, and what you would watch next.

Tip: Asked in a New York Credit and Markets technical interview in March 2026. Choose a topic you could talk about for five minutes, not the one you think sounds smartest.

More J.P. Morgan superday questions

Behavioral

  • “Tell me about a leadership experience.”4

    Investment Banking, New York, Feb 2025

  • “Tell me about a time you worked through a challenge or a disagreement on a team.”5

    Investment Banking, New York, Mar 2025; a theme, not exact wording

  • “Tell me about a team conflict and how you managed competing deadlines.”10

    Internal Audit, Jersey City, Aug 2025; topics, not exact wording

  • “What is your biggest weakness, and what are your career goals?”1

    J.P. Morgan's own guide says to prepare for strengths, weaknesses and career goals, not a candidate report

Technical

  • “Walk me through a DCF.”5

    Investment Banking, New York, Mar 2025

  • “Walk me through the three financial statements, and explain valuation by DCF and comparable companies.”4

    Investment Banking, New York, Feb 2025

  • “Paper LBO and merger math questions.”3

    A first-year analyst's advice for New York prep; topics, not exact wording

  • “Probability, statistics, linear regression and Python basics.”11

    Quantitative Research, New York, Nov 2024; topics

Fit and motivation

  • “Why J.P. Morgan?”4,5

    Investment Banking, New York, 2025

  • “Why investment banking?”5

    Investment Banking, New York, Mar 2025

  • “Why Internal Audit?”10

    Internal Audit, Jersey City, Aug 2025

Markets and firm knowledge

  • “Tell me about something happening in the markets right now.”12

    Private Bank, Los Angeles, Apr 2026; a theme

  • “How do risk and controls work in a bank?”10

    Internal Audit, Jersey City, Aug 2025; our wording for the topic

  • “Tell me about a recent deal J.P. Morgan advised on.”

    Best guess

    Our expectation from the markets and deal questions asked in New York investment banking

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How long to hear back after the superday

J.P. Morgan reviews on a rolling basis and says someone will respond as quickly as possible. In investment banking, decisions have come within days; invites and offers go out in batches through January and February.1,2,4,3

  1. Feb 2025 (summer 2026)

    Investment Banking (Leveraged Finance), New York

    Moved straight from the HireVue to a virtual superday, and heard back within a couple of days.4

  2. Jan 2026 (summer 2027)

    Investment Banking, US

    The first superday invites went out within weeks of the posting; an analyst in the thread expected diversity superdays first. Offers followed in batches, including from Diversified Industries.3

  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.5

  4. Apr 2026 (summer 2027)

    Quantitative Trading and Research, US

    Superday invite received on Apr 27, 2026, with a math assessment in the day.13

  5. May 2026 (summer 2027)

    Equity Research, New York

    Superday invite about a month after the HireVue and math test.6

  6. Aug 2026 (summer 2027)

    Asset Management, New York

    Invited to the superday the day after an insight event; offer within a month.9

J.P. Morgan says it reviews applications on a rolling basis and cannot accelerate a decision because you hold another offer with a deadline.2

Best guessInvestment banking decisions tend to come within a few days to two weeks. If two weeks pass, check your status on the job site and send your recruiter one short, polite email.

What happens after the superday

  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. Both are required before your application is reviewed further.14

  3. HireVue video interview

    Done. The virtual assessment round: a recorded HireVue, or HackerRank for technology roles.1

  4. First-round interview (sometimes)

    Not every process has one. A New York investment banking process in March 2025 had a first round before the superday; another in February 2025 went straight to it.5,4

  5. SuperdayYou are here

    This page. Several back-to-back interviews of 25 to 30 minutes, virtual or in person by program.1,4,6

  6. Offer

    Investment banking offers have come within days of the superday. High performers in the nine-week program may get a full-time offer at the end of it.4,8

Investment banking vs Markets

Both are back-to-back interviews of about 25 to 30 minutes. What changes is the test at the start and the kind of technical question.

Rounds

Investment banking

Four virtual interviews of about 25 minutes in New York (2025); sometimes a first round before the superday.4,5

Markets

Equity Research: three of 30 minutes. Credit and Markets: one round of 30 minutes behavioral plus 30 technical.6,7

Test on the day

Investment banking

Technicals are asked inside the interviews themselves.4,5

Markets

A 10-question pen-and-paper math test in Equity Research; a math assessment for Quantitative Trading and Research.6,13

Who

Investment banking

Analysts, associates and one VP.4

Markets

Associates and directors in Equity Research.6

Technicals

Investment banking

The three statements, depreciation, DCF, comps, accretion and dilution, dividends and multiples.4,5,3

Markets

Math, a market condition and its link to AI, and for quant desks probability and statistics.6,7,11

FAQ

How many interviews are in a J.P. Morgan superday?

It depends on the program. New York investment banking ran four back-to-back interviews of about 25 minutes in 2025, Equity Research three of 30 minutes, and Internal Audit two of about 25 minutes.4,6,10

Is the J.P. Morgan superday virtual or in person?

Either, depending on the program. New York investment banking was virtual in February 2025. If you are studying abroad, expect a video interview on Zoom.1,4,2

Is there a math test at the J.P. Morgan superday?

For some Markets desks. A New York Equity Research superday opened with a 10-question pen-and-paper math test in May 2026, and a Quantitative Trading and Research invite named a math assessment. Practice mental math on paper without a calculator.6,13

How technical is the J.P. Morgan investment banking superday?

Core concepts, asked precisely: the three statements, depreciation, DCF and comps, accretion and dilution, and how rates affect valuation and M&A. One New York superday leaned more toward fit and communication than heavy technical depth, but New York prep advice still covers paper LBOs and merger math.4,5,3

Who interviews you at a J.P. Morgan superday?

People from the business: analysts, associates and a vice president in New York investment banking, associates and directors in Equity Research.4,6

When do you hear back after a J.P. Morgan superday?

In New York investment banking, within a couple of days in 2025. J.P. Morgan reviews on a rolling basis and cannot speed up a decision for a competing offer, so tell your recruiter about a deadline but do not expect it to move theirs.4,2

How should I structure answers at a J.P. Morgan superday?

J.P. Morgan's own guide says to use real examples from your experience, structured as context, action and result, keep answers concise, and admit when you do not know something rather than bluff.1

Superday 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 discussion on a public forum: JPM SA '27 (from Dec 2025)
  4. 4Candidate report on a public forum: Summer Analyst interview, Leveraged Finance, New York (Feb 2025)
  5. 5Candidate report on a public forum: Investment Banking Summer Analyst interview, New York (Mar 2025)
  6. 6Candidate report on a public forum: Markets Equity Research Summer Analyst interview, New York (May 2026)
  7. 7Candidate report on a public forum: Credit & Markets Summer Analyst interview, New York (Mar 2026)
  8. 8JPMorganChase: Investment Banking Analyst Internship
  9. 9Candidate report on a public forum: Summer Analyst interview, Asset Management, New York (Aug 2026)
  10. 10Candidate report on a public forum: Internal Audit intern interview, Jersey City (Aug 2025)
  11. 11Candidate report on a public forum: Markets Quantitative Research Summer Analyst interview, New York (Nov 2024)
  12. 12Candidate report on a public forum: Private Bank 2027 Summer Analyst interview, Los Angeles (Apr 2026)
  13. 13Candidate discussion on a public forum: JPM Markets SA 2027 Superday (Apr 2026)
  14. 14JPMorganChase (job site): 2027 Quantitative Research - Markets - Summer Internship - Analyst - United States

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