Introduction of Participants

• Swarnam initiates the call with Akshay.
• Akshay discusses his current situation regarding health and work.

Purpose of the Meeting

• Swarnam is looking for advice on internships in investment banking, specifically for the summer internship of 2026.
• He mentions his background as a non-target student from Pace University majoring in finance, currently a sophomore.

Investment Banking Overview

• Akshay explains the structure of investment banking at JPMorgan, highlighting:
• Sell-Side: Internships in trading, sales, research, market risk.
• Core Banking: split into originations, structuring, M&A, advisory.
• Swarnam expresses particular interest in M&A, influenced by his experience in internships.

Previous Internship Experience

• Swarnam details his previous internships:
• Freshman Year: Worked at a small firm focused on M&A, assisting in health care and industrial sectors.
  • Responsibilities included due diligence, making pitch books, analyzing financial statements, and modeling.
• Last Summer: Worked at a pharmaceutical company on valuation models for a lupus drug portfolio, projecting ten-year market potentials.

Application Process and Strategy

• Akshay advises Swarnam on applying for internships:
• Suggested to check JPMorgan’s website for internship opportunities for summer 2026.
• Encouraged to apply for multiple roles (e.g., banking and research) to enhance chances.
• Importance of experience is emphasized over being from a target school.

Equity Research Discussion

• Akshay discusses positions in equity research, suggesting that Swarnam's skills would be applicable:
• Equity research involves sector-specific analysis and provides opportunities for dynamic client interaction.
• Notes that equity research might have a lower pay initially compared to banking but offers better work-life balance and growth opportunities long-term.

Networking and Internal Connections

• Akshay shares his background in asset-backed securities and his connections in equity research that can assist Swarnam's application.
• Mentions reaching out to Mika, who leads internal recruitment for equity research, to bolster Swarnam’s application.

Tips for the Interview Process

• Akshay advises Swarnam on the general application timeline:
• Applications may be reviewed from April to July, with interviews potentially extending to November.
• Recommend keeping options open by applying to related roles rather than limiting to one area.

Conclusion and Next Steps

• Swarnam will explore various internship opportunities and will update Akshay on his decisions before applying.
• Akshay encourages ongoing communication for any questions or doubts about the process.

Final Remarks

• Swarnam expresses gratitude for Akshay's help, and they exchange pleasantries before ending the call.