Need help choosing between JLL Capital Markets vs JP Morgan Chase (CRE) NYC Summer 2023 Internship
Hello, 

Currently have two offers for Summer 2023 I am strongly considering. A JP Morgan Chase (CRE) offer they have not specified a team, but they stated that a manager will pick me and assign me to their team and that they will let me know during the spring. The other offer is JLL Capital Markets Internship for their New York City office (Investment Sales and Debt/Equity). 

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JP Morgan offered quite a lot more and also stated any return offer would be guaranteed to be within NYC. I interned for JLL last summer under a different business line and have spoken to almost all of their NYC EMDs directly. 

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Really not sure what to do and have seven days from the upcoming Monday to decide.

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Any personal input, information about either firm, the perception of their names and or likely hood of getting a return offer would greatly be appreciated.
[{"id": "ir8l3vu", "text": "Good spot to b. If you haven\u2019t already, check out WSO (Wall Street oasis) as they prob have more relevant info regarding exit ops etc. Depends what your trying to do afterwards", "replies": [{"id": "ir8llwy", "text": "Dont think I have ever used WSO, will try it out thank you!", "replies": [{"id": "ir8z4jx", "text": "That website is a gold mine", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ir8lhkx", "text": "2023 will likely be a fascinating time to be in Capital Markets but JPM Chase would be a great resume builder.  Is there any way to get clarity from JPM about team?  My gut would say to ignore the compensation (that\u2019s not what should drive an internship decision) and take the better learning experience which sounds like JLL.   But either way it sounds like you can\u2019t go wrong.", "replies": [{"id": "ir8m0oc", "text": "JPMC didn't specify any team, I applied for their rotational program and they said they wanted me to work with a specific team but didn't clarify further.  I was going to request if it would be possible to work with there asset management team specifically after getting the official offer letter. I don't know if that's a good idea though.\n\n&amp;#x200B;\n\nThe largest concern I had with JLL was that their Capital Markets team is pretty small and it seems like 2023 to 2024 is gonna be rough in terms of full-time offers. I think JP is more likely to provide one and will likely be more flexible from the experience I had there last summer.\n\n&amp;#x200B;\n\nThank you for your response!", "replies": [{"id": "ir8mrp7", "text": "The likelihood of full time offers is a good point.  I think working in capital markets will give you a background for many other roles in CRE, but I would agree that a JLL job seems more at risk in a recession.  JPM AM could be a very interesting learning opportunity in recession as well, but it might be tougher to launch a CRE from AM than capital markets.  Of course, that depends on what you want to do long term. If AM is what interests you then JPM is the way to go, but if you are interested in private equity, sponsor-side work, or debt origination then the capital markets experience may be more worthwhile.", "replies": [], "depth": 3}, {"id": "ir8n12m", "text": "Also, what asset class would the AM work be dealing with?  If it is office,  that might not be good.  Office is headed for a prolonged downturn/restructuring - and NYC will be among the hardest hit markets.", "replies": [{"id": "ir8ntwm", "text": "I believe JP would AM deals with all asset classes and have focused on industrial for NY from what I could find about it. JLL deals with all asset classes but I believe tends to work with a lot of office property. As far as I am aware JP is also one of JLLs largest clients in NY, they had us go to a JP event last summer in JLL. \n\n&amp;#x200B;\n\nAnd in terms of interests in what I want to do after I thought I wanted to do capital markets, but speaking to a lot of the EMDs has made me a question that a little bit and I am not sure I really know enough about fields in CRE outside of Capital markets investment sales to fully make that decision so am trying to learn more about the nuances of other roles in the lending side.", "replies": [{"id": "ir8odw7", "text": "Interesting.  I think industrial gives you the greatest job security going forward.  What about the people in both places?  From what you know so far, which group of people do you think you would enjoy working with the most?  That could be the most important element of all!", "replies": [{"id": "ir8os6y", "text": "Yeah had a really good time at JLL last summer. I think it is a great firm and everyone I spoke to from analysts to Directors was great to speak to. Don't have much exposure to JP culture but really liked all of the interviewers through the 3 rounds and they kinda dominate NYC real estate in a sense. Have a lot of things to still look at. But thanks for your input!", "replies": [{"id": "ir8oylp", "text": "Sounds like two great opportunities.  Good luck.", "replies": [], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "ira72cr", "text": "If you are working through a recruiter it isn\u2019t weird to request to be on a specific team. The recruiters want you to accept your offer. It doesn\u2019t hurt to ask, worst they say is no. If they rescind an offer over something like that you do not want to be working in that office. I would reach out to someone on the AM team and introduce yourself, maybe try to get coffee. It will be helpful if they know your name and potentially could request you specifically.", "replies": [{"id": "iradh8d", "text": "&gt;If you are working through a recruiter it isn\u2019t weird to request to be on a specific team. The recruiters want you to accept your offer. It doesn\u2019t hurt to ask, worst they say is no. If they rescind an offer over something like that you do not want to be working in that office. I would reach out to someone on the AM team and introduce yourself, maybe try to get coffee. It will be helpful if they know your name and pot\n\nThat sounds great, thank you for your response! Will try doing something to that affect.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ir8px1m", "text": "Asset Management at JPM, Investment Sales, and Debt/Equity are all very different roles within the industry. From a high level, all three opportunities will give you excellent exposure to the CRE industry and allow you to pivot within the industry relatively easily if you want to. Both JLL capital markets and JPM are highly regarded.\n\nBoth roles at JLL will give you great exposure to basic industry knowledge, research methods, standard operating procedures, and market fundamentals. You will also spend significant time in Argus and excel valuing assets. Investment sales will have you putting together Offering Memorandums (marketing packages for assets) and Debt/Equity will have you you doing similar work, but additionally you will be connecting buyers to the right kind of financing depending on what asset type they are buying.\n\nAsset Management is pretty different. I don\u2019t have JPM specific knowledge, but I assume since it is a large institutional investor, your role will be more specialized and less broad. AM consists of a lot of asset monitoring. That means making sure debt that you hold is being serviced accordingly, assets are performing/non-performing, and putting together monthly/quarterly reports on asset performance. You also get great exposure to market fundamentals, economic capital trends, and asset class trends.\n\nLike I said, all three of these are great opportunities. Both of these firms use internships as a means to hire full time employees. They WANT to be able to hire their interns full time. They use an internship to see if you get your work done thoroughly and efficiently, and if you fit in with the team. If you do that, you will almost certainly get a return offer. \n\nThink about what you want to do on a day to day basis, and don\u2019t be afraid to reach out to either firm to set up another call to ask more questions before your deadline.", "replies": [{"id": "ir8rz8d", "text": "I work for a huge consumer bank with extensive CRE valuation experience. How hard would it be for a middle-age guy to venture into the AM or Debt/Equity or REITs?", "replies": [], "depth": 2}, {"id": "iradazf", "text": "Thank you for your response! Very thorough, JLL NY cap markets is broken down into Investment sales and they have interns rotate with both groups.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ir8sqys", "text": "I\u2019d do JLL if you want to go into RE and JPM if you want to go into finance. WSO has a lot more about similar topics. Congrats! Two great options.", "replies": [{"id": "irbmr5q", "text": "This is the answer: it depends on what you think you\u2019d most like to do after school as either could springboard you into those ends of CRE. If you\u2019re not sure, I\u2019d take JPM since you already have JLL on your resume from last summer", "replies": [], "depth": 2}], "depth": 1}, {"id": "ir9omec", "text": "If you want to work in CRE then JLL.", "replies": [], "depth": 1}, {"id": "iraevt1", "text": "Could just go PE route at blackstone in their RE division.", "replies": [], "depth": 1}, {"id": "irak49g", "text": "I worked in CRE development for about five years and worked closely with JLL for brokerage/sell-side finance and JPM for structured finance. Both great groups. JPM will have a wider array of exit opportunities. I would go with JPM if you want to be more skill based and JLL if you want to be more relationship based in your career.", "replies": [], "depth": 1}, {"id": "iran23p", "text": "Both good, but I\u2019d say to start your career JPM would probably give you better options. Can\u2019t say 100% due to the lack of info on the specific role however so maybe JLL is better as a guaranteed thing?", "replies": [], "depth": 1}, {"id": "irauub7", "text": "Do you know the exact division within JPM? Ie banking, syndications, loan originations, JPM Asst mgmt?", "replies": [{"id": "irdgibq", "text": "&gt; Ie banking, syndications, loan originations, JPM Asst mgmt?\n\nNo but will be speaking with them again to try to get more clarification.", "replies": [], "depth": 2}], "depth": 1}]