What is JPMorgan Quantitative Research?
JPMorgan Quantitative Research - QR - is one of the largest sell-side quant teams in the world, with around 700 quants spread across London (the largest office), New York, Hong Kong, Singapore and Mumbai. The function sits across the global investment bank and supports trading desks across rates, credit, equities, FX, commodities and structured products. JPMorgan QR has historically been considered one of the strongest sell-side quant teams, particularly in derivatives modelling - the firm's quant culture was largely shaped by Peter Carr in the 2000s and continues to influence how the function operates.
This guide covers what JPMorgan QR actually does, the salary structure by level, the interview process and how the role compares to other sell-side and buy-side quant paths. For broader career context, see our quantitative analyst career guide.
Salary by level: Numbers below are illustrative estimates from public reporting and anecdotal candidates - not official JPMorgan figures. Actual packages vary by desk, location, year, and performance.
What JPMorgan QR Does
QR's work splits into four main domains:
Pricing Models
Building and maintaining the pricing models the trading desks use. JPMorgan has historically been particularly strong in rates and credit derivatives modelling. Quants build the models, validate them against market data, and respond to desk requests for new instruments or model improvements.
Risk Models
Independent validation of front-office models, regulatory model work, and the firm's market risk and counterparty risk modelling. Significant regulatory oversight; the work is mid-office but technically demanding.
Strategic / Cross-Desk Quant Research
Larger projects spanning multiple business lines - XVA frameworks, capital optimisation, machine learning applications across trading. These projects often last 12-24 months and have firm-wide impact.
Athena (proprietary platform)
JPMorgan's primary quant platform - similar in spirit to Goldman's SecDB. Athena is a Python-based pricing and risk system used across the firm. Some of QR's work involves building and extending Athena itself, which is closer to a software engineering role.
Roles Within QR
| Role | Focus | Typical career path |
|---|---|---|
| Quantitative Researcher | Pricing models, desk support | 2-3 years to Associate; 4-6 years to VP; 8-12+ years to Executive Director |
| Model Risk | Independent validation, regulatory work | Similar progression but lower comp ceiling |
| Quant Developer | Athena platform development, library maintenance | Cross-trains with QR; some careers move into pure dev or pure QR over time |
| Strategic QR | Cross-desk projects, XVA, capital | Senior track; usually requires 4+ years prior experience |
Salary by Level
JPMorgan QR sits in the upper tier of sell-side quant compensation, broadly comparable to Goldman Sachs Strats and Morgan Stanley quant divisions. Approximate New York comp:
| Level | Years experience | Base | Bonus | Total comp |
|---|---|---|---|---|
| Analyst (Year 1) | 0-1 | $110,000 - $130,000 | $30,000 - $60,000 | $140,000 - $190,000 |
| Analyst (Year 2-3) | 1-3 | $130,000 - $160,000 | $50,000 - $100,000 | $180,000 - $260,000 |
| Associate | 3-5 | $160,000 - $200,000 | $80,000 - $200,000 | $240,000 - $400,000 |
| Vice President | 5-9 | $200,000 - $280,000 | $150,000 - $400,000 | $350,000 - $680,000 |
| Executive Director | 9-13 | $280,000 - $375,000 | $300,000 - $700,000 | $580,000 - $1.1M |
| Managing Director | 12+ | $400,000+ | $600,000 - $2M+ | $1M - $2.5M+ |
London compensation is approximately 25-30% lower in nominal terms at each level (£95,000 to £140,000 first-year total comp).
For broader UK-specific salary context, see our quant finance salary guide UK.
The Interview Process
Stage 1: Application and HireVue
JPMorgan uses HireVue for an initial pre-recorded video interview, with both behavioural questions and a brief technical component. The format favours candidates who practise speaking concisely on camera.
Stage 2: Online Assessment
A coding assessment (HackerRank platform) for technical roles. The bar is moderate - LeetCode easy-to-medium - with emphasis on cleanliness and correctness over algorithmic cleverness.
Stage 3: First-Round Technical Interview
A 45 to 60 minute video interview with a working quant. Expect probability, statistics, basic stochastic calculus and a discussion of your background.
Stage 4: Super Day
A full day at a JPMorgan office (or virtual). Four to five interviews of 45 to 60 minutes each. Interviewers cover:
- Probability and statistics (deeper than first round)
- Stochastic calculus and derivatives pricing (Ito's lemma, Black-Scholes derivation, Greeks, vol surfaces)
- Coding (live coding in Python or C++; usually a finance-flavoured problem)
- Behavioural and motivation (why JPMorgan, why QR, why this team)
Stage 5: Decisions
Offers usually arrive within 1 to 3 weeks of the Super Day.
For sample interview questions, see our quant interview questions guide and stochastic calculus interview questions.
How to Prepare
A four-week preparation plan for a JPMorgan QR interview:
Week 1: Probability and statistics foundations. A Practical Guide to Quantitative Finance Interviews (Xinfeng Zhou) chapters 1 to 5.
Week 2: Stochastic calculus. Stochastic Calculus for Finance Volume 2 (Steven Shreve) chapters 1 to 5. Understand Ito's lemma, Brownian motion, and Black-Scholes derivation thoroughly - JPMorgan's interviews are particularly strong on this material.
Week 3: Pricing models and product knowledge. Options, Futures and Other Derivatives (Hull) chapters 9 to 17. Read about the specific desk you're interviewing for - rates traders should brush up on swaption pricing, credit traders on CDS mechanics.
Week 4: Mock interviews and JPMorgan-specific knowledge. Two full mock onsites. Read JPMorgan's recent earnings releases and any quant-relevant news affecting the firm.
For broader context, see our Greeks and volatility in options and option pricing models explained guides.
Career Path and Exit Options
JPMorgan QR is a strong launch pad with three common career trajectories:
Stay at JPMorgan. The QR function has long tenure. Career progression to VP and Executive Director is well-defined. The firm has grown its quant function aggressively and rewards strong performers.
Move to a hedge fund or systematic trading firm. A common path after 3-7 years. JPMorgan QR alumni populate quant teams at every major buy-side firm. The compensation step-up is significant (often 50-100%+).
Move to fintech or a tech firm. A growing path. JPMorgan QR alumni now work at Stripe, Bloomberg, Two Sigma, and various crypto-native firms.
For typical exit destinations, see our investment bank quant roles guide.
Frequently Asked Questions
How much do JPMorgan Quant Research graduates earn?
In New York, total first-year compensation is typically $140,000 to $190,000 (base $110-130K, bonus $30-60K). In London, £95,000 to £140,000.
Is JPMorgan QR front office or middle office?
Pricing model QR is front office; risk model validation is middle office. Compensation differs accordingly - front office QR earns meaningfully more at senior levels.
What is Athena and why does it matter?
Athena is JPMorgan's proprietary Python-based pricing and risk platform, similar in concept to Goldman's SecDB. New QR hires learn Athena in their first months and most production work happens within it. Familiarity with Python is essentially required because of this.
What programming languages should I know?
Python is the dominant language at JPMorgan (because of Athena). C++ appears in some performance-critical pricing libraries. Java is heavily used in technology functions but less so in pure QR. Strong fluency in Python is the practical baseline.
Does JPMorgan QR recruit from non-target universities?
Yes, somewhat more than the broader investment bank. Strong technical interview performance can compensate for university brand, particularly via the HireVue and OA stages.
How does JPMorgan QR compare to Goldman Sachs Strats?
Both are upper-tier sell-side quant functions. Compensation is broadly comparable at all levels. Goldman Strats is slightly more visible externally and has a longer Strats-specific brand history. JPMorgan QR is particularly strong in rates and credit derivatives modelling. We have a Goldman Sachs Strats guide covering Goldman specifically.
How does JPMorgan QR compare to Barclays QA?
JPMorgan QR is generally larger, more prestigious externally, and pays slightly more at senior levels. Barclays QA is comparable in technical depth and has historically been particularly strong in structured credit and rates. We have a Barclays Quantitative Analyst guide covering Barclays specifically.
Can I move from QR to a trading desk?
Yes, and it happens regularly. The most common move is from desk-supporting QR into a desk quant role on the same trading floor, then potentially into a trading role.
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