If you’re looking to break into investment banking, this is a must-read edition of our ongoing series Real Humans: Alumni in which recent MBA graduates share their journeys to their post-MBA roles. JPMorgan Chase traces its roots back to 1799, making it one of the oldest financial institutions in the United States. Over the centuries, it has played a crucial role in shaping the global banking industry, from financing the construction of the Panama Canal to supporting major tech IPOs. Today, professionals like Denise Liu, Berkeley Haas MBA/MPH ’23, are continuing that legacy in investment banking. Read on for Denise’s insights into her MBA journey, her passion for healthcare finance, and what drew her to JPMorgan Chase.
Denise Liu, Berkeley Haas MBA/MPH ’23, Investment Banking Associate at JPMorgan Chase & Co.
Name: Denise Liu
Age: 32
Hometown: Toronto, ON, Canada
Undergraduate Institution and Major: Ivey Business School at Western University, Business Administration
Pre-MBA Work Experience: Financial Analyst at GoodLife Fitness, two years; Management Consultant at Qral Group, four years
Post-MBA Work Experience: Investment Banking Associate, JPMorgan Chase, eight months, health care
Why did you choose to attend business school?
I truly enjoyed my experience in biotech consulting, where I had the opportunity to help companies bring potentially life-saving drugs to patients. However, I quickly realized that healthcare extends far beyond just treating illnesses—it’s a complex system shaped by everything from the food we eat to the ZIP code we live in.
I wanted to dedicate time to deepen my learning and explore areas of healthcare that fascinated me but that I hadn’t had the opportunity to work on directly in my job. Business school felt like the perfect environment to step back, broaden my perspective and engage with new aspects of the industry in a meaningful way.
Why Haas? What factors figured most prominently into your decision of where to attend?
A big reason I chose Haas was the dual-degree MBA/MPH program. I knew I wanted to stay in healthcare, but I also wanted to broaden my understanding of the entire ecosystem. The MPH side of my degree gave me exposure to healthcare economics, policy, and healthcare advocacy, which complemented my business education in a way that felt uniquely valuable.
Another key factor was class size and community. I did my undergrad in a business program with a class of about 800 people, and while that had its benefits, I knew I wanted a smaller, more intimate environment this time around—one where I could really get to know my classmates and professors. Haas fosters a tight-knit culture where people are not only passionate about their work but also deeply supportive of each other, and that sense of shared values was really important to me.
I also considered location when choosing a school. Being in San Francisco—the birthplace of biotech—meant I’d be surrounded by some of the most innovative companies in the space. Whether it was biotech startups, VC firms, or major players in healthcare, I knew Haas would give me direct access to leaders shaping the industry.
What about your MBA experience prepared you for your current career?
More than anything, Haas introduced me to an incredible network of peers and mentors who played a crucial role in my recruiting process and continue to provide guidance in my career. From a technical standpoint, the MBA program offered a diverse range of finance and healthcare-focused courses, including financial modeling classes, that were particularly valuable in preparing me for investment banking.
My professors and the broader Berkeley healthcare ecosystem (Haas Healthcare Association, Biotech @ Berkeley, Nucleate, the Innovative Genomics Institute, etc.) connected me with incredible healthcare leaders across all kinds of companies and roles. This really helped me get a better sense of the industry as a whole and figure out where I saw myself fitting in.
What was your internship during business school? How did that inform your post-MBA career choice?
Because of my dual degree, I had the opportunity to complete two internships during business school—one in corporate development at Varian and another in healthcare investment banking at JP Morgan. Both were incredible experiences that reinforced my decision to stay in healthcare. I loved that they gave me exposure beyond just biotech and pharma, allowing me to explore different subverticals within the industry including medtech and healthcare services.
Why did you choose your current company? What factors figured most prominently into your decision of where to work?
I chose JPMorgan because it offered the right mix of team culture, broad healthcare exposure, and fast-paced, project-based work.
A big factor in my decision was the team. Investment banking has a reputation for being intense, so the camaraderie and sense of genuine support within the team really stood out to me, and that played a huge role in my decision to come back.
I also wanted to stay in healthcare but in a role that went beyond just biotech and pharma. JPMorgan’s healthcare investment banking group gives me exposure to a broad range of companies which has helped me build a more well-rounded understanding of the industry.
The work itself also appealed to me. I like fast-moving, project-based work with clear start and end points, and banking offers that structure. And whether I stay in finance long-term or pivot down the road, this role gives me a strong foundation for whatever comes next.
Advice to current MBA students:
—One thing you would absolutely do again as part of the job search?
Make the most of your network and resources at Haas. Your classmates, alumni, and professors are some of the best resources you have. Talking to people who had been in my shoes helped me gain clarity on what I wanted—and just as importantly, what I didn’t want.
—One thing you would change or do differently as part of the job search?
I would have spent more time exploring outside of healthcare. Even though I knew I wanted to stay in the industry, looking back, I wish I had pushed myself to learn more about other sectors because I find them really interesting. Business school is one of the few times you can explore without consequences—I wish I had taken advantage of that even more.
—Were there any surprises regarding your current employer’s recruiting process?
I was surprised by how much team fit mattered during recruiting. I expected the process to be heavily geared toward technical preparation, but at most banks, including JPMorgan, a big part of it was assessing culture fit. And that went both ways—I strongly felt like I was vetting each team to see whether I could see myself working long hours with them.
—What piece of advice do you wish you had been given during your MBA?
If you can, live with or near your friends and future classmates. It happened to me by luck that I ended up in the same courtyard as two of my classmates, and it turned out to be one of the best parts of my MBA experience. Some of my favorite memories are from our informal get-togethers, late-night conversations, and just being able to pop into each other’s places. The MBA flies by, and having that built-in community makes it all the more fun and memorable.
