Hey guys,
I am going to be starting as a first year analyst at an Investment Bank in Chicago and was wondering what vacation time would be like. I was told to not really expect a full weekend off the first year, but I am more wondering about major/national holidays (Christmas time, New Years, Memorial Day, 4th of July, etc..). Should I expect to have a few days off or will I most likely still be working a few hours a day? Any advice would be awesome as well as some personal experiences. Thanks!
"You've got good grades, the right major, interesting and relevant work experience and extracurriculars, but your CV looks a lot like all the other CVs in this pile".
- My career advisor in Sophomore year of university, when I expressed interest in investment banking
It was true. I had good grades, was a finance major and was a member of the faculty's Investment Club in addition to holding a leadership position at a student-run non-for-profit.
But I didn't make the ranks of those with a 3.9 or 4.0, who's CVs were usually picked up first. My work experience, although in the financial services industry, had nothing to do with investment banking, corporate finance or the financial markets. Furthermore, I did not hold an executive position at my faculty's investment club, as I preferred engaging in various projects while still in university.
But most importantly, I was attending a Canadian semi-target university as a non-US international student. With the important supply of quality candidates, banks in Canada and the US often lean towards students that check all the boxes. One of those boxes obviously being practicality, and thus, Visa clearance.
"You've got to find an edge, something to differentiate yourself from the other candidates. Find a niche where you can excel, your own comparative advantage".
Although this might sound obvious, my advisor's advice changed my way of approaching investment banking recruitment.
I took a good look at myself and my peers and realized that proportionally, there weren't a lot of competitive Europeans with language skills in the finance program of my Canadian university. I decided to focus my efforts on London, UK.
This meant applying for an exchange semester at one of the best business schools in the old continent (which coincidentally was near my hometown) for next Fall, networking intensively with London-based professionals during my summer stint in The City, and also reshaping my CVs and cover letters to highlight my multicultural background and experience.
This was a long shot, not to mention a big personal investment, but it worked -- I will be joining a top EB in London this summer.
And now, it's your turn to take a good look at who you are and what you have to offer. It can be anything, as long as it's relevant and useful to the position you're gunning for.
Are you studying Computer Science on the side, or at school? Figure out which banks are having a high deal flow in their TMT teams and brand yourself as someone that can not only put together a pitch book and spread comps, but that can also understand the specifics of the companies you'd be working on.
Are you an international student at a good university with the hopes of making it big on Wall Street, Bay Street or in The City? Maybe it's time to refocus yourself on your homeland and show them what you learned from your professors and peers at that prestigious western university you went to. You can always figure out a way to move to the city of your dreams once you have a couple years of experience in the industry.
Are your parents in real estate? Great. Try to express how much the exposure to the industry sparked your interest for property deals and reach out to as many RE bankers as you can. Chances are, maybe you can try to get a part-time internship at your parents' business to seal the deal.
These are just examples, but the concept is applicable to many things. And yes, the tall, charismatic and handsome American kid, president of the Investment Club and on the Dean's List will still get that well-deserved MS M&A stint, but that doesn't mean there's no room for you too.
Now show them what you're made of.
Is anybody here that works in Investment Banking married? Alternatively, do you know anyone who is married and is a junior banker in IB? How does one make both work?
Mod Note (Andy): This was originally posted on 4/24/14.
The Wall Street Oasis Investment Banking Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the investment banking industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate here. If you think we missed a post that should be included in the Hall of Fame, please e-mail Andy@wallstreetoasis.com the request.
To clarify, I'm not looking for lists of helpful Excel shortcuts as those already exist. Are there any specific shortcuts that you have found, looked up, or hard-coded that you enjoy using?
Does anyone know about situations where a less experienced analyst lands a PE/corp dev/Associate role? For example, <1st year IBD Analyst moving to PE as an analyst. What would the role entail? Is it just mainly pulling numbers together, editing slides, or updating Excel files to make more current?
What do people do when they have never run a deal but then move to PE or corp dev or even as an Assoc. 0 at another shop?
I work in the Los Angeles office of our bank. Ever since I was in college, I wanted a Burberry Trench coat and now that I have money saved up, I'd like to buy one. The thing is, I try to keep my outfit very muted and conservative by avoiding any logos or company specific branding (Hermes ties with "H", Gucci Horsebit Loafers, Goyard geometric designs, etc.)
The thing with a Burberry Trench is that most people who know what a Bureberry Trench looks like will be able to spot it a block away.
My managing director is pretty fashionable (though that's only because his wife is a fashion designer). Everyone in the office has either a LV/Goyard/Hermes wallet or purse. All of the female employees above VP, seem to wear expensive dresses. My managing partner though doesn't seem to care about clothes.
Do you guys think it'll be fine or should I just wait til I'm at the associate/VP level?
Hi everyone,
I'm new to WSO and having big problems trying to get my balance sheet to balance.
From 2017 onwards my balance is jumping by about 5k a year, i have split it out into full change in difference and half change in difference to help try and identity the error.
If anyone can offer and tips or advice, that would be greatly appreciated.
Please note columns N and P have been split out to see every balance sheet change in the hope of identifying the error.
File is attached.
TY!
I recently reached out to someone at the firm I will be interning at this summer to conduct an informational interview. My main goal was to figure out what I can start doing to prepare for my internship so that I can shorten the learning curve when I start. After I was out of questions I asked whether he/she had any questions for me. I immediately got a question I wasn't prepared for and felt like I was once again in the interview chair and the pressure was on. Our conversation prior to this was pretty lax so when I was asked "what do you want out of this internship?" I froze for a second. A simple, strait forward question but also one that I felt could make or break the entire call. I ended up giving a spot on answer that he/she agreed with and the call ended on a great note...but what if I hadn't given a favorable response? What if I completely shit the bed and this person started questioning the recruiting team's decision to hire me? Then I'd be a step behind everyone else when I start this summer.
I thought having a chat with a team member could only help me because it would show that I'm being proactive. But when I was asked this question I immediately realized that I was treading on thin ice.
My point is this: only reach out to someone at the firm you'll be at if you're confident that it will go well. And for God's sake go over some of the basic Q&As you rambled off a million times during recruiting season so you don't sound like an idiot.
What is everyone's take on this topic? Have you been on either end of one of these phone calls? What do you think about having interns/first years reach out to team members prior to starting?
Thanks y'all and stay classy,
-- RB
Hey guys,
So I've been trying to get into finance/investment banking/equity research for quite some time. I have an undergrad in econ and a master of accountancy from a CSU that isn't too high on anyone's radar. I think I've hit the point to where I can admit that I've failed and I will continue to fail unless I do something to drastically change my life position. After speaking with professionals in the ER space, they left me with the inclination to take the CFA exams and use those channels to break in. I'd registered, bought the expensive exam material, studied, and have a test scheduled in June, which I have just decided I am not going to take.
I've decided to redirect my resources and attentions to getting into the HAAS part-time MBA for Fall 2017. I feel like this should have been my choice from the beginning and it will give me the greatest chances of landing the career that I want.
My first step is going to be to retake the GMAT because the first time that I took it I hadn't studied and received a subpar score, which was at least good enough to get me into the graduate program at the State School but it is definitely not a good enough score for HAAS.
If anyone has any comments or suggestions, I would love to hear them. I'm very happy with my decision to go for this and skip out on the CFA exams, but now I've got to work my hardest to get into this program.
I Currently attend Fordham University. I Was accepted to BU Questrom and Northeastern D'Amore-McKim as a transfer and I am deciding on where to transfer (or stay) for a future career in Wall Street/Finance. [Specifically Real Estate Finance related]. I would be coming in as a junior. Which school would be better off in terms of recruiting, alumni, and finance reputation for breaking into the street/real estate.
Hi everyone. I'm just wondering if anyone knows anything about the financial modelling/project finance advisory firm called Operis, based in the UK. They seem like they have high-calibre people, a strong client base and great training, but it is still a pretty small firm (~50 people) so I can't find much information on how powerful its name brand is or the exit opportunities available.
Thank you.
Did community college in Southern California. Got into top two UC's but have to decide between them.
I am probably going to consult a lawyer on this, but want to see if any community member has a feel on this issue as well.
I am currently sitting on a beach on a 6 month garden leave, having signed an offer (employment agreement) for another hedge fund 5 months ago as an execution trader. In the employment agreement, it outlines that if "following the termination of employment" of the new job, there will be a 2 month mandatory notice period (paid), followed by 6 month non-compete period (unpaid).
A better job opportunity has come around and I am considering reneging. Does anyone know if the notice period and non-compete for the firm I signed for is enforceable, keeping in mind that
1) the employment is stated as at-will
2) no money (signing bonus) has changed hands yet
In other words, for your run off the mill offer letter (not contract with fixed terms, or upfront bonus), are the notice periods/non-compete clauses effective at signing, or at start of employment? Is reneging consider "terminating" an employment, or just "cancelling" an employment that will never start?
So I am a recent graduate from a semi-target, 3.7 who landed a SA position at a MM firm right after graduation. Wondering what are the necessary steps I need to take to lateral after this summer to a BB FT (possibly starting in January or later). Also, I realize the importance (and necessity) of networking and wondering if it is too early to start considering most firms have just started their internship cycle and since they take a large majority of their FT analysts from their intern class, I want to take that into consideration.
Currently, my first priority is to impress at this internship for the experience and recommendation. And I have a decently large amount of contacts in the city I am targeting from previous "reach out" attempts the summer before so I assume I would call upon them again (and of course new contacts) for help.
Any advice would be greatly appreciated, thanks!
Hi everyone!! My first post around here, happy to have you guys and your knowledge.
So here is my situation: I wanted to enter M&A, I love the kind of work you do while advising companies buying, desinvesting, financing a LBO, finincing new adquisitions etc. I also love the money involve, though :P
However, I haven't had the opportunity to make it to a bank. While searching, and due to not having landed an offer and having recently graduated, I have had the opportunity to get these offers. My problem is I don't know which one would be better with the best career exit opps:
- Real Estate small boutique, specialized in my country. Hours are normal, but I don't think many opportunities to be made. Maybe to a small/medium PE firm that wants to invest in my country (european) or they have HQ in it? Maybe to a bank's IB RE department? I win little compared to what is considered normal, but I work normal hours.
- Restructuring in a big4. Right so this opportunity may seem bad for some of you, but in Europe the big 4 are bosses doing the restructuring (in fact this firm has done by large the biggest and most of the restructuring in the country). I will work 24/7.
- Industry M&A (waiting to see which) in a big4. But not "pure" M&A. So I'm not sure if this is much worse (I read recently it is mostly the same but specialized in an industry). I will work a little bit than normal hours though.
The thing is, I don't want to specialize right now. I don't know where my career path will led me in the future: I like corporate development as much as working at a HF or PE.
So can I get a little council of you? Is there a clear path to follow to make my cv more general? Are the hours in HF very different from those of PE? Can I move my career path with all three options the same way, or will they mostly specialize me in a sector? Also I'd like to know how is corporate development rather than PE/HF?
If I choose RE, will I be able to move from an small boutique to an international fund?
If I choose restructuring, can I move to a HF or to do leverage finance? Will I be able to switch after that?
If I choose the industry but find out i'd like to go to a PE, will I be able to make it? Or only in the industry I chose and have worked at?.
Maybe choose whatever and try to change to IB in say, 2-3 years?
I can imagine most of the answers will be that "it depends" on me but I'd really like to know your opinion on the different situations and which path will be "more advisable" so as to switch in the future. I really love the world of M&A, finance and even the debt. However I don't feel like I'd like to do the same thing throughout 30 years, but rather change around 8 or 10.
Thank you for everything!!!!
Hello everyone,
I complete my undergrad degree in December, I am planning on going into IBD. Does anyone know anything about starting at a bank in January or February. As I am graduating in December, I don't want to sit around until the summer when everyone else starts, I would rather begin working in January.
Is it harder to begin off-cycle? Any thoughts or opinions on this would be greatly appreciated.
Hi everyone,
I recently got interested in this as a possible career path. I did research on females in IB, but a lot of what I found was just about how horrible it is. Or I end up on pages about gold diggers targeting male IBers. Just trying to get some insight on how females are perceived in the field, and some experiences from you if you're female.
I always hear about the frat-like feel, models and bottles etc .. But where do the girls fit in here ? What is the male to female ratio like ? Do the females hang out separately from the males, or do they join in on the bottle popping ? What about the females on the higher ranks of this career ? What do you think is generally the kind of girl that goes for this field ?
About me: Girl. 20 yrs old, senior (BBA). Love finance, trade in my free time. Caribbean. Studying, born and currently living in Amsterdam, the Netherlands (moving to USA in the following years).
I know I have quite a bit going against me for this (foreigner currently, minority female, found out about IB late, attending foreign non-target university) .. Any advice is welcome.
There are units within IB that translate better to buy-side jobs, but which desk specifically do HFs recruit most from? Why do HFs see the skills acquired on these desks more desirable? What units specifically and at which banks are the most desirable from the perspective of a HF recruiter? Restructuring? Lev Fin? M&A?
Hey! I just moved back to Michigan a couple weeks ago from NYC. Where are all the Michigan monkeys at? Looking to see if there's anyone on here that is working in the Metro-Detroit area.
