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I-banking recruiting at Booth

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I-banking recruiting at Booth [#permalink] New post 10 Feb 2009, 08:49
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A current Booth student responded to my inquiry regarding ibanking recruiting at Booth this year and I wanted to share it w/ you all because it's actually very informative.
***************************************
these are solely my opinions and observations. i'm painting a bleek picture cuz it was a brutal year for recruiting in finance, but depsite all the bad news you hear about wall st., several of us still got internships, even some with multiple offers. even the most battered industry like S&T were still hiring!

Can you discuss if i-banking interest has waned compared to previous years (when 30% of the class went into i-banking) at Chicago?

I-banking interest waned a bit..... meaning that several classmates who would have been interested in I-banking when they applied to B-school, perhaps switched to consulting or IM due to the Wall St crisis. That being said, IBG membership was still strong this year at 150 students. now that's including S&T, research and IB. there were about 30-40 people interested in S&T, only a handful for research, and the rest IB. but i know alot of classmates that TRIED to recruit for IB and IM or IB and consulting. but that's really really tough. come january, i would say there were approc 75 people were really gung-ho on IB. several people decided to concentrate on consulting or IM instead. unfortunately, not all 75 got interviews. i don't know the exact number of people getting internships, but there were still quite a few, at least half of the 75. so if you can network and have a half decent resume, and you can interview well, i wouldn't worry too much for the Class of 2011.

Or is it more competition than before -- i.e. less jobs, equal number of applicants. Is IBG membership still huge as in previous years?

it is definitely more competitive than before. there were ALOT less spots than 2006 and even 2007. those were the boom years and almost anyone interested in IB coming from Chicago had a really good chance of landing an internship. this year, even some people who networked their butts off didn't get offers. the "bulge bracket" banks would interview 20-25 people, approx 10 would make it to the final round, and than only 1-2 people would get picked. that's how tough it was this year for some of the banks. in previous years, there'd be sometimes up to 8 spots at a bank (eg credit suisse or merrill) for chicago grads. with Bear (JPMorgan hired less, not more with the Bear acquisition), Lehman (Barclays hired less than Lehman typically did), Merrill (we still don't know how many people BofA are going to take), and UBS, Morgan, Goldman, Deutsche all hiring less, competition was really tough this year!! the boutiques were equally tough and really just looking at people with previous IB experience and some of them were just interviewing for the sake of making a presence on campus and as far as i know some of them didn't even offer internships. a big focus on bankrupcy and distressed M&A, especially Lazard, Perrella Weinberg, Miller Buckfire, Greenhill, etc

How about IM recruiting?

IM recruiting being HF/PE/VC or IM meaning asset management like Fidelity, Vanguard, etc, etc. HF/PE/VC is tough coming from Chicago. there are a few classmates who are successful, but they had connections coming in. IM recruiting is the latest and doesn't really get started until March or so. finance as a whole is taking a beating this year and i imagine it was tough as well. i didn't recruit for IM so i don't want to speculate. i hope you attend admit weekend where all the different student clubs will be represented and will be an excellent time for you to speak with IBG and IM clubs.

for IB, How difficult is it to get placed in NYC if applying from Chicago?

ALL the NYC banks recruit at chicago. most of the larger regional offices recruit at chicago as well like LA, palo alto, and obviously chicago. NYC still has the most number of spots and most of the banks centralized their recruiting efforts with the NYC office this year. there are sooooo many networking events in chicago where NYC bankers would fly in, and we also have NY bank week in december where you have ample amount of opportunity to meet NYC bankers. i think i met too many NYC bankers at Merrill and Credit Suisse!! but chicago students landed internships with all the big banks in NYC including goldman, morgan stanley, JPMorgan, etc, etc. for some reason, Blackstone IB really likes chicago students. but as mentioned earlier, i can't say definitively if all the boutique banks extended offers.

we're planning admit weekend right now. it should be very informative for students who have already committed and hopefully sway the ones who are undecided. chicago is a great school and not just a finance and economics school. people are getting offers from M/B/B consulting as well. it's such a great mix of students with amazing backgrounds. come to admit weekend and check it out for yourself.....
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Re: I-banking recruiting at Booth [#permalink] New post 10 Feb 2009, 09:24
sonibubu wrote:
A current Booth student responded to my inquiry regarding ibanking recruiting at Booth this year and I wanted to share it w/ you all because it's actually very informative.
***************************************
these are solely my opinions and observations. i'm painting a bleek picture cuz it was a brutal year for recruiting in finance, but depsite all the bad news you hear about wall st., several of us still got internships, even some with multiple offers. even the most battered industry like S&T were still hiring!

Can you discuss if i-banking interest has waned compared to previous years (when 30% of the class went into i-banking) at Chicago?

I-banking interest waned a bit..... meaning that several classmates who would have been interested in I-banking when they applied to B-school, perhaps switched to consulting or IM due to the Wall St crisis. That being said, IBG membership was still strong this year at 150 students. now that's including S&T, research and IB. there were about 30-40 people interested in S&T, only a handful for research, and the rest IB. but i know alot of classmates that TRIED to recruit for IB and IM or IB and consulting. but that's really really tough. come january, i would say there were approc 75 people were really gung-ho on IB. several people decided to concentrate on consulting or IM instead. unfortunately, not all 75 got interviews. i don't know the exact number of people getting internships, but there were still quite a few, at least half of the 75. so if you can network and have a half decent resume, and you can interview well, i wouldn't worry too much for the Class of 2011.

Or is it more competition than before -- i.e. less jobs, equal number of applicants. Is IBG membership still huge as in previous years?

it is definitely more competitive than before. there were ALOT less spots than 2006 and even 2007. those were the boom years and almost anyone interested in IB coming from Chicago had a really good chance of landing an internship. this year, even some people who networked their butts off didn't get offers. the "bulge bracket" banks would interview 20-25 people, approx 10 would make it to the final round, and than only 1-2 people would get picked. that's how tough it was this year for some of the banks. in previous years, there'd be sometimes up to 8 spots at a bank (eg credit suisse or merrill) for chicago grads. with Bear (JPMorgan hired less, not more with the Bear acquisition), Lehman (Barclays hired less than Lehman typically did), Merrill (we still don't know how many people BofA are going to take), and UBS, Morgan, Goldman, Deutsche all hiring less, competition was really tough this year!! the boutiques were equally tough and really just looking at people with previous IB experience and some of them were just interviewing for the sake of making a presence on campus and as far as i know some of them didn't even offer internships. a big focus on bankrupcy and distressed M&A, especially Lazard, Perrella Weinberg, Miller Buckfire, Greenhill, etc

How about IM recruiting?

IM recruiting being HF/PE/VC or IM meaning asset management like Fidelity, Vanguard, etc, etc. HF/PE/VC is tough coming from Chicago. there are a few classmates who are successful, but they had connections coming in. IM recruiting is the latest and doesn't really get started until March or so. finance as a whole is taking a beating this year and i imagine it was tough as well. i didn't recruit for IM so i don't want to speculate. i hope you attend admit weekend where all the different student clubs will be represented and will be an excellent time for you to speak with IBG and IM clubs.

for IB, How difficult is it to get placed in NYC if applying from Chicago?

ALL the NYC banks recruit at chicago. most of the larger regional offices recruit at chicago as well like LA, palo alto, and obviously chicago. NYC still has the most number of spots and most of the banks centralized their recruiting efforts with the NYC office this year. there are sooooo many networking events in chicago where NYC bankers would fly in, and we also have NY bank week in december where you have ample amount of opportunity to meet NYC bankers. i think i met too many NYC bankers at Merrill and Credit Suisse!! but chicago students landed internships with all the big banks in NYC including goldman, morgan stanley, JPMorgan, etc, etc. for some reason, Blackstone IB really likes chicago students. but as mentioned earlier, i can't say definitively if all the boutique banks extended offers.

we're planning admit weekend right now. it should be very informative for students who have already committed and hopefully sway the ones who are undecided. chicago is a great school and not just a finance and economics school. people are getting offers from M/B/B consulting as well. it's such a great mix of students with amazing backgrounds. come to admit weekend and check it out for yourself.....



thanks! +1
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Schools: Chicago Booth, Class of 2011
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Re: I-banking recruiting at Booth [#permalink] New post 10 Feb 2009, 13:16
Definitely useful info - in particular for those who are Chicago bound.
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Re: I-banking recruiting at Booth [#permalink] New post 10 Feb 2009, 17:18
Wow, if only half are getting internships in IB, and they all are gunning for IB...that's really tough, especially since the students that are admitted to Booth are already top notch candidates.

I am not sure if I am missing something here, but I am assuming most of the Booth students would know how to interview, and network. So it really comes down to the banks cherry picking. Half of 75 is less then the number of people entering Booth with prior finance background, which would almost imply that career changers would have a harder time landing IB jobs.
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Re: I-banking recruiting at Booth [#permalink] New post 10 Feb 2009, 18:14
thanks!! +1
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Schools: Stanford R1, Wharton R1 w/int, Chicago R1, HBS R2
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Re: I-banking recruiting at Booth [#permalink] New post 02 Jul 2010, 09:54
Anyone have an idea how IB recruiting went at Booth this past cycle? Hopefully somewhat better than the '09 recruiting cycle, but things still seem pretty slow.

Also, what do you guys think about simultaneously recruiting for IB and IM? Is this even possible, or are the hours required to do all the networking events for one or the other just too demanding? Also, does it raise concerns if you're recruiting with the banks but you're also involved with the IM group on campus?? I suppose I really just need to figure out which I want to focus on this summer before I get out there - but it's really a tough choice.
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Re: I-banking recruiting at Booth [#permalink] New post 02 Jul 2010, 10:07
jankynoname wrote:
Also, what do you guys think about simultaneously recruiting for IB and IM? Is this even possible, or are the hours required to do all the networking events for one or the other just too demanding? Also, does it raise concerns if you're recruiting with the banks but you're also involved with the IM group on campus?? I suppose I really just need to figure out which I want to focus on this summer before I get out there - but it's really a tough choice.


You have two resumes, listing applicable clubs and focusing on the more important items.

Recruiting IM and IB will be hard or impossible, depending on what IM you want. Not much IM recruiting is in the fall, so you already can't do a lot of it as your offer from an IB will expire before they even start looking in IM. There are one or two in the fall but I wouldn't fancy your chances. Given the small number of IM jobs, being 50/50 on IB and IM won't be enough for IM, and others will likely get the job (unless you are spectacular in some way). You can get into IB simply by being good at networking and smart as the capacity to recruit is there.
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Re: I-banking recruiting at Booth [#permalink] New post 02 Jul 2010, 12:21
Thanks.

Yeah. That's what I was afraid of... I think no matter what, as a career changer I'm going to face an uphill battle to get into either industry, so I'll likely need to commit all my energy to one or the other. It just scares me that six months ago I was dead sure I wanted to do IM, and now already (before school even starts) I'm beginning to rethink that.
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Re: I-banking recruiting at Booth [#permalink] New post 06 Jul 2010, 13:04
I didn't recruite for IB, but I had this feeling that IB recruiting at Booth was relatively good this year. If you are a current or admitted student, you have access to very detailed info on internship (you can see who is going to which company). I briefly went through the list once and many BB banks poped up. I think there were close to 20ppl going to JPM alone. I didnt distinguish between IB or ST jobs, but if you are interested and have access to that data, take a look!

I think MC fared worse compared to IB.
Re: I-banking recruiting at Booth   [#permalink] 06 Jul 2010, 13:04
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