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Investment Banking Recruiting

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Re: Investment Banking Recruiting [#permalink] New post 24 Jan 2009, 16:50
djhouse81 wrote:
MeddlingKid wrote:
Thanks, DJ. Unfortunately, my SAT score is nothing to write home about. If I could use my ACT score instead, I certainly would. But even that score, although better, may be lower than many would-be bankers I will be competing with. Unfortunately, I wasn't under the impression that I needed to study or prepare for the SAT, so I took it cold. Hopefully they don't assume I can't handle the rigors of finance work based on lack of preparation on a standardized test 12 years ago.


Don't worry about the SAT, seriously. With your GMAT score it is without a doubt 100% a non-issue. You're going to Booth and you have a stellar GMAT score. Just rock the recruiting process and try to get solid grades in all of your classes...ESPECIALLY corp fin and accounting.


Will do! Thanks again, dj.
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Re: Investment Banking Recruiting [#permalink] New post 24 Jan 2009, 21:21
With regards to Ibanking recruiting, what's considered a good SAT score? Anything above 1400?
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Re: Investment Banking Recruiting [#permalink] New post 24 Jan 2009, 23:51
djhouse81 wrote:
MeddlingKid wrote:
Thanks, DJ. Unfortunately, my SAT score is nothing to write home about. If I could use my ACT score instead, I certainly would. But even that score, although better, may be lower than many would-be bankers I will be competing with. Unfortunately, I wasn't under the impression that I needed to study or prepare for the SAT, so I took it cold. Hopefully they don't assume I can't handle the rigors of finance work based on lack of preparation on a standardized test 12 years ago.


Don't worry about the SAT, seriously. With your GMAT score it is without a doubt 100% a non-issue. You're going to Booth and you have a stellar GMAT score. Just rock the recruiting process and try to get solid grades in all of your classes...ESPECIALLY corp fin and accounting.

DJ, since I have to put something down in my pre-collegiate standardized test slot, will the banks allow me to use my ACT score in place of an SAT score?
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Re: Investment Banking Recruiting [#permalink] New post 25 Jan 2009, 21:38
swbluedevil wrote:
With regards to Ibanking recruiting, what's considered a good SAT score? Anything above 1400?


Not sure. To be honest, I've seen one SAT score on a resume and it's a 1600. You'll be asked for it on the IB application and that's it.
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Re: Investment Banking Recruiting [#permalink] New post 25 Jan 2009, 21:41
MeddlingKid wrote:
DJ, since I have to put something down in my pre-collegiate standardized test slot, will the banks allow me to use my ACT score in place of an SAT score?


You'll have the opportunity to put numerous scores down. SAT, ACT, LSAT, GRE, and, of course, GMAT.
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Re: Investment Banking Recruiting [#permalink] New post 25 Jan 2009, 22:53
djhouse81 wrote:
MeddlingKid wrote:
DJ, since I have to put something down in my pre-collegiate standardized test slot, will the banks allow me to use my ACT score in place of an SAT score?


You'll have the opportunity to put numerous scores down. SAT, ACT, LSAT, GRE, and, of course, GMAT.

Think they'll mind if I, uh, leave the SAT field blank? :-D
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Re: Investment Banking Recruiting [#permalink] New post 26 Jan 2009, 07:35
Hey DJ, can you give us a brief recap of how the past two weeks have gone with banking recruiting? How were 1st round interviews? How many banks did you interview with, get call backs for 2nd rounds? How were your peers faring? Similar story, or not? What were the percentages for offers?

Any information would be greatly appreciated. Thanks!!
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Re: Investment Banking Recruiting [#permalink] New post 26 Jan 2009, 09:11
djhouse81 wrote:

I-bankers don't miss much, so they'll probably notice that you left it blank and ask you why you left it off. Not to ding you, but just to throw you off your game. I would just put it in, and it will be a non-issue. Remember, most ibankers are MBA grads (this means that most are career switchers, very few leave ibanking to get an MBA just to get back into ibanking, and then some have foregone bschool altogether because they are moving up fine without it), so they might not have great SATs but a stellar GMAT. They are not about to ding you if you have the same credentials as them, if not better.


Very good insight - Kudos!
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Re: Investment Banking Recruiting [#permalink] New post 26 Jan 2009, 11:36
djhouse81 wrote:
MeddlingKid wrote:

You'll have the opportunity to put numerous scores down. SAT, ACT, LSAT, GRE, and, of course, GMAT.

Think they'll mind if I, uh, leave the SAT field blank? :-D


I-bankers don't miss much, so they'll probably notice that you left it blank and ask you why you left it off. Not to ding you, but just to throw you off your game. I would just put it in, and it will be a non-issue. Remember, most ibankers are MBA grads (this means that most are career switchers, very few leave ibanking to get an MBA just to get back into ibanking, and then some have foregone bschool altogether because they are moving up fine without it), so they might not have great SATs but a stellar GMAT. They are not about to ding you if you have the same credentials as them, if not better.[/quote]
Very helpful, thanks dj! Kudos to you, sir.
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Re: Investment Banking Recruiting [#permalink] New post 26 Jan 2009, 22:44
jb32 wrote:
Hey DJ, can you give us a brief recap of how the past two weeks have gone with banking recruiting? How were 1st round interviews? How many banks did you interview with, get call backs for 2nd rounds? How were your peers faring? Similar story, or not? What were the percentages for offers?

Any information would be greatly appreciated. Thanks!!


I can give you some info on my past two weeks, but give me a few days to think of good information to write that will add value in addition to pelihu's guide. My experience was grueling, yet it ended well, and I think I have some good info relevant to the current economy. Will get back in a few days.
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Re: Investment Banking Recruiting [#permalink] New post 27 Jan 2009, 05:59
Thanks DJ!! Look forward to your write-up, and really I'm just most interested in your personal experience, especially in this difficult hiring environment.
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Re: Investment Banking Recruiting [#permalink] New post 27 Jan 2009, 07:45
djhouse81 wrote:
jb32 wrote:
Hey DJ, can you give us a brief recap of how the past two weeks have gone with banking recruiting? How were 1st round interviews? How many banks did you interview with, get call backs for 2nd rounds? How were your peers faring? Similar story, or not? What were the percentages for offers?

Any information would be greatly appreciated. Thanks!!


I can give you some info on my past two weeks, but give me a few days to think of good information to write that will add value in addition to pelihu's guide. My experience was grueling, yet it ended well, and I think I have some good info relevant to the current economy. Will get back in a few days.


I am very interested to hear about it as well, dj. Thank you for offering to share!
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Re: Investment Banking Recruiting [#permalink] New post 30 Jan 2009, 09:52
I take it we're all waiting eagerly for djhouse's feedback in IB recruiting? Anyone else from GC going through IB recruiting?
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Re: Investment Banking Recruiting [#permalink] New post 30 Jan 2009, 13:40
We are all waiting with bated breath!!
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Re: Investment Banking Recruiting [#permalink] New post 30 Jan 2009, 20:55
Congratulations and thank you for the write up, djhouse81!
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Re: Investment Banking Recruiting [#permalink] New post 31 Jan 2009, 09:58
Nicely done, djhouse! Do you (or others) have recommendations for career changers wanting to transition into IB as far as summer prep (books on financial modeling, etc)?
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Re: Investment Banking Recruiting [#permalink] New post 31 Jan 2009, 10:57
Thanks for the great debrief djhouse81!

As a follow-up to sonibubu's question, how successful were career-changers with IB recruiting this year (specifically, people with no finance background - e.g. engineers)?
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Re: Investment Banking Recruiting [#permalink] New post 31 Jan 2009, 12:41
Thank you so much DJ!!! That was very helpful. Also, if it's not too much, could you maybe add some more personal experience? Specifically, maybe the following:

Which banks came on campus, and which did you have to source yourself?
I'd be curious to understand who you ended up interviewing with during first rounds? How many banks?
How did your efforts during the fall translate to success in getting on closed lists?
Did you see many differences between how the firms recruit?
Who did you interview with during Super Saturdays?
Were you looking for a specific product or group, and did that affect how you targeted firms?
Also, how does selecting or interviewing for a specific office work? Say I want to be at MS in SF or CS in LA, for example.

Personally, I would love to work in TMT or Energy capital markets or as a M&A generalist. Did you find you needed to specifiy that far or could you be a little more generalist than that?

Thanks again for all of your help. If some of that information is too personal, then I can understand you choosing not to share that information.
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Re: Investment Banking Recruiting [#permalink] New post 31 Jan 2009, 21:35
I think everyone that is going to do banking should pick up this book before school. It is very highly recommended.

http://www.scoopbooks.com/ourbooks_2.php
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Re: Investment Banking Recruiting [#permalink] New post 31 Jan 2009, 21:46
Kellogg Mock Interview Questions

http://www.kellogg.northwestern.edu/student/club/finance/docs/Mock%20Interview%20Questions%20v2.doc

Also, from a different PPT. The number of Kellogg Alumni at each investment bank, circa 2005.

160 at Merrill Lynch
118 at Morgan Stanley
94 at Lehman Brothers
73 at Citigroup
63 at Goldman, Sachs & Co.
59 at JP Morgan Chase
45 at HSBC
38 at Deutsche Bank
Re: Investment Banking Recruiting   [#permalink] 31 Jan 2009, 21:46
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