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Investment Banking Recruiting

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Investment Banking Recruiting [#permalink] New post 26 Dec 2008, 08:15
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Fellow GMATclubbers,

I wonder how the rest of you aspiring IB professionals are doing in IB recruiting. At Yale, we still have 8 bulge banks coming to campus with 2 middle market and a few small firms. We are hearing they are still hiring about 15 with about 20 to 25 total offers from the class out of 25 interested in Corp Fin (class size only 190). This number seems high considering the market.

How are other members/schools doing?
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Re: Investment Banking Recruiting [#permalink] New post 30 Jan 2009, 20:29
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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!!



Ok, here it goes. To start off, I received an offer from my top choice, I have accepted, and I will be interning there this summer. I don't want to give the name of the bank, but it is bulge. However, take my advice as you see fit.

Recruiting:
The entire first semester you will have your academic classes plus an extra class and a half called IB recruiting. This entails events, informational interviews, writing thank you emails that are all unique yet say essentially the same thing. This will keep you up late, and then your classes will keep you up even later. This is what turns most people off, and the recruiting list declines.

You have to be on your game with recruiting the entire time. This means that to give yourself the best chance, you must start as soon as firms come on campus. If you wait you will most certainly make fewer and fewer closed lists because bankers want people who are 1000% IB from the get go. Also, being on your game means not giving in to exhaustion or resting on your laurels. You might have a lot of work and you don't want to go to your 5th firmwide event in a given week, but you have to muster up the energy. The reason being is that if bankers don't know you they will not give you an interview...simple as that. The same thing goes for talking to bankers at events. You might have talked to 5 of the 6 in the room, and you are exhausted. Too bad, make sure you talk to the sixth. You want them all to know you and like you. That's how you get invited to dinners and eventually to interview. What worked for me is that I kept telling myself to just stick it out because the rewards of having an offer is worth every ounce of effort and then some. You don't want to be offer-less and have to continue the grueling process just because you gave in to exhaustion once or twice.

Grades:
Grades matter, don't let anyone tell you otherwise. If your school allows you to report your grades, bankers will undoubtedly ask you your grade during interviews. Of course they want all top grades, but the most important ones are Corporate Finance and Accounting. If you get the top grades in those courses you are in excellent shape. If you get an equivalent to a B, be preapred to get technical questions in the interview. If you get below that equivalent, you are going to have to fight for your life in the interview. Grades, to bankers, show that you can handle the recruiting process while handling your academics. To them, it's very relevant to the life of a banker.

Informational Interviews:
Treat them like an interview. Know "Why Investment Banking," what investment bankers do, and, given this economy, know the markets. Have at least 15 relevant questions. The best questions are not the usual "Tell me about a deal" but ones that are about the economy, the different product groups, and questions that show that you've researched the firm and have a passion for learning more about the firm and IB. Bankers are proud of what they've accomplished and they want to pass it on to you, so ask questions that interest them and get them talking about their accomplishments. It instills a good atmosphere during the informational vs. "here we go again with the culture questions."

Following up:
One thing that I think separates candidates is going the extra mile. IB recruiting is very strucured in that they set up the informationals, firmwide events, and dinners. However, don't stop there. Keep emailing, trying to meet with more and more bankers. The more bankers you know the better it works out for you. Of course this can hurt you in two ways. 1) You could come off as annoying, so be tactful about this; understand that bankers are extremely busy and they might not get back to you right away, but they will. If they really don't, wait some time, and then email another banker; just don't email five at once looking for an informational; it might come back to haunt you. 2) The more exposure you have the more opportunities you have to screw up. That brings me back to making sure you are on your game. Don't contact bankers for the sake of contacting them because if you are not sharp then you will only hurt yourself. However, if you can build ties with several bankers and continue to get good exposure you will almost certainly make their closed lists.

Interviews:
Whether you make 1 closed list or 10, everything you did before your interviews matters very little. Interviews are conducted by senior bankers most of the time, so they might not know you at all except for your resume. The person who thinks that with 10 interviews they are guaranteed to get a job is sorely mistaken. I saw students with 11 interviews get nothing, and ones with 4 get two offers.

Interview prep is the final stretch, it is time to kick it into high gear. Hopefully your interviews will be before school starts so you can completely concentrate on that. Your prep needs to be day and night, no relaxation whatsoever. Your school will probably provide you a list of questions that usually get asked. Know them inside and out. Prep with a group of people so you can help each other. Mock interview as much as possible with 2nd years and your classmates. I know they are your competition but they are also your best source of practice. Be collegial before you are cuthroat competitive because it will help you in the long run; if you are 100% buttoned up for your interviews it does not matter who you help because you will succeed over those who are not prepared.

I can't stress enough how much prep is required for interviews. At least a week straight with eating, sleeping, and drinking interview prep. It goes back to the return on that investment. Do not rest on your laurels or give in to exhaustion, push through because if you get that offer it will entirely worth it!

In this economy you need to know the markets. Know about Bear, Fannie/Freddie, AIG, TARP, Lehman, Wachova/Wells Fargo deal, and everything that happens between now and when you start recruiting. Know your resume inside and out, and why investment banking. Know why Firm X, but have tangible reasons--not culture, people, and reputation; that will only show you don't know anything about the firm. Have your story down: why job X after college, what led you to business school and why business school X. Know what bankers do on a daily basis, and know how to answer questions like the following: "If a client has cash on the sidelines, what do you tell them to do." That question is technical and shows you understand banking at a very important and high level.

1st round interviews:
They are all different, but you will probably get a 2-on-1 interview. The questions may be fit or technical, it depends on the interviewers and the bank. There's always a "take me through your resume." Basically, if you follow my advice on the prep part, then you should not be surprised by any questions.

2nd round interviews:
The interviewers will be very senior bankers, and now they are trying to gauge your ultimate fit with the firm and whether you would take an offer from them. They will ask you about other 2nd round interviews and offers that you might have. Be honest because firms tend to like candidates who are desired by other firms.

The Aftermath:
Very few offers were given out this year. This economy is obviously tought. It was competitive to begin with, but with this economy it is even more demanding of excellence during the recruiting process. You 2011'ers should be in better shape because hopefully the demand will start swinging upwards. Regardless, as soon as recruiting starts, you need to hit the ground running. Knowing that you want to do IB or not before you start school is very important. Regardless of the economy, just keep telling yourself that this process is extremely competitive, so do everything you possibly can to be ahead of the competition.

One economic positive is there are fewer people recruiting for IB, but there are also fewer offers. A lot of deserving people are left with nothing for now. Most banks give anywhere from 3-7 offers each. So a given closed list could be 40-50 interviews deep, and in the end there are only 5 offers. It is extremely competitive. But, hey, you'd be surprised how many people do not take interview prep as seriously and it hurts them. So recruit and prep intensively and get one of those highly coveted, very limited offers! In the end, all of that hard work will allow you to finally relax a bit before your internship.
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Re: Investment Banking Recruiting [#permalink] New post 04 Feb 2009, 20:24
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I'm not going to go too much into my personal experience more than I have already just because it really won't add more value. I'm happy to speak one off with people if you have very specific questions, but below are some answers to some other questions.

Which banks came on campus, and which did you have to source yourself?
Every top bank came on campus, plus almost every major boutique. The top banks are ones such as GS, JPM, MS, UBS, CS, and others. The top boutiques vary, but they are mainly Greenhill, Jefferies, and several others. If they are in NY they tend to recruit at Columbia. If you are in other areas outside of the northeast, you will most likely have different boutiques but the same big banks. There are no shortage of banks recruiting on campus, just fewer offers.

I'd be curious to understand who you ended up interviewing with during first rounds? How many banks?
No need to answer personally. It will correlate with the amount of unwavering effort you put in. Yes, there is an element of randomness, but getting on closed lists and getting offers reflect tremendous determination and preparation.

How did your efforts during the fall translate to success in getting on closed lists?
Seems to have worked, not really much more to say that has not already been said.

Did you see many differences between how the firms recruit?
Yes for most. If you really take the time to earnestly get to know the recruiters you can tell the differences between firms, but just going to informationals and events is not going to cut it. You need to go above and beyond (see my earlier post).

Who did you interview with during Super Saturdays?
Most of them DO NOT do this, but I can't reveal more than that. Prepare for supers as you would for any other interivew.

Were you looking for a specific product or group, and did that affect how you targeted firms?
Target specific groups that you apply your previous experience to, but that goes for group specifc programs. Rotational programs you should talk about your general IB interest.

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.
Most firms tend to place you regionally. NY for northeastern schools, Chicago for midwest schools, etc. However, you are not barred for putting in your preference. In my program this summer, there will be students from all around the country. I recommend going for the one that recruits at your school because those are the bankers you will get to know the best. It would have been hard for me to meet bankers in SF being in NY. If you want to work internationally, there are usually UK, Asia, and other trips throughout the year, which I recommend.

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?
If the program is group specific then you want to give a preference but you should be able to explain why. Just liking energy is not enough. Also, if you are a career switcher, you might want to leverage what you know from your previous experience instead of trying to switch careers and industry verticals. For example, if you worked in tech before bschool, TMT would be great for you, but if you consulted for industrials then industrials would be more transferable.

If the program is rotational then talk about why you are interested in a variety of coverages and products.

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.

There were some questions regarding career switchers. I do not think career switchers were at a disadvantage. I'll say it once and I'll say it again, it's directly related to the effort. However, that effort will entail more work than a prior banker. Pick up the basic Vault Guide to Investment Banking, it's a decent place to start. Read the WSJ, FT, and the Economist. You want to know about the deals going on, such as Pfizer and Wyeth and the potential Ticketmaster and Live Nation. Finance novels are good, too, such as Barbarians at the Gate, The Accidental Investment Banker, etc. Good coversation material. These will just give you more insight into the world of IB, but don't let them turn you off from IB. Also, starting learning finance and accounting. Follow these tips and you will hit the ground running and then some.

This might not be how you want to spend your free time before school, but it will be worth it in the end. Just think: you suck it up and study over the summer; you suck it up and recruit day and night while getting good grades and feeling exhausted at all times; you suck it up and prepare for interviews when you think you cannot prepare any more than you already have; and, finally, you get offers and you have finally arrived at what people in this world kill to be...an investment banker (I say this with all seriousness). 9-12 months of hard work is a small price to pay for that.
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Re: Investment Banking Recruiting [#permalink] New post 14 Jan 2009, 20:52
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I thought you guys might find this interesting for IB.
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Re: Investment Banking Recruiting [#permalink] New post 24 Jan 2009, 15:20
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To understand what bankers are *really* looking for, you have to understand the actual job itself and the group culture.

Four hallmarks of banking culture:

a) It's like a fraternity - it's a macho culture. They see themselves as reformed nerds-turned-alpha males (including the women). Note I said "they see themselves as..." and not "they are..." As such, they want people who they feel fit that image of the alpha dog, even if they aren't saying that out loud.

b) It's a sales culture. It's not a place for intellectual discourse. The dynamics are more similar to a locker room than a science lab (and the humor as well - see below). It's about applying your smarts to being #1. Money isn't just something you buy things with - it's a way of keeping score. Banks get ranked. You get ranked vs. other bankers. There is a pecking order of MDs even within the firms themselves.

c) There is a gallows humor that permeates virtually every office and bank. It's a cynical, jaded dry sense of humor. They may not be consciously looking for this in interviews, but they are in a way sensing if you are "one of them".

d) It's a way of life, not a job. You spend so much time in the office with the same people. They want to know that you're the kind of person who is reliable but just as important - someone who they won't strangle at 3am because you're an annoying dweeb. People's personalities tend to change the later you are in the office - and oftentimes the *real* person comes out when they're dead tired after 10pm and trying to get work done.

If you've ever done a fraternity rush, been in the military, or competed in a lot of team sports, you'll be in familiar territory for IB recruiting (except that they aren't asking you to drink vomit, but that instead you're being asked to do a Taylor Series expansion on the Black Scholes model - it's not necessarily if you get it 100% right, but whether you can get through it in one piece without sh*tting your pants). As a 1st year, you're the "rookie" so you're expected to shut up and do what's given to you and to speak only when spoken to sort of thing so no 'trying to act like an MD' by interjecting your ideas in a client meeting unless being asked to (and it's not uncommon for 2nd and 3rd year analysts to have more power than a 1st year associate with no IB experience). In fact, the analyst-associate dynamic is somewhat analogous to enlisted-officers in the military (in situations where a 1st year associate is staffed with an experienced analyst, the analyst is really driving the ship).

That's why banking interviews can feel a little juvenile at times or like a human cockfight, with the kinds of seemingly random questions they ask, as if they were grilling you.

They're not looking for the absolute smartest or the most knowledgeable finance dudes/gals (they will retrain you anyhow in "their way" of doing models). They are basically prodding and poking you to see if you're the right FIT. Any banker will tell you that the job hardly requires genius - just a reasonable level of everyday intelligence will do. From a technical standpoint, what you need to do in the job as a junior banker is simple:

a) you're willing to make it a life, not just a job (i.e. you'll suck it up if you get asked on Friday night to cancel your plans to do a pitch book). In other words, you're willing to stay in the office at all hours even if you have nothing to do. To be clear, they're not expecting you to enjoy it (and if you say you love doing pitch books for 80-100 hours a week, they will laugh in your face and call bullsh*t), but they're expecting you to suck it up.

b) you're thorough and detail oriented. This means a willingness to always double-check your work to minimize any errors - your Excel links are referencing the right cells, your document formatting is consistent, you keep the deal docs organized, and you are making sure the analysts are doing the same.

The rest is all about personality and presentation (how you present yourself in terms of your clothing, physicality, etc.).
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Re: Investment Banking Recruiting [#permalink] New post 14 Feb 2009, 19:23
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Jut discovered this forum, good stuff in here!

As mentioned in another post, I have managed to land an internship at DB in London. Here's a quick summary of my process (sorry if it's a repetition of what you've already heard)

I'll start off with the most important element: it's been a bloodbath. I never ever suspected how hard it would be to get a simple internship in such a market. Most banks have recruited AT MOST 3 people from our school - some only one, none. It's tough to say how it's going to be in the future, but most probably not much better. I'm not sure I can give exact figures, but I can tell you that we are talking about a 75% decrease roughly.

I had 8 interview invitations, with all the top BB banks (except ML), so I thought that it was going to be a piece of cake - after all, some people had 0 invitations (yes it did happen). How naive that thought turned out to be. My first interview was with MS, and when I think about it, I can only be embarrassed by my lack of preparation. MS was one of the banks that organized only 1 round of interviews, so I had 4 30 minute interviews. In the first interview this really nice banker told me he thought getting an internship was going to be tough this year; still the alarm bells didn't ring - what was I thinking. In that process, long story short, I got destroyed in the technical (severe lack of preparation didn't help).

I had 5 second / final round interviews (including banks like MS who only had a 1 round interview), which was a pretty good result, but at that point the alarm bells did start ringing: I started seeing the same faces at these second rounds (and they were all pretty good), alarming rumours about the terrible recruiting year were circulating, etc. I was this time much more prepared for the technical stuff, and that usually went on well.

At the end of the road I was one of the very fortunate few to get an offer (how good it felt when I got that phone call! Almost had an orgasm :-D )

My biggest lesson from this process is quite easy to figure out: in this kind of market, I completely underestimated the importance of networking. YES I KNOW, it's one of first things they tell you; but I thought that recruiting for Europe was "different"; yeah right. Plus I went to the London Banking Days, so that certainly should be enough. Sure, genius. To be fair though, in good years it probably didn't matter THAT much, but in this environment it is CRUCIAL. The banks I did the best with were the ones where I made the most contacts.

I can't believe how stupid and almost irresponsible I was when it came down to recruiting, it was ridiculous. DO NOT follow my example: call alums, do follow up with people you meet, etc. The most successful people in recruiting for NY were those who EVERY FRIDAY were in the city meeting up with banks. That's an important commitment in terms of time, but it certainly paid off.

Anyway, all this is certainly no ground-breaking stuff, I feel almost sorry I can't give you more insight. The conclusion here is that in this type of market, you have to focus on the basics even more, wherever you're recruiting. Also, if you're still interested in banking, choose your school with extreme precaution: I feel fortunate that I'm at Wharton, and so should those at Booth. Top banks still recruit a bit from some other selected schools, but really not too many (HBS, and maybe Columbia; I'm not even sure for Stern).
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Re: Investment Banking Recruiting [#permalink] New post 08 Jan 2009, 13:22
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Best explanation I've seen for IB recruiting (from Mergers & Inquisitions). Basically all the kids who thought IB was their sure shot to riches are no longer interested. The madness of crowds has wained and now what's left are the people who 'truly' wanted to do banking because they loved banking, not because it was a get rich quick scheme.

Why You Should Stop Reading BusinessWeek and Start Using Common Sense Instead: What the Mainstream Media is Missing About Recession Recruiting

“Wall Street is over.”

“Students once interested in finance are now thinking about moving to nonprofits and pursuing other interests.”

“Investment banking is so over.”

While I was on my lovely 24-hour flight and airport adventure (don’t you love it when you miss connections?), I had the misfortune of reading some recent headlines.

As usual, though, the mainstream media is getting a few things wrong about the current environment.

What’s happening now is no different from what happens in any market cycle. So don’t pay too much attention to BusinessWeek.

A History Lesson: What Happened from 1996 to 2000

Spurred on by the Netscape IPO in 1995, suddenly everyone in school wanted to join a startup - and those already working wanted to quit their jobs and join startups.

If a 24-year old kid could create a $2.6 billion company (on only $16 million of revenue and no profit) and get rich overnight from an IPO, it couldn’t be that hard to replicate, right? Right?

Computer science and engineering departments saw a huge increase in enrolled students; even those who couldn’t figure out how to use Microsoft Word were jumping into these programs.

Investment banks even started to compete with startups for top talent - students could no longer decide which would make them more money!

History Lesson, Part 2: The 2001-2003 Era

Following the market implosion, enrollment in technical programs at universities plummeted. I remember reading stories about confused professors wondering what was happening.

“Do they no longer care? Do they think everything is going to be outsourced?”

Nope. It’s just that the money had left the room and people stopped thinking they could get rich quick.

There was always a core group of students interested in technical fields - the bubble just added tons of people who really had no business trying to be the next Marc Andreessen anyway.

And when the bubble burst, so too did this influx of newcomers.

History Lesson, Part 3: What Happened from 2003 to 2007

Driven by bonuses growing to record levels and a few lavish parties thrown by Steve Schwarzman and his friends, finance became the dream destination for students, accountants and yes, even Chinese gold farmers (I admit it, I am obsessed), from 2003 to 2007.

I was almost part of this wave as well. I entered for somewhat different reasons (that’s another story for another day), but I hadn’t seriously considered banking until it was rather late - and after I had already eliminated consulting and technical work as possibilities.

I don’t have the exact numbers, but I remember reading how firms kept expanding their hiring each year… every year… over those 4 years - until recently, of course.

You had lab researchers who never gave finance the time of day suddenly start wondering if “investment banking might be something they would be interested in” and others who wondered if investment bankers had “hot stock tips” start pursuing the field.

They got caught up in the hype before investigating what was actually involved.

What’s Happening Now

The current situation is similar to the 2001-2003 period for the tech industry, when the bubble burst and all the get-rich-quick guys dropped out.

There’s always a core group of students and professionals who are interested in finance / banking, and nothing is going to change that - recession or no recession.

Similarly, companies always have a need to raise capital and to buy other companies.

So financial services will continue to exist in order to meet these market needs.

But since the number of jobs has fallen significantly, only those who have a serious interest - who haven’t just heard about it from their roommate’s uncle - stand a good shot at getting into the industry now.

What This Means for You

So what will happen in the near-term?

The number of people applying to finance jobs will decrease, so in theory it should be easier to stand out and get interviews - at least in terms of raw numbers.

But it will be more difficult than ever before to actually land offers.

Why You Should Stop Reading BusinessWeek

I don’t expect you to actually stop reading BusinessWeek.

Just remember that they’re not telling you anything that you don’t already know.

Of course the number of people interested in finance will decrease - when a get-rich-quick scheme no longer “works,” interest fades away - whether it’s startups in 2001 or finance these days.

And that’s both good and bad for your own recruiting efforts.
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Re: Investment Banking Recruiting [#permalink] New post 15 Feb 2009, 15:28
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hi all, I've been lurking on this site for a while and thought I'd shed some light on Stern recruiting for IB this fall.

It was as Audio and DJ described, a blood bath this year. Here are some unofficial numbers from recruiting for offers extended this fall for NY (and last fall for NY for a perspective):

JP Morgan - 7 (12)
Credit Suisse - 6 (10)
Morgan Stanley - 1 (2 or 3)
Goldman Sachs - 3 (4)
Bank of America (Merrill Lynch) - 2 (?)
Barclays - 6 (14 Lehman offers)
UBS - 3 (?)
Citi - 4 (8)

DB decided to pull recruiting from campus. I think this was mainly due to the fact they have such a low presence at Stern (no MBA2) and a few MBA3 (first year bankers).

Merrill was traditionally a huge Stern recruiter as were Lehman and Bear (typically 10 offers each). Bank of America hosted interviews at Stern while Merrill hosted at Columbia which put us at a disadvantage given our Merrill network.

Stern placed about 25 people in NY and another 12 overseas. Last year there were 45 Sternies going to NY BB, don't know about overseas. 100 people started recruting in the fall but that number quickly dropped to 60. Of the people who wanted banking, only about 10 (deserving) people ended up with nothing but still have shots as some smaller boutiques later in the spring.

I ended up at a BB in New York. And like Audio, I had pretty much all the BB as first round interviews but converting those to offers was especially tough this year since the banks expected 80-100% yeild. Networking definitly played a part as I ended up at the bank where I networked the most. All be said, however, networking only gets you so far as each process (corporate presentations, target events, closed list) is totally different.

Also as a side note, a lot of stern IB candidates are career switchers. I think less than a handful of people were prior analyst and only 3 went bank into banking. Just wanted to put that out there since it is a common misconception.
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Re: Investment Banking Recruiting [#permalink] New post 26 Jan 2009, 05:44
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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[/quote]

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.
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Re: Investment Banking Recruiting [#permalink] New post 17 Jan 2009, 16:15
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agold wrote:
MeddlingKid wrote:
How much more difficult is it to land internships and full-time offers from GS and JPM compared to some of the other big names in JPM? Do some students tend to shy away to these banks due to culture, or do you have EVERYBODY who wants to get into IB competing for an interview at these two firms?


I think the traditional top 2 have been GS and MS. JPM is probably 3rd on most people's wish lists.


In the past I would say you are correct, but now I would actually put JPM above MS because JPM seems healthier right now. In this market, a bank's viability is a massive factor. BofA initially said it didn't need TARP, but look at the news from yesterday--$20B! Interning at Merrill does not seem so attractive now. You don't want to put in all the recruiting efforts only to end up working for a bank that has to downsize, split, or, worse, goes belly up. Of course there are no guarantees, but JPM is certainly faring relatively well.
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Re: Investment Banking Recruiting [#permalink] New post 24 Jan 2009, 15:26
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MeddlingKid wrote:
I have been reading some older threads on IB recruiting, and have a question for those of you who are currently going through the process. When the banks request your GMAT score, do they ask for the Q-V split as well? I'm not concerned about my overall score, but they may be concerned that my split was heavily weighted on the Verbal side. I worked in a fairly analytic group before MBA, and studied finance in college (albeit not at a 'feeder' school). I am shooting for the top BB banks. Will my GMAT split make it difficult for me to land an internship and/or FT position with the GS, MS and JPMs of the sector, or will they overlook it due to the rigor of the Booth curriculum?


Not at all. You'll put your GMAT score and precentile on your resume, and once they see 700+ you're good to go. Depending on the bank, the job application might ask your SAT breakdown, but I was never asked my GMAT breakdown. With a 740, the top banks will check the GMAT score box and move on. Depending on your background, don't be surprised if McKinsey contacts you to encourage you to apply. At CBS, they went through the resume book and seemed to be attracted to unique backgrounds with high GMAT scores.

Your next question will be about your SAT score, right? A lot of banks ask for it on your application. It does not play a role as much as your GMAT score, but if you had a kickass SAT score it makes your more attractive...on paper. It IS NOT A DEAL BREAKER OR MAKER! Just think about these three examples: low SAT/low GMAT, low SAT/high GMAT, high SAT/high GMAT. The low/low will have more to prove in other areas, the low/high really has nothing to worry about, and the high/high is going to really impress the top banks. But there are so many other factors that go into recruiting that any of these score combinations is only going to get you so far. Pelihu's Guide to IB Recruiting really goes into those more important details.


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.

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Re: Investment Banking Recruiting [#permalink] New post 15 Feb 2009, 19:37
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Audio,

Keep in mind that a lot people dropped out of the process who may have stayed in normal years. It was still a very rough year and not many people got multiple offers. Last year several people got 3+ offers. This year there may have been 2 or 3 that got more than 3 offers. Most people only got 1 offer, which helped out with placement. Lehman was a huge blow as it was our biggest recruiter (Dick Fuld was an NYU grad).

All other industries were down significantly as well.

Luckily for the bankers, there are still all the little NY boutiques out there. They will have to do a lot of extra work to get those internships but at least the firms are close.

Good luck in London. I hope full time offer rates are high this summer.
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Re: Investment Banking Recruiting [#permalink] New post 17 Feb 2009, 05:49
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89nk wrote:
Are most going for BB or are there a good portion of students interested in boutique firms? From what I have been learning about the differences between the two, boutiques sound more interesting, work wise, and I was wondering if anyone could shed more light why it seems more are interested in BB internship experience?


Compared to BBs, internship or work experience at boutique firms will give one more exposure/face time with clients. Since boutique firms tend to be smaller, one might get more meaningful assignment compared to BBs.

In addition, boutique firms are the ones that are hiring right now.

However, BBs have more structured training/entry programs for MBAs whether its summer internship position or post MBA career. Therefore, if you don't have any relevant experience, BBs are better option for you since you will be assigned to a group of about 35 to 40 individuals to begin your training/entry program together.

Boutique firms are more likely to hire MBAs with prior work experience in relevant field.
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Re: Investment Banking Recruiting [#permalink] New post 26 Dec 2008, 10:45
lanter1 wrote:
Fellow GMATclubbers,

I wonder how the rest of you aspiring IB professionals are doing in IB recruiting. At Yale, we still have 8 bulge banks coming to campus with 2 middle market and a few small firms. We are hearing they are still hiring about 15 with about 20 to 25 total offers from the class out of 25 interested in Corp Fin (class size only 190). This number seems high considering the market.

How are other members/schools doing?


That is very interesting. I would have thought the number would be lower as well. Hopefully, others will chime in.
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Re: Investment Banking Recruiting [#permalink] New post 04 Jan 2009, 17:05
That's pretty surprising that only 25 people at Yale are interested in finance. Most of the top schools send about 1/3 into banking and finance, with somewhat more than that interested but ultimately choosing other career paths. Looks like 53% of the class of 2007 at Yale went into finance, with 26% into banking and 27% into other finance.
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Re: Investment Banking Recruiting [#permalink] New post 07 Jan 2009, 20:06
Yeah the number has really dwindled down as the semester has progressed. Many have switched to consulting or are looking at S&P or investment management. I have final round interviews at two firms tomorrow so we will see how it goes.
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Re: Investment Banking Recruiting [#permalink] New post 08 Jan 2009, 13:31
jb32 wrote:
Best explanation I've seen for IB recruiting (from Mergers & Inquisitions)....TRIMMED....


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Re: Investment Banking Recruiting [#permalink] New post 08 Jan 2009, 13:42
Great post and sums up exactly what I feel. Banking is not dead. It just doesn't equate to the quick buck anymore.
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Re: Investment Banking Recruiting [#permalink] New post 08 Jan 2009, 16:44
Hit the nail on the head. I've seen this trend with the technology industry - esp tech consulting when I started in 2000. Right now is a reasonably good time to be in technology - because its impossible to get good young tech graduates. Why ? because they fled to finance after the dot com burst. The grads that we do get are actually seriously committed / passionate about the industry and subjects.

The crowds will flee finance to something else after this crisis. Only the seriously committed / interested will remain.

jb32 wrote:
Best explanation I've seen for IB recruiting (from Mergers & Inquisitions). .
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Re: Investment Banking Recruiting [#permalink] New post 12 Jan 2009, 14:47
lanter1 wrote:
Fellow GMATclubbers,

I wonder how the rest of you aspiring IB professionals are doing in IB recruiting. At Yale, we still have 8 bulge banks coming to campus with 2 middle market and a few small firms. We are hearing they are still hiring about 15 with about 20 to 25 total offers from the class out of 25 interested in Corp Fin (class size only 190). This number seems high considering the market.

How are other members/schools doing?


Lanter,
IB interviews are going on this week. We had a lot of firms on campus, but I'm hearing fewer numbers. Are you sure you're not confusing what they mean by class. 20-25 sounds about right for one bank's class of interns, but that means the class is made up of interns from various schools. At CBS, I think the number of offers that will actually go to CBS students is about 1 for every 10-15 on the closed list. Not a lot, and less than last year.
Re: Investment Banking Recruiting   [#permalink] 12 Jan 2009, 14:47
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