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Engineers transition to IB

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Director
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Re: Engineers transition to IB [#permalink]

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New post 04 Sep 2008, 04:00
A couple of very interesting points from pelihu:

-Columbia is getting more attention than even Wharton, the traditional finance powerhouse! I guess being in NYC really helps.
-I guess Stanford isn't one of the top 5 places to go for NYC investment banking.

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Re: Engineers transition to IB [#permalink]

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New post 04 Sep 2008, 06:14
pelihu,

Thanks for posting. I've checked out the JPM site before but was thinking that it may not be fully updated for 2008-2009 yet.

So how did 11.5% percent of the UCLA class get IB jobs?
http://www.anderson.ucla.edu/Documents/ ... Report.pdf

Also, among the list of top 10 employers for 2007 are: Citi, Deutsche Bank, Lehman, and Merrill. Perhaps these banks have a strong west coast presence? I’ve heard (from current UCLA students) that if a UCLA student wants to work on Wall St, it isn’t as competitive as trying to get a west coast banking job. The reason is that most UCLA students want to stay on the west coast.
http://www.anderson.ucla.edu/Documents/ ... panies.pdf

I don't want to come across as doubting you by any means. I'm just trying to figure out if I made a good choice in deciding to apply there. I'm planning to apply to one school in the Elite tier in R1, and I chose UCLA (over Darden mainly) primarily due to its urban location. I figured they both had good IB recruiting, but I wanted to live in a city.

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Re: Engineers transition to IB [#permalink]

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New post 04 Sep 2008, 07:32
Anyone else notice that MIT Sloan didn't even make their list for a resume drop?
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Re: Engineers transition to IB [#permalink]

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New post 04 Sep 2008, 08:21
The Columbia students I know definitely view the IB recruiting demands as a double edged sword (NYU as well). One the one hand, it's great to have the exposure and access; on the other hand it's really a grueling process with lots of chances to mess up. In addition to all the listed recruiting events, students at these schools are expected to schmooze in the offices of the firms around town two or three nights a week (at least) for the duration of the recruiting period. I think Wharton is immensely popular with investment banks, but that JP Morgan might not be a favorite destination for students there. Just to give a hierarchy among the bulge bracket, the pure plays (Goldman, Morgan, Lehman, Merrill) are generally most favored, followed by Citi, CS, then perhaps UBS, DB with JP really joining the party in recent years (like really recent, the past 2-3 maybe) and BofA and Wachovia pretending they are playing in the same sandbox. I know I'm forgetting some names, but that's the general picture; and circling back to the point about Wharton, I think JP limits their recruiting there because it's a challenge for them to compete for talent. But, things are obviously changing a lot in the banking world these days.

Regarding UCLA's numbers, that doesn't really surprise me. I believe 11.5% is actually well below any of the other elite schools, which generally send about 30% of their students into banking (higher at some places like NYU of course). We're talking about 35-40 people, and there are definitely some opportunities around town. I know that UBS, Lehman, Merrill, and CS have offices in LA, while local firms like Moelis, Houlihan and many others take several students a year on average, and no doubt some make their way to NY by doing their own footwork. But if we're talking about bulge bracket firms (I think that's what we were talking about) then we might be talking about a dozen, maybe 20 people a year from UCLA. I'm sure their numbers given by the school are accurate, but I also believe that at these recruitment levels, firms are probably cherry picking people with specific experience that they are looking for. That's fine and dandy for people with the right experience, but a broad relationship really allows more opportunity for career switchers and the like. I think UCLA is a great school (did my undergrad there) and the location is fabulous. I would have gone there myself if not for a scholarship elsewhere, but there's a measurable difference in IB recruiting between UCLA and most of the other elite schools. If you're looking in the elite range, Tuck, NYU, Cornell and Darden are the ones that pop to mind for IB - of course you won't get the location and lifestyle that UCLA offers.

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Re: Engineers transition to IB [#permalink]

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New post 04 Sep 2008, 16:52
pelihu wrote:
The Columbia students I know definitely view the IB recruiting demands as a double edged sword (NYU as well). One the one hand, it's great to have the exposure and access; on the other hand it's really a grueling process with lots of chances to mess up. In addition to all the listed recruiting events, students at these schools are expected to schmooze in the offices of the firms around town two or three nights a week (at least) for the duration of the recruiting period.


This is 100% true. I'm at Stern and just signed up for 19 info sessions in 3 weeks :shock: Mostly went for major banks, with only 2 boutiques and 1 middle-market firm. About half of the events are off-campus at the banks. Most nights I'll be running from one event to another, all while taking mid-terms...

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Re: Engineers transition to IB [#permalink]

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New post 04 Sep 2008, 17:45
sonibubu wrote:
A couple of very interesting points from pelihu:

-Columbia is getting more attention than even Wharton, the traditional finance powerhouse! I guess being in NYC really helps.
-I guess Stanford isn't one of the top 5 places to go for NYC investment banking.


I think if you're a Stanford student, you essentially have your pick of the litter, and JP Morgan might not be at the top of that heap.

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Re: Engineers transition to IB [#permalink]

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New post 04 Sep 2008, 18:23
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jsnooky33 wrote:
pelihu wrote:
The Columbia students I know definitely view the IB recruiting demands as a double edged sword (NYU as well). One the one hand, it's great to have the exposure and access; on the other hand it's really a grueling process with lots of chances to mess up. In addition to all the listed recruiting events, students at these schools are expected to schmooze in the offices of the firms around town two or three nights a week (at least) for the duration of the recruiting period.


This is 100% true. I'm at Stern and just signed up for 19 info sessions in 3 weeks :shock: Mostly went for major banks, with only 2 boutiques and 1 middle-market firm. About half of the events are off-campus at the banks. Most nights I'll be running from one event to another, all while taking mid-terms...


Do you feel that you have to commit more face time because your located in NYC? Or is more face time neccessary for a career changer at NYU?

terp06 wrote:
Anyone else notice that MIT Sloan didn't even make their list for a resume drop?


Why do you think this is the case? Do you think it is student preference? If so wouldn't it be easier for career changing engineers to get into MIT and jump to IB?

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Re: Engineers transition to IB   [#permalink] 04 Sep 2008, 18:23

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