Veritas Prep Admissions Consultant
Joined: 25 Jul 2010
Affiliations: Veritas Prep
Posts: 1910
Given Kudos: 3
Re: Transition from GM to IB, okay for goals essay? q:44
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20 Jul 2011, 12:52
My experience is such that you should always follow the passion. if you really want IB, then you will be naturally more passionate about it and this will come through. Never try to say what you think they want to hear. Go with the heart and you will be pleased with the result---and they will too.
As a former Goldman Sachs employee myself I can tell you that you do not need prior experience in investment banking in order to get a job in the field. As in other service industries, people are a firm's primary "asset"; investment banks look for the best talent they can find. Most companies have training programs that provide job-specific training. This allows them the flexibility to recruit from a broader pool of candidate: which includes not only those with banking experience, but also those who have developed their talents in other fields. The purpose of this book is to help demystify the investment banking industry for those who may be interested in the field but do not have prior experience. You have probably heard many myths about investment banking:
You can't get a job in investment banking if you don't already have experience in the field.
You will use intricate financial models that only an astrophysicist could understand.
You will be surrounded by cut-throat colleagues out to sabotage you in order to get ahead.
You will have to work 25 hours a day 8 days a week.
You will have no social life at all.
Mostly these are myths perpetuated by those who never worked in investment banking.
The essential function of an investment bank is to act as an intermediary between potential investors and those who seek capital. Facilitating the flow of capital between those who have it and those who need it serves a critical role in developing and sustaining the world economy. For many people, the excitement of being at the hub of the world's financial activities is what inspires them to succeed in this demanding field. This may be the exact reason you want to become an investment banker. When you are excited about something, it shows. This is the kind of raw passion the admissions committees are looking for.