End of elitism

Something I've witnessed working for almost 3 years in the industry is the beginning of an end of elitism in banking. I'm at a BB and it's not just ivy league finance majors getting in. No, we've hired some finance majors from nontarget colleges, there's even some marketing research analyst folk who joined us (I think they did some certifications in financial analysis). From the conversations I have with people in the biz, it seems like the trend is toward educational meritocracy.

Your thoughts? What's your experience like?

Covering For Other People - Any Good Stories?

I'm interning in acquisitions this summer for a REPE shop that does multi-family and retail value add. We had a bit of a staffing issue this week at a local property, so as the loyal intern I am, I'm covering today and all next week as an apartment leasing agent which is a liiiiiitle bit different than what I usually do day to day. I already gave one tour, and while I could tell him all about the debt structure or the renovation schedule of the property, my answer to "What do the utilities usually cost?" was completely made up. Still, I get to drive a golf cart around at least.

Does anyone have any good stories from when they had to cover someone else's position? I'm hoping I have some winners by the end of next week.

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Webinar Rewind - ​Investment Banking Internship Survival + Q&A

In case you missed our March 16th webinar entitled Investment Banking Internship Survival, have no fear. The full recording of the webinar can be found below (free until Saturday 10am et when it goes into our video library). Do you want to a 1 on 1 mentoring session with Anthony? Click below:

All rewinds will be on Monday / Wednesday / Friday.


And, as always, if you want to sign up to hear about upcoming webinars before they happen, sign up inside the post...

How to get back into the industry after a year

Hi, I've been working in the industry for about 9 years, but I left my last role after my dad passed away in May last year and my mom the year before. I took it really hard and my family thought it would be better for come work for them. I've been working in a family business (non-financial services) for the past year but started to attempt to transition back into Finance Services, but it's been challenging. I feel a definite disadvantage because I've been out for almost a year.

WSO Weekly Wrap-Up (5/23-5/29)

In case you missed them, here's some of last week's most popular topics:

Is your CEO worth his (her) pay? The Pricing and Valuing of Top Managers
Post By @Aswath Damodaran

The skill set and qualities that make for a value-adding CEO will vary across companies. For a start-up or young growth company, the qualities that create a stand out CEO will be imagination, charisma and narrative skills. For a mature company, CEO greatness may stem from understanding capital markets and sector dynamics and less from vision and imagination. In decline, a company may be best served by a CEO who can deal with slipping revenues and shrinking margins, while managing the return of cash to stockholders and lenders in the firm.

I believe that information on CEO compensation should be revealed to stockholders on a comprehensive and timely basis, that shareholders should have a say on how much CEOs get paid and the power to replace directors who are casual about compensation. Shareholders who complain loudly and often about CEO excesses should recognize that "the fault is not in their stars but in themselves". They have to stop looking to others to make things right and start voting with their shares rather than their feet.

Interesting European credit names?

Hi guys:

I was wondering if anyone can suggest some interesting European credit names to look at please? I'm a current credit analyst based in Asia who is hoping to transition into credit in UK. As part of my recruiting process, I want to create some credit pitches that can be brought up during my networking etc. I would really appreciate it if I can hear your thoughts on what are some interesting names to look at in European credit now (IG/HY all okay).

Thank you!

INTRODUCING: The WSO Applicant Database. Take 5 minutes on WSO to Reach Hundreds of Finance Recruiters and Finance Companies

Given that we have built up relationships with hundreds of companies and finance recruiters, we thought instead of just a simple job board (which you can find right here), we would also create a WSO Applicant Database.

This vision for the database is to allow all WSO users to create a detailed "Applicant Profile" that can be used by recruiters and companies to find great talent. It is similar to an online resume you see on LinkedIn, but with a lot more detail around actual skills relevant to financial positions, scores and certifications so that recruiters can use it to filter through candidates that are a great match for their spots.

At Least 1 in 4 Harvard Grads Skip Sex In College

If you've been around WSO long enough to witness all of the "How do I talk to another human being?!?!" threads, perhaps this won't surprise you, but a survey by the Harvard Crimson of graduating seniors showed that 1 in 4 Harvard students simply skip out on sex during college.

The survey goes on to claim that "viewing pornography was significantly more popular among surveyed men, 45 percent of whom said they watched it multiple times a week while in college."

The Best Networking, Cold Calling and Cold Emailing Posts on WSO

My content intern @Lucas_M is at it again! This time the top ranked (by silver bananas) posts related to networking, cold calling, and cold emailing. Enjoy! p.s. Need more networking advice? Check out our Networking Guide.

1. Cold-Emailing Guide.

posted by @Culcet

1) Background info- Contact people with a similar background. Don't limit yourself to alumni- think deeper. Think about what defines you on a superificial level. If you go to UCLA and want to work on Wall street, email Cal alums in New York. Williams College? Why not email alums that went to Swarthmore, or any other liberal arts college alum that might have had to teach himself the technicals? And if you're a non-target... email other non-targets. Simple. Emailing someone with a similar background reminds them of themselves. They are therefore that much more happy to help you. Remember though, you are entitled to nothing, and even if the guy is a complete d-bag, thank them in a dignified manner anyways.

2) Content- Keep the email short and sweet. I usually send emails explaining who I am and what my intentions are, a sentence explaining my "story, and then a graceful thank you. For what it's worth, the whole 'copy and paste' thing has never been a big problem for me at the bulge brackets. For boutiques, target carefully based on the advice above and try not to email too many people. Again, if you target the right demographic, this shouldn't be a problem.

- silver bananas: a lot

2. Keep In Touch! Networking Template
posted by @valuationGURU

Life after PE - the other road

As I mentioned in a previous thread ("How to Make VP in Private Equity"), a couple years ago I said goodbye to the private equity industry and decided to try my luck in the tech industry. Not as a VC associate. Not as an "entrepreneur". As a programmer. Yep, you read that right. After thinking long and hard about what it is that I actually enjoy doing on a daily basis, I concluded that programming might just be my path to vocational bliss. I'm now a few months shy of two years into this little experiment, so I thought it might be about time to give you guys an update in case there are others out there wondering what "the other road" might look like.

I started the journey from financier to software developer by attending a 10 week JavaScript bootcamp in Boulder, CO. I picked that particular bootcamp because (i) it was focused on JavaScript which seemed to be on the rise, and (ii) it had a particularly good instructor, which I knew was what would make or break the bootcamp. Following my tenure at the bootcamp, I landed a gig as a developer at a startup founded by one of the bootcamp instructors. I spent a year there before the project pipeline dried up and the start-up's status as a going concern became a serious question. I ended up moving back to LA (which is where I was living / working prior to making the transition to software development) and landed a new gig at another start-up (this time one that was venture backed).

How I Fought My Way Back (Vol. Bruce Wayne in TDKR)

Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 3/9/13.

Hi there, fellow monkeys. Hope all is well.

I've been lurking here for a few years and didn't really get to posting until just recently. After some PMs regarding my story/background via my resume review thread, I figured I'd share my story and try to give back to WSO as much as it has given to/helped me. I fear it won't happen, but this can be considered a start. Let's get to it.

The backdrop is early 90s NYC. I grew up in an extremely conservative immigrant family from a strict military background. As much as I want to forget it, the circumstances were dismal for us; living in a one-bedroom apartment with 12 other family members and going to sleep, starving, on the cold, dingy floors of this apartment were memories that accurately reflect my childhood. This was life. This was a painful, albeit necessary step towards the American Dream.

I have no qualms in admitting that my family was comprised of no-BS hustlers. In their eyes, success was, more or less, measured by the number of zeroes in your bank account. Coming to America from a war-ravaged third world country with no money in their pockets, in a way, justifies and further strengthens this mentality. However, they never failed to emphasize the importance of education to me, to the point where, if I didn't appreciate this fact or count the blessings in my life, I received some pretty severe beatings (many of which I admittedly deserved). I pushed all the way through school, did well, and I guess you could say I went to a rather "preftigious" high school.

Dick Fuld opens real estate brokerage

Mr. Fuld strikes again:

Just seven years after his brokerage firm collapsed under a mountain of troubled mortgages, former Lehman Bros. Chairman and CEO Dick Fuld is back in the real estate business.
Last year, Fuld's financial advisory firm, Matrix Advisors, launched a licensed real estate brokerage and hired a seasoned real estate broker and asset manager, public documents show.
In February 2014, Matrix hired Howard Schussler, a former asset manager and leasing associate at Kimco Realty, a publicly traded owner and operator of shopping centers, according to Schussler's LinkedIn page. Schussler also worked at C-III Capital Partners, a national real estate services and investment management company.