The takeaways are in bold
<strong>If you get accepted to multiple top 10-15 schools, take “prestige” out of the equation.</strong>
I always tell the story of my good friend who passed up a full ride at Columbia to pay full freight at Wharton due to rankings. She ended up...
<em>Mod Note (Andy): My current and past content <span class='keyword_link'><a href="http://www.wallstreetoasis.com/forums/searching-for-a-summer-internship">interns</a></span> created this post for you guys which includes some of our best...
Been a long time reader of WSO and I have to say it has been helpful. I thought I would give way to those wanting to explore corporate <span class='keyword_link'><a href="http://www.wallstreetoasis.com/guide/breaking-into-private-equity-and-vc">venture...
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 <a href="http://www.wallstreetoasis.com/finance-jobs">right here</a>), we would also create a WSO Applicant...
Long time user here, been wanting to do a AMA for a while but always worried about identity issues. Finally took the time to start a dummy account to post. Don't waste SB since it's a dummy account.
New monkey on the website. I've been reading WSO for a while however now a new contributing author. I just wanted to take the opportunity to introduce my self and open up an AMA!
Here is a quick overview of my background:
* Consultant for a strategy/<span...
I will be starting with a Big 4 firm in their valuation group and was approached by a partner to consider looking into the firm's intellectual property practice (I have a background in electrical engineering and worked as a research analyst with a small VC fund for about two years, researching...
What was your first job in real estate and how has it impacted the rest of your career and long term goals? As for me I'm interning at a small brokerage/appraisal/property management company but my interest is more in acquisitions/development (mostly influenced from wso). Would love to hear...
I have a very small investment to make for my godson. A couple hundred dollars worth. I'd like to purchase some stocks in his name. It would be nice to have an account for him that I can keep adding to. Where do I start? What should I...
I am set to start at a non-<span class='keyword_link'><a href="http://www.wallstreetoasis.com/guide/consulting-case-interviews">MBB</a></span> consulting firm in the Winter. However, want to use the time in between to recruit for IB positions. Should I...
Was wondering if anyone else saw this post on Business Insider today, regarding tips for non-targets to get an internship in banking.
Thoughts on the material? Comments? How have other people gained knowledge about the...
So I am supposed to have a sitdown with my superior to discuss my career and future in general. I know this person well enough and I feel that the more specific I am, the more this person can make things happen.
I was hired into a sort of rotational program. They told me I'd have to move...
There is this <span class='keyword_link'><a href="http://www.wallstreetoasis.com/finance-dictionary/trading-overview">trading</a></span> boutique in London that offers a sales&trading internship without a base salary but an end-of-term bonus....
I am in a serious predicament and I don't know what to do to find work, because I feel really bad and dejected. I am looking for honest feedback, so I can better my prospects. I really just want to start working and start building my career in finance. I am now 8 months...
Mod note (Andy): Throwback Thursday - this originally went up Aug 2012 while most of you were still playing jv hopscotch. If you haven't read Bankerella's posts, go through each and every one of them now, they're fantastic. fwiw this post also went up on CNBC. Enjoy!
Okay, today's advice comes with a dirty little secret.
One thing a banker girl (or any 20-something single chick working 80+ hours a week in a stressful environment) needs is the ability to occasionally have some fun with with very little advance notice and with no strings attached.
(Sure, the perfect girl is a bastion of sexual morality and never dates anyone casually, but that's just not relevant here.) So as a banker chick, you need to get maximum hedonic return on the few hours you have left to yourself, and let's face it, those hours aren't enough to gently nurture a budding but delicate relationship. You need to be strategic about how you use that time, so you need to find people (or a person) who can do the same.
If you're reasonably hot, you'll have no lack of candidates for the role. It's like a resume screen: you need to apply some sort of quick initial test to focus in on candidates who are more likely to be rock stars.
So here are my rankings, based on my own experiences and the experiences of a few friends.
Mod Note (Andy) - Throwback Thursday - this originally went up July 2012
A while back I mentioned that during the two years of my MBA program at a top-5 school, I'd put a star next to every note I took that I thought was worth carrying forward into my future career.
When I moved on, I threw away the 18 handwritten notebooks, but not before compiling all the starred stuff into a document. Depending on how you look at it ,you could say this document cost me nearly a quarter million dollars (not including opportunity cost). Disappointingly, it is only 11 pages long... and that's double-spaced.
A couple people have since written asking me for the document. It's a pretty personal list, so I can't do that. But I will share a few juicy tidbits here.
Mod note: "Best of Bankerella" - this was originally posted 6/22/12
Do you want to go to a top b-school? You should have a 99th percentile GMAT.
This is hugely controversial. I have no idea why. If you’re already assured of getting into your top school because you’re so awesome or your dad’s name is on one of the buildings, go ahead and flame me. This post is not for you. If you already got into your top school with a sub-99th percentile score, awesome -- but this post is not for you.
If you currently lack certainty around getting into your top school, here's why you need a 760+ score:
Mod note: Best of Bankerella - this was originally posted 10/1/12
I occasionally get PMed by people at colleges I’ve never heard of before, asking if they have a shot at IBD.
Folks, why IBD? The finance world is broad and varied, and there are a million ways to make a buck. Why pick the one that’s going to be hardest for you in your situation? There are mutual fund companies, asset management companies all over the damn place. Hedge funds. Auxiliary businesses. Those folks will look beyond the name of your institution and your GPA in the hunt for quality. Why knock on the door of the one section of the industry that has built a massive recruiting machine designed to keep you out?
This is all representative of commonsense (but ultimately bad) advice I got during undergrad and followed blindly during internships. I sorted it all out by the end of my analyst program, but this was frequently accompanied by discomfort, late nights, and general suck.
You might disagree with my stance here. In fact, if you do, feel free to tell me in the comments. I'd very much like to hear that there are workplaces where the following work habits are rewarded rather than punished.
1: Turn changes as quickly as possible.
This is sometimes a recipe for disaster. The earlier you finish, the more time your boss has to second-guess everything. If you know your boss will iterate until the last moment and beyond, it often pays to build in a small amount of downtime for yourself. The finished product will be just as good (or bad), and you'll be slightly more rested for the next shit show they throw at you.
2: Never turn down a project.
Good general principle, but don't be dumb about it. It's nice to accept projects and workstreams up front from a wide variety of people so that your big workload is evident to all. This reputation can last a lot longer than the workload itself, giving you a chance to pick good projects and do well on them. On the other hand, use this reputation to parry anything likely to turn into a fire drill.
Best of bankerella, this was originally posted on 9/26/12
Interviewer: "So... what's your biggest weakness?"
To be honest, I think the biggest weakness question is one of the most bullshit questions you can get during an interview. But people keep asking it, so you’ve got to have a strategy. There are some shops/industries where the best strategy is truth. In most banking/PE interviews, not so much.
My favorite way to answer the biggest weakness question is to imagine the interviewer at their job and think about what they would relate to most strongly. Then I build an answer starting with, “I get impatient/frustrated when....”
Also, I should say that I got no dog in this fight and couldn't care less where the talent comes from. Just trying to get some hard data out there so that, in the future, people can use it as an objective data point as they consider life choices. And so that working professionals can get back to doing what we truly enjoy doing on WSO: dicking around.
~10% of all individuals in the sample:
Georgetown (Yes, I was surprised too. I scrubbed these numbers personally and stand behind them. I am also not aware of any bias in the sample that would cause this. I think Georgetown might actually place more than anywhere else. Thoughts?)
One of the biggest problems with having large corporations as clients is that there’s so much crap you’re not allowed to invest in actively in order to prevent any potential allegations of insider trading. There’s also a bunch of rules and paperwork that, honestly, few bankers have time to keep track of.
As a result, a lot of bankers just stick their money in ETFs (or a nice piece of Hamptons real estate) and forget about it. (I admit it, most of my money’s in ETFs right now.)
But let’s face it, we all know that you haven’t made it until you pay more in capital gains tax than in ordinary income tax. Passive investment is boring and is largely for betas and scrubs whose 401(k) is their largest source of liquid capital ( psssh!).
So last time we established that when I come to recruit at your school (and I promise you, today I am recruiting at a school attended by probably at least 40-50 of the people on this board), I’m really just doing it to get a much-needed break from the office, a little sleep, and a chance to do my own thing (read: booze it up and party with old friends) for a day or two. It would be pretty cool if I could accomplish this without actually doing recruiting activities, because I find them just as awkward and lame as you do. But I’m stuck with it, and so are you. So here’s how you should make the best of it.
Every year around this time, some young monkeys hop on the forums and start moaning about how bad this year is for recruiting. You guys think it's bad? You ain't seen bad unless you've seen 2001, 2008, or 2009. But nevertheless, your auntie has good news. I recruited all last week, and let me tell you: the competition out there right now doesn't look as tough as you guys think it is. Here are the real gems from my week recruiting at our top targets:
Candidates who stare at or lengthily check their phones while talking to recruiters. If you aren't going to make eye contact with me, at least have the basic human dignity to stare at my boobs like the rest of the candidate pool. If you can't find something about me or my firm to stay interested in for ninety seconds, then the feeling is probably going to be mutual.