Gameplan
Hey Guys,
Just wanted to share my plans and story with you to be able to compare it with you and hear about your ideas and opinions!
I'm currently working as a Junior Auditor at Ernst & Young Belgium but in the middle of a career switch. I graduated in Applied Economics at the University of Ghent (magna cum laude) and actually didn't know what to do after graduation. First plan was to do a Master in Financial Management at Vlerick. However, in December I took part in a recruitment event of EY and got a job offer there. Since I didn't know exactly why I wanted to do Vlerick and I liked the atmosphere at EY, I decided to give it a try, knowing that I could still do Vlerick if I didn't like the job.
Time passed by, I signed the labour contract and everything was set up to start my career. Since I did not take part in any Erasmus programme during my education, I decided to end my academic path with a summer school at the Haas School of Business at the University of California at Berkeley. Took two courses there, with one of the two changing all my ideas of what I wanted to do with my life, Investments.
The course gave me a great insight into the world of Investment Banking, Private Equity,...and finally, I knew what I wanted to do with my career. Since I already signed the contract with EY, this was of course a slight problem. I started working at EY, got great training there, and did not especially dislike the job but I knew I needed other challenges in my life.
Therefore, I decided to apply for the Master in Financial Management since I thought this would give me a better shot at reaching my goals. Of course, I also gave thought to some other options, like directly applying for a job in bank while still working at EY. I also considered a transfer to another department at EY, more closely related to what I wanted to do, like e.g. the TAS department or FSO department.. My line of thought was that Vlerick would give me a great opportunity to get in touch with a large network of potential employers which would give me a more direct access to the sector. What are your thoughts about this?
I was now thinking about applying as soon as possible to all the different IBs. Any thoughts about my chances of getting an internship or getting a job directly? I know I am probably facing an uphill battle here but I am just trying to take a shot.
I'm looking forward to hear about your stories and opinions!
Hey Max,
I'm still a student (Ma1 at Solvay Business School-VUB), so you might have some more general experience, but this is what I would suggest from my stay here on WSO:
Doing a specialized master or an MBA is definitely a good way to switch careers. While the reputation of Vlerick cannot be disputed I would suggest you also consider http://www.areyoureadyforchange.be/ Solvay has some very prominent alumni in the financial sector and the French atmosphere to the school might just help you on the Belgian market (high finance in Belgium still seems to be largely controlled by French-speaking 'noblesse'). The specialized masters are a very new program, starting academic year 2013-2014, and look very promising !
Do you have any relevant finance experience? The new Solvay masters provide the flexibility to include a 3month internship into your program.
Networking! Recruiting season starts in November. Considering you'll follow a 1y master, your gameplan should be:
- September: start reading the WSJ and reach out to people in the banking sector for "informational interviews" - October: prep for interviews (SHL tests, technicals, fit) - November: apply online and through your new connections
I highly suggest reading Pearl&Rosenbaum's book for technicals. This book WILL give you a competitive advantage! I've got a big bunch of other files on my computer, so if you need any help with interview prep, I can provide you with almost anything ;)
For how long have you been working at E&Y? You might consider applying for associate roles instead of analyst, though highly depends on relevant experience.
Keep us posted! All the best!
Thanks for the tips man!
I actually also considered following a programme at Solvay Business School. Since the admission fee was roughly the same, I really had a hard time choosing ! Anyhow, everything is paid now and I'm starting in two weeks so there's no real time to consider it anymore. But it's true that the programmes are a good alternative to Vlerick.
I wouldn't consider the things I've done at EY as very relevant finance experience to what I would be aiming to do in the future. It was mainly auditing the financial statements of companies which is all about the acounting side of a company. I did however gain quite extensive knowledge in excel which will be relevant in my future I hope. At the end of the programme at Vlerick, I'll be having an In-Company Project so I hope to gain some more relevant experience there.
Linked to your suggestions concerning "Networking", how would you propose reaching out to people in the banking industry? I don't really have an extensive network in the banking industry yet so I was wondering how I would be able to get to those informational interviews, any tips there?
I'll definitely try to obtain the book you suggested for technicals, looks really interesting.
I had just been working at EY for 1 year (without any relevant experience) so I'm afraid that it would be difficult to get a FT offer directly. Do you think it would be possible to land one without any relevant internships? A good friend of mine graduated from Vlerick this summer and is starting an internship in NYC this September in banking. He told me a lot of last year's graduates were able to land an internship at an IB. However, what to do after these internships? Since these internships are often just during Summer... I'll try to find out how they're doing now and whether the were able to secure a FT offer, and I'll keep you posted!
I'll definitely let you know how I'm doing. If you have any thoughts/questions, let me know !
Regarding networking: In the folder that I'll be sending you through PM or mail, I have included an extensive list of the most well known investment banks (feel free to add more). I suggest looking for people at these banks through LinkedIn, Google, whatever. If you can't find any contact info, I've also included a link to a site that can do this for you if you make an account.
After you've got their contact info, send the person an email saying you'd like the opportunity to call/mail him with some questions regarding the industry (if he's in Belgium, you might meet in person?) or whether he could have a look at your resume (see example in folder).
You should start contacting people in September
In October, start prepping for the technicals.
Starting November, I suggest applying for summer internships and maybe FT through the bank's career site. If your previous networking was successful you might even ask your new contact to drop your resume somewhere.
Regarding summer internships: From what I've heard, banks place a high emphasis on relevant experience for FT. Luckily, many Summer Analyst positions get extended into a FT offer. I would therefor definitely aim for both SA as FT !
Keep us posted! All the best!
Many thanks already! I'll be sure to keep you posted on how the networking and all the rest is going! All my experiences might be relevant to you as well!
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