Hey guys -
I apologize if this has already been discussed in the past--I tried searching but didn't have much luck.
So you finally land your first full-time gig following a couple of internships and have the rest of your college days (roughly 6 months) to prepare for the real world of investment banking. How did you prepare (extra reading, modeling courses, etc)? I want to make sure I come in as prepared as possible.
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Pretty common where I'm from to take the CFA. That counts as both extra reading to round out your fundamentals, and as additional qualification for whatever job you want to do.
Drink a lot of beer, party and chase tail... repeat every day.
No seriously, you have the rest of your life to work. Besides, everything in IBD you will learn on the job. If you really want to do "something", you can crush the GMAT (use Manhattan GMAT) as that score is good for 5 years and frankly you're quant / verbal skills will likely be peaking while still in school.
Exercise. You're about to start a job that will have you sedentary for a minimum of 80 hours for 100 weeks in a row. Take the time now to develop the habit of picking heavy things up and putting them back down. This will have numerous benefits: you'll reduce cortisol (the silent killer), improve flexibility, add muscle mass, improve cardiovascular capacity, gain mental clarity, have better sexual performance, and proactively fight off depression and other mental woes. All from simple lifting. Start now, because if you try to add it to the mix while getting into the groove of your first job ever, it simply won't happen.
Travel. You're young. You don't have many responsibilities. No family, no job, no real bills, nothing to hold you back. This is a time of unparalleled freedom. Even if you do wind up pursuing an MBA (and end up at the Holiest of Holies, HBS), travel then will come at a cost. You'd be forgoing networking, career development, and all the campus activities that you have to cram into the four semesters you're exposed to such a collection of smart people. Plan weekend trips, skip classes if you're up for it, start building some memories and accruing life experience that you won't have the freedom to pursue when you're older, more risk-averse, and burdened with more responsibility.
Read. Fiction, non-fiction, news, classics, you name it. Intellectual development. Banking will stifle your creativity and sense of self. Even if you're someone who's proactive to push back against it, to pursue your passions while still performing well at the office, the simple fact of the matter is that you have (in a good scenario) maybe two dozen waking hours a week to call your own. Build the habit of consuming information on the things you care about; then you won't be one of the ones mindlessly clicking through ESPN/GQ/TFM to pass the time. You'll be more likely to dedicate your spare time to what you actually care about.
Network. The coolest part of college is the free pass to email anyone and say, "Hi, I'm a student and I'd like to learn more about what you do." People are way more suspicious if you do that as a random adult. They think you want something and automatically distrust you somewhat; they need to be won over. When a student reaches out, it's the exact opposite.
They want to help, they're flattered you want to learn from them. Add in the fact that you don't explicitly want anything other than to get to know them and their work (because you already have a job, which you should absolutely mention) plus two brand names that lend you credibility (your university and pending employer) and people will give you their time.
This will pay massive dividends; you should be focusing both on people who can be meaningful to your future career (start learning now about the culture and strategy of different PE firms, hedge funds, etc.) and people in adjacent industries (law, media, tech, etc., particularly the one you're covering if you're going into an industry group).
GMAT. I put this last because it should not be at the top of your list. However, if you're an overachiever and a complete eager beaver already planning the 2 + 2 + 2 of IBD > PE > MBA, a gmat score in your senior spring will still be valid when it's time to apply 3.5 years later. It makes sense to study for and take the exam while you're still in full-on academic mode; it's more painful to dedicate the 60-100 hours as a working professional. A lot of universities also offer fee waivers for the exam, and most libraries have the major prep agency curriculum books (GMAC, Kaplan, etc.) available too, so you can wind up getting the bitch done for free.
In summary, do cool shit now because it gets harder to do later. Worry less about being a lean mean modeling machine going into the job, because if you're at all smart and willing to work, you shouldn't have a hard time leading the pack as an analyst. You're only this age once; do the stuff now that you'll later regret not doing.
Damn good post. Everything here is SO spot on. Especially:
-> The coolest part of college is the free pass to email anyone and say, "Hi, I'm a student and I'd like to learn more about what you do." -
Advice on how to prep for FT (Originally Posted: 10/18/2017)
Hi guys - I am going to be starting at an EB next year (did a MM summer analyst stint) and wanted to learn the best way to go about preparing for the role. I believe I will be at a disadvantage to my peers as I do not have strong modeling/excel experience.
My current thoughts are to 1) invest in an expensive online modeling course (BIWS, Training the Street, etc.), 2) utilize as many free resources as possible (wallstreetmojo, Macabus, etc.), and 3) pick companies to play around with in excel/build models based on some templates I have from the summer.
Has anyone else felt vastly unprepared to start in their role? What did you do about it?
Thanks
Nothing. Whatever you need to know will be taught during your training course. These training courses are specifically designed to get everyone up to speed.
Think about it like this, summers are 2 1/2 months long and you're usually trained for a week. You will be trained for a month and a half when starting FT. Enjoy senior year man!
I actually feel the same way.. liberal arts major with limited finance/excel experience starting FT with a EB that is known for working analysts very hard and emphasizing technicals in interviews so I'm expecting to feel like I'm starting behind the 8 come June.
Have considered starting to study for the Series 79, 63 and taking a modeling class...
I know everyone will say the bank's training program will teach me everything I need to know, but I don't want to feel like I'm the only one learning it for the first time and it's a refresher for everyone else.
Any insights, personal anecdotes, links to useful study guides/classes would be much appreciated. Thanks.
Full Time Prep - Two Free Months (Originally Posted: 03/26/2012)
Hey WSO,
I will be graduating early May, and I will begin company training in early July for my FT analyst position. I have two months before training and I want to be sure I am prepared to the best of my abilities before I start my position. I'm coming straight out of undergrad so I don't have the modeling experience that MSF offers and I have no prior IB experience.
What would be your strategy for developing a strong base of skills before starting training in July? I will be working in a niche sector doing mostly sell side M&A in a smaller regional office. I want to try and hone my skills as best as possible before I start so that I can provide value added from the onset and secure that coveted top bonus bucket when time arises. The office has a pretty high deal flow, so I know there won't be much lag time for me to learn the ropes.
I wanted to start with re-reading the Rosenbaum and Pearl IB book and working through the given examples in excel. Then from there I was thinking BIWS training videos and reading a book or two on M&A so that I have a more targeted frame of reference for practical application.
Background: - Finance major w/ 3.9 from semi-target top state school - PWM and F500 Analyst Internships - Moderately comfortable w/ basic excel navigation and shortcuts
Any advice as to books or strategies would be greatly appreciated!
Best regards
I'd say spend a lot of time on Excel. Be comfortable w/ all of the basic functions you might need as well as practicing how to use it mouse free as it will save you a lot of time if you know the keyboard shortcuts.
yeah and probably this too if you don't have good excel skills already.
just relax and fuck as many chicks as possible before the 2 year ib stint makes you ed
have fun and relax until then man. training will be sufficient enough to prepare you. If you don't have an accounting/finance edu background, then yea, i'd re-read the rosenbaum and pearl book.
do lots of hard drugs; you won't have time to be addicted as an analyst so get it out of your system now.
You will be in the training program, but if you a want a leg up, I recommend the Wall St. Prep program since it is near identical down to the books of the training you will receive.
http://wallstreetprep.go2cloud.org/aff_c?offer_id=2&aff_id=1000
Preparation for IBD Analyst position (Originally Posted: 04/06/2016)
Hi.
I just got an Analyst position within IBD in my home country. It is the biggest bank in this area, but not compared to the size of the BB obviously. That means that I won't get the same training as Graduates in for example JP. This is also one of the reasons why I chose this bank; to get thrown in it quickly with a lot of responsibility early.
However, it is a bit scary it the same time. Therefore, I was wondering, do you guys have any recommendations when it comes to books for IBD? I will get the opportunity to try both M&A and ECM, so the book should preferably cover those two areas (or one book for each area). I have both an undergrad and MSc in Finance, so I feel that I have good knowledge of valuation (and theory in general), so Im looking for a more practical approach.
Do any of you have some recommendations?
Kristian
Investment Banking by Rosenbaum
Thanks for the answer. As I understood it; that book contains mostly valuation methods? But maybe I need to have another look..
Best way to prepare for a FT role? (Originally Posted: 11/10/2012)
I got a FT offer at a BB AM fund and will be starting there in fall 2013. I'm planning on fully enjoying my precious few months of undergrad, hanging out with my friends, going out a lot, and getting into shape. That said, I also want to try and prepare for my FT position and hit the ground running.
So far I'm planning on learning VBA, reading a few investing books like Fooling Some of the People All of the Time, and preparing for my CFA. Anything else I can do to prepare?
Yeah David E.'s book is great. Seems like you're doing everything right.
Bump?
what's the best way to prepare for an IBD analyst role? any books to read?
Accounting prep for first year IB Analyst (Originally Posted: 12/11/2012)
I'm a current MSF student with a liberal arts background and I recently accepted an offer from a MM bank for an Analyst position in their Industrials group. The VP in the group recommended I bone up on my accounting background in order to best prepare myself to hit the ground running in July. Can anyone recommend a self-study accounting textbook or online accounting course that has been beneficial for their first year on the job in IB? Any suggestions would be much appreciated.
breaking into wall street's fundamentals module has a pretty solid section on accounting. it's catered more to interview preparation, but it can also help to understand how the accounting statements link up.
Accounting Prep for FT IBD (Originally Posted: 12/28/2012)
What are some resources to best prepare for the accounting needed for FT? Should I just open up an advanced accounting textbook and crank?
WSO Technical Prep guides are great value. If you want more, try the BIWS or WSP stuff.
both of these should cut it. stick to financial accounting as well, i've never seen a damn thing/question on managerial accounting.
an advanced accounting textbook would be overkill - it was recommended to me to take through intermediate I and II and I would say that would probably suffice
Build a basic DCF and 'break it', you'll be forced to understand how everything works together
Full-time prep (Originally Posted: 06/12/2013)
I go to a semi-target. The investment management internship is f100 and the IB internship was part-time at a 5-man boutique. I've gone through this a couple of times and sent it out to a few people. I'd apprecitate any criticism/formatting advice.
I'll be applying to a lot of finance jobs with a pretty heavy focus on IB (its where I've been networking the most). Also interested in FLDP, ER, Asset Management, and anything else involving fundamental analysis.
Also, I'm planning on sitting for level 1 of the CFA in December. Don't know whether to include it or not. I plan on just using it as a talking point in interviews but don't want to run the risk of excluding it and losing out on interview opportunities. I'm also going to be the finance director of a club on campus that we roomate is starting next year but haven't included it either. Advice on these issues would be greatly appreciated.
http://www.razume.com/documents/31652
It wouldn't hurt to add the CFA candidacy, but only if you are actually signed up for the exam otherwise you're not a candidate. It's a good talking point, but it doesn't show anything more than the fact that you've shelled out some money to take the exam.
Actually I would argue just the opposite. I don't think you should include CFA Level 1 candidate... Because you haven't done anything yet. Anyone can sign up for the test. If you took level 1 already, then okay. Put level 2. But level 1 is just a no-no in my opinion.
Okay. I think I'll leave it off and incorporate it into my cover letter and try to bring it up in interviews because I do think including it would put some people off ( I know I'd be). Thanks for the advice, I really appreciate it. Also, for anyone that has sat for the CFA in college, how doable is taking level 1 in december and 2 in june. I figure I'm never going to have another time in my life with this much free time and would rather bang it out early but and advice on this would also be greatly appreciated.
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