Ask a 2nd Year IB Analyst
It's the time of year for SA interviews. Two-plus years ago, analysts on WSO helped me break into i-banking from a non-target school.
As a result, I'd be happy to answer questions to those interviewing or trying to get banking interviews coming up.
(fyi: I don't know about the S&T process and a minimal amount about Cap Markets, nor anything about recruiting in Europe or Asia.)
I know everyone wants to get into banking. However, realize that most banks are in a similar hiring situation as 2008/early 2009. Keep your options open!
For starters, here is what you should know/do:
If you have less than a 3.6 GPA (target or non-target), the odds of getting into banking this spring are extremely slim due to the state of the European markets. This should not deter you from trying to get interviews, but you should be applying to a wide range of industries and consulting. You will need a glowing resume if you have below a 3.6.
Get the following guides (small investment for a job that pays >$100k out of college):
1) WSO Behavioral + Technical
2) Beat the Street
3) Vault
4) The Rosenbaum book (ignore APV)
You should be reading the following daily:
1) Dealbook
2) Bloomberg
3) WSJ.com
4) http://www.renaissancecapital.com/RenCap/Default.aspx
Some summarized technicals:
http://www.wallstreetoasis.com/forums/ebitda-vs-op...






When you say 3.6, you mean
When you say 3.6, you mean only for finance majors?
How do you think boutique
How do you think boutique (not elite) and MM hiring will be for SA? I realize that a lot of students that don't get a BB will come to these banks, but do you think there will be a drastic decline in their overall hiring numbers as well?
What would a resume stand out
What would a resume stand out beside the GPA? What it be previous financial internships or varsity sports?
Abdel wrote: When you say
When you say 3.6, you mean only for finance majors?
All majors except engineering
Powa23 wrote: What would a
What would a resume stand out beside the GPA? What it be previous financial internships or varsity sports?
Sure, but you still need the GPA
1. I'm in my third year and
1. I'm in my third year and never applied for an internship in December, is it too late now?
2. In my fourth year when I do apply for an analyst position what are my chances with exactly a 3.6GPA without a glowing resume?
3. What kind of things can I add to my resume aside from an internship that would make it glowing?
4. Is taking the wall street prep course this summer and adding that to my resume something that will benefit
me?
5. If I don't get into investment banking what kind of job specifically should I be looking for that will help me break into investment banking a year later that would be realistically attainable?
6. I've always wondered this too, if I do get the interview does my GPA now not matter and it's all about the interview or will those hiring me go "hmm the guys we've hired all seem good but that one guy had a 3.6 and the other guy had a 3.7 so we better go with the guy who has a 3.7"?
7. I see a lot of mention of cold calling as a technique to get into investment banking. When should I start cold calling, what number do I cold call, who do I ask to speak to and what am I supposed to say? Especially considering I don't live in a financial hub city so I can't just meet up with someone for coffee, I need something substantial to be worth going there for such as an interview.
8. Any other tips you can give me to try and break into investment banking? Like I said I'm in my third year, I go to University of Alberta, I am taking every single Finance course my university has to offer and I am taking mostly all accounting courses as my options (I will have all the courses required to write the CA). I was thinking of completing that wall street prep course and I am planning on writing my CFA I in the June I finish school. My GPA will end up probably somewhere in the range of 3.6-3.8. I didn't apply for an internship this summer because at first I thought it wouldn't work due to my living arrangements but I think I could make it work now but I might have missed my opportunity. Is there anything else I should be doing? I want to network but I also want 4.0s in everything so I dislike going to events organized by my school meant for networking that just end up wasting my time. Since I don't live in a financial hub I don't see how much networking would actually lead to a job but perhaps I'm being too narrow-minded when it comes to networking or perhaps there is something I am overlooking.
Any help would be appreciated, thanks.
I just happily accepted my
I just happily accepted my offer for a summer internship (top boutique at regional location). What would you say interns and 1st years work on? Are they mostly research and formatting? I heard you don't get to touch modelling until your 2nd year analyst?
notaspammer wrote: How do you
How do you think boutique (not elite) and MM hiring will be for SA? I realize that a lot of students that don't get a BB will come to these banks, but do you think there will be a drastic decline in their overall hiring numbers as well?
no idea. big corporations are flush with cash and cheap debt, so buying small companies should continue into 2012. This should keep the MM banks humming.
neanderthal wrote: I just
I just happily accepted my offer for a summer internship (top boutique at regional location). What would you say interns and 1st years work on? Are they mostly research and formatting? I heard you don't get to touch modelling until your 2nd year analyst?
Depends if the boutique does a lot of buyside or sellside
Buyside -> heavy modeling
Sellside -> some modeling, a lot of powerpoint for the management presentation
1. I'm in my third year and
1. I'm in my third year and never applied for an internship in December, is it too late now?
**No, banks are recruiting now**
2. In my fourth year when I do apply for an analyst position what are my chances with exactly a 3.6GPA without a glowing resume?
**Depends on how many summer analysts take now and how the stock market is doing in September**
3. What kind of things can I add to my resume aside from an internship that would make it glowing?
**Leadership positions, relevant classwork, investing?**
4. Is taking the wall street prep course this summer and adding that to my resume something that will benefit
me?
**No way**
5. If I don't get into investment banking what kind of job specifically should I be looking for that will help me break into investment banking a year later that would be realistically attainable?
**Consulting or Industry Finance**
6. I've always wondered this too, if I do get the interview does my GPA now not matter and it's all about the interview or will those hiring me go "hmm the guys we've hired all seem good but that one guy had a 3.6 and the other guy had a 3.7 so we better go with the guy who has a 3.7"?
**GPA will be much less of a factor once you get the interview** It's like SAT score (a checkmark)
7. I see a lot of mention of cold calling as a technique to get into investment banking. When should I start cold calling, what number do I cold call, who do I ask to speak to and what am I supposed to say? Especially considering I don't live in a financial hub city so I can't just meet up with someone for coffee, I need something substantial to be worth going there for such as an interview.
**Would go on linkedin and email analysts at current banks. if they like you, they can forward your resume to HR**
8. Any other tips you can give me to try and break into investment banking? Like I said I'm in my third year, I go to University of Alberta, I am taking every single Finance course my university has to offer and I am taking mostly all accounting courses as my options (I will have all the courses required to write the CA). I was thinking of completing that wall street prep course and I am planning on writing my CFA I in the June I finish school. My GPA will end up probably somewhere in the range of 3.6-3.8. I didn't apply for an internship this summer because at first I thought it wouldn't work due to my living arrangements but I think I could make it work now but I might have missed my opportunity. Is there anything else I should be doing? I want to network but I also want 4.0s in everything so I dislike going to events organized by my school meant for networking that just end up wasting my time. Since I don't live in a financial hub I don't see how much networking would actually lead to a job but perhaps I'm being too narrow-minded when it comes to networking or perhaps there is something I am overlooking.
***I have never met anyone on Wall Street from Univ of Alberta. I know nothing about the school***
Any help would be appreciated, thanks.[/quote]
Just accepted an offer for
Just accepted an offer for the summer from one of the BB's. Would you recommend taking a product group over a coverage group if possible? My top choice right now is LevFin -- in your experience do these groups generally offer a good experience across the Street?
JWR34 wrote: Just accepted an
Just accepted an offer for the summer from one of the BB's. Would you recommend taking a product group over a coverage group if possible? My top choice right now is LevFin -- in your experience do these groups generally offer a good experience across the Street?
I've know a lot of people leave LevFin and/or say it was a bad experience. From what I've heard, there's limited modeling.
I would target M&A or Sponsors. Everyone does this, so push for it early on.
squawkbox wrote: Abdel
When you say 3.6, you mean only for finance majors?
All majors except engineering
Do you also include math majors within engineering?
How many nontargets in your analyst class? how many on the team? what about analyst classes from other years?
Is it bad if I take out all my leadership experience from my resume (Non-profit work and national math competition) and include more detailed internship descriptions (2 small IB boutique internships, 1 big PE fund internship, wrote down over 8 ongoing or completed deals and how I exactly contributed)?
couchy wrote: squawkbox
When you say 3.6, you mean only for finance majors?
All majors except engineering
Do you also include math majors within engineering?
How many nontargets in your analyst class? how many on the team? what about analyst classes from other years?
Is it bad if I take out all my leadership experience from my resume (Non-profit work and national math competition) and include more detailed internship descriptions (2 small IB boutique internships, 1 big PE fund internship, wrote down over 8 ongoing or completed deals and how I exactly contributed)?
Not sure about Math. I just know engineering usually gets some extra room across the Street.
I would say non-targets make up 10% of analyst classes. You only make it by having an exceptional resume all-around (sophomore internships, stellar GPA, Leadership, Sports).
I would include all of your internships and the leadership experience. It shows that you're more well-rounded. I would hold off of going into much detail about each deal. The interviewer can and will ask how you contributed.
Just curious, I'm a non
Just curious, I'm a non target 3.8 lower junior majoring in economics- if i get a summer internship at a boutique or MM, what will they have me do?
Are there tasks at MM/boutiques that can be done without knowing finance (modeling)?
What type of group do you think I should aim for? (IB, PE, Macro fund, what do I have a shot at w/o finance knowlege?)
When evaluating whether or not to post something on WSO, I think to myself, "would an idiot post this" and if the answer is yes, I do not post that thing...
peepstache wrote: Just
thanks for this
squawkbox do you mind if I PM
needtodecide wrote: squawkbox
Beeland Rogers wrote: thanks
squawkbox wrote: peepstache
When evaluating whether or not to post something on WSO, I think to myself, "would an idiot post this" and if the answer is yes, I do not post that thing...
Can one get away with just
How well do you need to know
If you're a good candidate,
Not related to SA interviews,
What advice can you give
Isn't Math one of the
Planetbeing wrote: Can one
Delta Riot Shield Squad
JamesHetfield wrote: Isn't
God of Wine wrote: What
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HarvardOrBust wrote: If
westsidewolf1989 wrote: Not
squawkbox, thanks for taking
squawkbox
Thank you squawkbox! I had an
What kinds of questions do
Sexy_Like_Enrique
Powa23 wrote: Thank you
Have you ever met anyone from
BulgeBracket wrote: Have you
Cries wrote: What kinds of
Are VP and analyst in today?
squawkbox
TheKid1 wrote: Are VP and
squawkbox wrote: TheKid1
I have a 3.589 GPA, can i put
mapr89 wrote: I have a 3.589
i have an interview coming up