Hey guys,
I am heading to a top5 MBA this fall and not many boutiques recruit at my school.
So I was thinking about how to approach recruiting. I have a few questions, hopefully someone can chime in with some advice
I have good experience in insurance. My brother says that I should target FIG so that I would not be "too junior" in my team and won't have to start learning about a new industry which takes some time. I know that FIG has always a lot of action however I don't think that that is valid for the insurance vertical. I am interested in Banks but not so much in Insurance. I wouldn't mind working in Insurance deals but would also like to specialize in Banks. How are exit opps in the FIG. Would it be possible in the future to make a move to a MM PE. Do FIG guys move on to management roles within banks. I would really be interested to climb the corporate ladder within a bank and eventually assume an executive role. Would you guys recommend me to stay away from FIG and go to something more versatile like TMT, Industrials, Energy, etc.
Due to the current regulation reforms (Dodd-Frank, Basel III) many bankers are leaving BBs and opening their own "elite" boutiques. Would you guys recommend targeting those firms. I am a career switcher, how much training do they provide to their associates. How many associates do they hire per year (Centerview, Moelies, Greenhill, etc). Should I just apply online to such boutiques? How bad are bonuses at BBs right now.
How many banks/firms would you recommend to target? Writing cover letters and researching firms takes a lot of time. I would guess all BBs except UBS then Lazard, Blackstone M&A, and another 7 boutiques? Anywhere I can find a list of "elite" boutiques. I don't want MM boutiques.
If I can't land an internship this year, what should be my b-plan. In other words, what internships do BBs respect for FT recruiting. Consulting (MBB), corp development, Investment management, Microsoft?
"except UBS" ?
it is a great bank, but their compensation currently sucks (so I read, correct me if i am wrong) and with the basel III i bet you it will be worse.
Addressing some of your questions in no particular order.
Fig skill set is highly sought after by banks and because of the specialized skill set in fig, it is the least affected group when lay off happens.
Exit ops, if you are coming in as an associate, you should aim to be a career banker. Once you mention 'exit' during an interview or on the job, you will be side lined.
Different banks structure their fig differently. You can stil be in fig and specialize in commercial banks without ever going into insurance. Do what interests you.
As for training, you are right in that some newly start ups will not have an official training program and they mainly hire third year analysts and promote them to associates. You will have a tough time there.
BBs however, and some of the well established elite boutiques like Evercore will have training. As for the number of hires, a boutique will have much lower offers than a BB.
Lastly, if you are at top MBA, there is no reason why you can't land an internship. If that is the case, however, you may want to look at other options.
Good luck to you and welcome to WSO.
good to know a prospective monkey who has never been in the business is helping out an MBA with his life goals.
I guess it does maybe make a difference at Associate level (?) What I do know for a fact, is that for analysts at UBS, pay is highly competitive and often even slightly higher than at other BBs (this is Europe). Also, concerning Basel III, the bank is actually one of the best positioned in terms of required Tier 1 ratios (from what I read on the FT).
Could you please explain to me how basel III would impact compensation, I'm not too familiar with the new regulations?
under the new regulation you are required to withhold new capital buffers (extra capital and higher quality capital - CET1) if you dont, you cant distribute earnings (dividends, bonuses, etc). UBS (which is a G-SIB) has to withhold in "the good economy" up to 13.5% of CET1 not to mention Tier 1 and Tier 2 capital. in Bad economy up to 11% of CET1
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