Getting an interview with Boutique/MM banks

Hi, I'm a recent grad with an Accounting degree from a non-target school near NYC. I'm currently working in Big 4 audit but I feel unchallenged and want to give investment banking another shot. I don't really have any financial modeling experience, nor have I ever interned at an investment bank. I did interview at Bear Stearns before I graduated, but I didn't receive an offer. I have a 3.8 GPA and 3.94 major GPA and my only experience has been at Big 4 (Internship in tax and I just started in audit). If it's relevant at all, i took the GMAT and scored a 740. At this point, I've sort of given up on BB banks because it seems like they will have filled their class through campus recruiting and with SA's. I'm willing to do anything to get an interview with a boutique or MM, but don't exactly know how to approach it. I have no contacts or any "ins" so I've been hopelessly emailing my resume to random M&A shops.

I know I have what it takes to be a very good analyst and I like to think that I'm a smart guy. Had I not screwed around in high school, I could have gone to an Ivy league school and been handed a neatly gift wrapped offer from a BB like everyone else :(

Any ideas on how I can get a boutique's attention would be much appreciated. Thanks.

 

you are in a completely different boat now that you have experience and have been done with college for a while. call a head hunter; if they say you have no chance, they're probably telling the truth, in which case you would need to go back for an MBA

_______________________________________ http://www.drmarkklein.blogspot.com/
 

I've actually only been working in Big 4 for 2 months and I only graduated this past May. It's kinda backwards how I'm less marketable now to them than I was a year ago, even though I've supposedly learned more.

Thanks for the response though.

 

I was in an almost identical situation as you, actually. Strong GMAT, out of school from a non-target, good gpa, etc. Boutiques will give you a look. Be aggressive, call headhunters, but they probably are very little help, as a good portion of boutiques would rather not pay headhunter fees for analysts.

Just spam the resume, follow up with a call, visit the offices, and know the industry cold. Not modeling, etc, but what the hours are like, what the work is like, etc. It can be done.

 
djia5000:
a good portion of boutiques would rather not pay headhunter fees for analysts.

sorry, didnt know that. by the way, to the OP, dont just email your resume and expect them to check the inbox. pick up the phone and be in-your-face about it.

_______________________________________ http://www.drmarkklein.blogspot.com/
 

thanks for the responses guys. djia5000, did you end up finding a job at a boutique using the coldcall method? another thing -- do you guys really recommend outright calling them, or should i try to send an email to an MD first and ask if i can call him?

 

I think that no matter what field you're in, you shouldn't leave after only 2 months on the job. Employers get suspicious when they see abrupt job changes on a resume. You're probably going to have your best chance in at least a year, or do a great job in accounting, go back to school, and get hired as an associate. It's a longer path and expensive but you'll have a much better shot at getting in and could even go with a BB.

 

I know several guys who left public accounting to come over to investment banking. They didn't go through HR, they had friends in the groups who pushed their resumes along. I do not see leaving after 2 months a bad thing, especially if you're making the switch from public accounting to investment banking. You take the opportunity when it comes your way. Having said that, I clearly wouldn't recommend leaving your job until you secure another one.

 

Hey everyone, I'm in a similar situation to grape. I graduated from Haas' (UC Berkeley's) undergrad program with a 3.7 overall and started with audit (low and behold, i decided i didn't like it within 2 months but felt stuck so i kept doing it for one year). I did pass all the parts of my CPA (80's and 90's on all the sections, if that matters at all) on my first try, and I just recently left my firm (yeah i need money, but I really just didn't want to do audit anymore).

Now I'm just looking for a job in equity research (or a boutique/mm ibank), and I'm taking my CFA level 1 this December, but I am having one heck of a hard time just getting interviews! I recall back when I was a junior looking for internships (I did big 4 internship in audit, and signed full-time w/o recruiting senior year), I would get interviews w/ BB banks and some consulting firms. I know the market is bad now, but colleges still get looked at so I figured I should at least get an interview?

I've only been dropping resumes around for about a month, but I'm simply not getting any replies... Most of my submissions were via career websites, a couple friends, and even tried to contact some head hunters to no avail. Am I just being impatient or is that a sign I need to start reconsidering going back to audit (as it seems to be the only job I can guarantee getting)? Or am I doing something wrong?

I don't mind starting at rock bottom entry level (I probably would, considering I don't have much experience with valuations other than a couple finance classes). Any comments on what I should do? If I can't get a job by next March, I will have to really rethink going back to audit...

 

Did you ever think about transferring into transactions services? If you are at Deloitte or KPMG, they both have finance consulting firms that advise firms on acquisitions. Might be a good way to go audit-->Deloitte Consulting-->BB

Oh, and not all the BBs are done hiring. Make direct calls, try to get ahold of alums, do anything to get your hat thrown in the ring. If not, make a push at MMs.

 
Best Response

I don't know a ton about equity research, unfortunately.

As for myself, I go to Providence College, a definite nontarget but respected liberal arts school in New England. Econ major with a 3.9 GPA and kept myself busy with plenty of ECs and internships. Interned in CorpDev for EMC Corp, where I got some contacts in IBD and worked my way into a few interviews. Now have 2 offers with BBs- UBS and Bear, still weighing my options.

All I have to say is keep plugging. Haas is a huge school AFAIK, so try to hook up with recent grads who moved into equity research or whatever you are interested in. Berkeley is a really respected school so there will definitely be a few.

Auditing is tough but if you gut it out for 2-3 years with a Big 4 firm, you'll make a ton of contacts with companies you audit/work with and often can move into CorpFin at F500 companies. After that go try b-school and from there, if you get into a top 20 school, you can pick your career path from there.

 

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