How to stand out in investment banking?

Before anyone bashes me for asking dumb questions, please just try to help a young kid out. From my understanding of investment banking there is no similarity between banking and trading per se, in terms of being able to get an opportunity to stand out as an individual. I'm well aware that these are team industries and am definitely about it. I just wanna know how star bankers become stars.

 
Skinnayyy:

The same way that you would in pretty much any other field.

Show up on time.
Do you work quickly and correctly.
Don't eff up.

This. Skills for success don't really differ amongst fields. Beyond the obvious attention to detail and efficiently completing work:
  • Making your boss look good
  • Good presentation skills / ability to think on your feet and answer questions (this makes people think you have the ability to move up to MD/partner where this is key to success)
  • Look for opportunities to get more involved outside of your traditional daily activities (time permitting, of course). To the extent you can help with recruiting, representing the firm/brand/etc., coming up with efficiencies, etc.

Like Ben Affleck says in Boiler Room, act "as if"

 

People skills. If your MD has good relationships with the players in his industry, then he will get the mandate. For all the posturing bankers do, having Credit Suisse or Goldman manage your merger will not make a major difference. If the product is the same, and the cost is similar, the management will choose the banker they like. You would assume that all senior bankers are sociable, but 10+ years working those hours can really change a person.

 
Best Response

Other great bankers include Frank Quattrone (TMT), Gary Parr (FIG), Nancy Peretsman (TMT), Jimmy Lee (LevFin), Doug Braunstein (M&A), Ken Moelis (M&T), Paul Stefanick (GIG), Joe Perella (M&A), Doug Petno (NRG), Andrea Orcel (FIG), Boon Sim (M&A), Roger Altman (M&A) et al... There are literally too many to name.

Grimes is great but he really matured into a top banker in the past few years, after winning Facebook, Groupon and LinkedIn. A few years ago, guys like Quattrone, Boutros and Meeker (who isn't a banker anymore) kind of dominated the tech realm. And although IPOs are somewhat sensational and beloved by media, M&A deals are more lucrative since it is a much higher-margin business. Thus, M&A greats like Rob Greenhill, Felix Rohatyn, Bruce Wasserstein and Jack Levy are so legendary. Even many private equity whizzes were former star bankers (i.e. Steve Schwarzman was a young M&A Head before he founded Blackstone).

Based on what I have seen so far, great bankers are: 1.) Lucky - You have to be good to be lucky but many often found themselves in the right place at the right time. It could have been a great era or a great mentor or trigger-happy clients. Circumstances matter, a lot. 2.) Trusted advisors - They are above all else relationship managers and the best bankers typically have the most robust rolodexes. A MD is only as good as his/her relationships. 3.) Great salesmen - From guys like Grimes to past legends like Wasserstein, bankers are ultimately great showmen who can impress upon their clients to do deals.

 

I also think its about spotting the opportunity. Someone can throw a million high quality textbooks at you but you can still fail an exam even though you have every relevant resource with you... right?

 

His success in tech is probably not unrelated to the fact he was an engineer from Berkeley. That provides a great network and helps mitigate "the suit" reputation that kills so many bankers in SV. Other than that, a lot of what Grimes does is basic salesmanship.

There is probably something to be learned here. For example, instead of doing finance/econ ungergrad, do a technical degree at a good university in a field you find interesting -- things like, materials, nanotech, computer science, electrical engineering, oil&gas. Then build your IB career based on one or a few of these fields. It will give much more credibility with clients.

The financial modeling in IB is easy to learn. The pressing the flesh part, not so much.

 

Seems like the way people do this is to take a deliberately long-term view: keep in touch with clients who aren't going to bring you business for a while, spend more time studying up on the industry vs gunning for transactions, etc. But those all sound like excuses for being unable to actually get anything done, plus if you're not producing, how are you going to get promoted?

I think a big part of the formula is taking a value investor's approach to specialization: take an industry/transaction that's long-term viable but short-term deeply unpopular, and hope it turns around.

 

The only time i ever went in a bank tower was for Halloween.

It was a Haunted House party. Most of the people were dressed up as Zombies and Frankensteins, so i took the young nurses outside with me and threw them in my drop-top 6.

It was a fun party for a little bit, but sometimes i get so scared and i need my blanket

 

By not screwing up.

Don't ask the same question twice, write down everything that is told to you, avoid asking questions you could have figured out on your own, acting enthusiastic and exhibiting a genuine desire to learn.

Also, be sure to reach out to as many people in your group and division as possible.

 

I'm starting to think he's either a troll or is compiling a list of FAQs for WSO.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 
Oreos:
I'm starting to think he's either a troll or is compiling a list of FAQs for WSO.

This kid makes me want to jump off a bridge...relax bro and work hard. Enjoy your summer experience

Flying Higher and Higher
 

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Monkey see. Monkey Doo [Doo].

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