How to break into IBD from a non traditional background (the real essentials)
Well here I am, at it again giving back my two cents for the whole dollar I got from this great website.
A few people know my background and for those who do not; here is the Reader's Digest version.
I am a former business owner who lost his business thanks to the small business credit freeze back in 2009. Watching the news and the bailout buzz made me realize I was in the wrong business. So I took to the big city in search of a better education, got me an internship at a BB from some connections I have and wound up dropping out of school because finance is not rocket surgery, I met an investment banker who took me under his wing. He came out of retirement after his wife took him to the cleaners with a divorce.
Working at a small shop of about 60 people I learned the ins and outs of this great wonderful world of adding salt and pepper to valuations of growth companies looking for money and then presenting said companies to the so called "buy-side". I saw four deals go to fruition of which only two of the companies actually have a chance of some day becoming a great blue chip company which I will tell my grandchildren how I was the BSD who took the company where it is today!
After getting to see how much the sales & trading division monkeys are making I decided to make the jump to the S&T business. With my Engineering background I became an Ideal candidate (any @$$hole could do what I do as the software is really the one doing the work). I have gone head to head with the biggest names on the street trading treasury bonds leveraged out of the wazzooooo (do I see 8 zeros?) to only take a few tics here and there (made a ton and lost more than you will ever see in your bank account).
So here I am this week Interviewing with three of the biggest names on the street for a VP position in Asset Management. I will tell you how to get to where I am today taking the less traveled road and bending all of the rules which those who came before me set forth.
RULE #1
Is that YOU DO NOT TALK ABOUT FIGHT CLUB!
RULE #2
Move to New York ASAP (or a major financial hub) you will not get anywhere behind a computer in east hackachaweea, Iowa.
RULE#3
Get a job at a bank I don't give a crap if you start out as a teller, the fact of the matter is that you need an income if you move to NYC to live on and get out there and network your ass off which leads me to ..
RULE#4
Network your life away, Join match.com and date finance girls (girls will always be willing to help and pass your resume along as long as you pipe them right), go to networking events (you will meet idiots most of the time but you never know, roll deep with girls when you go to a club and TRADE those girls against a banker contact (I've gotten bankers laid and it has helped my career in ways you can not imagine. Go to wine tasting events and meet people if you have a network of high net worth people it makes things easier.
RULE #5
Always be honest. Do not lie to people on what you do people as they will remember you for being genuine.Tell them your story and what you want to accomplish, people will respect the fact that you left your inbreeding family back in Iowa to fulfill your dream of being a BSD on Wall Street. (Always ask for a business card and to stay in touch)
RULE #6
If you can not get into the Big leagues in your first try perhaps you should do what I did and go into a MM bank or a no name bank with a decent workforce. I have read about many people here who go for the no salary let me suck some bankers penis and hope someday he will pay me option. DEMAND A SALARY! IF THEY CAN'T PAY YOU ONE Daddy in Iowa will whoop you.
RULE #7 (One of the most important)
Be humble, be ruthless and never let anyone talk down to you.
Remember... STEVE JOBS was a college drop out and he didn't know shit about computers (except for some basic electronics). Capitalize on other people and their talents. Be an outgoing individual and always make people smile. It will come back to you in Spades.
I swear by Rule #4 especially
I swear by Rule #4 especially this part: "roll deep with girls when you go to a club and TRADE those girls against a banker contact (I've gotten bankers laid and it has helped my career in ways you can not imagine.)"
People don't know how important sex is and most bankers (nerdy ones) can't get laid with quality girls. Personally I run my own ass-book that I trade with my contacts (junior levels below VP) for both men and women. It works like a charm.
"I am the hero of the story. I don't need to be saved."
sxh6321 wrote: I swear by
I swear by Rule #4 especially this part: "roll deep with girls when you go to a club and TRADE those girls against a banker contact (I've gotten bankers laid and it has helped my career in ways you can not imagine.)"
People don't know how important sex is and most bankers (nerdy ones) can't get laid with quality girls. Personally I run my own ass-book that I trade with my contacts (junior levels below VP) for both men and women. It works like a charm.
+1 to this.
To further validate OP's
To further validate OP's points, here is my viewpoints on networking:
People are motivated by different things so you need to know what they want. In order to know what they want, you need to spend more time with them. Perhaps, someone of them have family members who want to get a job at XYZ firm. Some want to run for office and need campaign contribution. Some of them love PETA and they want to support that cause. Some just want to have a good time around town. I don't consider them as bribing. It's called networking. Networking is where you position yourself to be useful to others while getting what you want from them. It is an alliance, pooling of resources and trading for what you want.
So my answer is yes. 50K can get you into good schools, at least six figures job, pass to the most exclusive clubs and the hottest chicks in town. You just need to consciously think of who you need to know and what you need to do, to get to where you want to go. Having friends in higher places never hurt. The biggest question is "what are you bringing to the table that they are willing to go out there to take a bet on you?" That my friend is a million dollar question worth considering and thinking about.
While making my break into Wall Street, I networked with more than 600+ people. Everyone of them are concerned with three things: 1) Money, 2) Relationship and 3) Others.
1) Money means career and financial issues. If you can figure out a way to be useful to them: introducing them to the right people, helping them with chores, and be selectively generous, you will get ahead. This is mainly true for analyst and associate levels.
2) Relationship. Everyone have relationship issues mostly junior guys. Guys with money want more women. Women with money want to get married. Older guys want to get married. If you can be the social butterfly who can bring people together, you will have the "social asset" that you can leverage upon. No one is going to hate you for helping them with their relationship issues. This applies to all levels, mainly unmarried people.
3) Other. I put everything else that doesn't apply to those two categories above. It is because people who already have Money and Relationship are looking for something else. They want to feel different. They want to enjoy life. If you can help them develop interest: Photography, Wine Tasting, Fashion or help them with Personal Development, and being useful to them, no one is going to blow you off.
The 3rd item also applies to people in higher positions like the MD, and the Partner levels. They already got everything they want in life. Most of them want to make a difference in the world and they like mentoring younger kids. If they can relate to you with your under-dog story, they are willing to vouch for you. And as a mentee, your must pledge your loyalty towards them, take their advice seriously and show progress in your own career. That is showing your respect and that is the only way to win them over.
I have never met anyone who is 100% happy with their lives. There is always areas that they want to improve. The key is to quickly figure out what is keeping them awake at night. What do they want? Stop thinking of what you want and try to help them to get what they want. That is my friend, the ultimate way to influence people, win them over and the key to building a power-base for yourself.
"I am the hero of the story. I don't need to be saved."
I never thought about it like
I never thought about it like that, but rule no. 4 or the ass-book is best advice I have received so far.
SSK
This thread is great.
This thread is great.
+1
+1
Love it! Thanks for the
Love it! Thanks for the advice, Barboone & sxh6321! :)
worst thread of 2012 (srs)
worst thread of 2012 (srs)
I'm gonna get that bish some binary
Bishes love binary
---------
Kind Regards,
Bin_Ban
Human: I have never met
I have never met anyone who is 100% happy with their lives. There is always areas that they want to improve. The key is to quickly figure out what is keeping them awake at night. What do they want? Stop thinking of what you want and try to help them to get what they want. That is my friend, the ultimate way to influence people, win them over and the key to building a power-base for yourself.
I have found this to be the most useful piece of advice in my short career. After you get to a certain age and have a certain amount of money, people look for other outlets that money can't buy. Having hobbies outside of staring at an excel model for 12 hours a day pays huge dividends when you get an opportunity to show a higher-up a good time.
Let me see if I understand.
Let me see if I understand. Basically, move to New York and become a pimp to financiers and you will be able to become a financier as well? If pimping doesn't work, then become a teller?
Turbo leverage for capital explosion -- BD Capital
My WSO Blog
This is a great thread- thank
This is a great thread- thank you for sharing this you guys. I fee like some people learn these kinds of lessons the hard way, or never learn at all.
Especially Human, your view on networking is right to the point- I was talking to Keith (the guy who wrote Never Eat Alone) and it is absolutely essential that you figure out people's needs and help them with it.
wow. this isn't how life
wow. this isn't how life works at all kids.
pick em, lick em, stick em
Well he certainly got the
Well he certainly got the 'non-traditional' part right.
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
Wow, this is incredible. One
Wow, this is incredible. One of the best threads I've ever read on this site.
If you are homo and know gay
If you are homo and know gay mds or vps then #4 is easy as hell. Trust me. I'm at a target in SF and intentionally seek out gay bankers on match.com and it's the easiest way to land interviews. I had 14 first round interviews and made it to 6 super days. I also want to add that if you aren't a true homosexual like I, you can pass off as one until you get a first round interview. Wait for super day, nail it, get the offer, delete your match.com profile and start rolling in money. I think ibanking is the one career where gays have an advantage. I can only say this works in SF. Maybe not so much in NY. Good luck all.