I recently interviewed at a top MM IB for a Summer Associate position in Chicago and found out this morning that I won't be moving onto the SD. I really like this particular MM IB for a lot of reasons, but I'm in talks with plenty other BB IBs, PEs and other MM IBs so there's no reason to do anything other than SITFU and get to work prepping for future interviews, SDs, etc.
What I'm trying to do now is go back through my notes to see if there might've been anything I could use from my experience to make myself a stronger candidate for future interviews.
One question that the final interviewer asked me was what other banks I was looking at. I told him that I was looking at some BBs and which was probably a critical error. Because some of the positions are in NYC and the cultures of NYC BBs and CHI BBs and MMs are so dissimilar the interviewer was probably like, "WTH is this guy interviewing with us for?" He asked me, "What are other banks telling you?" I'm guessing he wanted to know if I'd received an offer from any of them, but then I also wonder if maybe he wasn't fishing to see if I was targeting MM because I'd been shot down at BBs. I reassured him that his bank was my absolute top choice, but I was receiving strong interest from those BBs in CHI and NYC.
Has anyone ever been asked what other banks are telling them?
Typically you want to mention a few banks that you are interviewing with that are the same size, as well as a couple that may be different. Then drop in after that response that you realize you are new to banking (if you are an industry changer) or that banking is highly competitive so you are keeping your options open and learning as much as you can about the industry. Then follow up with why MM IB is right for you and then explain why that MM bank is your top or one of your top choices (if it is your top choice you can say that it is your no. 1 choice).
To your question about what other banks are telling you, you can explain that you are in different stages with different banks; however, the MM you are in the interview with is your top choice because of reasons you mentioned to the previous question.
Yeah this is the way to answer the question. "Why middle market" is always a topic one set of interviewers are told to focus on at my MM. Goal is to see if someone actually wants to work for a MM or would jump to a BB at first chance.
I can answer that question. I'm still looking at some options but I would NOT take a BB offer unless it somehow fell into my lap and even then I wouldn't plan to stay. The only IB options that I am putting a lot of effort into are MM firms.
Why?
Two reasons. The most important reason is that you're a bigger value add as a MM banker. You will frequently be working with early to mid-lifecycle stage companies. These firms have less sophisticated corporate finance capabilities, fewer investor relationships, and financial profiles that are more varied than with the firms BBs deal with. All this amounts to a situation where your work provides a greater benefit to the companies and you are typically helping to implement solutions that can permanently impact the direction of the firm as opposed to BB where you are frequently just doing work that large firms are giving to your bank to keep the relationship open(e.g. mega-cap firms typically rotate their debt issues between different IBs). A side benefit is that as a coverage banker you will see a wider variety of deal types. While a MM banker will get to work on dividend recaps, convertable note issues, and other such products it is rare(group/firm depending) for someone covering large-cap firms at a BB to do anything other than M&A, equity, or standard bond issues. They are also typically leaner, more agile teams where you get exposed to more of the deal process.
That should be plenty to work with to craft an answer.
Makes sense. Appreciate the help.
Early on in the process, a banker told me that name dropping other banks that are interviewing you can help your chances of moving forward in the process. I'm interviewing with every BB, some PEs, some Boutiques, and some MM IBs. It doesn't feel like there's any merit in telling this to any bank that's interviewing me.
Don't meantion the PE interviews to banks.
This is great advice but I'd be careful with the last line (indicating that they are the top choice), especially if you're recruiting through campus. Career services at my school (Booth) considers telling a firm they're your top choice in the recruiting process as a binding decision (i.e., if you then get an offer and decide you aren't going to take it, and the firm complains, it could impact your relationship with career services/OCR). I know that sounds pretty nonsensical, but it was a pretty explicit example they gave to us. Just say one of your top choices or say that you've felt a stronger fit with them than other firms because blah blah blah.
Slightly off topic, I didn't know banks were still recruiting.
Non-core.
I'm behind on the times. Good luck with the recruiting process.
Having reviewed resumes from the other side - Your thought process might be right, but you're blowing it way out of proportion. These positions are very competitive, and you're all competing for a very small number of spots. If you've made it past a few rounds, oftentimes the reason for a rejection is because they like other candidates more (for any number of random reasons)/feel that others are more likely to accept.
We once turned down a guy with top ivy/3.9 for another with mid-tier school/average GPA, because guy #2 had a strong connection to our particular geography and was close with a few senior bankers. Both did exceptionally well in interviews.
Recruiting is a complete numbers game, so get out there and maximize your chances. Best of luck.
Every bank you interview at is your top bank. Every interviewer is your top interviewer. Every question is your top question
This is gold.
Don't you know it...
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