MSF student - late decision on banking
Hey guys,
I won't go into the full story, but I recently decided to go the banking route instead of consulting. I have a few years of data analytics experience and completed a small M&A competition this summer. I'll be graduating from my MSF program this spring. The school has a good number of people in IB, but none that came from the MSF as far as I know.
I realize that at this point it is too late for BB and MM banks, so my goal is to target boutiques. Since its pretty late in the game, what is the best way to go about recruiting for these smaller firms? Do I just reach out with the standard networking cold-email and say I'm interested in learning more about the firm? Should I be more direct? Also, should I just email anyone within the firm if I don't have a connection to them?
unfriend, I would reach out directly to these boutiques, but to be honest, without prior IB experience, it's going to be an uphill battle. Just send a short email with one line about your background and then inquire whether or not they are still looking for FT analysts. Good luck.
It helps if you think in the mind-set of a boutique. Having worked for a small boutique (less than 20 people) here are my thoughts:
Emails Most boutiques know their not the next best thing since sliced bread, so be careful on the standard cold email that praises the firm for its greatness. Nor do boutiques have the time for you to "learn" more about them. This is a line more readily used if the company has recruiting events where candidates can network and such. However any bank will appreciate knowledge you can bring to them, especially the smaller ones where training is more on the job than a 1-2 week training course.
Firm Contact Person Analysts: I wouldn't bother with analysts, chances are they've only been there for a 1 or 2 and don't have much sway in the office in regards to hiring another analyst. Plus an analyst recommending another analyst looks bad.
Senior Analyst are a little more like associates.
Associates: it's hit or miss here. If the firm is small enough and the associate just so happens to have the responsibility from the senior bankers to actively screen candidates as they come in, this may be your lowest barrier of entry. In my time, usually the most senior (tenured) of associates would handle the role of screening, as they are best able to judge your fit with the firm's culture.
VP: hit or miss as well. May be less so than associates. Some VPs are exclusively hunting for the next big client/deal and thus won't care less if you want to work for them. VPs managing deals are often times so busy managing existing client relations with the work in progress that your email can just as easily be ignored. Even if the VP likes your CV and everything, at the end of the day it's still the MD's call whether you get hired or not.
MD: At some point in time your resume will hit his desk, and he will be the ultimate decision maker on your fate with the firm. Might as well make sure the person in charge of whether you get hired or not sees your resume early in the process or the whole thing could be for nothing.
Admin/HR/Support Personnel: very unlikely to help in a meaningful way. They are less likely to drive any one person through the process, and would rather just pass on your resume to someone else, even if it's just an analyst or associate.
How it plays out: MD receives email, reads it and quickly decides to pursue or delete. If the MD likes your resume he will push it on to the admin/HR/office manager person in our office who will then coordinate with the junior bankers on interview times with the candidate. First interview may be a phone call or direct in office interview (depending on number of candidates being looked at). Sometimes the HR person handles the phone screen, if the junior guys are too busy. Interview typically last 3 rounds and nothing is off limits: technical, background, case study, brainteasers. Last round interviews aren't usually held until March/April, since boutiques know you are more likely to jump ship given more time. However it's important to do the networking now,
@oldrow one more question. I had an info call with a boutique a few weeks ago that played out exactly like you said. MD forwarded my info to an associate who had a 30 minute call with me. He said they weren't hiring at the moment but like to keep resumes on file and told me to keep in touch. He also mentioned that it would be good for me to speak with some of the other people in the office, but after I sent a thank you email and asked him to put me in touch with his colleagues, I never heard back. Should I follow up and ask to be referred again, or would that seem pushy?
So the best answer I have for you is I don't really have a one right answer for this situation. It would help if there was more background details on how the call went, among other things, but it's not important. At the end of the day no one on this site will be able to give you the exact reason why the associate hasn't responded to your email.
Here what likely happened next. A few days later on his way back from lunch, the MD walks by the bull pen and asks his associate how the prospective analyst call went. Associate shrugs his shoulders and gives a brief summary to his MD. The associate will never sh*t on a resume pass-through from the MD, so conversations about the quality of the candidate are largely meaningless in this situation.
Try emailing the MD again thanking him for the opportunity to speak to one of his associates. Now ask if he would be available for a short chat, coffee chat or whatever. However a quick reminder, for boutiques, you only need one guy to like your resume to get to the next round. Its very different from bulge brackets where you need to have numbers on your side. However you are right, it would be nice have a few more people look at your CV and chat with.
In the mean time keep reaching out to firms, especially ones with alumni. Don't let this one firm discourage you from trying again.
Thank you. I was a bit discouraged, but you're right I have to keep pushing as it is a numbers game. Really appreciate the feedback!
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