My first informal.
To start, I go to a small private college ~3.3 GPA Finance\Econ. major. I have been doing some cold emailing/calling as of recent. I make a call to this MD, probably not my best move, I give him a quick one liner and he responds, "Buddy, you're going to have to call my assistant to set up a phone call, I'm neck deep in shit right now." I was like damn, but I did what he said and she offered to set up a meeting instead of a phone call, I thought to myself "Why the hell not?" We set one up for lets say two Wednesdays ago. I get into the area two hours early to have sushi with a friend just two blocks away to insure I wont be late. So I'm walking up, instantly realize whats going on, I have to take a shit, probably one of the more horrific shits of my life at that.
I get in, I'm greeted by the receptionist asking if I'm here to meet (name), and she takes me to where I see a guy not much older than me sitting in a conference room. He's an associate, I'm thinking dang, I got blown off, not entirely a failure however, I am here. So were shooting the shit a little, no finance talk whatsoever, and come to find out, the associate is in charge of their intern program, I wasn't actually even there for that. One question I get "How the hell are you a 21 year old sophomore?" I explain, and he is intrigued. (It involves the military.) He then asks for my resume, instantly mood changes, time for technical questions, what? Had to pitch him a stock (FSLR), some other accounting/finance related questions, I then stumbled my way through a DCF, I tell him I've only learned this from my research blah blah... He leaves the room some what of abruptly, he's walking back with someone I notice from their website, an MD(#1), however not the one I'm suppose to be meeting. He asks me about my education, my background, my family, nothing finance whatsoever. He leaves, I see him coming back, he's with the MD(#2) I called, he comes in I shake his hand, he basically has me tell him the same thing MD#1 did. He tells me "I dont know how the hell you got a meeting, but I'm pretty damn impressed." "So how the hell did you find out about us?" I tell him research. "Did I speak to you on the phone a few weeks ago? Yeah I did, you're a persistent bastard arent ya'?" (hes a pretty vulgar guy) I threw in some humor, which was thankfully well received. He then looks over at his co-workers "This mother fucker seems alright," looks at me "You want to be an intern, right? Whens your last final, we'll have you do some small deal work for us during the school year, and then reign the shit down on you this summer, that sound good?" I said yes, I tried to play it cool, however I know I was anything but, I was exploding inside.
So a little later I come to find out MD#2 is the founder. He then told me the only reason they did this was because they could see my passion in the meeting, and the fact that I had the audacity to approach this situation the way I did. He said he got his first job cold-calling, and respects the fact that people still do it. He also said, "In this industry, you have to push your way in, and a lot of people are going to tell you no, do not take that for an answer."
What I took was, cold-calling, its an art, and it will work, you just have to keep trying (pushing). Ive cold called a lot of firms, in the last two months. He also stated that when you email someone or are in touch with them KEEP EMAILING THEM, even if no response send out one a month.
I know It is a long read and a bit wordy, but I wanted to let you guys know, through all the information on this website I have landed my first IB Internship at a boutique bank. I would not have been able to answer any questions or even properly tell my story without you guys, and all the tough love. You guys sparked my interest in IB, and excelled my knowledge, again I thank you.
I'll wrap it up more later.
Aside: Probably could be in success stories but I figured this would be okay, because its not FT or anything super serious. Feel free to move the thread if necessary.
Congrats!
How come you had to do a stock pitch?
He used it as like a segue into asking about valuation of a company.
Very much prevalent in an IBD interview.. especially if you bring it up or it's on your resume.
Congrats on landing the position and best of luck.
Very inspirational and motivational story to be persistent, all it takes is 1!
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