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Wall Street Oasis » Forums » Corporate Corral
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need advice, sorta got screwed by my advisor
 

dkim1984's picture
dkim1984
     
 
(Senior Baboon, 194
 
Points)
 on 4/12/12 at 8:53pm

hey WSOers, i need your advice

I got an internship in commercial banking at a regional. This regional has a corporate financial division, which is where I was aiming to go when I started my internship search.

I didn't really have a grasp on the responsibilities of each level of banking when i first started. I came from an accounting background and I got the offer so early that I was relying on my advisor to guide me towards my goal. She was formerly an IB recruiter for JPMorgan so I trusted her opinion. So I signed the offer

I JUST realized that commercial banking is essentially retail banking for middle market companies. This is NOT what I wanted, and I'm SUPER F*CKING PISSED that my advisor would knowingly misguide me when she knew I wanted to go after a much larger position like within the DCM for example.

But I can't do anything now b/c it's too late to pursue Corporate Finance w/ a bank so I need advice going forward. How should I pursue this regional's corporate finance division while interning for commercial banking?

I'm super annoyed. I should never have strayed away from WSO

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Tags:
  • Corporate Banking
  • Corporate Corral
chobanimonki's picture

Network your balls off within

chobanimonki
     
 
(Monkey, 36
 
Points)
 on 4/12/12 at 9:03pm

Network your balls off within the bank. You will need to feel out where each group is located when you get there. I don't understand how you didn't realize that this was happening though?

He who makes a beast of himself gets rid of the pain of being a man.

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luckynum7's picture

Not to be rude, but are you a

luckynum7
     
 
(Monkey, 41
 
Points)
 on 4/12/12 at 9:08pm

Not to be rude, but are you a freshman? (If so, no big deal and we take what we can get after freshman year.)

It would be hard too believe that you could do much better without knowing something as basic as commercial vs. investment banking, etc. Since your advisor recruited for IBD, it may be possible that she thought the same way.

That being said, it sucks to be duped by your advisor like that.

--
I have deleted this account (or tried). If there is somehow posts still occuring, it is not from the original account holder.

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D M's picture

Yea, I'm a little confused as

D M
      O
 
(Senior Neanderthal, 4,805
 
Points)
 on 4/12/12 at 9:26pm

Yea, I'm a little confused as to how you didn't know this (check out Commercial Banking on wikipedia). Also, I'm assuming you mean corpfin within a company and not IB. That said, you've got options. You always have options. Anyone that tells you otherwise is a liar.

1) You can bust your ass and try and network your way into a job for this summer, though at this point I highly doubt you'll find a decent paid position. You can also try and send a few hundred emails to HR people seeing if they have a position open. Keep in mind, if you renege, this will have a very negative affect on your profile with that company. If other companies find out, they will probably not like it either.

2) You can bust your ass in this commercial banking job this summer, make everyone love you, do an amazing job, and network your ass off. Try and network your way into the bank's corporate finance division.

3) You can bust your ass in this commercial banking job this summer while networking your ass off. Then, come fall, you use that network to try and secure a corpfin job.

Those are just a few options. There are undoubtedly more. They all involve busting your ass, regardless.

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

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D M's picture

PS- I'm not in industry, so

D M
      O
 
(Senior Neanderthal, 4,805
 
Points)
 on 4/12/12 at 9:27pm

PS- I'm not in industry, so take what I said at face value. These are some common sense options that you have.

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

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UFOinsider's picture

If you're at Citi or DB,

UFOinsider
      O
 
(Human, 10,307
 
Points)
 on 4/12/12 at 9:45pm

If you're at Citi or DB, leverage the hell out of this and get yourself on the IBD track, they comingle interns a lot. Next time around, don't ditch the good advice here to please your advisor, find some real friends / counsel. You're on the map with a solid internship, so network and don't be stupid again.

Anyone can make a mistake, but you can't fix stupid.

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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chobanimonki's picture

Could you please describe

chobanimonki
     
 
(Monkey, 36
 
Points)
 on 4/12/12 at 9:50pm

Could you please describe your commercial banking role a bit more in depth? eg. exampe of comp firms

He who makes a beast of himself gets rid of the pain of being a man.

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streetwannabe's picture

dkim1984 wrote: hey WSOers, i

streetwannabe
     
 
(King Kong, 1,316
 
Points)
 on 4/12/12 at 9:59pm
dkim1984:

hey WSOers, i need your advice

I got an internship in commercial banking at a regional. This regional has a corporate financial division, which is where I was aiming to go when I started my internship search.

I didn't really have a grasp on the responsibilities of each level of banking when i first started. I came from an accounting background and I got the offer so early that I was relying on my advisor to guide me towards my goal. She was formerly an IB recruiter for JPMorgan so I trusted her opinion. So I signed the offer

I JUST realized that commercial banking is essentially retail banking for middle market companies. This is NOT what I wanted, and I'm SUPER F*CKING PISSED that my advisor would knowingly misguide me when she knew I wanted to go after a much larger position like within the DCM for example.

But I can't do anything now b/c it's too late to pursue Corporate Finance w/ a bank so I need advice going forward. How should I pursue this regional's corporate finance division while interning for commercial banking?

I'm super annoyed. I should never have strayed away from WSO

I'm getting fucked over at every turn. Consider yourself lucky to have something

"History doesn't repeat itself, but it does rhyme."

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UFOinsider's picture

OP, take this at face value:

UFOinsider
      O
 
(Human, 10,307
 
Points)
 on 4/12/12 at 10:03pm

OP, take this at face value: accept responsibility for your actions and own them. Admit to yourself that you were led down the garden path and made to feel like a sucker, especially considering that you knew better. Do/say whatever the hell you have to when positioning yourself for the position you want, but also make it clear to yourself what/why you let this happen to you so that you are never in this position again. You got lucky: what if this was post MBA recruiting and you were royally fucked? Learn from your mistakes.

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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dkim1984's picture

I totally agree with you

dkim1984
     
 
(Senior Baboon, 194
 
Points)
 on 4/12/12 at 10:43pm

I totally agree with you guys. I should have looked further into it. My misstep was that I got confused by all the differing definitions for CB

I was only in my second month of my MBA program when I got the offer, which was only 2 weeks valid. I'm not from the banking world so I tried to look up as much info I could. I checked out commercial banking on wikipedia. One line said that many "commercial banks have investment banking arms." I thought it was a generic term...made sense to me (remember, at that time I wasn't familiar with the fluid definition of banking terms). That's why I agreed to it. I thought I would be applying to a commercial bank for their IB, or in my case the corporate banking division, which would be a halfway point between IB and sales/trading.

UFOInsider - I'm an MBA candidate so this hurts. It's even worse that an MBA isn't even necessary for Commercial banking. Gonna try to make up for it without having to admit that I was confused

Streetwannabe - I'm sorry to hear that. I do realize I shouldn't be bitching in comparison to some others. Even my own classmates (with better backgrounds and grades than myself) are pissing in the wind right now. I just hate that my advisor (whom I'm supposed to trust) led me away from my own goal. Now I need to find a way to make the jump while not admitting I didn't know wtf I was getting into.

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dkim1984's picture

Chobanimonki - I'm new to the

dkim1984
     
 
(Senior Baboon, 194
 
Points)
 on 4/12/12 at 10:49pm

Chobanimonki - I'm new to the game. It was all confusion from the many differing structures and roles between banks. Anyways, a little bit more about the gig: equipment loans, treasury services, risk management, etc etc for middle market firms. I can handle DCM analysis. That's not a problem here.
Btw, good sh*t that chobani

luckynum7 - I'm a first year MBA. Shortness of the program makes urgency a priority unfortunately. I'd never be at this level if I were just UG fresh. If she thought that way, she's not doing her job. She needs to clarify, explain and guide. I just hope we get to evaluate her. I'm gonna rip into her. It's not just me either...everyone that took her advice said it never helped. Essentially everyone in my class that has internships did it purely on networking. The silver lining here is I got the skills to get something I knew nothing about. that's comforting somewhat

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melvvvar's picture

can you range your MBA school

melvvvar
     
 
(King Kong, 1,693
 
Points)
 on 4/12/12 at 11:22pm

can you range your MBA school for us? yeah you're responsible ultimately, but your advisor sounds like a complete twit, and she did fail in her essential function.

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dkim1984's picture

10-20 Business week Mid 50 US

dkim1984
     
 
(Senior Baboon, 194
 
Points)
 on 4/12/12 at 11:51pm

10-20 Business week
Mid 50 US News and Report

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Revolution's picture

Quit placing the blame on

Revolution
     
 
(Gorilla, 708
 
Points)
 on 4/13/12 at 12:43am

Quit placing the blame on your advisor. Blame this on your own ignorance and lack of information. If you try using that excuse while networking you will be laughed out of the room.

Now you know the difference and you know what you have to do. Bust your butt, work hard and learn from this mistake.

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dkim1984's picture

Revolution wrote: Quit

dkim1984
     
 
(Senior Baboon, 194
 
Points)
 on 4/13/12 at 12:50am
Revolution:

Quit placing the blame on your advisor. Blame this on your own ignorance and lack of information. If you try using that excuse while networking you will be laughed out of the room.

Now you know the difference and you know what you have to do. Bust your butt, work hard and learn from this mistake.

I get the tough love bit. I'm not gonna use that as an excuse. Read what i wrote above before you start responding

Looks like I'm not the only one reacting before I have all the info

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dkim1984's picture

@Revolution - The point of an

dkim1984
     
 
(Senior Baboon, 194
 
Points)
 on 4/13/12 at 12:53am

@Revolution - The point of an adviser is to advise students in case of misdirection. She failed to do so and now I have to find a way to improve my situation. That's the point of this whole post. At this point it seems like I have no choice BUT to work my ass off and network like I'm tryna win prom king. That's fine...what I REALLY need is to know is structural networking. Who's the most important contact to get in touch with and most likely that I can even get in touch with as a lowly intern

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UFOinsider's picture

Your advisor is a dumb twit

UFOinsider
      O
 
(Human, 10,307
 
Points)
 on 4/13/12 at 8:07am
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YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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UFOinsider's picture

Why the hell did you listen

UFOinsider
      O
 
(Human, 10,307
 
Points)
 on 4/13/12 at 8:06am

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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JaLe2286's picture

UFOinsider wrote: Why the

JaLe2286
     
 
(Monkey, 46
 
Points)
 on 4/13/12 at 3:56pm
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D M's picture

Ooo, didn't know this was for

D M
      O
 
(Senior Neanderthal, 4,805
 
Points)
 on 4/13/12 at 4:28pm

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

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dkim1984's picture

thanks boys. no need to

dkim1984
     
 
(Senior Baboon, 194
 
Points)
 on 4/13/12 at 11:33pm
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UFOinsider's picture

dkim1984 wrote: and yes, ufo,

UFOinsider
      O
 
(Human, 10,307
 
Points)
 on 4/16/12 at 9:21am

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

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D M's picture

Agree with what UFO said. And

D M
      O
 
(Senior Neanderthal, 4,805
 
Points)
 on 4/16/12 at 3:19pm

"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer

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Use Policy: When the Company gathers personal information from users, we ask for permission first. We also disclose, at the time of collection, how the information will be used by us. Personal information is used for activities such as auto-completion of commonly-used forms and helping us contact you when you solicit information from us.

Disclosure Policy: We do not normally disclose personal information to anyone outside of the Company unless we have previously informed users about the disclosures. However, some data may be used from time to time by outside contractors, including auditors or consultants, to assist us in carrying out necessary financial or operational activities. These uses will be consistent with this privacy policy and all contractors using this potential personal information must agree to safeguard it, to use it only for the authorized purpose, and to return it or destroy it upon completion of the activity.

The Company might be required to disclose personal information in response to a valid legal process such as a subpoena, search warrant or court order.

Although unlikely, it is possible that we may have to make certain disclosures to ensure the security of our Web site, to protect its integrity, or to take precautions against potential liability. In any of these situations, we will take any reasonable steps to limit the scope of the data disclosed.

Web Logs: The Company maintains standard Web logs that record basic information about visitors to our Web site. These logs contain: * The Internet domain from which you came to our Web site. * Your IP address. An IP address is a series of numbers which uniquely identifies your connection to the Internet. Although it is possible in some instances, certain types of IP addresses may be used by interested persons to identify users but we do not attempt to identify users in this way. * The type of browser (e.g., Internet Explorer or Netscape) and operating system (e.g., Windows 98) you use. * The date and time you visited the site, and the pages you saw.

We use Web log information to design our Web site, identify popular features, and in similar ways. We do not try to identify individuals from Web logs or to link Web logs to other user information. However, if someone tries to damage our Web site or use it in an unauthorized or illegal way, we may share Web log information with law enforcement agencies. The Company may provide aggregate information such as the number of users who visit particular pages of the site, or the number of people who link to certain external sites from our site, to other parties.

Changes to Privacy Policy

The Company's features and services will change over time and our information-gathering practices and policies may also change.

While our philosophy of protecting user information from inappropriate uses and disclosures will not change, this policy will be updated occasionally to include any change that materially affects the collection, maintenance, use, or disclosure of personal information.

Forum Topics

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  • Fellow Primates, just a quick reminder on some perks for WSO Conference attendees and to let you know that we are quickly running out of dicounted tickets for the 2013 WSO Conference and we are LESS THAN 2 MONTHS AWAY! So if you haven't jumped in on the current deal, you shoudlnt wait....
    WSO Conference 2013 Perks...Time Running Out to Get 50% Off
  • Someone was asking me about this in PM and I wrote a long and detailed reply about what it is like to work in Big 4 and what advice I would give to people thinking about interning / working there. Thought it might be useful for others so my reply is below. Happy to answer any...
    Working In Big 4 Audit
  • I understand the developer becomes the GP for the property and only puts up 10% of the equity, so typically around 2.5%-3% of the project costs. How often is this done on existing properties compared to new developments? Do most PE firms participate in the 90/10 split? What is the exit strategy for...
    90/10 split for PE firms and GPs?
  • in a magic land IBD would be doable. In this land, PWM is what my SA gig is for a junior and therefore I am looking for PWM at GS/MS/JPM. I will be SA at DB/UBS/CS this summer. Let me know what you think. Any chance I can woo the big...
    Aiming for GS/MS/JPM PWM
  • Hey fellow monkeys, I am going to have my first assessment centre in 2 weeks for the investment banking division at VTB capital. I would really appreciate any input on what to expect, especially if someone has previously done an AC specifically at...
    VTB Capital Assessment Centre
  • I'm not sure what compelled me to see Assault on Wall Street over the weekend. I guess I just figured "How bad could it be?". Well, consider that question answered: it's truly execrable, but not without a few unintentional redeeming qualities. We all know the basic premise...
    Assault on Wall Street: It's As Bad As You Think
  • Alright, so I just wrapped up my Freshman year at a non-target; I have a 3.80 GPA, and I will be interning in Washington, DC this summer at the US Treasury. Anyway, there is another internship in "data entry", and they are looking for someone during the evening and weekends, anyway, would...
    Should I accept?
  • Hey guys, So I recently posted regarding my Hedge Fund Marketing interview that I had a week ago today.The actual interview went great; I have the background to get into the field and the guy I spoke with really liked me. So this interview was Monday. The guy asked me to come back in to meet the...
    Interview Gone Wrong
  • Hi, people Here I am with my sad (retarded) story which is , unfortunately, about myself. So, I graduated last year from top 5 Uni with Econ degree and got 59% as final mark which department didn't want to round to 60% as I was naively hoping....
    Sad truth/arrest record
  • hey guys, Just looking for some advice/ information. Graduated in 08 @ a non target school in the UK, started in Wealth management BO ... moved to London for experience and got into FO in a support role for two senior guys and most recently got a role as a portfolio manager at a large...
    The game plan ...
  • Guys, I am trying as hard as I can to break into I-Banking or a hedge fund and I am having much difficulty. If anyone can look at my resume and give me suggestions I would be very grateful. I am so close to giving up but I am not going to stop until I get hired. My experience at the investment...
    Please Destroy My resume, I'm begging you.
  • Hi ya'll, NYT yesterday posted an article regarding YHOO's acquisition of Tumblr. For those of you who haven't read the article, here's the link: ...
    Tumblr acquired by YHOO. Good idea?
  • Hey guys, So asking this question with a couple of upfront assumptions 1) That it is looked upon more favourably by ad comms for a candidate to really get involved in one charity/cause/community rather than to have been involved very slightly in several. 2) That for time-poor candidates...
    How did you find your extra-curricular 'cause' or 'passion'?
  • Right now, I'm 20 and I have about $20k to my name. It's all sitting in a checking account with no fees. I pay for things with a debit card. I want to start a credit card to build my credit history. I also recently opened a low-fee brokerage account and wanted to put most of my cash...
    Personal Finance: Credit/Debit Card, Checking/Savings Account, Index Fund
more

Upcoming Events

  • Advanced M&A Accounting & Tax Topics Webcast (Live)
    May 21 2013 - 6:00pm - 9:00pm
  • Boston WSO Happy Hour - Wed May 22nd, 6PM
    May 22 2013 - 6:00pm - 8:00pm
  • Financial and Valuation Modeling Boot Camp (Dallas)
    May 23 2013 - 8:00am - May 25 2013 - 5:00pm
  • Shanghai Happy Hour May 24th Friday 7:30PM - 10:30PM
    May 24 2013 - 7:30am - 10:30am
  • Hong Kong Networking Event - Happy Hour, May 24th, 7:30PM
    May 24 2013 - 7:30pm - 9:30pm
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Highest Ranked Content

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I used to work with a guy that had everything on the surface, but absolutely nothing inside. The guy was 6 feet tall, good-looking, charismatic, multi-lingual, graduated from a top business school, and had made MD at a bulge bracket investment bank. Yet he couldn’t remember the last time he...
How to Develop a Personality
<em>Mod note (Andy): we vetted this user to confirm his identity/status and yes in fact he is who he says he is, and is eager to answer your questions :)</em> Bio: I decided to join WSO to help both students and young professionals advance in their Finance careers, whether that be...
I'm an MD and I run the Sales division: Ask Me Anything
I'm currently a Private Equity Analyst in Shanghai, China. Academically, I graduated from a target school majoring in Economics and Chinese. I also spent my time at college as the president of an on-campus student organization related to Finance and Economics and a volunteer for a local...
Ask me anything… I'm a Private Equity Analyst in Shanghai
Inspired by comments from this: http://www.wallstreetoasis.com/forums/basic-guide-ramping-up-on-a-company-with-public-information-part-1-of-3 Lets just jump in. <strong>Technology:</strong> In this space there are really two metrics that matter the most, sales growth and EPS...
Beginners Guide to Valuation and Metrics By Sector
You've just gotten that promotion and now you're in charge of a small team. Congratulations! And welcome to middle management. All the hard work and the knowledge you've developed about everything your firm does these past few years has been noticed. But, now you have a small...
7 Things I've Learned About Being A Manager
For better or for worse, there’s a very unique feeling when everything goes completely according to plan yet nobody seems to care or notice. Such is the case with our favorite company of the moment, Tesla Motors. For those unaware, TSLA has rocketed upwards since its Q1 earnings release,...
A Perfect Storm
Assuming that you have access to no financial products such as FactSet, Bloomberg, CapitalIQ, Thomson or otherwise, thought it would be helpful to give a step by step guide on how to ramp up on a new company from your home computer. Using FaceBook as an example. Lets go ahead and start with the...
Basic Guide Ramping Up On A Company With Public Information (Part 1 of 3)
Fellow Primates, We are looking for 1-2 students on each campus to help WSO in its sales efforts to student clubs/career centers, and overall promotion at your school both online and on the ground. Below is a description of the position and benefits...thanks in advance for your help! <a...
WSO is Looking for Campus Reps For Summer/Fall 2013 (and beyond)
<em>“You know, In The Flesh,”</em> a WSO monkey told me at a recent Happy Hour, <em>“that gentleman’s book is the real deal. I ordered that shit on Amazon as soon as I read your review. It’s so right, man. I want to be like that: keep my word, honor my commitments, be...
Being A Gentleman, Revisited
<em>Mod Note: This is a syndication from Jared's Daily Dirtnap daily market newsletter. WSO readers qualify for a $100 discount...just email [email protected] and mention "WSO Monkey Discount" You can follow Jared on twitter at @dailydirtnap</em> There I go...
In Praise Of High Interest Rates
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