Switching to IB from Consulting
Hey guys,
I've never posted on WSO, however, since I am currently looking to make a switch I thought I would seek out some of your guidance. I graduated earlier this year from a fairly well known University with a Bachelor's in Business Administration, concentrations in Economics and Finance. I moved to Chicago right after graduating and have been living and working here for 5 months. I currently work as an Operations Analyst for a large consulting firm, however I am looking to make the switch into IB since it's much better suited for my skills and interests. I am often getting work done too fast here and end up sitting around with nothing to do. The work-life balance is great and the pay is also notable. It's just a little too boring for me.
I have a fairly solid resume and am looking to switch into something a little more fast paced and more interesting. I was a pre-med student for 2 years - so I have some surgical internships I did at hospitals, was part of 2 teams in college that did consulting projects for struggling local businesses, was a team member within the college's entrepreneurship program where we worked alongside VCs to raise financing for a company we were trying to launch, internship at Merrill Lynch, and my current position as an Analyst. I have some pretty basic knowledge of IB modeling since we did use a few while preparing pitchbooks in the student consulting program (I can give basic explanations of various models but nothing too technical). My technical skills are exceptional, especially in Excel and Powerpoint, and I did fairly well in school.
I am not asking for your approval, but rather, what my process should be for making a lateral move into IB given my current situation. Should I look at internships? What banks should I go for? Boutique or BB? Have any of you made this move? How long does the process take? What types of questions do I need to be able to answer flawlessly? Etc. Etc.
Don't feel like you have to reply to all my questions. I am just trying to be as prepared as possible. People I know have told me it's going to be really hard for me to move into IB. I don't care. I'm going to do it.
Thanks guys,
Hope to hear from you soon
Don't let the monkeys get you
Don't let the monkeys get you down! You can definitely do it. But it may be trickey -- I'd argue the best way is to reach out to the banks now, and say you are working in consulting, but you'd like to start over again as an analyst. Most full time classes have started for 2012, so you may have to go through their 2013 process -- but totally doable. You lose a year, relative to others, but as long as you're willing, and your resume is good, most thoughtful recruiters will recognize you'll have an extra year of maturity. I've seen this done on a few occasions. You should make it clear if you do get the offer to join next summer, you'll keep working until then at your current job -- this will impress them that you are thinking long term, and not that you've gotten out of college and just don't like work. Trust me on this last point, It is critical.
If you need to jump NOW! and can't wait, it will be much harder. Not so much because you're in consulting, but because everyone has their classes in place. You might get lucky and find a bank that lost someone last minute, and they'll let you interview.
Good luck!
"A man is a success if he gets up in the morning and goes to bed at night and in between he does what he wants to do." - Bob Dylan
You need to familiarize
You need to familiarize yourself with IB concepts immediately. If you complete your consulting assignments in a timely fashion, then you should use your downtime to study financial modeling and to begin networking. Since you will have a year of experience under your belt, there are no excuses to show up on day one without having a strong handle on modeling. You should know how to do a DCF, spread comps, etc, before you even consider interviewing. I would recommend the Breaking into Wall Street course, its very solid and straightforward. Also take a look at both technical and fit interview guides and start crafting a story for yourself. Read through the Banker Blueprint (PDF easily searchable on Google) to better familiarize yourself with how effective networking works. You have an uphill climb ahead of you, best of luck.
I don't see why you couldn't
I don't see why you couldn't make the switch, especially if you have the hard skills already nailed down (modeling and ppt). When you do get downtime, start rebuilding models used in banking (combo models, LBO's, valuation models with football fields -- DCF, comps, precedents) -- ask one of your friends who's at a bulge bracket to send you a few models.
You're off cycle for full time hiring (analyst programs literally started 2 - 3 weeks ago), but you can catch the summer 2013 train. Interviews are this fall. So do the following:
- Polish your modeling and IB concepts during downtime this summer
- Polish your resume, have it reviewed by your friends in banking
- Contact all your friends at banks, network, network, network, ask to speak to their VPs and Associates and make sure to prep before these calls. Show drive and hunger. Do this during the summer and early fall.
- Put your resume on the banks' websites for 2013 analyst programs. You should be able to interview at the same time as Class of '13 seniors this fall (more common in London, but has happened in NYC, and other US locations).
- Your friends in banks have the ability to sit on the selection committee for each school. Make sure they push a lot to get you an interview. Once you have it you're on your own, but by then your odds will have improved tremendously.
Good luck.
Aei ho theos geōmetreî
Thanks for all the comments
Thanks for all the comments guys. I really appreciate you taking the time to help me out. I already ordered some banking/private equity books on my kindle and will definitely use my down-time to make sure I am ready for everything. Again, thanks for helping me out.
Best,
Dale