from Lifeguard to Unpaid Intern to Analyst at a solid bank in the South (WSO Success Story)

Here it goes... another kid and another success story into banking from a non-target school. AND I didn't even get started until after my Junior year of college. The point is - I was sitting there knowing that it was going to work out one day, but that didn't change the fact that I worried for a VERY long time about exactly HOW. It can happen to you. It's all about numbers and finding that one person who is willing to give you a chance - because it only takes one. A friend of mine who was already in banking said it best over text one night as he drank way too many miller lite's at some dive bar midtown on a sunday before a holiday: "Convince someone that can change your life that your life is worth changing".

I got a late start. I didn't even really know what investment banking was until the end of my Junior year of school (state school, non-target). I was in NYC for an internship that year working for a start-up when I came across the profession. It immediately became something that I wanted... and it was a good way for me to set a lofty goal, something I hadn't really done before. So, when I got back from my internship my Junior year, I dove into research, networking, and preparation.

I'm a fairly social person to begin with - so picking up the phone and calling people wasn't too much of a problem. The one thing that I can say is that knowing what exactly people are looking for in an email from 20 something's looking to get into banking is very standard. Your cold email is essentially a modern day first impression... you only get one chance.

After a few months of reaching out to people at the analyst/associate level - I found a mentor. He was an analyst at a solid IB in the DC area and came from a non-target as I did. He honestly gave me all of the confidence that I needed to make it in banking. You have got to find someone that believes in you as much as you believe in yourself. Certain days you may feel like giving up, after another ding in the second round, no call-back, whatever it may be. This person will be there to tell you to suck it up, move forward, and start all over with emails. It's very important to have multiple leads going at once... one interview is never a guarantee. I had over 50 interviews (8 at one bank was average) before I landed the least probably one of all. Do not settle with a couple interviews and always leverage interviews at one bank with opportunities at another.

So a few months before graduation I was able to land a first round interview at the bank my mentor was currently working for. I prepared for 48 straight hours only to be told I had a spot at superday that never came into fruition. My first taste of the cold world of recruitment and candidacy. Welp, no big deal... on to the next one.

Well the next one didn't come for a long time. And by graduation I was still without a gig and was looking for anything... anything. That's when I came across an unpaid internship opportunity. Long story short, I interviewed well and ended up moving in with my brother in order to work unpaid at a boutique bank. It was an interesting experience to say the least. I learned to live on a very small budget (while still having fun), learned the industry, and studied for interviews while I was there. As I look back - it was actually a really good experience. But...

Don't get me wrong. It was incredibly difficult. It's incredibly difficult to be the unpaid intern who graduated school and still lives with his brother. It's very difficult to wake up everyday and motivate yourself to work for nothing (monetarily). It's very hard to explain to someone that you are an unpaid intern without them thinking... "why the fuck would you ever do that"? Well, I did explain it, or tried to - and it turns out that most people don't get it. I'd try to explain the pedigree situation, the lack of confidence banks have in non-target candidates, the career path that I wanted, the reason I wanted to do banking, and... the money. "No way. No way they'd pay you that". Okay... just okay. Sometimes you've just gotta put your head down and forget what other people are thinking... people are afraid of things they don't understand. I love the quote about the fact that people don't need to understand your dream and your vision. "It's yours, don't expect anyone else to understand, that's why it was given to you and not them". Just keep going - and if you have to do an unpaid internship (I did it for 4 months) then do it - just know that you aren't going to quit before you make it. "Many of life's failures are people who did not realize how close they were to success when they gave up." - Thomas Edison

Four months into my unpaid internship I had interviewed with 5 different banks. I even got flown up to NYC to interview with a boutique and got to spend some time with friends out clubbing. It was a great feeling knowing that someone actually thought I was valuable enough to fly me up. But, I still didn't have a job. And so it came time for me to take another leap of faith. I took a job (I HAD to get paid) at a bank as a financial analyst - knowing that I had interviews with 3 different groups in the investment bank the following week. I was able to complete those interviews and prayed that I got one of those offers.

Along the way, I had felt I had been overlooked because of my school. It's something that is without a doubt a red flag on your resume. I mean, I couldn't agree more - why would you hire someone that went to a non-target over someone from an Ivy League. Banks have figured out what works (for the most part) and so why fix it if it isn't broke. The problem is that 95% of the people from non-targets are terrible candidates. But the 5% at the top of the non-targets are just as good as the candidates from the target schools. Banks aren't going to waste their time picking through your school when they can find 9 good candidate out of every 10 resumes from an Ivy League School. So... you've gotta reach out to them instead of them coming to you. But anyway, if you're from a similar school to me, then address it to begin with. Get it out of the way at first. I was the only candidate with IB experience out of 4 at a superday, killed the interview, and didn't get the job. Now I work with Billion dollar companies on a daily basis. So fuck them. Walk in the interview and explain to that person why your school should have nothing to do with who they pick. Explain that you didn't just drop your resume in a hat and have recruiters knocking on your door every second of everyday your Junior year. You CHOSE this job, because you WANTED it, KNOWING that it would be HARD. If they don't get that and at least give you a fair shot - you don't want to work for them anyway.

After interviewing with 3 groups in 2 days I felt good about 2 of them. I ended up getting an offer from a group and didn't even wait to hear back about the other. It's a somewhat anticlimactic ending to story - which makes me think. The journey itself is what is so great. What you learn, learn to do, figure out about yourself and about others. As much as you can - if you're in a similar situation to myself - enjoy the process. Try not to worry (even though I did, I'm telling you not to). Just trust that what you're doing will lead you in the right direction. Just make sure you're doing things to progress everyday.

And make sure you want to do banking. Do research. Like, actually do research to what you'll be doing. It's a great opportunity to make good money and set yourself up for a solid future. But, it's not more important that being happy, your family or your friends. Banking is not an end-all be-all.

I enjoy my job and feel like what I am doing is important. I wanted that. And I got it. It's a simple story about never giving up that I think will pay dividends for me down the road. I plan on doing 2-3 year in the South before moving up to NYC for a few more. At that point I'll sit down and figure out what country I'm going to go to next. I may work on a fishing boat, in a diamond mine, or somewhere else. The point is - I'll have the money to do so, and the connections to get a job when I return back home to the states. Work hard and you can achieve whatever you want. That is a fact.

Some other things:

Cold (Semi-Cold) Emailing
1. Don't talk to much about yourself
2. Be cool (figure it out)
3. Let them know you not only appreciate their time, but you won't take but a small portion of it
4. Find alumni - I guarantee there are more than you think (think about it, they've probably got the same story as you)

and most importantly, if possible (I didn't even try it if I didn't)...
5. Mention a mutual friend

I cannot stress the importance of number 5 enough. I did A LOT of cold emailing at first, and it doesn't work. You have got to know someone that they know. It gives the person a vote of approval, and they may even ask that person about you. This is the single most important part of an email that just has to be there.

Lastly, if you aren't cut out for banking then you need to take a hint. You don't have to be a cut-throat wheeler dealer to work at a bank on the analyst level - but if you can't walk and talk like a banker, you'll never make it through the interview process. Be cool, be confident, don't be a lightweight, and be willing to LISTEN. Associates/VP's/MD's are essentially looking for someone that they can mold into themselves - you have to be able to listen. At the end of the day, you can use this in interviews and you can use it to get jobs - you're job as an analyst at a bank is:

T o M a k e Y o u r B o s s ' s D a y E a s i e r

So keep that in mind.

Oh, and act tough. Stay Humble. There are plenty of people wanting six-figure jobs coming for that same placement you are - so be perfect.

A few other hints and tricks:
1. Keep an excel file of everyone you know (date of contact, how you met them, where you met them)
2. Reach out to ANYONE and EVERYONE (you never know who is going to help and who isn't)
3. ALWAYS pay for coffee (if you don't, at least offer, and make sure they've adamantly said no before they buy their own)
4. Know every single question and answer on the interview guides by heart and never hesitate on an answer in an interview
5. Don't wear fucking square pants - (find a fucking tailor, it's not that hard) nobody wants to work with someone that has parachute pants they could fall off the taj mahal with and land safely

(https://twitter.com/StopSquarePants)

 

Consequatur at fuga repellat. Harum facilis autem quia rem reiciendis. Qui ea voluptatem eveniet debitis ea delectus libero. Ut qui vero laboriosam libero. In reprehenderit aut sit.

Impedit sequi et et voluptate aut nemo ut. Possimus et maiores reprehenderit non in. Rem dignissimos sit sapiente odit molestiae aut quam totam. Ipsam excepturi tempore sit doloremque ipsa.

Natus commodi nam aut enim laborum laboriosam. Quibusdam voluptatibus inventore ut qui sed amet. Esse tenetur laboriosam perferendis doloribus. Pariatur voluptas deserunt corporis optio maxime. Est eum vel sequi officia voluptate.

Velit placeat numquam vel veritatis. Qui mollitia corrupti aut magni nesciunt unde.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”