Interview with Credit Risk Associate (Part 2/2)

INTERVIEW/Q&A TUESDAYS: The following is an interview from earlier this year with Credit Risk Associate Pirho (he is also available to answer your questions)
See Part 1 Here

Are you a professional and want to do an interview? View our interview template here and then email me your responses to [email protected]

General Advice

1. What is the one tip you would give to current students (ugrad and/or grad students) to help them succeed?

   Work on your presentation and communication skills. I interview so many kids with great resumes that can't say what's on their mind or convey an idea coherently that it's kind of disturbing.

2. What are some tips for moving up and becoming “the boss” (i.e. a department head / managing director / partner)?

   Everyone that I see making it far is generally well-liked and treats people with respect. This doesn't mean that if someone is screwing up that you can't say something, but it's definitely better to offer advice and guidance in that situation than to just tell someone that they suck and need to do better. I would also have to go back again to communication skills. You almost never see a senior executive that isn't awesome at presenting and speaking their mind in general.

3. Any specific cold-emailing or cold-calling tips you can pass on?
   

   Try to say something non-generic and pointed to the individual you are emailing. Try to somehow get your personality through in your email/call. If someone's sounds boring or doesn't catch my eye in some way, I'm probably just going to delete the email without thinking twice. I don't like phone calls, and know a good number of people that don't also. Email is probably better, and don't be afraid to be a little persistent. Most bankers get so many emails that they'll totally forget you sent them something last week.

4. Any specific networking tips you can pass on?

   Let your personality come through. Don't be generic and boring. Try to ask pointed questions and have an idea of what's going on in the world. It's insane how many kids I'll talk to in college that don't have ANY idea of what's going on in Europe or in the stock market.

5. What is a memorable experience you have of how someone got your attention? (for networking / internship / job purposes)

   I had a sophomore at a networking event a little while ago ask me about the updated Liquidity Coverage Ratio under Basel III and what that meant for banks in various countries. He didn't even really have an idea what it meant, but it just showed me that he was at least paying attention to FT/WSJ/something and connected that it would probably be relevant to a bank analyst. He got an interview for internships with risk and I got him one with capital markets due to it. He'll be in DCM this summer.

6. What are unique things college students and young-professionals can do to separate themselves from the crowd?

   Like the kid in the previous example, ask pointed questions that show an awareness of how current events connect to the person you're talking to. Not only does this show you're paying attention to the world, but it also shows that you can connect the dots with that information. Telling people things about your interests and how they connect to banking can also make you stand out if you have a good story.

7. What are some ways (in general) someone could best prepare for an upcoming internship or ft job at a firm like yours?

   Have a basic understanding of the various businesses the company is in and ask questions at the interview about what you don't understand in that preparation. Have a good grasp of current events that are affecting the specific group you are interviewing with.

8. What is your opinion on gaining relevant experience at a lesser known firm vs. working for a brand name firm (with less relevant experience)?

   I think brand name firms are better to an extent. If the deals you are working on are very small, people won't take it seriously sometimes just due to the dollar amount. You also may be working on/analyzing clients that are small enough to not even really be comparable to anything that a brand name analyst would be working on. Working at brand names can help give you a sense for the clients and businesses that are important and what drives a relationship, even if you're not developing skills that are as relevant.

9. What do you look for in a potential intern candidate?

   Some accounting and economics background. The ability to explain to me what everything on your resume means without any of it coming off as BS. Some knowledge of current events and some interest in what it is that I do.

10. What do you look for in a potential entry level hire?

    Basically the same things as I would look for with an intern, only at a higher level. I would also expect a better level of understanding of banking and financial analysis (not even specifically bank analysis) and stronger communication skills.

11. What are your favorite interview questions you like to ask potential new hires?

    I always ask people what their favorite class in college was and why. Many kids have no interest in what they are studying, and it can really show. I also love making up fake events to ask people about to see if they'll try to BS me or not.

12. What are some of the worst mistakes you’ve seen people make in interviews?

    Related to the previous question, BS'ing me about knowing something about some regulation or election or something that I complete pulled out of my ass. I always like when people show humility in an interview and are willing to admit that they don't know something.

13. If you review resumes (or have in the past) - what are some of the most common mistakes you’ve seen?

    A lot of simple formatting mistakes or inconsistencies. Shows a lack of attention to detail. It's also really obvious sometimes when people are making up fluff to fill space. I'll usually grill the living shit out of someone if I think they've over-embellished a previous experience..

14. If you review resumes (or have in the past) - what is something someone can do to make their resume stand out among the crowd?

    This is tough, but can also be simple. Just having something that's formatted well, explains you're various experience without going into a ton of detail, and doesn't look like you're trying too hard can be the most impressive. Obviously this can be a tough balancing act. It's often a “you know it when you see it” kind of thing.

15. What are your thoughts on this statement: “Wall Street is a more meritocratic place than most. If you are a young person and you have good ideas, people will often listen to them, if you are in the right role” ?

    Agree for the most part. Obviously, egos and politics get in the way in some places / with some people, but at my firm, I believe this statement is mostly true.

16. Any other interesting stories or wisdom you would like to share with the WSO readers?

    Not really, but feel free to ask questions.