I know many have been following ValueBanker14’s excellent recent posts ("106 Rejections, 1 Success & Unquantifiable Perseverance", "3 lessons from 106 rejections", "5 Steps To Effective Networking") and since I have a pretty similar story to him I would like to add my thoughts for those non-targets seeking advice. I’m not as good a writer so bear with me.
I come from a school that has zero OCR and I did not have a banking internship going into my senior year. Still, via extensive networking, I managed to get four MM superdays (as well as one with a smaller boutique) and one offer. While ValueBanker has written a good deal about his process, which seems smarter than mine so go read those threads, I thought I would share with you what I consider to be my single greatest strength in the recruitment process: decisiveness. Since people seem to really love lists, I’ll call this the three benefits to decisiveness.
1. Conquering Decision Paralysis
I decided I wanted to do IB in a day. I know that may sound rushed but I knew I was already way behind the curve, and needed to play catch-up immediately. The night I decided I read as many M&I articles as I could and immediately sent out my first networking e-mails. Note: I had reasons to do IB, but my answers to “walk-me through your resume” and “why IB” were still not ideal. I definitely didn’t have all the technicals down. My answers to informational questions were weak.
So why did I start? I don’t believe there will ever be a “perfect time” to start anything. Once you are sure you want something, go for it. I cannot emphasize how often I see people waste opportunities, in finance and life, because they need too much confirmation to start something. This forum is a great example. So many people seem to need a perfect process before they start. Well, no one is going to do it for you and waiting around isn’t helping. You just have to jump in.
2. Fighting Procrastination
Like many people on this forum, I’ve tried to spread to networking manta to many of my friends. I’ve really only tried to help out a select few people with similar interests and goals. All too often, their answer seems to be they’ll do it in a few months at a better in the process. Now, I know everyone procrastinates. I am certainly no exception. However, by acting decisively, you realize that actions performed now are worth more than actions performed later since every second you waste is a second that someone else can be using to get to your target first. Say you want to e-mail ten people a day. You know that you really need to get this done now because ten e-mails the next day are not as valuable.
3. Preventing Complacency
Being decisive has let me fight the complacency that many of my peers seem to feel. One of my friends has gotten into GS/MS/JPM, which is a big deal at our school. However, he hasn’t done any networking or preparing since. Basically, he’s just enjoying senior year. That’s fine; I am enjoying it too. On the other hand, I’m also trying to prepare for the next job. After all, once you “break into banking” your next goal is clear: place into the group you want and get into the next field you’re targeting. Act on these next goals immediately! Unlike with my journey into the MM banking realm I have no idea whether this will actually guarantee me a spot. However, I cannot imagine that it will hurt me.
The Downside:
Many of you are probably reading this post and thinking “MJK, that’s cool and all, but X,Y, and Z are what’s wrong with being decisive.” I’m not smart enough to anticipate all of the responses but I’ll share with you a time when being decisive definitely worked against me.
When I got my offer at my current place of employment I was actually in the process at another (somewhat more prestigious) bank. As I was pressured by bank that is actually my place of employment, I decided to move forward in the process immediately cancelling everything else. Was this stupid? Absolutely and it was a direct example of how my desire to immediately get things done worked against me.
These are just my thoughts. I’m eager to get others perspective. I believe acting on your convictions immediately is absolutely key in everything. I hope others either feel the same or can show me why I’m wrong!
Good luck to anyone still searching. Hope this helps.
First of all, congrats on the offer! And to add to your counter-example, I don't think decisiveness hurt you when you cancelled your prestigious interview. Prestige is relative (e.g., I think Princeton is better than Harvard, GS than MS, and you might vehemently disagree), and it sounds like you were happy (and pressured!) to accept an offer. No matter which bank you end up at, I'm sure you'll do well, learn a lot, and have your drive help you in the long run.
Have a great rest of break, and enjoy the start of a new career!
Also, I loved this quote: "Once you are sure you want something, go for it. I cannot emphasize how often I see people waste opportunities, in finance and life, because they need too much confirmation to start something."
Thank you and everyone else for the congratulations. I know this kind of stuff helped when I was looking, just hoping to add back (and those successful at getting into PE should continue to add!)
Overcoming inertia is often the hardest part of making a decision. Congrats to you.
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