Explaining Why I don't Want to do Banking
So I'm having a discussion with some representatives with the IBD of a BB this week. The problem is I've only applied to the bank's research internship program and have no intention of applying to IBD. Any ideas how I can make this a positive recruiting experience while also explaining to them why I would prefer to do research?
The truth is I think it fits my personality better, as I have a background in academic research, am interested in public markets, and don't want to work 100 hours a week. I'm also a bit more introverted, so I would prefer a career that is less relationship-based (I know ER can be client-facing too, but less so). I'm not sure I'd want to truthfully state these reasons though, for I don't want to offend them in any way or imply that I don't have good interpersonal skills.
Any thoughts or suggestions would be greatly appreciated.
Definitely don't state the introvert/100 hour work week things.
First, I would not turn down any opportunities in this market. IBD is much better than whatever plan-B is.
If you think they could get you an interview research (or if you are only allowed to apply to one department) you could say that you are interested in the markets more than transactions. As for "Why not S&T if you are interested in the markets?" you could talk about how you appreciate research's long term view and fundamental analysis.
And never even imply that you are quiet/reserved/introverted.
Thanks for the advice, guys. I'll definitely stray away from implying that I'm introverted and like the suggestions that West Coast ranimaker provided.
Not to hijack the OP, but what do you say if you want to do the reverse? I had an ER internship, and now I want to do IBD.
The real reasons for me are 1) I'm not super-interested in the public markets, 2) Going really in-depth into a company is boring, 3) ER has exit opportunities only into the same field, while IB opens up the corporate world
I'm thinking I should say the following in interview:
1) I prefer a deal-based environment - deals make more of an impact than research reports do, and a deal has a finality to it that continuous company coverage doesn't 2) I prefer the broader perspective that IB gives me as opposed to ER 3) I like to work in teams so I feel IB would be better for me 4) I make recommendations to clients, rather than simply listening to them and writing about what they do
Are these convincing enough?
I don't understand why you are wasting their time by talking to them if you are not interested in IBD. If I were scheduled to talk to a potential summer analyst and he/she told me he/she is not interested in IBD, I would be pretty annoyed that my time just got wasted.
I'm worried about this to be honest. When I applied to participate in these "informational interviews" the description said they were designed to "learn more about the summer opportunities at the firm." It wasn't until I got my acceptance notification that I realized they were specifically for IBD. Should I have backed out at this point?
anything is better then nothing
I agree with the others, definitely don't mention you're introverted/shy.
Consider doing IBD for the summer and switching to ER later. ER environment is even worse than the M&A market right now.
Thanks everyone for the advice, the discussion went well. He appreciated being upfront about my interests and thinking about where I would fit in best. He responded to my thank you email and is getting me in touch with some of his colleagues in research!
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