True story, interest in IB somewhat started during the 08/09 financial crisis as I was indirectly impacted. But given how large the crisis was and how many people must've been indirectly impacted (more negative than positive impact) along with the fact that it was a decade ago, how believable is it when an undergrad cites the recession as a starting point of interest to the question "Why IB?"
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Why wouldn’t it be believable?
Because as an undergrad, during the recession we barely hit puberty so I thought it'd be hard to believe that we even knew what was going on + there must be millions around the world that had it impact them.
I think that you could easily sell it. It seems like you are very well aware of the fucked up shit that happened to many people. As long as you don’t lose sight of that and don’t romanticize it, I don’t think it would be negatively perceived.
I know undergrads that claim they remember 9/11, I think you'll be fine
As long as you can tell them your plan for the next recession and why you think you wont be one of the ones that will get the ax.
Just say because you want to be too big to fail
I wouldn't buy it. And, even if it's true, it's a dumb thing to say in an elevator pitch. Like, think about who you're talking to: old guys that don't remember it fondly or young guys who don't remember it but also remember their parents stressing.
Seems like an easy way to create a negative association for your interviewer. Bad risk reward split.
Disagree to an extent. I had a superday at a BB this past summer and was interviewed by an MD in LevFin. I brought up the GFC as I was talking about the current state of the market (i.e. Fed asset supporters, not regulators anymore), and connected this to why I think banking right now is extremely interesting. Got offer.
I dunno OP, do girls believe you really wanna show them your stamp collection when you ask them back to your place?
i dont know
If you can sell it, why not. I guess for many in our generation the GFC was impactful, though I had the luck to get it explained from a family member directly involved in that stuff. Crazy year, fall 2008 until 2009, really crazy year...
The 2007/8 crisis is what got me into Wall Street. Before that time all I knew about finance is that it was only for super rich people and it might as well have been the far side of the moon as far as I was concerned. Hearing about all the job losses made me aware that there were jobs to lose, which is not something rich people worried about: I realized it was possible to get a job there, so at a time when everyone was running as fast as they can from Wall Street I was looking for a way in....and it was totally worth it.
Careful how you bring up 2008 though, that was not a good time for people in the business in those days:
If you are looking to go into M&A, I would simply ask you - why does the GFC have to do with M&A?
Almost nothing... I would personally take this as you demonstrating a lack of understanding about Finance. Maybe if you are going for a S&T role it’s different
GFC had nothing to do with M&A??? You mean except for the fact that LevFin dried up overnight, investors got really scared, PE firms stopped aquiring targets and couldnt exit for the multiples they anticipated? When investors lose money, when the debt market crashes and when people lose trust in the banks everyone is impacted, especially M&A as it is the fundamental pillar of the economy.
Yeah, I think he meant: what does M&A have to do with causing the GFC? At least that's what I understood.
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