With 2018 SA applications being up, I got to thinking - for a lot of investment banks, there are thousands of applicants for potentially as few as 10 spots. For people who go through these apps, what percentage of applicants would you say are actually realistic, (i.e. have at least decent GPA, relevant work experience, have networked, etc.) versus those who are just applying to apply (poorly worded/formatted resume, no networking, no work exp, low GPA, etc)?
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In short I would handicap the number at 20% of all applicants. I headed up recruiting to fill a few off-cycle slots (our HR is useless) at my current employer. I posted on LinkedIn yielding 500 applicants before I shut it down. 80 or so were worth a phone screen, of which maybe 30 where given a modeling test, and half of them were worth moving on in the process, resulting in 3 hires. I think these numbers are skewed downwards compared to a larger shop with a more institutionalized hiring process in that it is incredible easy to submit a resume via LinkedIn, and there are no consequences for being extremely unqualified for a role.
When you're on the candidate side it seems like you've got a 1 in a million shot. When you're actually doing the hiring it gives a nice, sobering perspective on how many sloppy resumes and stilted phone interviews you actually have to endure so that you can fill up all the seats on superday. Once you're in that small field of actual contenders for the job, fucking right it's competitive, but if you look at the total sample size, you realize how many people you climbed past just to fight in the coliseum.
Having left IB, the problem is compounded tenfold. You'd be surprised how hard it is to find a Financial Analyst (2-3 years of experience) who portrays a solid work ethic, preparation (at least Googled the firm to figure out what we do), and is willing to start in square 1, learn the job, then start "adding value" once they understand how some of the parts work together.
Based off what though? Do the other 80-90% not have good GPAs, no prior work experience, lots of mistakes in resume, etc?
yeah, I'd say some of the more senior clients we get for our resume review service need the most help. It's shocking at first but then you realize they grew up in a time without access to beautiful free resume templates that most people use nowadays (https://www.wallstreetoasis.com/forums/investment-banking-resume-templa…</a">like the WSO one)...
...although to be fair, I'd say for 95+% of clients (a lot in college) also have room for significant improvement...
So basically everyone assumes they are good after talking to a few friends and their career center = mistake (smh). We do rarely get an amazing resume in for a review and we are like "dude/dudette, what are you doing? your resume is solid, no need for a review, just tighten up this bullet A, blablabla"...but that is less than 1/20.
For reference I speak Spanish, not many of us around, and applied for a Spanish speaking role at a BB 3 months for a lateral. The linkedin app page had roughly 2200 views and 400 applications then they took it down. I had 2 phone screens then made it to the final round meeting with 7 people. I'm very well polished and know my stuff. Went to a good school but graduated with a 2.9GPA, which they found out about during the final round. I didn't get the job, and the positions has still not been filled. The posting is back up.
Conversely, we're a second/third tier international bank and have an analyst opening. Realistically, everyone worth hiring is snatched up by a good firm already, and the candidates we bring in dont really have the knowledge for the job.
What I've learned is that if you have what it takes, things will work out, Talent always wins out.
I have done and sometimes still help out with resume screens for my MBB office... these percentages seem high. Traditionally maybe ~2-5% of applicants get interviews and of those, up to 10% get offers. If you have a good GPA, decent internships, and some track record of leadership at a good school it is really not hard to get an interview - the vast majority of applicants are horrible.
Some people seem to think that excessive networking compensates for a sub-par application. I am much less likely to speak to someone who hasn't demonstrated that they can work hard than someone who already meets the normal standards.
I would also add that about 35% of the people who've contacted me to network are truly awful and have shot themselves in the foot by networking in the first place. I feel that people get the wrong impression and think that if they network a certain number of times and have coffees with a certain number of people, their chances improve, which is not the case. You need to network well, be tactful and considerate and show that you're intelligent and humble. If not, you hurt yourself. I have seem some horrible attempts to network.
Great info to know here - mind sharing some stories about some poor attempts from kids networking, or some ways people have networked well? Seems like common advice you see on WSO is "network, network, network" but rarely ever see what you say regarding the need to be tactful, display intelligence, etc.
I don't want to be too specific, in case some of these kids read this. People grow up and learn.
Without giving some stories, here are some vaguer things I would recommend: - Do not think you know anything about the industry. Do not tell me what my job is, let alone tell me that it is "stupid" and "boring" (yeah I didn't like banking either, but if you want to do banking...). - If you reach out to someone, please make sure that your English is strong enough to write grammatically correct sentences. If you can't do that, I have no reason to believe that you will be able to write a report or pitchbook in an English speaking country. - Do not make demands on someone you're networking with. This means being patient with people not responding quickly and not hounding them if they don't respond as you'd like. Don't keep beating a dead horse, move on. No one is obliged to give up their time to help you. No one. - Get the basics right. If you're reaching out on LinkedIn, spell my name correctly and don't tell me I went to the wrong university. - Please make it sound like you want to know about my experience in the industry and not just to get a job. I know that's your goal but remember, we could be crossing paths decades into the future. Don't forget that.
- Be willing to listen more than you talk. Have good questions prepared and know your story but it's frustrating to have someone tell you about an industry they've only read about when you work in it every day... - Send me your resume when you contact me. Frankly you do need a good combination of GPA and experience (even if not finance) to be competitive, and I don't want to waste my time or yours. - Don't put other people down or make fun of them. If there's a kid not drinking or being shy at a networking function, do not belittle them or think you're better than them. Treat the receptionists, business managers and caterers well. Don't objectify women.
A lot of college students think there's some magic recipe to networking, but it's really just another conversation. Think of it as a way to learn more, and strong connections come through the process of doing that, not because you're trying super hard to impress. People who are intelligent, modest, hardworking and interested are the ones who I like the most, and if you're in this category I will do everything I can to help you (help with resume, introduce to people hiring). But candidates like that aren't posturing to impress. Their success comes from wanting to learn, being gracious and not using me for a job and nothing else.