I don't know sh*t about banking
I know the basics. I know what work is done, I know why people do IB and the ops in the future. Apparently, I don't know shit about specifics though.
I was talking with a bunch of current analysts and incoming analysts about various aspects of investment banking, the news, the market for banks, various companies and deals, successful groups at different companies and best groups to be in etc..
I realized that I wasn't saying a damn thing. I was listening and feeling retarded.
I start as an Analyst in June. BB bank.
What can I do to prepare so I'm not a total loser by the time I start. I do not want to be this clueless. What do I need to know before I start so that I can hold a conversation with a VP or MD(if I'm ever in that situation) and not feel like a total idiot.
Start following the financial news daily. Get a Vault guide and make sure you understand all the topics they bring up. Do you have a finance undergraduate degree? If you don't then that might explain why you are not at the same speed as these guys.
Don't worry about it. You will learn more during training about IB, the industry, trends, the job, the day to day, accounting, modeling, etc than you can imagine.
Training and the first 3 months of the job will get you up to speed.
Read WSJ and WSO. If you're going to work in banking, you hopefully have an interest in banks, deals, and markets anyway.
They wouldn't have hired you if they didn't think you were fit for the job.
There's nothing wrong with being junior and keeping your mouth shut. No one expects you to have a position on everything; in fact, people tend to have a pretty low opinion on those who act like they know everything (see: Cramer, Jim).
You'll learn on the job.
Most of those guys don't know what they're talking about either. You're just honest enough not to spout jargon and act like you know something. Be seen, not heard. Do your job. Triple check everything. Have a smile on your face. Follow those steps and you'll be an all star.
You'll be amazed how much more knowledgeable you'll be about banking after training and 3-6 months on the job.
You may also be amazed at how knowledgeable people find you while keeping their mouths shut feeling ignorant.
Banking is not rocket science. As long as you are attentive and pick up new things quickly you'll be fine.
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