Hi, its that time of year when I feel like giving back. I've been in the game for 18 years, both US and UK. Sales, IB, Quant, even did a stint at an FO. So I'm running a Q&A for the next 3 weeks, ask whatever you'd like.
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Hello Wil,
Thank you for doing this AMA, I hope we will greatly benefit from it. 1) What is your opinion on the current changes in the European landscape? 2) Do you think London will survive being the financial center of Europe? 3) What other location do you think will be the best fitting? 4) How can I student that plans to do a Master of Finance in the coming years anticipate on this event? 5) If the financial center will change, would the value of a UK finance degree stay competitive or lose its home country benefit status? Thanks in advance,
Kind regards.
Thanks. Here is how I see the world: The future especially when it comes to political decisions like this is totally uncertain, so there is little point in having a view. I do think that London has survived many hundreds of years as a financial hub, this was true pre-Euro, so I don't think that changes. Will it be harder, it will. Will London shrink, potentially.
Other locations that win: Paris and Frankfurt are only real alternatives.
As a student I'd focus on how to acquire key skills, build a network, and know how to do valuable things. UK education has again been highly valued for many decades and that won't change, so don't stress it.
Think about you will differentiate yourself in a competitive world regardless of Euro or not.
If you had to do it all over again, what would you have done differently?
I try to not think about that, cause its not a productive question. Life can only be lived in one direction.
But to answer your questions, I would have taken more risks earlier, learnt how to sell, persuade and network sooner, I would have set big goals earlier, I would have been more strategic.
All of which is hard when you're younger, cause you are just living day to day.
Really appreciate the insight here, as well as the AMA.
Could you expand on the risks you would have taken and what you would've learned about selling/networking? It would be very helpful to have a more concrete understanding of risky opportunities you may have passed up, and the specific sales and networking related soft skills you wished you had honed earlier on. Much appreciated!
Risks I would have taken: 1. I would have invested in my own skills more, rather than just doing my job. But plan how to get better every month. 2. I would have looked at the faster growing parts of the firm, and moved there faster and the same geographically. 3. I would have thought more on the extra work I can do, the deals I can bring in, the opportunities I can create for the team.
In terms sales and networking, here's my view: 1. People seem to think that selling is bad, and it can be depending on how its done. But I think everyone should know that they are in sales. We all have to sell other people on our ideas and view points. So I'd embrace that and get better at it. 2. Presenting, persuasion and sales is critical to working with humans. More and more jobs will be automated, but convincing and persuading humans is harder, because humans aren't rationale creatures that just look at facts, so human relationships is a simple place to build a moat around your life from the tech onslaught. 3. The biggest idea in sales and networking is this: what can you do for the other person. How can you add value. Make it all about them.
Thank you, I really appreciate your response. I'm a year out in corp fin trying to lateral and the power of a network never ceases to amaze me.
I'm also curious to hear what you consider to be some of your smartest strategic actions over the course of your career. Any coincidental networking meetings, decisions to focus certain sectors, etc. stand out ?
Thank you in advance for your help to everyone on this thread. I am looking to break into IB at the analyst level - I am ~2 years out of top 10 public undergrad business school in the U.S., however my degree was not in finance/accounting. My work experience is in the oil & gas industry in strategy/operations-focused roles. Would a firm realistically hire me for IB/M&A work with my current background? Or, is an an MBA my best option?
I think your best option is to lateral into it. Good news: you have a good background from a good school and in a hard industry. So I'd approach it by selling yourself O&G skill set to the banks. What are the groups in the banks that would find your skill set valuable: a) Asset Management ? b) research ? c) trading ? d) IBD groups as a domain expert
You have to sell yourself in the value you can create for them, and the problems your knowledge can solve for them.
I am sure the combination of your O&G expertise and network will be invaluable.
Hello, thank you for the detailed response - I appreciate your help. What is the best way to apply for a "lateral" move - through my network, online company job postings, etc,? I am not quite ready to apply for jobs yet - I am currently reading and learning about key investment banking areas (DCFs, lbo models, etc.) to best prepare myself for future job interviews. My paper resume has minimal finance experience, but I am looking to spin my experience towards finance/M&A during a formal interview.
Cheers!
Hi, thanks for doing this AMA. Considering your view of the future state of the industry, what path would you recommend for someone after their 2 year stint in IB? HF, PE, or just stick it out in IB? Mostly interested in the viability of each option for the years to come.
Also, would you have sacrificed the comp as an MD in IB for a saner work/life balance in corp strat/dev?
Thank you.
I think that decision is more dependent on you as a person. What environment do you prefer ? What type of lifestyle suits you ? What seems interesting 10 yrs from now ?
I don't spend a lot of time on industry viability, since I don't think either of those is going away. Its a question of what you want to spend your time on and on what time scale you want to think and be paid.
On the comp question,again this is a personal value question. What's important to you, another few hundred thousand or more freedom and flexibility. Depends what you are solving for.
Key advice for an IBD analyst?
How does someone get known as one of the best analysts in your year (and get a top bucket bonus).
Cheers for the time!
Best analyst: in the beginning its easy. Here's what people are looking for: 1. Consistency and reliability - do you get stuff done, is it good quality, are you reliable ? 2. Attitude - can I work with you ? Are you a 'can do' person or someone who's always complaining ? 3. Trust & Loyalty - can I trust you ? Can I give you responsibility ? Do I think you love this job and are committed 110% to it.
Thats about it.
In what ways has your personal life suffered sticking it out all these years to be an MD?
I'm looking to build a career as an MD - whether at my bank or another I don't really care. My question to you would be how can an analyst (although a while to go) best position himself to be a kickass MD? Since I'm under the veil of anonymity, I'll say that I am regarded as top bucket and have regular presence in meetings with clients etc. I genuinely do enjoy what I do and I'll keep up my work but wanted to see if you have any wisdom to impart on this.
Sure, I appreciate your ambition. Step 1: Make VP I wrote an article a year ago on that here: https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-on-how-t…
Hit me with some questions after that. thanks
wilowallstreet, if you're up for it, it would be greatly appreciated if you could start a thread with some helpful tips and pointers for aspiring professionals. Most of this site is fairly young (either in college or only a few years out). Thanks for this AMA.
Thanks, I think there are steps to this: Step 1: Get Hired -> https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-on-how-t… Step 2: Don't screw up -> https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-dont-mak… Step 3: Make VP -> https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-on-how-t…
Hope that helps.
Thanks. I really like how you finish most of these threads off with a short list of recommended books.
Great thread. Got a few questions:
Do MDs still make new friends?
Do you ever see the sheer pain and dread on your analysts' face?
How do I master the art of sucking up subtly?
Lastly, what are the highlights of your career?
Thanks. new friends: making friends is the only way to make MD. More on that later. sheer pain: haha, its always painful in the beginning. art of sucking up: read throwing the elephant by stanley bing. highlights: leaving Lehman before default, joining GS, moving to london, making MD, pivoting to buyside.
In London, are their many people who move to the buy-side (specifically PE) from a BB if you fail to move over in your analyst years?
When is it too late to move over? VP?
As a freshmen in college, what recommendations do you have? How did you do both IB and quant? Do you need a STEM degree to do quant work? What is the typical age to make MD at an investment bank?
You are worrying too early. Get good grades. Take the most interesting classes. Dont stress about this for another 2 years.
couple questions:
what's your current role?
talk a bit about how you went after new business in IB, this particularly interests me. I've never done B2B bizdev.
talk about lifestyle a bit and how you've done it. there's incessant threads about work life balance, usually written by people without spouses or children, so I'd appreciate if you could opine.
thanks
sure. 1. I run a business segment for a swiss private bank. 2. New business - do this everyday. Find a problem your client has and go solve it. The rest is details. 3. Lifestyle is manageable. You have to enjoy what you do, and have an understanding wife. I've been lucky on both counts, but I did get divorced at 29 from my first marriage for somewhat related reasons....but thats a long story. If you can get good analyst, associates, VPs to work for you, and love you, then life is a lot easier. So you have to be a good leader.
Hi there,
I'm a high school senior looking to get into the Finance Industry and was hoping you could help with some pointers to get me in the right direction. I will be hearing back from all of my schools 2 weeks from now, and while I have some big names such as University of Pennsylvania on my list, I'm not sure my chances of getting in are great where I stand at the moment. I have already been accepted at some high level schools and am wondering:
1) Is it better to do 4 years at a high level school (UNC Chapel Hill?), or to do one year at a mid range school and transfer to a top school like Penn? 2) What kinds of things should I be looking for now/in the near future? If there is anything I can do to begin career building or opportunities of some sort I should start looking out for, I would love to know! 3) I want to work on Wall Street because math is definitely my strong suit (and the money doesn't hurt), but am also curious what other traits or skills I should work developing as I progress through undergrad? Specific people skills, or jobs I should take, or anything like that?
Thanks in advance for your help! I appreciate you doing this AMA!
Sure, I'd start with these - they answer all your questions and more. https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-on-how-t… https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-how-to-h… https://www.wallstreetoasis.com/forums/advice-for-an-ex-ib-md-what-to-r… https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-who-succ…
Wow, that is very detailed - far more than I expected from an AMA! Thank you very much, I really do appreciate it!
Thanks for doing this AMA!
Of your long years in the industry and expertise, which roles did you seem to enjoy the most or have more fun in? Could you also expand on when you were in that particularly fun role, was it during to certain events that were happening in the industry or certain timeframe of a booming economy?
Thanks again, best!
Hi, thanks for the question, but I don't like ruminating on the past and it doesnt help you succeed either. I was lucky to have grown up in a booming market until 2008, and have seen the other side since. Fun comes from doing interesting things, with cool people who you can learn from. The rest is details. Your goal is to figure out what you think is interesting and find those people to learn from.
Any advice for someone in their late 20's who's been "in the game" for 6 years or so now? 3 years as an analyst at a BB, just made AVP in private equity... I'm happy where I currently am but sometimes worry I am becoming "comfortable" and I wonder if I shouldn't be taking more risks. I am an immigrant and am making 10x what the average adult in my family back home makes, so in my mind that's a huge barrier to trying something else. I do enjoy the work, mostly because it's challenging and because I get a little high just thinking about how well off I am compared to 10 years ago.
Hey dude, just wanted to say 'grats on the promotion. I'm a fan of your contributions here, great to see that you've climbed to the next wrung.
Thank you, my friend.
Sure, I'd read the following posts on that subject. https://www.wallstreetoasis.com/forums/the-importance-of-thinking-big https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-the-impo…
Thanks so much for sharing your insight! I'm currently a junior going into an IB internship this summer. When thinking about the best interns and analysts that you've managed in your career, what are some common qualities/traits that made them successful? Also, if you could go back to your last few years in college, are there any skills/experiences/courses that you wish you had done?
Sure I'd read this on the subject: https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-on-how-t… https://www.wallstreetoasis.com/forums/advice-from-an-ex-ib-md-dont-mak…
Last year's in college: I would have spent more time networking, meeting people. Building out a network as early as possible is critical. And learn some real life skills life public speaking, business writing, persuasion.
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