Log 3: Stupid mistakes
Alright I'm back, it's been a very busy week for me academically. I didn't do as many cold emails as I wanted. I'm starting to understand why it so hard to maintain constant network while maintaining a very high GPA.
As usual please give me your worst.
Log for Week: 9/23/19-9/29/19
Networking: I only sent about 35 cold emails/messages. It was weak and no where close to my goal, but in my defense I had tests for my most difficult classes. I wasn't able to get any phone calls for next week.
Anyway I wanted to talk about a stupid mistake I've been making (Retard Alert). I didn't realize this until my 3rd phone call, but just because a person says he's an analyst at a BB on LinkedIn doesn't mean he's apart of their IBD. I'm an actual clown, I had two phone calls this week and about to have another one in a couple hours, and none of these guys have any relations to Investment Banking. I probably should have done the "Is there anyone you can connect me to" line, but I didn't want to make it anymore awkward than it already was.
Question: Although I have a ton of Non-IBD BB analysts on my LinkedIn, I do have some actual IB analysts added. Unfortunately most of them won't respond, any advice on that? Are IB analyst busy to the point that it may take weeks for them to get back on a message?
Plan: - Hit the 100 cold emails - Get 2 calls from IB Analysts - Start and finish a book - Create one good DCF Model
People in general will not respond. It is a numbers game to find someone who will actually respond so increase that 100 number buddy. Also, reach out to people across the board because in the very likely case you do not get an "IB" role, you will have connections to help you get a job. Any job is better than no job.
Also, do not focus on building a DCF or working model. Just know how it works, what goes into it, what assumptions are made when projecting, and how to talk about it intelligently. Watch a youtube tutorial and you are done. Focus on the networking and school rather than the technical knowledge.
Thanks for the information and I guess that's true. is there any YouTube videos you would recommend?
You can just Google it or just type in How to Build DCF in Youtube. I would reccomend reading the "bible" of IB book. It is by Rosenbaum and Pearl. A quick google can help you find the pdf
Disagree id build at least one model from scratch to learn
Lol @ y’all giving monkey shit. You must be either lazy or incompetent. You ACTUALLY think taking the time to build a model is a waste of time? Lmao give me a break. Go back to class.
In agreement. It's one thing to "understand" by reading and watching videos / flashcards but you'll never get how its put together until you mechanically set it up
Not sure if you're talking about a pitch book or a literature book here... but trying a full DCF or pitchbook when you're already busy with school and recruiting is a huge mistake. Understand the mechanics of a DCF enough for technicals, but if you send a DCF model it will probably get laughed at/ignored, so that is a huge waste of hours. Pitchbooks and DCFs are learned on the job, focus on what you need to know to land the job - neither of those are that.
If it's a normal fiction/nonfiction type book, good for you and a good downtime activity. Still kill the full model.
As for not responding, it's totally a numbers game. If your response rate is below ~10% it's time to reevaluate your cold email. On LinkedIn, 99% of IBD analysts will say "Investment Banking Analyst" rather than just "Analyst" so if a profile says analyst just assume it's not IBD and move on.
Thanks for the advice about the DCF.
Yeah, I realized when the two people this week told me that they were apart of the finance control team. Oddly though, the person I talked to today listed himself just as an analyst but was actually apart of IBD. He was back office but still Investment Banking.
What does “back office but still IBD” even mean? I doubt he’s actually doing investment banking if that’s the case.
LinkedIn messaging is almost pointless from my experience. They accepted your request because that literally took them one second and zero thinking to do - hardly ever translates to actual response.
Your LinkedIn network is not your actual network. Find names on LinkedIn, then find the firm email format and guess their email. Track every email you send on a spreadsheet and highlight the people who responded - that's you actual network.
I've also been doing that but not as much. At my college they actually encourage you to use LinkedIn rather than email. Some people seem pretty successful at it, and I've been getting decent amount of replies. What you said sounds smarter though, I'm gonna start trying that.
LinkedIn messaging has always been very ineffective to me.
Thanks Bill Murray
damn this guy hustles harder on the phones than my coworkers selling shit.
Came in here thinking I'd see some post on Gareth Gates - disappointed mate, tsk tsk
OP if you really want to impress them, find a bunch of MDs and their corporate office address. Send them all handwritten letters in the mail asking for a meeting, and do a bunch of fedex express. I can almost guarantee they'll read it.
Direct mail usually gets to someones desk and hopefully one will be impressed enough to give you a shot.
Put something like a die or something in their to make it lumpy, they'll open it 100% if it gets to their desk which it should.
What a baller move. I'm also gonna try this.
If this person is under 30, they may not know what a "handwritten letter" is.
Good one, I'll have you know that I have sent a letter to my grandma once. Postal stamp and everything.
This seems like a good idea further down the line. OP isnt ready to talk to a MD imo.
Guess I won't try this
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