Hello everyone,
Tomorrow I have an informal phone call with an MD at a BB and I was wondering if you could suggest me what type of questions I should ask. I know they should be different from the questions you usually ask an analyst/associate but I guess they should be smart enough to make him like me.
I appreciate it, thanks a lot!
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- Ask him to talk about his background
- What makes the difference between a good and a great analyst
- What does he like the most in his job
- etc.
I would like to know how MDs and EDs find time to have information calls with students but then send us markups at 11pm and during weekends because they don’t have time to review during business hours... students will apply anyway.
to answer your question, ask him questions about the industry, his career path, why he stayed in IB, how to be a good analyst and why qualities are required to progress in IB, etc
what's the difference between an MD and ED?
Analyst -> Associate -> VP -> ED -> MD
and in terms of activities and tasks what is the difference between VP and ED and ED and MD?
It blends a bit depending on deal teams but:
-VP does some project management and essentially acts as an Associate if there’s no Assoc in your team. VPs start to build their network and do some client relationship/client management
-EDs: essentially deal quarterbacks, tells you what to create, client relationship, day to day deal leadership
MDs: Holds the client relationship with seniors executives and financial sponsors, provide high level guidance on what to do, provide deal strategy
Bear in mind there is not always full teams on every deals and sometimes work is split (eg. Team 1 ED + Assoc + Analyst does modelling, team 2 VP + Analyst does project management).
Also if there is a full team then the higher you go the more high level people will look at the deals, with assoc checking numbers and ED/MDs thinking is the “flow”’is right
VPs are project managers in IB. They run the day to day stuff and are the link between juniors and seniors in a sense. MDs are salespeople, they are responsible for bringing business to the firm and setting the tone for what the client what's to see on a deck, negotiate SPAs, structures etc. EDs are exactly in the middle, they sometimes act as VPs running the day to day and some other times are trying to bring fees, manage clients and getting ready to become MDs Admittedly, EDs are in a v tough spot and are usually the first to get cut if banks are in cost cutting mode. That's why the path to senior VP or even junior ED is more or less fixed in terms of timeline. 3 or max.4 years are usually enough for a VP to make ED, but an ED might never make MD, or make it after 5/6 years.
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I might be late: but when I had this phone call - I introduced myself and gave my info and background. Then I talked about hiim (like i saw you graduated from law school in X year) then asked about his firm and specific questions that you want to know. He changed my convo direction though. He wanted to talk about how he went to grad school and my plans for the future than talking about the firm itself. But I had him talk some about it.
I'd focus the conversation on learning about HIM and his trajectory. People love to talk about themselves
Thank you super useful. How do you think I should approach him in the near future to try to get a referral for when applications for summer 2022 will open?
I would say let it come out of him. When I talked to a partner from Skadden, he was the one who flagged my application to HR and told me he would tell them to take my application seriously. I did not ask him to do that. He wanted to.
If you ask, you're making it seem like you're using him - which obviously you are, but don't make the relationship feel that way. Depending on the firm's policies, he might not be allowed to give out interview tips or interview help.
So to get that referral - Build a REAL relationship with him. You do this by updating him on how your job search is going and sending emails when you have good news too.Thank him always for his time and tell him you appreciate his VALUABLE advice! So never ask, and act as if you're not going to get it - because a referral can only go so far (I didn't get the job at Skadden despite the partner's referral, but I got the job at a bank by talking to an MD). You stand out by going to networking events or firm events where you can network with HR people. They are the ones you should approach to get the interview. And in the interviews, you can mention the MD you spoke to.
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