WFH during COVID-19 has opened up some free time to take any questions. Ask away- about IB recruiting, PE recruiting, breaking from non-target to Bulge Bracket. Shoot away!
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Based on you mentor profile, did you start at a a BB or did you lateral in to a BB after some time at a BB? Also can you speak more to your process on how you broke into a BB? Networking? interview prep?
I started at a BB out of college but worked for some time at a boutique investment bank during college. The process was long, tiring, countless hours of studying standard banking technicals and emailing people for coffee chats. I was getting myself ready for interviews without even having one lined up.
Looking forward to this AMA!
What was your process of finessing into IB coming from an accounting background at nontarget?
Process was non-traditional, in each interview I had to show why my accounting degree was relevant and valuable for banking. It was a mix of networking + strong technical prep + rehearsing behavioral question scenarios and being CONFIDENT in what I was asking for!
What was the most challenging experience you had during networking and recruiting stage?
Rejecting non-banking offers at prestigious financial institutions without having a secured job in IB yet. Was a hard decision to make but I don't regret it a bit because I knew my self worth. Recruiting wise, it was challenging convincing people with a different background that my accounting degree was an asset and an advantage.
Are you referring to rejecting Big 4 offers or did you have offers from other financial institutions? Also how did you get offer at offer at other firms? Did you interview at other places and if so did you feel this took away form your time prepping for IB interviews?
Coming from a non-target, how did you manage to network with people from other (target/semi-target) schools and to what degree was it successful?
I cold emailed professionals I found through Linkedin or tried to reach out to people that I sort of knew through my connections. Networking is always successful, it puts your name out there in the world and is crucial to meaningful relationship building.
What was your hit rate when reaching out?
For PE recruiting, do people send cold emails and try to get on the phone with VPs or senior guys to network?
PE recruiting is a total different beast! You go through recruiting firms aka "headhunters" and usually that's how you meet people initially. You can also try cold emails and may be effective but know that PE folks get hundreds of those so need to find out a way to differentiate yourself.
What's your advice for people trying to break into PE from "non-traditional" backgrounds e.g. non target/ lower tier bank
Start networking and building relationships EARLY! Study technicals, leverage your banking job to fully understand what PE is and different investing strategies. There are plenty of PE shops that looks for hustlers and don't care if you come from a traditional/target background. Go after those!
What is the biggest difference between IB and PE (be it culture/pay/hours etc.) that you’ve experienced but think isn’t really highlighted or underestimated/exaggerated on WSO? Is PE your final career destination?
Disclaimer I am currently a 2nd yr analyst, with a PE job lined up for next year so I haven't worked in PE yet. HOWEVER, from my experiences from recruiting and chatting with PE folks, I think that most people focus on mega funds and forget how many more more middle market successful PE shops are out there. There's an underestimation of the great culture and great results those funds achieve and I personally believe there's more learning and growth in those places. I'm still defining my career as I grow professionally and personally so PE is my next career destination (will determine it then if it is my final one).
I might be a little late but... what have been some of the best resources which have helped advance your technical abilities ? - Before your summer analyst/ analyst gig
(I know there's a ton of threads on this but it's always reassuring to hear from individuals with a similar background, thanks!)
Technical guides from WSO, 400 questions to break to Wall Street have been most helpful with regards to picking up the theoretical aspect of technicals. Practice wise - WSO videos/models were helpful to get better at Excel and comfortable with basics of valuations.
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Most Distinguishing Thing In Your Cv?
My leadership/volunteer involvement with multiple financial non-profit organizations.
Awesome Post Tank You.
When You Networked, What Did You Specifically Ask And Talk About?? Please Be Very Specific!
Every networking chat was tailored specifically to the person I’d talk to. I’d look them up in LinkedIn (professional stalking), look up their firm and prepare list of questions ahead. Questions vary from very specific about their career choices, how they got to where they are to general industry questions and getting their thoughts on current events. I’d also share my story, show my determination to succeed and ask for advice.
Tips on getting into IB internships from non-targets with weak alumni
Hustle hard, know your story - your why, know your technicals and don’t be afraid of rejection. Be persistent and keep pushing forward until you reach where you want to be!
Tips/Skills needed to upgrade for a middle office PL controller into hedge funds? Is WSO modeling course sufficient ?
thanks for offering this!
What was your GPA? and if it was lower do you think you would have been fucked?
apologies for late reply, work has been nuts! my gpa was 3.7/4.0 but i know people with 3.2/4.0 that made it to banking through tons of networking
For PE, would I be fucked if I got lower than 3.7?
Considering how early PE recruiting is now, do you think it is valuable to start networking and reaching out to PE associates before you start FT (so between your SA and FT start date) or is that bad optics to them; indicating to them that you want to exit PE before you even started FT. TIA!
I don't think it's bad looks considering how early recruiting kicked off last year. You should be talking with headhunters now at a minimum and networking never hurts. Be careful in sharing within your current work that you are looking to exit cuz it's not regarded well.
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