kids of clients
Just wondering if your family is a client of the bank or if you are referred by an important client of the bank what are your chances of :
1) qualified and getting a first round 2) qualified and getting an SA 3) not qualified (you didn't do well in your interviews, bad a low gpa, etc) and still getting an offer?
Thanks.
x
Depends on the specific internal policies of that bank.
I've known two SA's last year that got a job directly because an MD emailed HR and asked them to bring these kids on. Both, obviously, went on to get full-time offers. But caveat is both of their dads are high level executives at Fortune 10 companies...
I know some banks (e.g. UBS) distinguishes relationship hires as "attachments". These kids will get SA offers, but they are not considered candidates for FT offers. That said, investment banking is at its core a relationship business, so if your family is deemed potentially valuable enough to the firm, you will get the job no matter what.
Side note. There are cases, especially in Hong Kong, of relationship hires climbing the promotion ladder exceptionally quickly. There are a couple of MD's in HK that are barely breaking 30.
cool, thx. so do you still have to go through the same process as everyone else (first round, second round, etc) or do you get to just superday? bc I've heard of BBs who lets kids referred by MD/clients/ etc just go to superday without first rounds, not sure if this was common.
I meant qualified but not strongly qualified.
Say you go to a target and gpa is 3.0-3.5 versus a 3.5-4.0. Major is in engineering and another hard science.
How will recruiters look at this gpa versus those in finance/econ etc? Will they be okay with a lower gpa if it's in a science related major?
Also, is it a good idea to send out holiday cards to old contacts (say at previous SA internship/bank)?
3.0 - 3.5 at a target will be on the low end. Once you get the interview, your GPA won't matter directly. As long as you can demonstrate youare as intelligent and capable as the other candidates. With that said, whether or not your resume gets picked up in the first place will depend heavily on how big of a client your family is to these banks and the rank of the person referring you.
As for sending holiday cards to old contacts--- you should've been keeping touch in the first place. It won't hurt to send holiday cards to people you worked with before, but I'm not sure it'll explicitly help you secure employment at this point. What would have helped is if you kept in touch all along and expressed at least interest in returning to that BB.
anyway, good luck, hope all goes well.
def. cool thx. however there will be preconceived notions of my interviewers related to my gpa (which is actually pretty high for engineering) on my resume, that's why I was wondering.
speaking of holiday cards- is it creepy to send out an actual card or is a short email message sufficient? (assuming I don't need employment from them any time soon.. just wanted to keep in touch)
How about future co-workers and boss? I know which group I'll be part of, so should I send them all emails for the holidays, or does that seem too kiss-ass?
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