Advice on "Why banking" and "Why tech" questions please
Hi folks, I recently graduated from a non-target school and am preparing for a phone interview with a boutique tech M&A firm in the Silicon Valley( ~15 people) next week. I am expecting a "Why banking" and "Why tech" question, which is normal for a tech investment banking interview. Following is my answer for these two questions. If anyone can help me polish my answer, that would be greatly appreciated. Please feel free to add any comment. SBs will be treated for insightful comment. (I would like to give SBs to all comments but I only have 3.)
Background: Graduated from a US Top 50 non-target school last month; GPA: 3.7/4.0; major in Math and Business Admin; member of equity team in Student Managed Investment Fund; Wealth Management Intern last summer; Investment Banking Intern at a tiny boutique bank( think a three-man office) during fall and winter from 3 months; Equity Research Intern this summer while looking for investment banking opportunities.
Here are my answers:
"Why banking?"
I have been trying to find out the right career path for me after doubling a major in Business Administration and joining the Student Managed Investment Fund. I had great experience in wealth management last summer, but I knew that I don't want to work for individual clients. Instead, I want to work in a fast-paced environment, provide financial advisory service for large scale clients, study their companies from all aspects. During last summer, I had a chance to go to the networking event at Morgan Stanley and met with a few bankers. They shared with me their job experience in investment banking, which sparked my interest in banking. When I went back to school, I applied for an internship in a boutique bank while was reaching out to as many bankers as possible to gain a in-depth understanding of the industry. I provided help to the Senior Associate on all transactions, did market research and studied the companies from all aspects, including business model, financial performance and corporate strategies etc. Based on that, we built financial models and provided the best financial solutions for the companies to achieve their greatest values and growth. I also got challenged every day because every day is unique and I can always learn something new. I knew that's what I want and the experience confirmed my interest in investment banking. (Is that too long? Feel free to provide any comments on improving).
"Why tech?"
I have been interested in tech since I was a child and have been following the trends in tech. I enjoy learning how tech is stretching its arms into all industries and how it is transforming the business models in those industries, which are closely related to all aspects of our life. Especially in this 20 years when I have been growing up, I have witnessed how tech is making our life more colorful and more convenient. Trends like AI nad machine-learning is changing the way we live and work and AR/VR is blurring the boundary between real life and virtual life, which are all super fascinating to me. Additionally, tech is ever changing and it is where innovations happen. I want to be the first one to get to know those innovative ideas and to interact those smart and creative people, where I can stay on the edge of the world and learn something new every day. (Feel free to add any comments)
Thanks for all who read this post. Wish you all a bright future in your career!
Hi guys, just a following up question: There might be an Excel and PowerPoint test. How should I prepare for that? Thanks.
know your short cuts. cant really prep for it, but if they see that you are someone who is very comfortable flying around excel you can pick up how to build a DCF etc very equickly
Thanks. How about VLookup and pivot table, etc?
I like the answer to "why tech." Wasn't the typical "tech is the future!" bullshit.
Thank you so much. Any advice on improving? That would be appreciated.
Having worked in both, I think a "why banking" vs "why tech" question would be kind of vague. Banking is very well-defined, if we're talking about high-finance. Tech is a very, very wide term. There's no specific tech "role" which will bring you from start to finish, with guaranteed success, or even a defined end role.
In banking, the career trajectory is well known. You start as an analyst, then associate, then MBA, then VP, and so on. Maybe you change lanes, and jump to other fields in finance. But it's all pretty predictable, and safe, If I dare say so. That's why many bright kids go into banking and consulting, if they're not 100% sure what they want to do - but they want to keep the doors open.
In tech, you have hundreds of different spots, where you can go back and forth, get stuck vertically, and so on. Furthermore, tech seems to attract more enthusiastic people. The type of people that live and breathe development. I don't know about you, but can't think of many peers in banking that love reading 10-k's in their free time. In tech, you have people that go home from work, and then grind away for 6 hours on their pet projects / latest tech / etc.
If I interviewed someone for banking, and they signaled a burning desire for typical tech / startup jobs, I honestly think they'd get bored to death with a job in banking. I mean, sure, you could put them in some tech-related group in banking.
But I understand that many young people fall in love with both. One almost guarantees you a good job in the future, while the other is hot as shit, and has a lot of mysticism.
Consolidate. Use more prepositions. Don't say "best financial solutions". Don't mention Morgan Stanley. Just to name a few, but follow a simple, quick format and get right to the meat of what you're saying, without taking unnecessary detours.
Thank you so much for the comment. Would you please let me know where I can find the simple, quick format that you mentioned? Thanks.
Just develop something simple for your own story. It should be simple, direct, and to the point. Like instead of, "a networking event at Morgan Stanley", you could say, "at a recent networking event..".
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