WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (45)

Feb 17, 2021 - 1:50am

Hi hehehehehe, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:

More suggestions...

If those topics were completely useless, don't blame me, blame my programmers...

Mar 12, 2021 - 4:01pm

I'm an undergrad and I haven't cleared any level of the CFA.

The only way to go about it is networking through cold calling. Try your luck at every single bank. Try to form real relationships with the guys you get along with well, they can help you at times more than you'd expect.

Also, where in the back office? Is it opps or related to finance? Would play a large role in how firms will perceive you as an applicant.

Most Helpful
Mar 11, 2021 - 1:38pm

Hi, I currently work in BO (KPO set up) for a BB.

Have been a top rated analyst here and had been notified in few months of my joining that I'd be sent for an internship at the onshore offices once I hit 18-24 months mark of required work ex.

However, things haven't quite materialized yet. During review meetings, I've always been told that it's hard to predict when it would happen but they've been asking me to wait since the last year or so.

Historically, analysts who got onshore internships had 2 years of work-ex. And I'm about to touch 3.

I've taken the WFH time to actively network with FO analysts and associates on LinkedIn and have managed to (almost) crack a FO offer where the HR isn't ready to offer any hike at all. I currently make 12 lpa. And she insists that I should appreciate the fact that I'd be moving to a FO set up and generally people from BO have taken paycuts but she's letting me have my current fixed comp.

Given this situation, should I accept the domestic boutique IB offer without any hike or should I stay put at my current firm and wait for a BB internship to materialize.

Thanks again for all your advise and time. Really appreciate it.

Mar 12, 2021 - 4:05pm

The choice is for you to make. If I was in your place, I'd definitely accept the FO offer.

The internship you're speaking about has ridiculous low chances of converting to FT roles. If it's a boutique top tier bank (such as avendus and o3), I'd not give it a second thought. You can move to PE post 1-2 years of that and earn much better.

To add to this, the HR is right. There are tons of KPO type roles in India whereas FO roles are rare. Tons of Analysts from the KPO-type roles at the BB would kill to be where you are today.

Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Mar 15, 2021 - 11:42am

From what Ive been told my brother's indian friend (working at Centerview, went to HYP), overwhelming majority of indians in high-finance came from money. Like they were top 1-3% back home. It's far less about a meritocracy in India, and more about who you know. How true is this?

Mar 15, 2021 - 11:53am

This is partially true. Most folks in high-finance do come from the top 1% of Indians, but that's not only because of connections but also because often but not always they are the only ones who can afford top tier education which helps one get more 'polished'.

There are some firms that are known to hire solely through connections but these are generally IB firms and not PE shops. Ones I can think of off the top of my head are JM and Axis.

Lastly, while connections do play a role for PE shops, it's often merit(which is good valuation skills) + a relationship. At the end, it is a relationship-driven business.

  • Intern in IB-M&A
Mar 15, 2021 - 9:09pm

not OP but I am an Indian who's studying in the US and will be interning in IB this summer. I think there are two different answers to the question:

1) For Indians in High-Finance in India:

Most of the front-office offers at the top firms (such as the BBs) go to the top students at IITs (undergrad) and IIMs (MBA). You only get into these institutes by merit and I can't pay my way through them by donating a million dollars. Not long ago my family and I reached out to most of the firms regarding an internship for me. We have business relationships with almost all of them and most of them said they only hire from IIM and don't take other interns. So, only those that are actually capable (not saying I am not but instead just that I wasn't at an IIM, although I do plan on applying to the IIMs) could have gotten them. Although the BBs used to do this previously, all of them said no because of heightened risks and policies after the GS 1MDB scandal. However, it got relatively easier to get an internship at the firms below them (MM banks and the Balance sheet banks). I eventually got an internship at a pretty well-known firm. However, this was quid pro quo and there was no expectation of an FT offer from this internship. The FT offers only went to the IIM graduates.

2) For Indians in high-finance abroad: 

I would say that yes, most of the Indians working in IB in the US are usually those from high-earning Indian families. This is because we were sent to the best private schools in India where they were exposed to international curriculums and american culture. This is helpful because IB is very front office and its important to be conversational during interviews, networking, and work in general. Thus, its difficult to be successful during recruitment if you have an extremely strong accent/broken english or are unable to relate to those already at the firms (which are predominantly white males). Another fact is that you need a strong resume to get a junior year internship and most of the international students usually intern in their home countries for the years prior to the junior summer since its difficult to get one in US as an international student. Unfortunatley, most of the internships in India can only be gotten through connections (an example of this was given in the paragraph above). People who come from poorer families don't have the means to get those internships and thus in general have weaker resumes. Also, education in US is extremely expensive and universities rarely give scholarships. So, people in India can only go to afford to attend these is if their families have deep pockets.  Thus, for those that broke into IB in USA, they usually come from privileged families. 

Source: My family and myself.

Mar 16, 2021 - 5:47am

To further add to the helpful chap above, the only BBs that hired from IITs/BITS for pure FO IB roles were MS (this was so the placecom allowed MS to come take students for Tech roles before any other company could) and CS. After the death of the Head of IB at MS, the new heads have decided to go against this. CS is the only BB as of today that hires CAs/Engineers that are fresh out of Undergrad but they barely have an m&a practice.

Further, while connections do help a lot with getting opportunities at Domestic/MM shops, it's not the only way, even if you're not from an IIM. I managed to get an opportunity at both a BB and a domestic shop without any connections. It's all about impressing the right people.

Mar 15, 2021 - 8:07pm

TIA for offering help!

Currently an MSc Fin. At a UK top 10, looking for opps in India due to personal reasons

Can you elaborate on how you went about initiating the cold calling process in India, from how you approach the filtering process for who to contact and how you conduct some initial research on them? (Is it the standard LinkedIn search followed by cold emails to standard email formats?)

Is it just analysts/associates or all levels of the hierarchy that you send initial cold emails to?

Mar 16, 2021 - 4:17am

I generally went with the standard LinkedIn search and a standard e-mail template with slight personalization here and there.

Cast as wide a net you can - email people across all levels because getting a reply isn't easy.

Also, I think GS has a program for their KPO type role where they take MSc Fin grads, you can try you luck there (Bangalore office). Most other banks don't really value it much.

Mar 16, 2021 - 4:19am

You can but the likelihood of you getting a decent gig depends on which school. Irrespective, you'll still have to network and struggle to get interviews, just like anyone else. I know of someone who did his undergrad at a top 3 US school and struggled for 1.5 years to get a job.

  • Intern in IB-M&A
May 17, 2021 - 6:02pm

How open are investment banks in India (both the BBs and domestic boutiques) to hiring someone with IB exp. (analyst level) from the US but no MBA?

  • Intern in IB-M&A
May 20, 2021 - 6:05pm

Not really. I mean it's ranked ~ 80th in US (with the business school ranked near the fifties) but I'll be surprised if the avg. population has heard about it. That's my biggest concern. My resume is great, I have a really high GPA and will be at a top bank this summer. So the name of my undergrad is probably the only negative in my mind.

  • Intern in PE - LBOs
May 22, 2021 - 8:23pm

For GS you need at least a master's degree or an MBA (if going for M&A) - it says in the requirements. The other way is to have solid political connections.

May 23, 2021 - 5:56pm

Let's be real. A lot of the "high paying jobs" in India are based off who you know. Not much of a surprise. I know of someone who got a GS (I think) offer his freshman year summer from a target uni (a US target, Indian-American born) through his father's connections. Granted this kid was the real deal and last I heard he's at a US office in a Tier 1 city: UMM/MF PE right out of uni and is trying to break into HFs I believe.

Aug 30, 2021 - 9:41am

May I know what step by step procedure (networking and non-networking route) you followed to impress these folks?

Would love to connect over a call or on linkedin. Can you please share your linkedin profile?

I am on similar boat, looking for an internship in BB or elite boutique firms in India. 

Aug 30, 2021 - 5:25pm

There's no formula to this. Keep hustling and working hard. I'm not comfortable with sharing my LinkedIn but feel free to DM to chat.

Oct 12, 2021 - 9:24am

Hii! I am an undergraduate Commerce student from a prestigious Commerce college in Mumbai. I recently got rejected for the role of summer intern at Morgan Stanlry for failing in their pre-interview test. What are the chances do you think that I have got of getting into a BB IB for a summer internship. Is connecting via Linkedin a good enough measure to ensure a good network? Please could you guide me regarding how to network? My friend got into MS as his father knew a MD there, is knowing a person on the inside, the only way to get into a BB IB in India?

Oct 13, 2021 - 6:16pm

Consequatur dolores nostrum ipsam quaerat. Et quo consequatur occaecati nulla iste aut fugiat at.

Quia explicabo eligendi facere quibusdam voluptatum minus. Doloribus vitae rerum iste ea perferendis possimus eum. Vitae voluptatum expedita sunt sit veniam velit.

Possimus non ea aspernatur et sapiente molestiae ut. Voluptates minima dolores et corrupti at.

Start Discussion

Total Avg Compensation

October 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (228) $232
  • 2nd Year Analyst (137) $154
  • 3rd+ Year Analyst (30) $147
  • Intern/Summer Associate (103) $143
  • 1st Year Analyst (499) $135
  • Intern/Summer Analyst (385) $83