Q&A: Non-Target --> BB BO --> BB ECM

It was an absolute struggle man, there were times where I admittedly was getting very discouraged. ~100 cold emails led to ~25 networking calls which led to 3 FO interviews which led to 1 offer. Running out to your car during lunch every day to speak to someone I cold emailed on the phone became the norm for me. You just have to be persistent and relentless while at the same time proving your financial competence. People will respect that kind of tenacity, and you'll never fail if you never give up. However staying sane definitely wasn't easy at some points, especially while doing mind-numbing BO work while trying to get the hell out of there. Luckily had a couple of buddies who were trying to do the same thing, so we were able to vent to each other and facilitate discussion about our progress, networking approaches,etc.

Internal mobility is a load of BS from HR at some firms.

Congratulations man. I too am finishing up a stint in the BO for about 5 months, I moved to NYC and took this job as a means to be around the epicenter and continue my networking efforts. I was able to land an offer for a MM firm in M&A at another major financial center, (Chicago/LA/SF) so I know exactly what you went through. It was definitely hard to keep fighting for it at points, but as mentioned before, if you won't quit, you cannot fail. I feel very liberated, the same as you. Congratulations again, and now the real work begins for both of us!

It depends on all the variables in your situation, however geographically being in NYC (if that's your goal) is something else that should carry weight in your job search. Having a BB brand name on my resume definitely helped out when reaching out to people as opposed to a no name boutique, but obviously FO experience is FO experience regardless of where it is. But if it's approaching March-April and all you have is a BB BO offer and you really need a job after graduation, then take it no questions asked. Networking aggressively is what will get you out.

Sure yeah it was tough during my senior year especially while also managing a job search for a portion of the second semester. I started beginning of January and I'd say I put in around the golden 300 hours, definitely had to make a lot of sacrifices with respect to other aspects of my life during this time but you gotta do what you gotta do. Kaplan Schweser is the gold standard for CFA prep, and I'd highly recommend the essential package for L1. The Qbank and mocks are imperative to passing the exam, after a certain point gazing at the notes starts to become a futile effort. I don't know much about your situation, however if you go to a non-target and want to differentiate yourself/essentially have a stamp on your resume that guarantees to employers that you possess a solid framework of accounting/finance/econ knowledge, I would definitely take the L1 exam. I would take it regardless if you're seeking to go down the ER/AM route, it is a wide breadth of material that will solidify your financial competence. It demonstrates to employers soft skills about a person that I mentioned in one of my earlier responses. However, think long and hard about your job prospects and current situation, as it is undeniably a huge time commitment that will require you to rearrange your entire life during your senior year especially if you have a full class schedule. There were times where I was getting down on myself, but sites like WSO and analystforum.com kept me sane and kept the notion in my mind that there are countless others enduring this struggle. Just gotta have resilience and see the light at the end of the tunnel.

Yeah took a couple of days off during this entire process, I really didn't use off days unless they were for interviewing. Luckily my office was only ~2 hours from NYC so it could've been much worse in that respect. I was in financial control - other than daily Powerpoint/Excel use, I don't really feel like there was any relatability from what I was doing to ECM. I wasn't doing anything on a regular basis that was very markets-oriented with no exposure to deals or client information. Once again, it was all about convincing them that I genuinely did not belong there, that I would be willing to work extremely hard for them, and that I knew my shit about the markets. I was even asked some questions about options/convertibles since they are covered under ECM as well so luckily I was heavily prepared. Coming from a non-target/BO background with only one lateral spot open it was critical that I knew technicals/about the markets like the back of my hand. Fortunately, I interviewed for this same BB a few months back for a lateral IBD coverage role, and my interviewers spoke very highly of me to the ECM group so that definitely played in my favor as well. Internal mobility wasn't really much of an option for me, I had to wait 12 months before even applying elsewhere within the firm and I was also technically in a 2 year program so that would've apparently caused an HR conflict from what I heard.

Thanks man - I'd say about 25 were to alumni since that's about how many people I could find from my school who were currently working in FO roles on the street. The rest were mainly people who shared something with me based on their LinkedIn profile (non-target background, BO at some point, CFA progress, played basketball, from Long Island, etc.). This would definitely work for someone in your situation, it was even a little premature for me to be hitting the pavement as hard as I was with only 3-4 months of experience, but that's how much I hated the back office. I felt like I was slowly losing my soul in there day by day. But to put it in perspective, cold emailing and connecting with someone after seeing a job posting for their group somewhere can really put you on the fast track - it helped me beat out ~300 applicants for this ECM role.

He was actually surprisingly efficient when you think about it for only sending 100.

Thanks man I actually start tomorrow lol so I can't answer the first part of your question. But honestly I could see myself being happy in an origination capacity in ECM for a long time, it seems like an interesting and fulfilling career trajectory. I like the idea of being in between the coverage guys and S&T and the offering process. I don't really have a strong desire at the moment to be in coverage/M&A/LevFin like many do on WSO, I'm just fortunate to have gotten where I am now with my background and credentials. But in a few years my mindset may be extremely different, can't know for sure at this point.

Of course man anytime, good luck on the CFA and never get too comfortable in BO

Hey yeah I had a BB PWM internship going into senior year and an online financial modeling internship during senior year, other than that nothing. With regards to follow ups, I've never really emailed anyone more than once. However if you were referred it would make sense to reach back out to your original contact if their referral didn't answer. However I would certainly just try to gauge the situation/tone of original MD. If he seemed like he didn't want to be bothered and like he just wanted to just give you a name so that could be the end of it I would just move on. Being too annoying could only hurt. However if it's 6+ months later there wouldn't be much downside to reaching out to them again, especially if u accomplished something in the meantime (new job/city, CFA, etc). Gives u a talking point and something to update them with

I passed the CFA Level 1 in college. The math is really easy. You just need to remember things

Most difficult part undoubtedly was juggling social life, gf, investment club, school work, gym, and job search at one point along with the CFA. Making the sacrifices during your senior year can be tough, just gotta look on the bright side and continuously remind yourself that you will pass and reap the benefits post graduation. The math was the least of my worries, use that financial calc

Thanks dude - and honestly anything at a bank or valuation/transaction services at a big 4. Cast a wide net and utilize your alumni network, no matter what your school's presence on the street is. After that, go for other non-targets. Even if you land BO/MO at a BB it's not the end of the world, especially if you get a big name on the resume. Let me know if u have any other questions happy to help

Like I said before, I really like the offering process and being a hybrid between coverage and S&T. However, being very markets-oriented I could definitely see myself working in a research/AM/HF capacity down the line. Many will say ECM doesn't provide robust exit opps, but I disregard that stuff because neither does BB BO. Also, I'm in convertibles origination which is a little more quantitative/intuitive then traditional ECM so I could definitely see myself landing at a credit-focused fund down the line if I were to remain in this group for the long haul. As for the CFA, I I may have to put it on a temporary pause considering I have to pass 3 series exams in the next few months and since it's not necessarily relevant in an origination capacity. However I ultimately do plan on finishing the program at some point.