Do Most Summer Associates have IBD experience??
Are they mostly career changers? or Do many have IBD experience from smaller shops?
Thanks everyone
God Bless
Are they mostly career changers? or Do many have IBD experience from smaller shops?
Thanks everyone
God Bless
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The are mostly career changers. I have known very few people who had IBD experience who were MBA summer associates. The ones who did have IBD experience were laid off during the last down turn (to date myself). This upcoming summer you will probably see a higher percentage of those with IBD experience and not necessarily from smaller shops.
Be wary of summer associates who are career changers, they think they know things, and they don't, which is quite dangerous.
What is the recruitment process like for summer associates ? Are there excel tests and 10 rounds of interviews, detailed background checks, medical checks and the works or is it simpler ?
Summer recruitment for associates is the same as for analysts. You have a few on campus interviews followed by a superday at most banks. The background check is the same sort of deal that gets run on everyone. I have never heard of a medical check at any bank for any job unless you mean a drug test.
So if I work for a small bank now, but I'm able to still get into a decent/good/stellar MBA program, I can make it to the big leagues at a larger bank?
So if my end goal is to get into a BB, working for a small bank could be better than not getting any IB experience at all?
Yes if you work for a small bank and get decent experience, which is followed by a top 10 MBA you can then goto a BB.
Post MBA the slate for IB is wiped fairly clean of your sins. If you had good deeds (worked at a small IB), then you can leverage that plus the name into a BB. If you had shitty PE experience post a BB IBD job, you can lever that into decent PE jobs post MBA.
Here is some good general advice, if you want to be in IB long term always go for the most IB like job you can get. If you can get an IB job at a small bank you will be better off than a back office job at a BB. Name dropping works best when it isn't interrupted by a degree. So, leveraging some silly back office role into a analyst job is easier then trying to lever the back office role (regardless of where it was) into something higher up.
I am curious as to why a BB is your main target F9. Unless you want to be in banking long term, figure out where you want to be and start honing in on that type of opportunity.
How old are associates normally?
I am wondering as I am getting on a bit, and havent been to business school and got an MBA yet.
Also to come in as an associate do you normally need to have this MBA?
What about other work experience, to me other somewhat relevant work experience is more valuable then an MBA, but obviously this may not be the way things work.
I would like to know this as well. Also, does the avg. age of post MBA associates vary at BBs vs boutiques?
Associates tend to be either direct promotes (25) or right out of b-school (29). Although I have known 39 year old associates who were career changers. Heck, I knew a guy who was a lawyer till he was like 31 then went to b-school and got his MBA, still came in as an associate.
As to other work experience and what it takes to get an associate role, I will quote myself from another thread.
I am in energy trading and would not mind nat resources banking post MBA
Balooshi - I thought you were all about transfer pricing
Well the average age of graduating MBAs is around 29...so that's what I would guess. The average age of associates, however, is probably brought down by direct promotes.
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