HLHZ - all about analysts right now
Thought I'd put this out there...
Initially scheduled for Super Day on Friday. Coming in as a lateral candidate. I've just been informed by my recruiter that HLHZ senior management only has one position open. While they're impressed with my background, they've decided to focus on analyst candidates. Arggggh.
If you're an undergrad, the prospects right now are better for analysts.
Guess you picked the wrong outfit.
Esp for a place like Houlihan. Churn for analysts is much higher and almost all analysts leave after 2 years. One group in LA office just lost 3 analysts and Chicago office lost 2.
HLHZ works there analysts to death and most end up leaving after first year if not second. Prospects after your two years arent that great either coming from HLHZ.
What? Wrong outfit? Please :-)
Seriously, I was a little disappointed this morning. But reality is that I think as a lateral hire into an associate role was not what HLHZ ultimately needed. They really do need someone at the analyst level.
Such is the job search and interview process... not easy. Not easy at all. Just a tough business to break into, even with impressive experience. Just reality.
Trying to lateral in as a 1y associate? Have you been looking at smaller yet respectable boutiques and convincing them you are there for the career track? i.e. Lane Berry, PJ Solomon, Barrington, Sagent Advisors...
Then in a year or two at one of those places you can try and hop over to a bulge.
Yes, trying to lateral as 1Y associate. I'd even pursue a 2Y or 3Y analyst role for that matter. If that's what it takes!
Am focusing on middle market cos. like HLHZ thinking its more viable for me as a lateral than a BB. Also focusing on valuation shops within Big 4 too to sharpen the relevant technical skill set.
Do you know anyone at Lane Berry, PJ Solomon etc.? I definitely need to broaden my "net".
I wouldn't go below a 3y analyst because that is where the understanding starts to come in that you are in it for the long haul.
I don't know anyone personally at any of those places (except one assoc at SA). But I do know for a fact that Mercury Partners deals with PJS and Glocap deals with Lane Berry. I'd start there..
Understood.
I'm familiar with Glocap and have spoken with someone there. Haven't been set up on an interview yet thru them but that's because I'm in Chicago and most opportunities are in NY. Unfamiliar with Mercury Partners. Will search for them, thanks.
Fact is I career transitioned out of B-School into corporate finance, but I only have a year into CF. A 2Y IB analyst is going to have stronger technical skills than I would. That's the catch, why it's difficult to lateral etc. I'm perceived as older in terms of worldly experience, but in reality young in the field. Tough place to be in.
What B-school did you go to? If you have 1 year CF experience you should definitely be looking at a 1Y associate position and not a 3Y.
Alot of 1Y associates don't have any prior experience. The MBA + the experience should qualify you as an associate. You may even be able to push for a 2Y associate position if you're comfortable enough with your skillsets.
Yes, I know plenty of associates in IB with no prior experience. But it's forgiven when you're from Kellogg, UofC etc.
Technically could be a 2Y associate candidate, however nope not comfortable that my year in CF was solid.
Thru a twist of fate, a good friend - blast from the past - is now a Director at a middle market bank. We both did other careers before B-school and got into IB (his case) or CF (my case). Except he was from Cornell and I'm from a non-target.
Anyways, he said "I know you could do the job, you've got a great background, but we only recruit from target schools, I can't sell you."
Truth is... I'm simply having a rough day. This morning was told that I have "executive presence and I'd have no problem putting you in front of a client, but we think you have soft tech skills". Later, I found out about HLHZ rethinking lateral associate candidates. One after the other.
Bad news comes in triplicate, right? One more to go today. Yikes.
Hey guys,
I'm applying for a summer analyst position at HLHZ. I'm at a non target school (although top-30). I have very solid extracurriculars and know a senior MD who will forward my resume to recruiting. My grades arent great. Obviously, this is vague but any idea what I should expect in terms of competition for a summer spot? Thanks.
Great!
I think competition is fierce regardless if from target or non-target. However, elaborate on the grades... what do you mean by aren't great?
How did you do in core accounting classes?
Did the MD already submit your resume?
He hasn't submitted it yet, I'm going to send it to him later tonight, my hard drive died a couple weeks ago and I basically had to redo my resume. I have a 3.2 in my major (Economics) and a 3.1 in my minor (English), my cumulatative is slightly less than a 3. I had a financial accounting/entrepreneurship hybrid class so I know the basics of an income statement/cash flows. I won a venture plan competition in the spring and did a pro forma statement for that. I'm concerned that in light of the competition my resume won't be strong enough to get an in person interview, which is where I think I would shine.
Edited to add, thanks for any responses
Alright...
I'd definitely get your resume in front of that MD who is willing to route it to recruiting asap... that's first.
Second, it's time to manage expectations a little. Most recruiters receive tons of resumes a week. They first start to dismiss candidates that don't hit GPA/SAT/school targets.
However, if your resume arrives from an MD's mailbox, then you've landed on top of the heap and averted an automatic "ding" 'cuz of your GPA, non-target school etc.
If an MD has directly submitted your resume, then the likelihood that a recruiter will at least call you is strong. Let's hope for that.
In which case, that's your one opportunity to shine. Be prepared to tell your "story", i.e. why IB, why the GPA is not stronger etc. Your story has to be solid. Even still, at that point the recruiter is the gatekeeper and his call may be a gesture on account of the MD, but not a guaranty that you'll get an interview.
My best advise is be persistent. If you're comfortable doing so, ask the MD to provide you with the name and contact info. of the recruiter he intends to share your resume with so that you can follow-up. In the interim, rehearse your story. Spend some time every day reviewing financial statement analysis etc. so if you do get an interview, you're ready!
Hope this helps. Good luck!!
What is wrong with an analyst leaving after two years? In fact, that should be viewed as a good thing that the analysts have good exit opps after two years. Having to stay on as a third year analyst to get deal experience should be viewed poorly, not the other way around.
Absolutely nothing wrong with analysts leaving after 2 years. It's expected.
Also, nothing wrong with analysts staying a 3rd year either. In fact, sometimes analysts are invited to stay a 3rd year and then become associates after. This is a nice option for analysts who don't want to go to B-school.
I've known several analysts who in fact do their 3rd years in London for example, to give them international experience. They return into an associate role.
got in touch with another guy from our alumni base who works there as an analyst now, talking to him thursday...tough guess but given that I know a Senior MD and another kid from my school, do I have a prayer for a summer analyst position?
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