Hi,
I'm trying switch into investment banking from Valuation at a Big 4. I went to a pretty solid undergrad, have a Masters in Accounting w/ a focus in Corporate Valuation, and have passed two levels of the CFA exam. I've also been working on improving my modeling skills and learning about the banking industry. Can anyone offer any suggestions for what else I should do to improve my chances of landing a solid IB job?
Any advice is appreciated! Thanks.
As a former Big 4 transfer (from Advisory not Valuations) into MM IB , here are a few things I'd focus on based on my interviews and also how I deal with career changers/experienced hires when I interview them:
1. Know your technicals (should go without saying). Much like from undergraduate interviews, I expect you to know in detail (and be able to walk me through) valuation/modeling aspect of the job.
2. Have a good story and show me that you've been interested in IB. Obviously you're going to have your elevator pitch about why you're a good candidate, but you need to be able to connect all the dots in your "story" and show me that you have a genuine interest in IB. You'd be shocked at how shitty some of the stories I've heard are in interviews or how they don't really make any logical sense as to why IB. Also, this should go without saying, but you better be into IB for the long-haul. NO ONE will take a candidate knowing that she/he is planning to go to Bschool in a few years unless you're starting over as a first year Analyst.
**3. I expect you to know the job and the related roles and responsibilities associated with the position you're applying for. ** This means research the day-in-the life of an analyst, knowing about a sell-side process in detail, walking me through all the major milestones and deliverables and what the analyst's role is. This one goes overlooked by a lot of candidates trying to switch into banking who focus solely on technicals and don't really understand the day-to-day tasks. As an UG/campus recruiting, I give them a pass since they know nothing, But if you're trying to convince me that you want to do banking, and you already have work experience, I fully expect that you know what you're getting yourself into.
4. Connect your current job/role into banking. This overlaps a bit with #2 and #3 but worth pointing out separately as well. Be sure to connect how your current job positions you for IB. There are a lot of similarities between Valuation and IB, so be sure to connect those dots for me. I'd ALWAYS error on the side of caution and assume that the person you're talking to has 0 idea of what your current job is. For me, I came from advisory/consulting, so a lot of it dealt with the client-service/project management. I could literally see my interviewer's eyes light up when I told them about my understanding of the analyst role and how my current job gave me directly attributable skills associated with the job. Yes, I did not have any relevant modeling experience BUT that's like 20-30% of the job. The balance is less technical and soft-skill focused (e.g. writing, researching, leading client meetings, project management) which is just as, if not more, important than the technical piece.
Of the above, I'd say #2 and #3 is most important to me as an interviewer. I need to know (1) that you know the job and what you're getting yourself into, and (2) that you have a genuine interest in it. I can always teach someone the technicals - overtime that part of the job is very mundane, its the other aspects that are key.
Anyways, thats just my 2 cents. Obviously every bank/interviewer will have different focus points - some may focus more on culture/fit, where as other are on the technicals. All of which will dictate the type of interview you'll get.
MambaOut
Thanks for your response! It's tremendously helpful. Do you have any additional advice on how I should approach networking to gain interviews? For instance, who would you recommend that I contact (Associates, VPs, others)? Also, how would you recommend that I make connections (Linkedin or another approach?
Thanks again for your advice.
bump
Are you trying to move in as an analyst? Just wondering how much of what you do now is in financial due diligence if any?
Yep. I'd like to move in as a second year analyst since I've worked for a year and did a grad school program the year before. In my current role, we mostly focus on macro and industry research and see how they align with mgmt. projections. The lack of due diligence pertaining to the company is one of the (many) reasons I'm looking to switch.
I did non-big 4 valuation and then lateraled to a solid MM bank and started as a first-year analyst (only had a year or two of exp. before lateraling).
I'd suggest you be open to any opportunity (city, size of bank, group, starting as first-year, etc.). Once you have an offer in hand, then you can be picky.
It's a good idea to use linkedin to find associates / VP's (they have more sway / are generally more available) to network.
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