I have an interview for a "Banking Assistant" position for CS IBD
Interview is in two days for a full-time entry-level upon graduation.
The job description on the ad didn't say too much (mentioned research, productive support, etc.), so I'm wondering if this would be a helpful position to gain exposure to the firm and maybe get in "through the backdoor" or if it is more of a secretary job.
I really want to break into the industry any way I can and was excited about getting the interview, but I've spoken to a few people and some say it is basically a b*tch secretary position.
I'm at a semi-target and have great experience but my GPA was very weak, so the fact that a BB would even call me for an interview makes me think it is more of an administrative position.
Any info would be greatly appreciated.
If it is it's a support function, providing analysts with research support, pitch book support, expenses, etc. and yes its not unheard of for good "BAs" to make analyst. It is a backdoor way into banking, since you're not from a traditional target.
Banking Assistants or ("BA's") were mentioned quite frequently in the hit novel Monkey Business, by John Rolfe and Peter Troob.
First, yes, a "banking assistant" position will generally be more of a secretary-type job. However if you really want to get into banking and have no other good options, this may still be a good opportunity for you. Two specific stories:
-A Director (SVP) level person I know of at a friend's MM bank actually started out as a Banking Assistant and worked her way up from Assistant to Analyst to Associate to now one notch below MD. If you're motivated you can make it happen. I don't know the timeframe offhand on how long it took her to move up from Assistant to Analyst but I can ask around if you're interested.
-A smart, very highly skilled Assistant at a BB office in LA I know of (friend used to work there) - this Assistant started out with the typical menial tasks but has moved up considerably and now he actually spreads comps for the analysts there and is learning how to model. Not sure whether he has made the jump to Analyst yet but everyone thinks it's coming.
Bottom line is that if you really really want to do banking and have no other options, you could use an Assistant position to move up. I don't know if it's always possible across all banks/groups so you should do some diligence on your own and figure out if people have done this before in the office you're applying to. But it has been done before.
VGR, how was the interview?
I had that position for a while at a BB...I wouldn't recommend it. I know of a few assistants who wanted to move to analyst - it was considered impossible and no one managed to do it that i know of. Maybe it's different at other firms, so I can't speak for everyone...but I would advise looking into other positions. Keep in mind, if you don't make analyst, there are really no exit ops from assistant. Headhunters called me to say they had "a great opportunity for me"...which always turned out to be the exact same job at another firm. Most of the college grads I knew in that position were unhappy and always talking about leaving. I tried applying for positions in other divisions once I had been at the company long enough for a lateral move, and I didn't even get any interviews. Where I worked, BAs were barely considered part of the company. Eventually I just resigned.
Dosk17, do you know how long that woman worked as an assistant? I was surprised to hear that someone managed to make the switch, but good for her. Has anyone else had any experience w/ this type of job?
I assume it was for at least a year or two. From her age right now, there's no way it could have been 5 years or something because she is not that old.
I think this case and the other I mention above are both pretty unusual so I'd highly recommend doing your own research here.
Another consideration is with today's market this is going to be a lot tougher... cuts at the senior level are going to happen, but analyst layoffs will as well, and there's no telling how deep it will go. If banks have cut back severely on hiring FT analysts this year, I would guess the number of BA to Analyst promotions has also slowed.
Thanks for the info. guys...The initial interview went well and I have been called for a second interview with a division VP in a couple of weeks. The first interview was with two analysts.
BTW...how's the pay for a BA position at a BB?
Banking Assistants (Originally Posted: 12/10/2007)
How much do BAs usually make at, say a BB outside NYC?
How likely, if at all, is it for BAs to make a jump to analysts even if they didn't have the high GPAs, etc, req'd for analysts under undergrad?
Has anyone seen it actually happen at BBs?
Thanks.
bump
Aliquid reprehenderit vel laborum eaque aut eum doloribus. Dolorum voluptas et voluptate esse dolorem quas enim. Et voluptates quia perferendis maiores aut qui blanditiis. Consectetur inventore inventore aut ex sed.
Enim dignissimos magnam sunt nemo. Fugiat animi consequatur et dolor. Consequatur incidunt id ullam et quaerat est. Error est dolores possimus ea provident. Officia dolore consequuntur sed inventore possimus. Totam nesciunt est vel.
Eos nesciunt cupiditate ad amet. Nihil eligendi consequatur placeat fugiat blanditiis. Explicabo doloribus tempore ipsum tempore aperiam debitis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...