In Search of Wisdom
Hey monkeys,
I'm a sophomore at a semi-target. I've recently switched to major in econ and am interested in finance. Specifically, I want to work in Private Equity or Investment Banking. I think that I would be more suited and more interested in the deal side of finance rather than markets, like sales & trading.
A friend suggested I check out this site. Tbh, a little overwhelmed by how much info is out there... So I'd like to ask all of you who are analysts in Investment Banking or Private Equity:
- What can I do to position myself for these roles out of school? (Understand need high GPA)
- How can I set myself apart? (I'm not a D1 athlete or anything like that)
- From what I gather, most of what you need to know is taught on-the-job, but wondering what I should be learning / reading now?
Thank you!
Hey - FYI you should remove your name. Site is typically anonymous
There's a lot of great content on here and Mergers and Inquisitions. You should read the relevant articles here and MI content in depth. Generally speaking, polish your resume, get finance internships, maintain high GPA, network and practice your interview skills. It's much easier if you're at a target or semi target, where banks come recruit to campus. It sounds like that's the case for you??
This is all about the story. Sports is only one way, and frankly there are a lot of athletes who want to break in and don't make it. Getting prior internships (which demonstrate your interest and commitment) is key. Join a relevant club (ex: investment club) and try to take a leadership position. Network your ass off.
As you point out, most of what you need to know is learned on the job. That being said, it's important to prepare to the extent you're able to, and alumni interviewing you will probably be skeptical of your ardent desire to work in banking if you know nothing... if your school has accounting / finance courses, you should take them. Accounting is boring, but it's harder to catch up on fundamental accounting knowledge on the job, and it's an important foundation for finance. Corporate finance + valuation (if your school offers them) would be very helpful.
Stuff you should read for interview / job prep: - Mergers and Inquisitions - WSO posts (there are a lot of good ones) - Talk to alumni and upperclassmen - people are generally happy to talk with students
Stuff you should read daily / weekly to start building industry knowledge (will be helpful when demonstrating your interest and having a rough sense wtf is going on): - Dealbook (Nytimes) - good coverage of big deals / interesting transactions - PE Hub (VC / PE news & deals) - subscribe to the email newsletter - Bullpen News (great weekly deals summary & other business news) - subscribe to weekly newsletter - WSJ (if you have free / friend's) subscription - Financial Times - hate paying for it, but great quality articles.
Good luck
Thank you so much!
I will look into the posts here and Mergers and Inquisitions and sign up for the news services you mentioned.
Thanks again
Maybe not full-fledged accounting major (econ should be fine) but take a few classes. My advice would be to learn more accounting than you strictly need to.
really very nice post
Many people seem to discount the accounting aspect so I agree with others to try to strengthen this skill...one of the most helpful skills I've gained is actually not a technical one: get okay with failing/getting rejected. It stings at first but when you are able to quickly bounce back and learn from any mistakes, it increases your chance of getting IB/PE SA opportunity from a non target.
The thing that I think is missing here that will limit you the most unless you start doing it now is networking. You should be having a minimum of 3 conversations a week with professionals (don't have to be alumni) in the field that you want to work in. That is the best sure fire way to differentiate yourself and give you the most opportunities. This can be for internships, FT roles for after graduation etc.
Second, reach out to every bank/PE shop in the area, no matter how small the size, and lock in an internship. Doesn't matter if its unpaid. You are competing in the most competitive industry in the market with each application pool for big-time internships likely to be at least over 5,000+ applicants. Any relevant internship experience is huge and signals to employers that you at least have a base-line competency for the job.
I know you may be thinking that an unpaid internship may not be worth it but it is. I did the same thing which resulted me getting into another shop FT then eventually into a better shop where the total comp made something I did unpaid almost 3 years ago an afterthought.
Yeah - I'm starting to look into internship options this summer. I think it probably will have to be unpaid. :(
That frown will turn into a smile a few years down the road when you're making 6 figures
Agree with SeaHawks2287 here - as an undergraduate. You should network as much as possible (without being terrible).
People are generally happy to meet / speak with students. You just have to be patient and polite and understand that people are busy and you're not the top priority.
Generally, I would frame these conversations as looking for advice, and not "Gimme Job" - if you make a good impression, people will remember you
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