5/24/13

I recently received an message to a comment I made how I was able to break into IB as an intern and would like to provide a nice update to where I am in my career.

Original Story from April 2012:

When I started the fall semester 2011, I was coming off a BB MO role and about to start a VC internship, so I thought I would be well positioned to land interviews while also working on building an event for my business school. Started applying late August for IB FO roles, confident I would land interviews because my resume looked good to that point and I added accounting as a major. I applied to a few places and......nothing (well beside 1 or 2 firms).

I started to compile a list of firms to call after being rejected from a IB FO superday and seriously considered graduating a semester late (already late due to double major) for a Intern role in IB. I sat down with my fund partner at the VC and discussed how my IB recruiting was going. I told him about my desire to stay within the region for banking and he told me to gather a list of firms in the region to see if he knew people I could reach out to. I did and I contacted one firm at a IB (IB #1) where they told me that they recently filled the full time role, but could be open to bringing on an intern.

I followed up a few weeks later with the VP, which turned into a phone screen, and he said to keep in touch to see if they could bring someone on for the summer. I continued to cold email and cold call more firms getting better as I went along, but still heard the same thing in terms of rejection. I was able to finish the semester with a 4.0, but no FO offer, which meant I was looking at an Intern role for the upcoming summer.

Next semester, I focused more on aggressively cold calling with creating an excel file for contacts at firms and so forth. Same rejections for the most part, but I was fortunate to land like 4-5 interviews. Fast forward to April 2012, no offer in hand and I was dejected after being rejected from 3 places in a 24 hour span. Reached an ultimatum with myself, either I was working in IB or I was not working this summer. Settled on graduating a semester late and realized what I was doing wrong in previous interview (especially when I was cutoff telling my story (went on too long)).

I fixed my story, followed up to cold email I sent to a IB (IB #2) with a call (more people need to do this) and landed an interview for an IB Intern role. I also kept in contact with IB #1 and I did a mini-superday interview with them after a in person interview with the VP a few months prior. I also interviewed for a small PE fund during this time to try to cover my bases and I like to work in PE in the future.

I was just concerned with landing an IB offer and did not care about money, or what type of work I would be given, as I just wanted the opportunity. In third week in April (a week after I did the mini-superday with IB#1 and two weeks after I did the interview with IB #1), I got an email from PE on Sunday for a offer. Tuesday that week, I was called while working with the VC that IB #2 wanted to offer me the IB role. I was so excited that I finally was able to make something of my path. Quick mention that the PE and IB #2 offer were non-paid, but who cares cause I landed an IB offer. Followed up with IB#1 that day to inform the VP of my offer and he told me team liked me and he was drafting my offer letter and waiting for approval from Partners.

He told me to look out for something in my email in next few days. I checked my email frantically next day and saw nothing, so I began focusing on studying for a test and interview I had the next day for a valuation role, when at 10 in the night a I receive an email from IB#1 with a offer including a good pay package and mentioning the exposure I would get to IB and PE (since the firm does both). I am jumping up and down with excitement and quickly respond with the next day with a yes, then went to do an interview I had that afternoon (which turned out to be fun since I had no pressure going into it).

I did the IB role and did exactly what I wanted to do in IB (Modeling, valuation, Building Management Presentations). While it was only an intern role, I learned from early mistakes of not networking and have been doing that through mixture of references and cold calls. I currently work in Real Estate, but actively pursue IB opportunities when they come along. I am not sure what the future holds, but I remain confident that as I long as I put forth my best effort each day, that I will be fine.

Updated Story (2013):

I graduated without a job this past December, but was fortunate to land a role in Real Estate (financing) a month after graduating. While I found some topics fascinating, I realized within a few weeks I wanted to go back into IB. So, I began the process of cold-emailing and online applications to network and see what opportunities were out there. I was able to land interviews here and there (Corp Dev. Role and a possible IB Analyst role were the two most prominent), but they did not pan out. I did my best to remain optimistic about the future and was able to network a good deal.

About a few weeks ago, I applied online for IB role with a strong MM and I was fortunate enough to be invited to the Superday (no first rounds, interestingly). I studied like crazy the week of the Superday. The Superday was pretty relaxed in that I really felt like I connected with my interviewers and the bank is in a city I used to work. I remember checking my phone like crazy on Friday and Saturday, thinking by Monday I did not land the role. I was sitting at work this past Monday, when I received a call from a VP I interviewed with and he offered me the IFT IB opportunity with the bank,which I am so extremely for.

I write this message for all the people who are looking to break into the industry and I say: keep pushing. All it takes is one place to say yes. Do not ever lose hope and confidence in yourself and your future.

Keys for you:

1. Expect an overwhelming majority of firms to respond with a rejection and learn how to deal with it (I did it by first stating an interest in a FT role and then modifying the pitch to a intern role with a value add I could provide)

2. Make an excel spreadsheet of firms you contact to stay organized

3. Do not get too down. I did at times, but I truly believed, damnit, I know I can be an Investment Banker and put every effort possible to realize that thought.

4. For cold calling, email first and then call after a week. Really got a lot of success doing this and creates a good introduction for you as person searches for your email as you go through your story

5. Always be ready to interview, no matter who you speak to (except gate keeper, then that is different type of interview (if that)).

6. NETWORK, NETWORK, NETWORK as it will make recruiting process a lot more easier in the future. I did this last summer and was able to line up interviews here and there.

7. Never lose sight of the people who love you and care for you. This is what helped as I even questioned myself at times.

To all who read: It will work out in the end as long you continue to make necessary steps that it will and never lose faith in your capabilities and what you have to offer as a person.

I also want to provide a great shoutout to the WSO IB Prep Pack (http://www.wallstreetoasis.com/guide/investment-ba...) which should you leave you prepared for all the stages from networking through interviewing for the IB (and other FO roles if under consideration). Patrick and the team did an incredible job to compile a expansive material that can do wonders for anyone looking to break into the industry.

Good luck!!!!

Comments (19)

5/23/13

Congratulations! Thanks for sharing. Inspiring story.

Financial Modeling
5/22/13

Great read... Shows that attitude plays a role in altitude. Congrats

5/22/13

Wow man, you're committed. Congrats.

5/22/13

Awesome story. True hustler and I admire the positive attitude.

How often did you get technicals during phone screens and in-person interviews?

5/22/13

Thank you for all the kind comments. They are truly appreciated.

@CoochieMane (Great Name, (BURRR!!!!))

I would say it was a mix across the board for technicals. Here are two examples (One being extreme):

When I was looking for my first post graduate role, I did a interview for IB role where I first had to do a phone screen. I thought the interview would be about 30 mins to 1 hr at most. I was right and wrong. I was right that it was 30 mins for the interview length, but wrong since this for each person I had to speak with. So my phone screen ended up being 2 Hours (as all the college kids shriek in horror). And... never heard back after that interview. As for in persons, it varies from interviews. For the bank I am going to, The technicals were high level (possibly due to my previous IB intern experience where I built models and did valuation) so it was moreso about me be a good fit. I would say know you technicals really well, but also look to be yourself during the process. That is what I found has worked for me and I am sure that is what will work best for you in the future....

John C

5/23/13

Very nice. Congrats.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

5/24/13

So you basically describe how you were looking for a job. Wow, so exciting.

You killed the Greece spread goes up, spread goes down, from Wall Street they all play like a freak, Goldman Sachs 'o beat.

5/24/13

Arti:

So you basically describe how you were looking for a job. Wow, so exciting.

Is that not the whole point? Please elaborate.

5/24/13

Damn, you really worked for it. Good for you man! Food for thought, where are you going from this job? or you thinking about being a career banker?

5/24/13

Congrats!

5/24/13

Correct me if I am wrong, but it seems like the offer you received was from an online application instead of from networking?

5/24/13

Great story, thanks for sharing and congrats.

5/24/13

I like your story as well, big congrats! A little constructive criticism though, please for your sake, proof read your submission. Attention to detail is what your job is all about, right :-)

5/24/13

this's soo inspiring! my congratulations to you!

5/24/13

Thanks for the supportive comments, especially @Teldar Paper, as attention to detail is essential in this business (read over and made some changes to original submission).

@zeroblued

I think at this point, I know I want to do MM PE and so I will look into Networking (build tab in my Networking Sheet for that) and then go Business School (May Volunteer with a large non-profit since I love to help people. I know I fall in the spectrum of people who do IB at a young enough without wanting to make a long term commitment to industry (2 to 3 years at most).

@TheTwoHacker

I would agree to a degree. I did apply online, but the only way the job search has progressed for me was networking and online applications (not either/or). In fact, during my Superday, I mentioned an incoming SA I tutored about IB and how to prepare for interviews along with study guides last September. This is when I was still working with the other IB and a friend of mine reached out saying he knows a student who was interested in IB and wanted to talk to some people who worked in the industry at our school. Small world, as they say....

John C

5/28/13

Congrats

7/19/13

Great story! - Quick question about your networking strategies:

How did you get phone numbers when you started with e-mails?

7/19/13

I would Google search the person's name based and the firm they worked (references from initial network goes a long way) Look around hard enough and you can find someone's info (If that sounds shady, well then....you are in finance (Insert Ridiculous GiF)).

John C

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