I'm going to try and keep this short but I just thought I would offer some support and thoughts to people who are in the process of trying to break into IB or the finance industry in general and have had no such luck so far. I was late to the game of FT recruiting and had virtually no network to speak of or anyone to really guide me (I found WSO later in the game as well). From my experiences, here are my key takeaways:
1. Preparation, preparation, preparation: For a vast majority of the folks out there, it is highly important that you try and identify your desired area of work or the desired entry level job and then go after it. However, make sure you have multiple fall back plans if things don't work out for some reason. I know that it took me a while (after talking to many people) to come up with 3-4 plans to secure the job I desire in the future. Furthermore, make sure you constantly evaluate your plans and ensure that they are still realistic, viable and more importantly, something you still want to do.
2. Building relationships - I hate to use the word "networking" sometimes because it seems artificial. I have approached the process as a way to build a web of mentors, friends and advisers. I would encourage most people to be genuine and speak to people with the idea of building relationships and not for the sole purpose of attaining a job.
3. Be Open and Constantly Learn - Realize that you're human and you won't always know everything about yourself, the industry and the world. Stay open to other possibilities and avenues and don't rule them out instinctively. Don't take criticism personally and just use it to constantly better yourself on the professional and personal front
4. Enjoy the Process and Keep Fighting - Recognize that in time, all the failures and successes you endure in the short term will seem distant and you will have moved on to higher goals or be in the place and job you were meant for. Nonetheless, learn to embrace rejection, don't let it affect you negatively and use that energy to keep doing the right things and eventually, something will click and you will find a way
Full Disclosure: I'm a non-finance, non-target, athlete with a 3.7 GPA and these are just lessons from my experiences so far. I may well be wrong, so feel free to correct me or add something!
So were you finally able to break in or Plan B?
@Ambani at the moment I am keeping all my options open. I have spoken to a couple MM firms and they said if anyone backs out or if analysts leave, they'll come back to me. At the same time, I am prepping for the GMAT and going to do the Wall Street Prep course during my winter break. I hope to score high enough on the GMAT to where I can get into a good MS in Finance program and try again for FT recruiting from there and since it counts for 5 years, hopefully it serves me well for my MBA as well. I am currently also looking for any internship experience before I go off to school if I don't get a FT.
Good stuff, thanks for sharing.
Care to expand a bit on relationship-building?
I'm a senior from a non-target with a high GPA looking to break into consulting (big 4, ACN, etc). So far I have used our (limited) alumni database and LinkedIn. Any experience with those or any other methods of networking?
@Blueapple Thanks mate. Yeah sure. In my experience, I would definitely speak to alum and once you have spoken to them, I would ask them if they know other people they think would be good for you to speak with since you are looking to learn more about the industry and gain different insights. If you have identified firms you wish to work for, you can then follow those firms on LinkedIn. Plus when you're on their page, it will tell you how you're connected to that firm (1st or 2nd degree connections etc). If you know someone who knows someone at that firm, you can ask them to introduce if possible. Just continue that chain and soon enough, you ll have a greater base. I started off with 3 connections and I am currently at 65 in 2 months or so. If all else fails, you can use the WSO database, identify firms of your liking and goals, and then identify lower level analysts or professionals who would have more time to speak with you and cold-email them and build a relationship from there.
@NishNash14: I think I replied to one of your post before about recruiting. Did you break in? IBD, Consulting or any buyside firms?
I'll add one odd thing yet I found to be important when looking back at recruiting time: Find reinforcement. By reinforcement I mean:
1) People who help you with interview preparation, obviously.
2) People who share your doubts, your concerns, your motivation so that you don't feel like fighting alone.
3) People who keep you sane by adding a fun side to your miserable life when hunting for jobs.
@VN_IBanker Those are great points. Fortunately, people within my network base and my family have been extremely supportive and understanding of my situation. Unfortunately, I have not yet broken in. As I told @Ambani, at the moment I am keeping all my options open. I have spoken to a couple MM firms and they said if anyone backs out or if analysts leave, they'll come back to me. At the same time, I am prepping for the GMAT and going to do the Wall Street Prep course during my winter break. I hope to score high enough on the GMAT to where I can get into a good MS in Finance program and try again for FT recruiting from there and since it counts for 5 years, hopefully it serves me well for my MBA as well. I am currently also looking for any internship experience before I go off to school if I don't get a FT. So we'll see how it all goes. I am certain if nothing works out this year, I will use it to get ahead of the game next year while I'm at a MS in Finance program. I'm also hoping the Wall Street Prep program will really firm up my technical skills that are needed for an IB analyst stint
Since you're heading to an MSF, thought this thread would be great for you to read so that you'd have a concrete attacking plan and not missing out important marks on the timeline.
//www.wallstreetoasis.com/forums/msf-ibd-recruiting
perseverance (Originally Posted: 09/15/2013)
Im trying to break out into investment banking and not gonna lie am finding it tough. I was just wondering amongst any of you, when you enter a period in life where nothing seems to go right for you, not just Investment banking career related stuff but other things in life, and you find yourself missing out on stuff after getting so close, how do you make sure you bounce back harder and stronger? Im just wondering because it is a healthy mentality to have when trying to get a job in investment banking and was pondering how to come back from setbacks that affect you.How do people such as sport people work so hard fail and then come back even stronger? Whats the mentality?
You have to honesty believe that if you try your absolute hardest, you will get what you want. I went through a similar period when looking for a job. It was incredibly difficult since I came from a non-target, had no recognizable firm names on my resume, and was an engineering major. I spent 7 months cold-calling, emailing, and meeting people all in the hopes to just getting something. My opportunity finally came when a firm was looking to hire quickly and an old friend knew I was still looking. Bam, had an offer within a 5 day time frame.
It was by far the most stressful year of my life. I had so much going on in terms of school and the dread people asking me where I was working after school killed me on the inside. I had accomplished so much, but couldn't get a job?
Looking back now, that period of time made me a stronger person. I learned to accept rejection, became much better at phone and in-person interviews, and grew a giant pair of balls that are coming in handy today. Through all that, I also learned to start being thankful for what I do have. I had a place to live, a family that supports and loves me, and wonderful group of friends. Many people in this world will never be at that point.
Take advantage everyday and enjoy life. It's way too short to get stressed over getting a job in IB.
Yeah I totally understand. I am feeling really depressed because of other stuff in my life as well. I know what you mean about being a stronger person. Sometimes you just want a sign that everything is ok and you are on the right track.
Well said. Great attitude and outcome.
I would suggest three things: 1) Low Expectations - Assume that you will fail and what you are trying to do is impossible. That way, when things go wrong you see it coming (and things always go wrong....) I'd say the #1 reason people give up is because their expectations are too high. They expect success to come too fast, and when it doesn't they throw their hands up in frustration and give up. 2) Stay Focused - Have a very clear, specific goal. Figure out exactly what job you want, what companies you want to work for, when you want to start, how much you want to earn, etc. Your #1 resource is time, and you don't want to waste time chasing leads that you don't want. 3) Don't Ever Quit - It sounds simple but it isn't. In my experience, the only way to succeed is to throw everything you have at something and NEVER, EVER, EVER, EVER quit. No matter what. I'll say this again: DO NOT QUIT, NO MATTER WHAT. There's no worse feeling than knowing you could've done something if you set your mind to it, but you decided to give up.
Just read all these WSO success stories man to keep you motivated. You are only one yes away from landing that job.
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