Preparing for next year full time recruiting

RichChigga's picture
Rank: Orangutan | 366

Just a little background about me, I go to a non-target school in NYC and will be joining ML for wholesale credit (Asset Backed Lending) this summer, according to the credit portfolio managers that I will be supporting "Besides the typical asset backed lending stuff, I will gain exposure to evaluating FX swap credit risk exposures, possible joint meeting with DCM and FX desk, but majority of my job is still lending and coverage." current GPA 3.5, major finance minor in law and accounting. founded business fraternity AKPSI in my school, handful of other business club leadership experience. While in school, I worked full time in retail banking at BOA, TD, JP Morgan and now Wells Fargo. I have my series 6 and 63. Currently, my job surrounds bringing high net worth client from retail to wealth management, so it's more wealth management focus than retail. Now going into my senior year, I want to land something in IB coverage, ECM or DCM. My end goal is advisory, M&A or PE but I know that's not going to happen until after B-school. I'm open to all location or sector.
**
Now I'm looking for tips on what I can do over this summer to get into IB.**

What I currently have planned, but open to suggestions
- CFA 1 in the summer and if I fail, then I will take it again in winter.
- Complete BIWS course, freshen up on technical (always struggle during rapid fire)
- Touch up on some coding (Python) and technical/excel skills (VBA, Macros ...)

List of Interviews I have done this year
JP Morgan - Middle Market Coverage - Superday, No offer
Merrill Lynch - Wholesale Credit - Accept Offer
Evercore - Equity Sales - First Round, No offer
HSBC - Investment banking coverage TMT - First Round, No offer
Barclays - Trading Utility - Superday, decline interview
Wells Fargo - General App for summer analyst includes middle market, corporate banking... - Did First Round, In Progress
Morgan Stanley - Prime Brokerage - First Round, No offer
ING - Leverage finance - First Round, In Progress

Lastly, on the side note I just took a job with wells fargo making 65k plus bonus (75k total comp). If I'm leaving for the internship in the summer, should I just make up some bullshit reason and get a non-paid leave of absence? Or should I quit my job (conflict of interest)? I'm currently registered with them on Broker check, how do I explain this to future employees?

Before everyone start trashing me, I'm just a 21 year old monkey and a senior in college that don't know dip shit. Just humbly asking for advice. Please HELP

Comments (44)

Feb 5, 2018

bump

Feb 5, 2018

While well intentioned, I think learning coding and VBA/Macros will be a waste of time. Those skills aren't really relevant in M&A. BIWS would be great to brush up on technicals, and the CFA will help with making you more marketable. However, I think the best thing you can do is networking. As someone who is non-target and not from IBD, it will be a very tough sell to a hiring team, but if you network and make meaningful connection with someone they can push you through the process.

"I'm going to make him an offer he can't refuse."

Feb 5, 2018

But networking only get you the interviews, whats good if you get the interview but not the offer?

Feb 5, 2018

The goal is to get the interview.

If you mess up your first interview or lose out to a candidate who seemed to already have the position before the interview started that's one thing.

But if you can consistently get IBD interviews and can't close there's something wrong. Have you gotten any feedback?

Feb 6, 2018

CFA and coding are a waste of time and not relevant in sell side banking. "Advisory, M&A or PE after business school...", not sure what you're going after with this statement but advisory and M&A are the same thing and both are different from PE. You will be doing advisory work if you get into a coverage group - don't need business school for that one...PE is a different industry and usually you have to have pre mba experience in PE to get back into after b school. Would probably help to have your story straight for interviews if the above points weren't clear before. Also probably shouldn't mention buyside goals in sellside interviews just FYI

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Feb 7, 2018

I have no problem with fit question. And, yes I don't mention moving into buyside during interview. I'm struggling with technical and need to work on that. I was assuming that if I pass my CFA 1 they won't have questions about my hard skills and will focus more on fit.

Jul 7, 2018

They are going to ask you technical questions regardless. I passed my CFA level 1 and won several banking competitions but was still grilled on technicals. In terms of getting more familiar with your technicals for rapid fire questions, at the end of the day, nothing really beats practice (i.e. actually building models).

That being said, I can recommend the BIWS/WSO resources, in conjunction with a service like DailyIBDprep to improve familiarity and recall.

Feb 7, 2018

I'm not in banking but the networking aspect is similar in my industry. Still network in Asia but remember that high-level bankers have contacts in Europe and the US. I would mainly suggest indicating that you like the firm (imagine talking to a banker from a BB) but would like to also explore new markets, be exposed to new deals and new geographies.

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Feb 7, 2018

Also want to tag in on this, how do you go about trying to get interviews for accelerated full time recruiting? It seems to me like it is a delicate balance because if you straight up tell the people you are networking with in late July that you may be looking to move to a different bank your SA employer could hear about it and not give a return offer. I would appreciate any insight on how to play this game.

Feb 7, 2018
BigMoney:

Also want to tag in on this, how do you go about trying to get interviews for accelerated full time recruiting? It seems to me like it is a delicate balance because if you straight up tell the people you are networking with in late July that you may be looking to move to a different bank your SA employer could hear about it and not give a return offer. I would appreciate any insight on how to play this game.

Don't straight up tell them--just hint at it. Use a little bit of subtlety. Obviously this varies based on the person you're talking to at the other bank, but even if you did straight up tell them, you're not gonna get burned unless you come across as a total jackass.

It typically happens in early August, so you should know pretty well by then how offers are going to play out.

Feb 7, 2018

I'm also very interested in this topic. I'm really excited about my SA role, but want to be prepared if things don't work out. Looks like early August is the best time to reach out to contacts at other firms. If I were to receive an offer from my current firm about how long do you usually get to decide? Would there be enough time to interview at other firms? Also, when exactly do most firms start full time recruiting? Is that in August as well?

Feb 7, 2018

bump

Feb 7, 2018

Interested as well.

Feb 7, 2018

I'm not sure how things are going to be this summer but when I was going through the summer networking process a few years, places like Citi and GS (maybe ML) had summer events.

Basically, if you have friends interning at the other banks ask them if they know of any summer recruiting events they can invite you.

I remember that Citi once did a speed interviewing event.

Also depends on the division as Capital Markets (S&T and ER) do their recruiting separately from banking.

The world has changed. And we must change with it.

I'm making it up as I go along.

Feb 7, 2018

you should definitely be keeping a log of the more interesting things, or more marketable things that you've done during your internship, as you will use this to update your resume and present your SA position in the best possible light when sending your resume out.

Regarding how hard it will be to get a FT position this year, it will definitely be another very competitive year, but having a SA position will definitely help to make it a little easier. That said, if you are interning and don't receive a FT offer from your current bank, you may definitely have a bit of a tough time in the sense that you will need to have a good reason for not getting the FT offer. Not getting the FT offer is usually a red flag that something was wrong with you, so if you don't get the offer, you will need to have a good reason to alleviate any doubt in the event that an interviewer asks you about the SA position situation.

As far as getting ready, I would focus on keeping a log of solid experiences to update your resume, and focus on busting your ass to try to land a FT offer. You don't have to take it, but it is always nice to have the offer going into your senior year, plus, having the offer makes you more marketable to other firms. So rather than focusing on other things you can do, focus on rocking your internship and landing the FT offer (if that is an option, I mean).

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Feb 7, 2018

2 BankonBanking,
What about students who intern at so-called "no-name" boutiques ($10 - $50MM M&A), especially ones that don't give out FT offers after internship?

They are looked down upon, but it was a bitch to get SA at no-name even for top students this year. A couple of my friends secured PWM at BBs (SF/NY), but could not get anything related to banking.

Feb 7, 2018

In that case, I would still recommend working hard to land a FT offer (if it could be available, which it often is), and keeping a log of any resume-enhancing projects/experiences that you have earned.

On the resume note, while a no-name boutique may not always be the best resume killer (high point), in this market especially, valuable banking experience will definitely be a strong selling point. Additionally, you will want to utilize and build upon your network to the fullest. The combination of a solid network and solid IB experience, whether no-name firm, MM, or BB, will definitely get you on the right path. Of course BB SA looks great, but you can't underestimate the power of strong IB experience, especially if you have played an important role in a few live deals or the like, which is often the case in these smaller boutiques that rely on their interns.

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Feb 7, 2018

i think you have too many bullets under your m&a experience. either cut some, or reformat it so that there is white space to break it up

Feb 7, 2018

This is a good resume. Take a look at the formatting, there's something obviously wrong with your lines/margins. Fix that and you are pretty well off.

Feb 7, 2018

Fix your location margins on the right.

Everything else looks great.

Feb 7, 2018

Thanks for the feedback. It's worth noting that I am pursuing M&A placement within IB for new glancers. I updated the margins; left the original to compare.

Feb 7, 2018

Also - just gave it another look. I don't like "reproduced financials"; apparently, reforecasted is not a word or I would use that. Any suggestions? Rebroadcasted maybe?

Any other remarks?

Feb 7, 2018

You have legitimate IB experience, so I really don't see the need for Relevant Coursework, but feel free to leave it on there.

Feb 7, 2018

Hey man I think you also have too many bullet points for your M&A Experience, although I'm pretty sure you can take several out and just mention them in an interview.

Also all of your interests should be capitalized! Could you help me as well: http://www.wallstreetoasis.com/forums/please-kill-...

Feb 7, 2018

margins seem a little wide

happy to give advice; no asking for referrals please

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Feb 7, 2018

also, are sub bullets a thing these days?

happy to give advice; no asking for referrals please

Feb 7, 2018

Is it supposed to be "selected" instead of "select"?

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Feb 7, 2018

I'd get rid of MS Office from the computer programs section. Also might help to list fewer interests but go into detail/ make them more memorable. And Michelin star restaurants sounds pretty pretentious, I'd probably leave that out.

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Feb 7, 2018

Thanks for all the tips and advice thus far!

@"matayo": Do you suggest editing the margins? Margin sizes are as follows:
Top/Bottom: 0.7"
Left/Right: 0.5"
As for the sub-bullets, I'm just following the trends haha.

@"Woozy": I use "select" instead of "selected" since selected is past tense. Can others chime in on which is the correct tense/word?

@"Jack McCoy": I actually had second thoughts about the Michelin restaurants as well, I will heed by your advice, thanks!

Thanks once again for all the feedback so far, would anyone else care to chime their two cents? Thanks!

Feb 7, 2018

bump, anymore constructive feedback?

I still got some SB's waiting to be handed out!

Feb 7, 2018

For your title have you considered something like "Summer Analyst, Investment Banking Division"? Unless that's a concrete individual I think that may just sound better. Also like someone else said I don't think it's necessary to list MS Office.

And under interests I think it's kinda funny how you put Kobe Bryant, especially having it stick out with the italics, Maybe "LA Lakers Basketball" or something like that would be better?

If you did well in the case competition I would list the results like "finalist". I would also consider moving this up to your education rather than having it at the end like that.

Also I've been told that having Expected: in front of when you graduate is unnecessary.

Best of luck.

    • 1
Feb 7, 2018

Wondering what people's opinions are on the headings being centered. Mine are left aligned.

"I did it for me...I liked it...I was good at it. And I was really... I was alive."

Feb 7, 2018

@"trippycannon" I structured my title this way since I am not exactly a summer analyst (I started during winter).

In regards to the case study - the panel also only announced the winner (Our team supposedly won second according to one of the judges, but that is irrelevant IMO as it is hearsay).

Feel free to provide more feedback all!

Feb 7, 2018

Why is Kobe Bryant italicized as well as even listed? Also, what exactly is your interest in "Michelin Star Restaurants"? As in you enjoy eating in highly ranked eateries?

Feb 7, 2018
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Feb 7, 2018
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