Reflections on nailing an SA offer
I spent a good deal of time on this site (and many others) over the summer reading everything I possibly could in regards to how to land a job on Wall St. I ultimately concluded that 99% of people on here have no idea what they are talking about, but if you are astute and dilligent there is some valuable information to be discovered.
Anyways, this is the "What I wish I knew then, that I know now" post. I hope this helps.
1) The majority of visitors to this site are ill-informed, ignorant, or just plain conceited. Understand the difference between those posters and the industry pros like Tekno and Jimbo. You must be somewhat skeptical in order to discern the valuable industry knowledge from the complete b.s.
2) There are a ton of excellent resources out there, and as I said, a lot of great info can be found here if you look hard enough. However, no magical database where everything you could ever imagine regarding hiring statistics, resume templates, or interview questions actually exists. Everything is out there to be found, but to be truly serious about this industry, you must put in the hard work and discover it for yourself.
3) Never, and I repeat, NEVER underestimate the importance of networking. This is the single most important aspect of landing a job on the Street. Every year, every firm receives 1000's of resumes from many highly qualified applicants. The only way to truly stand out at any firm is that relationship you have developed with a senior professional.
My networking began over the summer with a contact from home who in turn put me in touch with several professionals in the division I was interested in, and ultimately landed an internship at. (S&T if you didn't notice the forum) No matter what position at what firm on the street, the most valuable intangible asset you can bring to the table is that ability to build this relationship. This is the single biggest way to differentiate yourself. If you can do this well, I can almost guarantee success, or at least an interview.
4) There are many people who will lead you to beleive that without a 3.9+, and a 1550 from an Ivy, your chances of landing a job in this industry are next to none. THIS IS NOT TRUE. While some firms value a pedigree more than others (CS, MS, UBS are more inclined to scour the Ivies for candidates) other firms, namely Goldman and Bear, are genuinely looking for the most talented individuals, regardless of where you attend school. Do not let anyone tell you that you do not have a shot. If you are talented, smart, and driven, nothing can stop you.
5) Finally, and this goes without saying, DO YOUR HOMEWORK. Simply having all the credentials in the world and good relationships will not ultimately get you an offer. It is up to you to prove you are the right person for the job, as it all boils down to that coveted interview. This is your chance to prove yourself.
Hopefully, some of you will maybe gain something from all this. I needed a break from pulling my third all-nighter this week. I wish everyone the best of luck.
I just recently received my BB S&T SA offer as a student with a background that made the interviewers ask "why the hell are we even looking at you?" I have a 3.3 at a semi-target (but huge target for IBD), with everything on my resume screaming "MEDICAL SCHOOL!" In other words, not the type you normally see (or want to see) in a banking interview. In my opinion, the things that set me apart in my interviews:
1) Know the market and the business like the back of your hand. Don't go in with a cursory understanding and expect to trump Econ majors that have done Sophomore internships at MS & GS. The Street recruits Econ majors for a reason: they like the student's familiarity with what happens on the Street (they also like having some easy metric to gauge students-measuring Econ students against each other is easy).
2) Be forward and honest. If you're not from their target pool, explain why, and why it doesn't matter.
3) If you're one of those kids that's applying to S&T, IBD, HF, and consulting internships, good luck. Interviewers probably won't see the fire in your eyes when you say that you want to be there.
4) Conversation is your most powerful tool in an interview. Ask hard questions about the company so that they know you want a no-bullshit answer. Show them that you're interested in knowing EVERYTHING about working for the company. I asked "what is the very worst thing about working for your company" to every person I talked to. Most of them had never been asked that, and were taken aback. When I explained that I thought it was the best question to really learn about the company, they loved it.
Also, if they're enjoying talking with you, they'll keep talking with you. You will stand out as a likable employee. If you get nervous in interviews, practice talking under pressure ad nauseum.
5) THE MOST IMPORTANT THING IN ANY SITUATION: Passion. Let them know that if they give you the chance, you'll be running to succeed like the fires of Hell are nipping at your heels. Show the company that you have your eyes set on that company and nowhere else. Let them see that if you got the job, you would not only succeed, you would single-handedly change the workplace environment.
When I was applying to colleges, I was told by my guidance counselor that I wouldn't get in anywhere on my list. I wanted an Ivy-quality education with a bottom 25% GPA at a mediocre Mississippi school (they were worried I wouldn't get into Tulane, much less H/P/Y/W/A). When I later asked the recruiter at my top choice (where I now attend) what made her fight so hard to get me through the door, she simply smiled and said: "In my 20 years working in admissions, I've never seen anyone want it so badly. It made me fight for you as hard as you were fighting for yourself."
Make your interviewers say the same thing.
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