Should you bring up personal financial problems in an interview?

Depends on how you frame it. On the one hand, saying you have a chip on your shoulder because you didn't have as much growing up and your parents had to struggle financially to help get you where you are would probably be well received. However, making specific mention of your compensation and what you need to do with it may not go over so well. For better or worse, investment banks want to believe you're motivated by pursuit of success, not money. You need to be careful to stay on the right side of that line.

Also - six figures in student loans puts you in very good company. Be careful playing the financial struggle card if you really didn't face much adversity. Yes there will be lots of junior bankers from affluent families, but also plenty from middle- and upper middle-class as well. "Woe is me and my middle-class background," would be the wrong tone.

Totally agree with HighlyClevered's response. Don't make it sound like you're going into IB just because you want to be able to pay off your student loans. Though it's not the same thing, it gives the impression that you're only really interested in IB because of the money.

I've seen many people in your situation mention their personal financial condition and how they're overcoming it in the additional section of their resume, saying something like "self-financed my way through college."

This is tricky because if worded poorly, people may assume you’re trying to get sympathy to get the job. Frankly I wouldn’t bring it up.

The only way it can be worded positively is if it becomes a (short) story of hustle / hard work throughout university (put myself through school, extra jobs, etc) kind of thing (and these stories usually come up organically... not something you try to shoehorn in because it feels awkward and forced othersiwe). As in you take pride in being able to earn your own keep and break through on your own (like a good underdog story)... you need to make sure it’s not trying to be a sad, sappy, woe is me type story though.

WSO_123:

I don't come from a wealthy background and had to pay for college with student loans. I've racked up a pretty large six-figure balance, which is hard for my family to pay off, since they're dealing with some financial problems and I'm still on the job market. I'm trying to break into IB, and I know that a large part of my comp will go towards paying back my loans and helping my family. Is this something I should bring up in an interview, like if I'm asked what motivates me to work hard or if there is something they can't tell from my resume? I've had some people tell me it's a plus and shows I'm willing to overcome adversity, and others say this is a pity attempt and would make a bad impression.

Wouldn't bring up any personal problems in your interview, unless you are a refugee or have a similar badass story

The answer is NO. But even so, employers still have the ability to run credit checks (which is usually done along with your background checks for employment) and see what kind of financial situation you are in.

If you have a lot of student loan debt or blow your money on credit card purchases, etc. they will know about it and your spending habits and how well you've been keeping up with payments.

.

I think you could weave it into your story if there's a particular experience that taught you a good lesson, for example if asked about time management "I learned how to manage my time well in college because I had 2 jobs to help bridge the gap between tuition costs & loans, and I still managed to have a social life and get good grades, I learned life is about choices, and chose to spend my time efficiently, and that's what I bring to work every day"

I would NEVER volunteer personal info like this unless it's part of a rapport building process, in that unless the interviewer brings up something and you think it'll help create a bond, shut up. there's a very real downside to doing this, aside from the person thinking you just want the job because you need the money, they might very well have a tougher story. I'm imagining ItzWhitneyBItch interviewing you (she used to be homeless and now is in AM) and thinking "this pussy, hasn't been through what I've been through and they're whining to get a job?! be gone."

i wouldnt bring it up. the upside really depends on 1. how well you frame/incorporate it and 2. the mood/perspective of the interviewer. too much downside and not enough upside, imo. the rags to riches motivational story is appealing after you've "made it" and have credibility.

Always bring them up.

Very risky. It could resonate with the right audience, but could really alienate the wrong person. Problem is, say it's 1 in 5 people who would love the store, 3 out of 5 who don't care and 1 out of 5 who would be super turned off. And you have a total of 5 interviews. Chances are, impressing one person isn't enough to get you hired but alienating one is enough to not get hired.

Don't bring up debt, loan balances, etc, it's too personal. I think a safe route would be an answer more along the lines of "I was fascinated by the financial markets growing up and nobody in my family has ever been in the investing world, which drove me to pursue x y z opportunities". Even the "helping my family" line is a little weird - it doesn't say why you want to be a banker, just that you want to make a lot of money, which is usually off limits for an interview.

Having student loans doesn't make you Chris Gardner. It's the status quo for most students nowadays. Even if you really had extenuating circumstances, look at Will Smith (unironically) for guidance on how you should deal with this in finance interviews - never let them see you sweat.

I'll lob a final vote in for don't share in an interview. I agree with all of the above, and i'd also note that if someone brought that up I would, as a hiring manager, additionally be concerned that whomever it is would jump ship the moment a few extra grand were waved in front of them. Not that, for the record, you shouldn't jump ship if the money is right but it creates another additional challenge.

Same as if you were a more experienced hire, and you walked into an interview saying that your tuition, mortgage and living expenses have left you underwater and living paycheck to paycheck - you'd generally never bring that up in an interview, nor should you. Same goes for student loans.

Everyone here saying "six figures isn't that bad". Well unless an individual is paying 250k per year on tuition / room & board then EVERYONE with ANY debt is going to be either at or under 6 figures. Should probably try to get context. But yeah I'm just THAT GUY that had to point that out.

I agree with everyone in that nobody gives a shit what your personal problems are and it would be best not to mention it. Your story is never going to convince anyone to hire you but it sure as shit could convince someone to trash your application if they assume you are emotionally unstable / unprofessional.