surviving a training cut
I'm starting as an FT associate at a BB bank this summer and have heard that in lieu of rescinding offers banks often cut the bottom 25%-50% of the class out of training . . .
On what criteria is this decision usually made? Is there some sort of end-of-training test? Any recommendations on how I can prepare before I start?
Also, if it is a political decision I may be screwed considering I didn't summer there and don't have any real champions inside. Any recommendations here either?
If you perform poorly during training there is always a chance that you may get cut so prepare accordingly and put forth the necessary effort. Don't forget to enjoy your nightlife during training as your social life will quickly cease to exist once you beging FT. Use the training period as a time to bond with members of your group by always accepting invites to go out for drinks, golf, etc.
What do we learn in training? I was expecting a BS show. Is there actually out-of-office work/studying? I have no finance BG.
At the very least you have to take the Series 7 & 63 during training and probably go through some sort of TTS program . . . what I really want to know is how you're judged when there are cuts to the class as a result of your performance in training. Is it a test, 7 & 63 scores, politics, etc.
I had a friend today tell me that it is no worry . . . its pretty obvious who the people that slipped through recruiting but can't perform are, nevertheless if anyone has further insight it would be appreciated.
Huuuu once they took you in the firm and you don't screw up you are fine... I know someone who failed his FSA exam (serie 7 equivalent in the UK), and just took it again twice... It's no big deal, they have already invested in you. At one of my interviews I said to the interviewer: Yes I really look forward to working for XYZ bank, I heard you had the best training program in the city. The guy looked at me, laughed, and told me that the training program was to make up for the summer I'll miss. I should just sit back, kick it, and party... Just don't be a complete retard and you will be fine...
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
I'd recommend against going into training with this attitude. Especially given the current state of the market, you will be evaluated throughout training.
Disjoint: Most of my associate class and I were hired in Sept/Oct, when the outlook was very different. The story I've been told is that coming out of a target B-school they won't rescind offers b/c they're worried about being shut out of recruiting on campus in future years and/or damaging their reputation, so instead they'll do something like cut a quarter to a half of the class after training. The school no longer cares b/c you're in their employment stats and a case can easily be made that it was your fault.
As nystateofmind said I think its very likely in this market that we'll be being evaluated throughout training . . . what I'm trying to figure out is how/and on what are you evaluated?
From bank to bank. Some banks do routinely cut the bottom 15-20% or so. Mine has a rule that if you fail your regulatory exams twice it is your desk's choice. Someone from my class was fired for this.
Disjoint: That attitude isn't right. Training is a joke and you can absolutely mess around - but NOT on the exams (Series 7, FSA, etc.) Go out and drink during all of training but at the end buckle down, stay in, and focus so you can pass. Most banks won't fire you for failing once, but there's no point taking the chance.
I definitely agree with you fp175, failing the exam is not the most glamorous thing to do. Plus, the FSA or the serie 7 is not that hard to pass (or so I heard at my old job). I just wanted to try and re-assure people by telling them that (at least at my bank) the training is a joke and you are most likely not going to get evaluated on how many shots you can drink in one night. They will either cut you before training starts, or after a few months on the job. (I might also be completely wrong considering I haven't even started my training, and I also might get fired even before I start, but we will see ;)
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
Since when do IBD analysts have to take the Series 7? I've only heard of S&T/Capital Markets having to take that, at least at the analyst level.
I'm not sure about the analyst level, I'm going in as an associate to an M&A group and we definitely must pass both 7 & 63.
SA training cuts? (Originally Posted: 05/16/2008)
Anybody hear anything about banks planning training cuts for SA? I'm pretty sure that I'm on the chopping block.
training is like 1 week for SAs. I highly doubt it
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