Tips For Incoming FT Analysts That Did NOT Do an IB Internship

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GrandJury - Certified Professional
Rank: Neanderthal | banana points 2,024

You've made it. The holy grails of holy grails.

Maybe you have successfully escaped your credit analyst internship at Capital One and have landed a cushy job at Citi come Summer 2018.

Maybe you did a summer at Bain last year and realized you wanted a more fulfilling experience than putting buzz phrases and clip art on a really modern-looking powerpoint page and now you're telling everyone that will listen that you will be joining Evercore.

Maybe you were studying abroad/studying broads in Budapest and woke up one day in the Fall of 2017 and realized that all your buddies were going into IB and you would have zero friends if you didn't do the same...and landed at Guggenheim.

Maybe you were a summer analyst at Bloomberg and knew that a future of being a customer support rep for 23 year old fuckclowns surprisingly did not entice you. So now you'll be joining Morgan Stanley...as a 23 year old fuckclown.

Maybe you were hanging out at Meatpacking with your girlfriend of 8 years who you first kissed in 8th grade to a Dashboard Confessional song when a 2nd year analyst at Goldman came by and stole her away from your grasps, and you swore to yourself that #2018 #newyearnewme #lifechanges #crossfit this would never happen again. So you sucked up to dozens of alumni and finally landed a FT job offer at Barclays. Meanwhile, Goldman bro and ex-gf just got engaged and are in Bora Bora for the weekend.

Whatever you did last summer, it doesn't matter anymore. You have successfully navigated through the tedious, horrifying, soul-crushing process that is the full-time investment banking recruiting cycle.

HOWEVER.

Please realize this...

You have zero idea what investment banking is like. You did not do an internship. Your images of grandeur, your awareness of the long hours, your self-perceived excel proficiency...

You know nothing. It's all lies. You just don't "get it"...yet. As someone currently in investment banking, I have witnessed a bunch of different 1st year analysts. Some have done banking previously, some haven't. Unfortunately, the new analysts that did not do an IB internship do "tend" (but not always) to start off slow, and/or have extremely different expectations as to what they were getting themselves into.

So here is some candid, helpful advice for all you incoming FT analysts who have never done an IB internship.

1. You Have to Get It.

What does this mean? You have to know what you are getting yourself into, and at the very least, fake like you do. You have to be flexible. You have to be malleable. You have to understand that this job is a grind. You work in CLIENT SERVICES. You will be on call for the majority of the day, if not the whole day. You will work for nice people. You will also work for assholes. Strengthen your mentality and your fortitude now. If not, you WILL breakdown and you will leave a very bad first impression. You have to act like you've been here before, even though you have not. You have to understand your social life will diminish. Your work-life balance will be subpar. You're going to need to learn how to manage your time extremely well.

2. Learn As Much As You Can in the First 6 Months

This is kind of your buffer zone. During the first 6 months, it's pretty understood that you're drinking out of a fire hose. The first 6 months are difficult even for kids that did do IB internships. For a lot of the kids that didn't do one, this period is hell. You are exposed to so much info and so many responsibilities and tasks that your mind may explode.

Advice #1:

Ask as many questions as you can. Make sure they are thoughtful and that you don't repeat questions. Find an associate or a senior analyst that you naturally gravitate towards, and make them aware that you're aware that you have a steep learning curve, but you are WILLING and have the DRIVE to learn and catch up as quickly as possible. This will put you on their good side.

Advice #2:

Take as many notes as possible. Anytime someone says something that can be helpful (excel shortcut...best website for logos...research report resource...etc.), write it down and save it. Since you have no institutional knowledge of where to access resources and such, you need to learn.

Advice #3:

Do NOT Rush Through Your Tasks. You may feel inferior and slower than other first years...and as a result, you will try to fucking rush through your tasks and you'll end up misspelling shit like "illustrative" or "exclusive" or "multiples" and really fuck up your first impression. Take your time and double check your work.

3. Grab Coffee With People at the Firm That Show the Willingness to Mentor

As a green, first year analyst with no prior IB experience, you need a mentor. It's great to have a mentor that is outside the firm (i.e. a dude who works for a PE firm or something), but having a mentor who currently works at your firm is of the utmost importance. You need someone who is familiar with the internal workings of your office ON YOUR SIDE. Grab coffee with them. Ask them questions. Show intellectual curiosity. Be thankful.

4. PRACTICE, PRACTICE, PRACTICE

Buy an excel modeling course. Buy an excel best practices course. Buy something. You need to CATCH UP. The best way to do this is by doing thing as many times as possible. Stay late after you're done with your tasks and familiarize yourself with your bank's comps files, the proprietary powerpoint tools, the internal folder database, etc. You need to memorize these things so you don't spend 2 hours searching for the latest Mining comps file when your dickhead stub MBA associate asks for it.

5. Be a Good Squad Member

Sometimes, the kids with no prior IB experience will clearly show that they had no idea what the job will be like. They'll start having an attitude. They won't check in with their deal teams before leaving. They don't push the process forward. They don't know what's going on. They don't respond to emails because they're busy catching up with their freshman roommate at Whole Foods. It's critical that you are a good squad member. You need be your associate's right hand man, because he's trying to be the VP/Director's right hand man. When you make him look good, everyone looks good. Keeping a good attitude while showing drive and pride for your work product is essential.

6. Seriously Think About Not Going Through the First On-Cycle PE Recruiting Process

You're two months on the job and you start getting inbound emails from Henkel, CPI and the like. You start getting excited. Blackstone?? Yess!! TPG??!! Ok!!

Yet...you barely learned the Index Match formula last week. You're not ready. You will be doing yourself a disservice by going through the PE recruiting process. Here is why:

- You will be busy trying to prep for a job you know nothing about while...
- Trying to do a job that you know nothing about...
- So inevitably, you will fuck both up

Seriously think about not participating in the first year recruiting cycle. Going through the cycle in your 2nd year is perfectly fine, and off-cycle recruiting actually exposes you to a tremendous amount of different types of firms.

You think you want to land at Blackstone. However, you can't even name 6 PE firms. Maybe in 6 months you want to do distressed debt. Maybe you will work on a few deals involving activist hedge funds and really gravitate towards that. Maybe you will work really closely with a MM PE firm that focuses on a specific industry.

Give it some time. You will be ok.

7. Did I Say Ask Questions?? Ask Questions!!

You need to ask questions NOW. You can ask stupid questions your first couple months. You CANNOT ask stupid questions a year from now.

8. Breath. It Will Be Ok.

Whatever happens, don't get overwhelmed. Be cognizant that although this is a stressful industry, you are here for a reason, and you have the talent and the necessary skillset and the desire to succeed. So don't take it TOO seriously.

Get your job done well.
Take pride in your work product.
Show intellectual curiosity.
Be a good squad member.

Party. Repeat. Rule the world.

~GrandJury

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Comments (21)

Best Response
Mar 11, 2018

Great advice all around. I'm not at the point where i'm doing FT recruiting--hopefully don't get in put in that position. Fingers crossed!

    • 6
Mar 11, 2018

Gonna get prepped for FT recruiting just in case summers don't turn out well...

    • 1
Mar 11, 2018
GrandJury:

Maybe you did a summer at Bain last year and realized you wanted a more fulfilling experience than putting buzz phrases and clip art on a really modern-looking powerpoint page

I understand that this was somewhat of a joke, but is there some bit of truth to this? Do consultants sometimes feel like their work is not interesting and meaningful, and that they aren't really learning anything?

    • 2
Mar 24, 2018

I was on an international transaction that one of the MBBs was involved in (on our side). I think that although they do provide value and that there is a role for them, their work on the project was pretty overrated. A lot of high-level concepts and fluff, but in terms of getting deeper into the finance aspects, the valuation, the realistic implementation and basically if anything was actually feasible, their work was weak and lacked substance. Their work schedule was also different (complained about working weekends, etc.)

Obviously, I am biased, but banking > management consulting.

    • 1
Mar 12, 2018

Consultants usually say this about bankers, banking isn't seen as something attractive at all. They say it's dull and repetitive with a dumb amount of horus, and hence basically nobody wants to switch. Not that consulting is necessarily the be-all and end-all

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Mar 24, 2018

I think both jobs have their pros and cons; however, banking gives you a better technical foundation where you can then hone your strategic and more qualitative skills around that foundation.

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Mar 11, 2018

Thanks for the write up, there are some really good pointers in here.

Do you have any advice for someone lateraling over to IB from corp/comm banking? Any particular differences that one show know (or try to acclimate to) besides comm/corp banking dealing primarily with debt and credit?

Mar 24, 2018

Thanks for the feedback.

Are you coming in as a 1st year or 2nd year?

Mar 11, 2018

Will have at least a year of experience by the time of lateraling over, but most likely will be starting over as a first year analyst when breaking into IB.

Mar 24, 2018

Seems like you'll be lateraling over kind of off-cycle (i.e. not starting with the other first years in the summer). If that's the case, be aware that you were hired because you are filling a need.

With that in mind, it's critical for you to make a great first impression. All the above advice applies, and make sure hit the ground running. I would find someone who can show you firm resources so you are up to speed on everything (powerpoint tools specific to your firm, the most common folders and subfolders, how things are usually done, etc.)

    • 1
Mar 11, 2018

Will keep in mind, thank you.

Mar 11, 2018

Starting an IBD internship in a BB. First IBD internship (previously did in AM). Any tips on what to prepare? Spoke to ex-interns and they said nothing much to prepare as they'll teach you during the training week.

Mar 24, 2018

You'll be starting on equal footing with the other members so no need to fret too much. The above advice still applies; make sure as an intern you build trust quickly within your deal teams. In order for that to happen, you need to make sure 1) your communication is solid, 2) your work product is accurate and trustworthy and 3) you ask thoughtful questions and you are humble yet confident.

    • 1
Mar 16, 2018

Those three points are truly all it takes to succeed. I might add a fourth: pass the airport test (aka don't be an asshole)

Mar 12, 2018

Thank you sir

Mar 13, 2018

Has anyone gone through the above and gone through the PE/HF recruiting cycle?

    • 1
Mar 14, 2018
GrandJury:

Maybe you were a summer analyst at Bloomberg and knew that a future of being a customer support rep for 23 year old fuckclowns surprisingly did not entice you. So now you'll be joining Morgan Stanley...as a 23 year old fuckclown.

This is comedy gold

    • 3
Mar 16, 2018

The point on misspelling "illustrative" is too true when you're a junior trying to bang things out. Always need to F7 your excels too before pasting them in

Mar 16, 2018

Great advice!

Apr 15, 2018
Apr 16, 2018