Hi every one,
I'm currently working as an Associate at a Middle Market private equity firm and will be enrolled into a M7 MBA program this fall. Prior to private equity, I was a strategy consultant by trade. Now I'm thinking to change my career to Investment Banking after MBA.
Here's my problem: I find it hard to convince Investment Banking interviewers on the "why banking" question. Answers like better deal exposure or a macro view on the capital market are too generic and not convincing at all. Those answers literally sound like I'm using banking as a back-up choice. But the fact is I want to go to banking and I mean it.
Can you guys help me to structure a better answer on this?
Thanks
How about...
1) You want to work with companies to guide them through key capital raises and M&A transactions rather than simply use them as a financial instrument like you did in PE.
2) You want to help create meaningful value for firms, their shareholders, and their customers.
3) You really like the relationship aspect of the business in working with clients.
4) Finally you can craft your answer depending on what group you’re interviewing with.
For a Product group, you like the opportunity to work with multiple industries, whereas you’re PE fund had limited industry focus
For a Coverage group, you really want to work around companies in that space whereas the PE fund didn’t have a focus in that industry, couple that by talking about trends you see developing in that industry and the opportunities there.
Thanks for the reply!
Hey I went a similar route and here's some suggestions:
Typically I'd say 2-3 of these, then leave the others in my back pocket for if/when I got pushback.
You'll get grilled on this question. Banks will view you as high risk because it'll be really easy for you to jump back to buy side, and a lot of bankers will completely fail to comprehend why you would ever want to be a banker when you could be in PE (because they don't have the opportunity to do it or haven't done it).
Group think is very strong, particularly among Associates who almost all go to get their MBA's with the dream of landing a coveted post-MBA PE role so they won't get it or understand you. They're also typically the first contact you'll have into firms through OCR.
Make sure you have a very strong and well reasoned response to this question and expect pushback to your initial response 90% of the time. Also make sure you are articulating very, very clearly in your interviews why you want to work at their bank over the long term and how you see yourself becoming an MD there.
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