Why did a director call me to talk for 15min if he wanted a 2nd year analyst?
Hi all,
So I am trying to break into boutique IBanks since I am coming from a large mutual fund company with 1 year FT experience.
I've been cold calling/applying to a few places (not too too many) and got a call Wednesday that a director reviewed my resume and wanted to speak with me on the phone. I called him Thursday and we set up a phone chat for Friday (today).
We talked for about 17 minutes and we went over my resume and basic ibanking principles, asking me what valuation methods I would use, how to calculate Enterprise Value, where items show up on balance sheets, etc.
I think I answered the questions well but not phenomenally. Anyway, afterwards he was like "I'm going to be blunt, we are looking for a 2nd-year analyst. If we had a 1st-year position open I think you would be qualified, but our 2 Summer Interns accepted their offers so we aren't even doing on-campus recruiting for 1st-years."
He recommended keeping in touch and asking him for advice on how to break in if needed but it was a little disappointing to have this director reach out to me personally only to say thanks but no thanks.
Did I just fuck up the interview? Were they really looking for a 2nd year?
I've had moderate success making contact with boutiques, and in order to be more prepared in the future I will be getting the BITWS guide and perhaps a valuation modeling course or something.
I guess I should stay positive though. That's 1 more interview then I would have had if I sat on my ass.
John
He liked your resume. He thought you may be a good fit for the position. He got in touch with you. He felt, probably due to your answers to his questions, that you may not be up to par for the analyst position he is looking for. Your experience and knowledge is a better fit for their 1st year analyst, not the 2nd year.
Keep in touch with him and keep looking to see if a position opens up with them.
Agree with the above post.
I'd chalk it up to a learning experience and move on. Ask yourself how you can answer the interview questions better the next time around and when the opportunity presents itself, nail the technicals.
I am looking for a fall IBD internship right now, and a partner I interviewed with said he grabbed coffee with a guy even though he wasn't going to hire him. In fact, the partner told me he started the conversation by bluntly saying "we won't hire you", but he just liked the guy's resume.
Thanks for the responses guys. I knew going in I was going to be a little unprepared but I think it was a good learning experience for how to prepare going forward.
Would he really have even considered me for a 2nd year analyst position if I had no prior IB experience/internships in the past even if I nailed the interview questions though?
I guess that is the question moving forward. Gotta start doing my homework after work and nail the next one.
Thanks again guys this is encouraging news.
Maybe there were no 1st year slots, but he decided to interview you anyways because there was a chance one would arise.
Should positions open up, it sounds like he will keep you in mind. Is that a waste of time? Who knows.
Not a waste of time, I am just wondering how to better prepare in the future.
As it stands, right now, I work till 6pm most days, study for the GMAT's until 7:45pm, read 30 minutes of "Valuation" by McKinnsey, go home, go to the gym, eat dinner, go to bed.
I simply wasn't prepared for the technical aspect of my IBD phone interview and need to find time to accrue that knowledge. I'm thinking the best bet may be the BITWS guide? My buddy took "Training The Street" but I don't have $5000 for that right now.
After GMAT studies, I am studying for Level II of the CFA to fall back on if I can't break into banking. I have a pretty menial job in institutional client relations right now and need to get out of here ASAP for my career to progress the way I want it to.
I know I am doing the right things to (eventually) get there, but just looking for some tips to expedite the process.
Best bet is our Technical Interview Guide: http://www.wallstreetoasis.com/guide/wso-technical-interview-guide ..and it's much less than other guides out there.
Also don't underestimate the importance of nailing your Behavioral questions: http://www.wallstreetoasis.com/guide/wso-behavioral-interview-guide
Thousands of happy customers...and if you aren't satisfied we'll refund your $s, no questions.
No, I'm not biased :) Patrick
Lol@Pat
OP: This is what networking is. You aren't just networking for your job now, you're networking for your future. If someone likes your resume, is willing to talk to you, or has similar interests as you, stay in contact with them. You never know when they might have a job open up for you or where they might go and be able to take you with them.
Nail on the head. Long-Term Relationships = Winning @ Networking
It seems like you at least made a good contact. It could be worse, I had a MD email me to set up an interview yesterday and he didnt answer when i called, havent heard back from him after i left a voicemail/follow up email.
I'll say it again... I interviewed with a firm that didn't have any openings at the time of interview, but it went well.
A year later, I am working for that firm.
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