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Investment Banking Discussion Thread - Page 27

post #391 of 622
Quote:
Originally Posted by MSchapiro 

As for breaking into banking I think one also has to take some steps in case it doesn't work out as a career. Plans can quickly change when someone has a family or realizes the lifestyle isn't for them.. That is where the CFA can really shine. And yes I was referring to corporate strategy/ development.

Isn't ideal exit opps for most bankers IBD -> PE -> HF or something anyways? Why not just stay on buy side? Granted IBD is solid on a resume for buy side but it's not a huge deal.
post #392 of 622
Quote:
Originally Posted by Khayembii Communique View Post


Isn't ideal exit opps for most bankers IBD -> PE -> HF or something anyways? Why not just stay on buy side? Granted IBD is solid on a resume for buy side but it's not a huge deal.


Yes totally. After completing your time in IB. Clearly I didn't phrase well before.

 

In breaking into ibanking I think one always has to consider that it may not work out the way that they wanted. The CFA remains a really good cushion for a lot of finance related companies if one decides to leave for a less hectic life. So although not the most time efficient way to break into ibanking it has broader industry uses that make it a worthwhile time investment.

 

I just felt it was a point worth mentioning since everything else has pretty much been said.

post #393 of 622
can someone explain target/non target schools. I went to a decent small private school, which I take is not a target. Never even heard the term while in school. Dont even want to be in IB, I want an asset management gig, well I live in boston so I dont have much else of a choice.
post #394 of 622
Quote:
Originally Posted by OmniscientCause View Post

can someone explain target/non target schools. I went to a decent small private school, which I take is not a target. Never even heard the term while in school. Dont even want to be in IB, I want an asset management gig, well I live in boston so I dont have much else of a choice.


Basically just to do with recruiting. Target schools are actively recruited from. They usually have their own recruiting teams and will host information and networking events at that school. When you apply the team is usually the ones who reads your resume as opposed to applying through the common pool which gets thousands of applicants.

 

Essentially your chances are far better at getting an interview.

 

Also being in Boston doesn't mean you can't do anything else, I know a lot of people who go on to NYC from Boston schools.

post #395 of 622
Every bank (really every big recruiter of graduates) has to narrow down a list of schools they will put most of their recruiting efforts and budget towards. These are their "target" schools, and they will have a presence on campus, recruit on-campus, etc... The number of target schools varies per bank but my experience is that it's rarely more than 10. The vast majority of candidates are recruited through that on-campus process at target schools. There are however spots (generally a defined number of superdays) that are reserved for non-target schools (off campus recruiting). These candidates are screened differently because of the lack of ongoing presence on campus and dedicated school team - more traditional sifting through resumes and usually phone interviews. The level of internal support is not as strong as it is for target schools who have naturally a large base of alumni looking after each other.
post #396 of 622
Quote:
Originally Posted by MSchapiro View Post


Basically just to do with recruiting. Target schools are actively recruited from. They usually have their own recruiting teams and will host information and networking events at that school. When you apply the team is usually the ones who reads your resume as opposed to applying through the common pool which gets thousands of applicants.

Essentially your chances are far better at getting an interview.

Also being in Boston doesn't mean you can't do anything else, I know a lot of people who go on to NYC from Boston schools.

how about providence schools..shog[1].gif

Im a year and a half out of school stuck in operations in a custody bank, trying to move to operations of an AM because its the only logical transition I can make without having an in from someone, which I dont have.


my school certainly wasnt good for recruiting unless it was for a big 4 accounting firm. I know tons of kids I was in finance classes with who did a lot worse then me and now have jobs with big 4 firms now.
post #397 of 622

Sounds like BU haha
 

post #398 of 622
Do banks actually know what stuff like BIWS or Wall St. Training are? I've heard varying accounts of how well known and used these programs are. If I put this on my resume are people going to think it's weird?

Also, are these well known outside of IB? I spoke with a PM at a hedge fund and he hadn't heard of it.

Finally, every single contact I have that's higher up that I've spoke to seem to think that I have a chance and that while it might be tough it's not unrealistic for me to be able to break in on the buy side. The HF PM that I spoke to is located in Greenwich and said he's looking around for internships for me which TBH seemed wayyyyyyyyy out of my league considering my lack of experience. He just kept saying "it's not rocket science you could do this stuff". He was in a hiring role at his previous fund, too, so he knows all about the hiring process.

Yet everyone online that I've spoke to about this (like all of you) think it's going to be pretty much climbing Mt. Everest to break in. Just thought that was weird, not saying you all are wrong.
post #399 of 622
lots of junior people seem to know BIWS. But once you put it on a resume, you better be able to answer any technical questions thrown at you. This is true even for "informational interviews"
post #400 of 622
Many banks have actually been outsourcing their modeling training to TTS - both for incoming classes and for continuing education. So it's definitely a known name for investment banks.
post #401 of 622
Quote:
Originally Posted by Khayembii Communique View Post

Do banks actually know what stuff like BIWS or Wall St. Training are? I've heard varying accounts of how well known and used these programs are. If I put this on my resume are people going to think it's weird?
Also, are these well known outside of IB? I spoke with a PM at a hedge fund and he hadn't heard of it.
Finally, every single contact I have that's higher up that I've spoke to seem to think that I have a chance and that while it might be tough it's not unrealistic for me to be able to break in on the buy side. The HF PM that I spoke to is located in Greenwich and said he's looking around for internships for me which TBH seemed wayyyyyyyyy out of my league considering my lack of experience. He just kept saying "it's not rocket science you could do this stuff". He was in a hiring role at his previous fund, too, so he knows all about the hiring process.
Yet everyone online that I've spoke to about this (like all of you) think it's going to be pretty much climbing Mt. Everest to break in. Just thought that was weird, not saying you all are wrong.

 

Hedge Funds != IB

post #402 of 622
What are the reasons why people go into banking?

I mean, beyond the pay, exit opps, etc. Or is it all BS reasons like wanting to help companies grow?
post #403 of 622
Why do people choose ANY job? There's as many motivations as there are people. It has to be a mix of passion/interest for the job, prestige or perception thereof, compensation, future opportunities, perceived match of skills, etc...

No one who does it only for money will last more than a couple of years - then again, that's usually what they want, and they're usually analysts out of college. For people out of graduate school, that's a flawed reasoning - you need more than that because it's open ended employment and "exit" is not as formatted and easy.

Interest in capital markets and M&A is not BS for everyone you know. if it's BS to you, then it is certainly not a good career path for you. I personally did not even factor in the comp part when I started. I just really enjoyed the subject matter and my corp fin classes. So I felt this was a good match of skills. Comp became a good reason to stay when the "academic" interest started to fade and fatigue over the hours and lifestyle settled in.
post #404 of 622
Quote:
Originally Posted by pseudonym View Post

What are the reasons why people go into banking?
I mean, beyond the pay, exit opps, etc. Or is it all BS reasons like wanting to help companies grow?


Besides what is mentioned above if you enjoy finance it can be a good choice. Often the first job one enters (i.e. being an analysts) is not exactly great or what they want to do. It can be a ladder up to a side of finance that you enjoy. I have a friend who is doing a treasury analysts program and while he enjoys finance FI and Treasuries are not his first choice.

 

But if you don't find the subject matter interesting it is not for you. The compensation is not really enough to make up for how miserable your life will be if you go into banking already hating banking.

post #405 of 622
Quote:
Originally Posted by MSchapiro View Post

But if you don't find the subject matter interesting it is not for you. The compensation is not really enough to make up for how miserable your life will be if you go into banking already hating banking.

As a broke college student, I never would have believed this. But it's definitely true.
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