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Investment Banking Discussion Thread - Page 33

post #481 of 622
Quote:
Originally Posted by otc View Post
[...]
There already weren't any "accidental" bankers. The only people who got the interviews and the positions were the people who hung out with the other wannabe bankers and spent all their time at the career center going to events and practicing for interviews. Sure, there were some sociology majors, but it wasn't like they put out their cigarette, pulled on a suit and walked across the quad from the social science building to a bulge bracket info-session just out of curiosity. They knew what they were doing, had done the prep, worked the internships, and hung out with the bankers. They just happened to be interested in sociology (and everybody knows you won't actually use any knowledge from your Econ degree as an analyst at a bank).

Certainly I agree with you, however I would choose different words.

Lets just say that the right skill set, network and demonstration of ambition (anything that makes your CV looks better) is what counts.

Just hanging out with wannabe-bankers is definetly not going to cut it.

post #482 of 622

gpa and school?

post #483 of 622
Quote:
Originally Posted by aspasp View Post

gpa and school?
lower half ivy with a 3.6 and a double major in econish/mathish major (want to preserve some anonymity).
post #484 of 622
Quote:
Originally Posted by shimshimhae View Post

lower half ivy with a 3.6 and a double major in econish/mathish major (want to preserve some anonymity).

totally cornell.
post #485 of 622
Quote:
Originally Posted by imolazhp_ci View Post

totally cornell.

This was my thought as well.
post #486 of 622
Quote:
Originally Posted by otc View Post


"But that's banking. If you can handle the interviews, you can probably handle the job."

to which I say: "If you can't handle learning excel shortcuts without a $100 webcast or a $3000 course, you probably can't handle the job"

Depends on the program at your school. I know for those of us at a non target like BU some of those courses are the only way to gain a real advantage above our competition.

Some, like leverage academy, are also taught by BU alums who have an interest in your success. You'll take away more then your moneys worth.

post #487 of 622
Welp, time to revive this thread.

For those who forgot/don'tcare/haven't read this thread. I graduated in 2010 from a generic public uni, engineering and econ majors, 3.0 GPA. Worked a generic job at a 401k recordkeeper and another at an engineering software distributor before finally landing a position as an engineer at a small 20-person industrial equipment manufacturer (~$10M rev). Been working here for two years and while I'm getting more responsibility there isn't really any way for me to move up in position.

I'm interested in transitioning to private equity, and was planning on applying to b-school next fall, matriculating 2015. 750GMAT, board of directors of an org with about $750k assets, working on starting my own non-profit as well. Also passed CFA L1 when I thought I'd be interested in investment mgmt.

I was offered the opportunity to intern at a local boutique private equity firm January-May/June. This is awesome because I know how difficult it is to get a foot in the PE door. The pay is shit, though (obviously) so I'd be taking a significant pay cut. I also have no idea what I would do after the internship; if I got a job in the field that'd be great, but I don't know how easy that would be to do given I only have 6 mos experience. I also think it would look weird on my resume if I did this internship then went back to engineering or something.

So I don't know what to do now. This sounds like an incredible opportunity because these guys are really well connected in my region, but at the same time I feel like I'm jumping off a cliff and just hoping I can find something after. I'm extremely nervous about not being able to find anything after the internship is over but don't want to have this opportunity pass me by.

What would you guys recommend?
post #488 of 622
I think it depends on the firm, if you can afford the drastic pay cut, and what the chances are of landing a job at this firm after the internship is finished. How boutique are we talking about? Make sure they aren't taking advantage of people without any intentions of hiring. In any event, I would explain your situation to them and hopefully they can shed some light on any potential opportunities after the internship, without actually guaranteeing you a position afterwards, which I'm sure can't do.

Congrats on the offer, even if it's just an internship. I know you've been working hard at this.
post #489 of 622
Quote:
Originally Posted by suited View Post

I think it depends on the firm, if you can afford the drastic pay cut, and what the chances are of landing a job at this firm after the internship is finished. How boutique are we talking about? Make sure they aren't taking advantage of people without any intentions of hiring. In any event, I would explain your situation to them and hopefully they can shed some light on any potential opportunities after the internship, without actually guaranteeing you a position afterwards, which I'm sure can't do.

Congrats on the offer, even if it's just an internship. I know you've been working hard at this.

Thanks! I can afford the pay cut but not the pay cut plus an indefinite number of months of unemployment afterwards!

It's a two man operation, so I don't know if they'd consider bringing an analyst on. They have summer interns usually only, who are kids of business associates. I met one of the partners at my case competition, he sympathized with me because he came from a similar background and someone helped him break in the same way he's helping me, so he offered to have me do a spring or fall internship which they haven't had before ever. They were both complaining about having to teach interns the same shit every year over and over, so who knows, maybe they'll start opening up to it. I don't knowhat their deal prospects are like or if they're interested in expanding their portfolio enough to pay or an analyst, though.

I just know this is a huge opportunity. I guess I have to do more research about where I'll be following its conclusion, financially and professionally. I know how ungodly difficult it is to break into PE, so this could be incredible for me if I can make it work!
post #490 of 622

definitely recommend taking it, i assume they are lower middle market... you can possibly network to one of the banks or finance companies that does senior/mezz lending for these guys... buyout shop?  do they have a history of funds?

 

Would help your B School prospects and for your interviews at banks or larger funds once you get into a program.  If you are serious about finance, this is a no brainer.

post #491 of 622
Buyout, long term buy and hold philosophy, they market each company individually which works well because of the relations they have with their LPs so their holding periods are generally longer (IIRC around 10 years).
post #492 of 622
When you say they market each company individually, does this mean they don't have a committed fund (are they a pledge fund?)...may be tougher to get a full time job here

Sounds like a good opportunity to gain experience in any case
post #493 of 622
Yeah it sounds like a pledge fund
post #494 of 622
Quote:
Originally Posted by concealed View Post

definitely recommend taking it, i assume they are lower middle market... you can possibly network to one of the banks or finance companies that does senior/mezz lending for these guys... buyout shop?  do they have a history of funds?

Would help your B School prospects and for your interviews at banks or larger funds once you get into a program.  If you are serious about finance, this is a no brainer.

I'm not so sure now about helping b-school prospects now that I think of it. I'd be going from full time engineer to PE intern to something else. Doesn't this confuse my story? Also, wouldn't I then be lumped in with the other PE guys who I wouldn't be able to compete with at all?
post #495 of 622
Might depend on the school. Mine had a ton of sector-switchers and industry-switchers. It's a very legitimate reason to want to take a break and get an MBA.
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