Nepo Baby in M&A at BB in Germany - Advice Needed For Your Average Jane
Hi WSO Folk,
pls hear me out first before going to the comment section to tear me apart: I’m a Nepo baby, my dad gave me an intro to a BB MD (think of GS, JPM, MS), I went through all 8 rounds of interview (2x telephone interviews, super day including 4 interviews, case study, final interview), and I eventually got the internship for their German Office. I still think I don’t deserve it (I think I am just convincing on paper - targets, good grades, decent prior internships, female lol). Why me and not the dude who was able to perform DCFs in 8th grade while I still struggle to comprehend the concept of unfunded pension plans. Or the guy who uses Excel w/o mouse while I am solely good with the basics. Idk how to enter the internship with a different mindset. I am not proficient in any technicals, what if they fire me within the first week? I‘m beyond grateful, yet extremely anxious. I will succeed, but my learning curve will not be as steep as those over performers. Ah btw I’m a pretty girl in her 20s too so I guess I‘ll be the dumb blonde, too. Any tips? Honestly best thing to do is give the spot to someone who deserves it more than I do, who can provide value and actually do some decent work. I will be a liability. And idk if this will change within those three months.
Long story short: if it wouldn't be for my dad and my gender, the likelihood for me to be interning at the BB would be 0,00%. And being aware of this makes me miserable
THANKS TO ANYONE IN THE COMMENTS - this community is gold!!! xxx
Didn’t some diversity hire post the exact same sentiment post a few weeks back lol? General advice is the same: you got the spot, who cares how you got it unless you can’t ramp in time to become as productive as the other members of your class who got in on “merit”. No use in crying about your privilege now unless you plan to exit the industry entirely and start over for some virtue signaling - no one really cares as your long term performance will always speak for itself.
Mmm I think you did not get my point even though I appreciate your input. I will do my utmost to perform accordingly, nobody knows about the connection hence I will be viewed similarly. I just feel like an imposter. What if I fail an internship lol. Any other interns who were super insecure and limited knowledgeable at the beginning but then succeeded? I don’t even want an ft offer, I just don’t know why a BB would take me with zero experience
No I fully understood your point, my point was that you overthinking this is a complete waste of time. And it actually doesn’t matter WHY they hired you? You got the job, quite literally what else matters?
There is nothing about finance that is ethically validating. It’s a cutthroat individualist career field and every participant will use ANY leverage that they can to get ahead, whether they want to admit to it or not…lucky you for getting the nepotism lever - use it or lose it?
You aren’t scared to fail, you are scared because you know you have to work extremely hard to make up for it and the process of that work scares you. If you’re behind on technicals, stay up an extra hour per night and learn them.
Lock in and grind
Yeah that hits home. I‘ll try to just not embarrass myself. I‘m from a target, great grades good CV I‘m very solide on paper but I don’t have a clue on how to model, how to build an LBO from scratch, I‘m not proficient in BBG. Reading all these posts on wso scare me to death bc everybody seems to breath IB air ever since they have put feet on earth. As said, I just want to do a decent job and not be a burden for the analysts. Thanks for your input :)
You sound like the average candidate in London hahahaha
Relax. Nobody expects any of that. If you made it through EIGHT rounds, you are not complete useless. Try to be your best self and if you don’t want a return offer, you really have to blow up a live deal for them to fire you. Especially because you are a girl (don’t take this the wrong way)
Thanks for the kind words, this is actually helpful!
Or maybe just give your spot to somebody who as you say can provide value
Yeah I stand with what I say and I am sure there are way better interns out there. However, if the BB knows that I don't have prior experience and they still hire me, there might be a chance I can develop my skills no?
what BB has an 8 round interview process? just curious
lol
Lol ok
Maybe 8 rounds was misleading, I meant two separate telephone interviews, superday with 4 interviews, case study and one last interview - I spoke to 8 people.
Also my mentor at the BB told me he went through the same process. Only difference was that his approach for the case study was more technical, mine was meant to be more commercial (three targets, than elaborate what option to choose for the acquirer)
Are you French/Québécoise?
I am German (interning at their M&A group)
Oh wow, me too (working in US though). I assumed French based on some of your grammatical nuances. If you’re going to be in a German office, give yourself some grace because nepotism is literally how the financial/economic/political segments of our country operate. Nepotism is rampant in those parts of Germany (whereas I feel like our engineering is much more merit-based) and I would view your situation more so as a lucky happenstance rather than something you don’t deserve. If it wasn’t you, it would probably be another nepo-baby taking the spot, so you might as well benefit from the circumstance.
If you’re working in an American office, the intern candidate pool is a bit different and I can understand better why you don’t feel like you “deserve” it. However, recognize that even if there are other kids who are better suited to the job who won’t get it in part because of you, it is completely within your power to become that kind of kid. You can “earn” your opportunity by working extremely hard and becoming very proficient.
If you’re in the UK, I don’t have much perspective so can’t help too much.
Honestly guys I am just afraid of performing so bad they fire me within my first week. Reading all the posts on WSO why interns lost their job so I can at least avoid certain pitfalls lol
Huh?
Since you are an analyst you might give me some useful tips on how to not mess with you if I were your intern ;)
Whats your prior internship experience?
I did ER and MM M&A
In that case i think youre good.
Look at the interns like six years ago..
TAS -> BB was a common case.
Im surprised that youre not flawless with some "basics" but this should be fine.
Mach dir keinen Kopf. Nepo hin der her. Das wirst du schaffen!
IB ist und war noch nie eine Raketenwissenschaft.
Exactly how "nepo" are you? There are shades of grey, but typically your nepo status merely ensures that you are invited for 1st round interviews. Everything after that is down to your interview performance. So I would not discount your achievements.
Unless of course your dad is a DAX CEO who regularly brings in major business to the bank? Or you are the daughter of the federal chancellor?
Otherwise, if your dad just some guy who happens to know a BB MD and has used his network to get a foot in the door for you, that is in fact very common, and nothing to be ashamed about.
Thank you for your kind words :) I do not think I performed bad, but talking to my male friends I figured I just got the easier questions out of the pool which again reinforces my insecurities (since I will be working with that type of people). I hope I will make it out alive lol. Again, thanks for your words :)
Hah. Either way it works ig. No one fires an extreme nepo, whereas the mild nepo is usually decent enough by him/herself.
I agree, also getting fired as a woman is like an extreme sport. Idk what has to be done to achieve this. Maybe send CIMs without having a signed NDA lmao
Hey!
Also German, also female, was not a Nepo baby but also totally inexperienced in my BB internship (a few years back now). First, in my experience attitude really helps - basically you just need to be willing to learn / be happy to accept any work, as stupid as it may be. Second, take what some of your guy friends say with a grain of salt - I think they tend to big themselves up a bit and they do like the narrative that "pretty girls have it easier". Finally, you don't need to know BBG or even a lot of excel/ppt coming in (yeah I know I may get slated for this one), provided you can demonstrate good progress; I certainly was pretty clueless at the start (and got a return offer).
Hi Girl - THIS was so helpful (danke danke danke!!). Really needed that female insight (even tho I appreciate every male comment, too). Really takes a weigh from my shoulders. I will keep this in mind. I will be open to every learning opportunity, ask questions (not the ones you can google), try to not be a pain in the a** for my colleagues, take notes and minutes etc. I basically read every post on how to not be a burden as an intern but I am still so anxious just thinking about putting my foot into their office. The BBs reputation is extremely ambivalent, even though I have heard good things, too. Any other tips you might share with me from your lens and given your experience?
I've PM'd you :)
Also any tips on the to dos prior to my first day? I just connected with my interviewers on LinkedIn, there will be a lot of people from my university so I think this will be a good start. I have a mentor, too. How does that mentor thing actually work? Am I supposed to mail him before I start? I do not want to come across as too much. As I said, asked him whether he can send me some trainings, materials etc some months ago but besides having lunch I never heard back from him again. Should I take more initiative? I will start in six weeks.
Make fear your ally. Let it drive you to study harder.
Thank you, I will try to use the fear of failure and embarrassment in a manner that might be beneficial in the end (works for other areas in life too lol)
You have too much time to think, don't you have some hobby or smth to fill your time with?
Well the day has 24h now no?;) Sorry for bothering you but since I got many helpful responses, my time spent thinking was not complete nonsense
Many interns from non-finance backgrounds don't know what unfunded pension plans are
I appreciate this - thank you
"I’m a Nepo baby, my dad gave me an intro to a BB MD, I went through all 8 rounds of interview (2x telephone interviews, super day including 4 interviews, case study, final interview), and I eventually got the internship"
I'm sorry, that's no a "nepo baby" - There was a kid at my last firm who had a connect through his parents and just got placed into the job after one phone call with our MD, no interview or nothing. If you had to do interviews, that means it was a very light intro at best.
I don’t think this applies to the three main BBs (think of GS, MS, JPM) tho, does it?
I agree which is a good thing since bias becomes somehow mitigated :)
Prob not for those 3 BBs, at least for US offices. This happened at a european BB. I've seen similar happen for branches overseas like GS in Asia though, where maybe theres less oversight regarding these matters
You have a huge head start in life. Take advantage of it. And don't be a dick about it. What you do with this opportunity is your choice. Essentially: who do you want to be?
Don't overthink things.
Thank you so much :)
Most certainly will not brag about any of that since I want to come across as someone who's smart rather than just lucky yk. Thank you for your comment :)
You’re going to be fine. You don't need to know all the specific technical details right away, most of the work you do doesn't require deep technical understanding. In my experience, and from what I've seen with most analysts and associates, the most crucial qualities are motivation, curiosity, and a willingness to learn quickly. Making mistakes is okay as long as you learn from them and avoid repeating them. I think you're putting too much pressure on yourself and would recommend you a few things to thrive during the internship: Always write down any information you get, understand the big picture of the task, and always communicate (e.g. always ask when the tasks needs to be finished)
Wish you all the best.
I really appreciate every single comment!! This is such a great platform. Not regretting posting this thread. I feel so much better now (and so much more motivated). I will try my utmost best, keeping all your words and tips and tricks in mind once I hit the desk. Wish you all the best, too Buddy!:)
Look, relax, you'll do fine. Do not label yourself. They made an offer fully aware and after X rounds. Enjoy the ride, give your best effort, put time and dedication, humbleness and good spirits. Learn and contribute, be a team player and also fun to work with and you'll be ok. make the most and best of this unique chance. Do it for you, then do it for your dad who trusts you (and his buddies who gave you this chance) but also for the fictional person, who did not make it. Keep us posted how you did. Good luck.
Thank you so much for your piece of advice! I will keep it all in mind and come back in case I need to read that again :)
Thanks to everybody taking time to give me your opinion on something which does not even is of your direct interest...this community is worth so much!!!
just hit the grind and make up for what you don’t have now
I will try my best! Thank you :)
Hey, just wanted to add my opinion on your feelings as an undergrad in the US without familial connections and no offers (yet!) through 5 IB superdays.
You shouldn't feel bad about getting an introduction to an MD because, had I been in your position, I would've done the exact same thing. If anything, your awareness of the leg up the introduction gave you just shows that you're a kind and humble person who ultimately deserved the role, even if it came in a way that wasn't that satisfying to you.
I think those traits and your willingness to prove yourself by working hard will result in you making a positive impression on the team (the same impression that ultimately got you the offer!)
I know you still have a couple weeks before you start, but really excited to hear about how the internship goes!! Viel Glück :)
This is so nice to read - I really needed that, stranger! Wishing you all the luck in the world for securing that offer, buddy! I will keep you guys updated (in case I make it out alive lol jks). I just hope I will genuinely like it since I will graduate and other than doing a PhD I do not have that many ideas in mind...
Again, thank you so much for your supporting words!!
Really happy to hear that :)
Thanks for your best wishes- I have two first round interviews I'm really excited for (one is for L/S equities at a large hedge fund, and the other is a rotational program across private markets asset classes at a large alternative investment firm), so they mean a lot!! Will definitely keep you posted on how each of them goes :)
The fact that you've already done an internship in MM M&A is a good indication that you might enjoy this internship too! And yeah, a PhD would be a great alternative (also super impressive, so much for "dumb blonde" :P). What subject and research topic would you want to do your PhD in?
:(
This is such a weird roleplay fetish
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