Q&A: Non-target to IB, led recruiting and training at BB
Hi everyone!
I wanted to introduce myself to the WSO community. Here's some quick background about myself:
- Previously a senior associate at a Top 5 BB Bank, 5+ years experience in M&A and IPO work (focus on M&A)
- Led various aspects of recruiting (spanning from resume screen, on-campus recruiting sessions, superday interviews, and offer decisions), and training programs for first-years in my group
- Hosted career fairs at my bank and served as a mentor to undergraduate incoming analysts and analysts
- Off-cycle lateral hire from a boutique, graduated from a non-US target/semi-target initially without a job, < 3.5 GPA
- Worked on deals for clients in North America, LatAm, Europe, and Asia. After banking, I worked at a tech company doing Strategy & Operations and recently co-founded a startup (our recent intern landed a summer IB offer)
I am happy to answer all questions about the job or around recruiting. I've been part of all aspects of recruiting and have been able to see how things really work when you're on the other side of the table.
I am also available as a WSO mentor so please feel free to check out my WSO Mentor Profile
I also have a Discord channel where I hang out.
What were your networking strategies?
I'll try to focus on things that I feel are pretty important but are less obvious when you hear about them in networking guides or general networking advice
Saving
What was your favorite and least favorite part about IB? Besides the fact that you have to work long hours. Also, what is one thing you would change if you could go back in time as an Investment Banker?
What made you choose IB? What are some of the exit opportunities you have considered in the near future?
What made me do IB?
Exit Opps I considered
I am someone looking to lateral internally from Operations into an Investment Banking Public Finance role at a BB bank. I know the technicals cold and general fundamentals of what the role requires after taking various courses online. I have also been aggressively networking within my bank to learn more about the role and make good connections as well. My question is after being sponsored, would preemptively taking the SIE, Series 79, 63, 52 or even the 7 make me a more competitive candidate?
Thanks in advance!
Hi! If you don't mind me asking, how much do first year analysts make in operations at a BB in NYC?
Operations itself is fairly broad and certain roles have various comps and hours worked/week. However, at a top BB (Think GS, MS, JP) in NYC, as a first year associate you can expect between 85-100k with a 5-15K bonus. I cannot speak for a first year analyst from personal experience as I joined the BB as an associate but a good estimate is that as a first year analyst you can expect between 60-75K with a 1-10k bonus. Feel free to DM me!
I don't think pre-emptively taking those will help. Also your bank should be able to pay for those (don't pay for them OOP).
I don't think having them already would add much. Everyone I've talked to w/ those certs got them after being hired.
What are the most common mistakes new analysts make that shortchange their careers?
Below I have a few points on this in order from most important to least (least is still important, just not as much as the bullets preceding)
Hey, first of all, thanks so much for doing this. I was wondering if you could speak to the aspects that make non-target/semi-target candidates stand out amongst their HYP/Ivy competition during the resume drop process. Does it ultimately come down to networking? Superior job experiences/tailored resumes? If it came down to networking, what are some qualities that those candidates had that secured them a first-round interview?
If I had two identical resumes but one was from a target, unfortunately the target would be chosen over the non-target.
In general, the targets are way more prepared because they have the network and resources. Because of this pattern, people generally stereotype to favor the targets.
Also, the targets are pretty aggressive in networking as well, which makes it even more imperative for non-targets to network.
Superior job experiences / tailored resumes from a non-target will win over a target that has experience that isn't as relevant or as credible.
In terms of qualities that made candidates stick out, I would say:
How should prospects tailor/frame their questions about interviews and recruiting? I’ve always heard from upperclassmen and mentors who broke into banking from my school that this comes off as transactional and will probably turn people off since you’re making it too obvious you only care about the networking call for the purposes of getting an interview.
How long did you work at your boutique before lateraling to a BB. I’m in that current situation. What was the interview process like? Was it similar to other IB interviews or did they focus on more behaviorals as you’ve already put x years into banking?
I worked there for a year, but started looking 4-6 months in, anticipating the recruiting journey would take about 6 months.
The interview process I think was pretty standard, except instead of a superday, I went in twice to talk to 3-4 individuals.
It was just like any other IB interview. The only difference is they really dug into my deals to see if I knew my work well.
A non-target PhD chemistry student here (UK). I really want to get into IB/ER. I’ll stay my course soon and will graduate in 4 years. Do you guys just throw CV of PhDs straight to the bin? I have some working experience but not in the field, what should I do to break in?
I don't imagine we would but also very rare to see that in the US.
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Hey William, corp dev has pretty translatable skills to IB. Depending on the experience you're getting and to a certain extent, the name of your company, I think you have a fair shot.
Your team probably comprises of ex-bankers as well. I would focus on networking and also applying laterally.
Did you have other extraordinary circumstances?
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What is your view on unpaid internships?
If the experience is valuable and relevant, and you have no other way of breaking in, take it.
The relationships you gain at the bank and experience can't be purchased by money, and will pay itself when you get your full time IB / PE job.
This might be a slightly different question but how do I become a part of my group's recruiting team? Will be starting next year and have generally loved being part of the recruiting efforts of different orgs that I have been a part of.
Good question, you have a few options
How are the outlooks of transferring from a deals valuation to IB?
Possible, I've seen people do it.
Hi,
I'm a high school Junior in California and my interest in IB has only been expanding. But I know I'm going to be attending a non-target school, so could you please give me some insight on recruiters look for on a resume, and what I can be doing now to set myself up for success in the future? Thank you.
Sincerely,
Anthony
Hi Anthony, I suggest you get a hold of an IB resume guide if possible. I have some other suggestions
I just hit the desk and just like you, my initial interests for exit opps are joining a tech company in some capacity, going the PE route, or going with growth equity. How did you decide and are there any things I should actively be doing to help narrow down what I want to do after my stint? I constantly go back and forth on this topic, and am having trouble making my mind up. Thanks in advance
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