Making the Leap: Do You Have What It Takes for Investment Banking?

Posted on Oct 24, 2011 in Home Lending News

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U.S. President Barack Obama takes aspect in a town-hall meeting at ElectraTherm, dosage case Inc.

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Producing the Leap: Do You Have What It Requires for Investment Banking?

Report by Stefanie Parks

Investment banking ? hearing these two words can?t assist but evoke pictures of Wall Street, more about large profile specials, posh marble and wood offices, and sharp bankers in well-tailored suits (not to mention the possibly huge bonuses that can come with all of the above). As extended there as there are investment banks, there will be MBAs flocking to become the following large flying financiers in the world?s key fiscal hotspots – New York, London, Hong Kong, Tokyo and Singapore.

Company schools have extended been the teaching grounds and feeders of talent for international investment banks and regional firms. In spite of the setback that the sector suffered through the monetary downturn, investment banking remains remarkably beautiful to MBA students. The combination of rigorous financial coaching, an extremely demanding function atmosphere and early exposure to CEOs and CFOs at client firms supplies an irresistible mixture of experiences and skill developing that can fast-track one?s post-MBA profession.

A lot of MBA college students will set their sites on investment banking starting in the fall of their first year of b-school. While firms recruit substantial caliber MBAs from a wide array of backgrounds, the query that runs by means of the mind of every aspiring banker, of course is ? can they make the leap?

Your Pre-MBA Perform Knowledge and Passion for Banking

There is not a normal pre-MBA profile that investment banks look for in MBA candidates. Preceding fiscal experience is valued, but not required. What banks are really searching for are robust ?athletes?, those that have the raw mental horsepower and aptitude for finance, and that possess the stamina to operate 100+ hrs per week.

Some MBA college students have made radical profession switches into banking. For illustration, we?ve recognized of former chefs, higher school teachers, engineers, and even fighter pilots and specialist athletes efficiently transitioning into investment banking. What are the frequent denominators for all these MBA college students? ? fiscal acumen, the ability to fit in (read: social conformity), and a clear passion for banking.

For former investment banking analysts who are in search of to continue their post-MBA profession in the field, there are benefits and disadvantages to getting a profession advancer within banking. The advantages contain possessing the requisite modeling capabilities, understanding the demanding culture and pace of banking and becoming capable to speak the language of deal flow, IPOs, PPMs and M&ampA. Nevertheless, there are also disadvantages ? MBAs who were analysts in their past life will be held to a higher standard of analytical and technical competency, specifically in the course of the interview. They will also be heavily probed by skeptical bankers as to why they want to continue in banking. If you?re a former analyst, be ready to state a sturdy situation for your candidacy.

Leverage Your B-school Experience for Banking

Banks are seeking for newly minted MBAs who are eager to enter into the industry, and prepared to sacrifice their personal lives to get ahead and make their mark. Firms will source this talent from best company colleges globally, and for firms based mostly in key ?Western? fiscal centers such as New York or London, mainly from elite colleges in the US and Europe.

The caliber of your school will either be an entrée or barrier to entry into investment banking. Significant bulge bracket banks such as Deutsche Bank, Credit Suisse, Morgan Stanley, J.P. Morgan Chase, and UBS have target schools, as do prominent middle market firms this kind of as Houlihan Loki, Piper Jaffray, Lazard, and Miller Buckfire. This indicates that leveraging your b-school knowledge begins with being planful about which school you apply to (i.e. these that have formal recruiting relationships with firms) and eventually choose to attend. If your college is not a target college for investment banks, it helps make it significantly much more difficult to break into the industry. The Sharpening Process

What allows MBA college students to make dramatic career switches is what we expression ?The Sharpening Method,? that occurs through both the initial and second year of a full-time program. By means of meticulously selected academic function, formal and informal networking possibilities and a regular acquisition of business knowledge you can hone your candidacy for investment banking throughout the very first year. Considerably of this will happen throughout the fall of the very first year, when banks do heavy recruiting on campus ahead of actual internship interviews in January and February. The crucial components of this sharpening process are beneath:

? Classes ? Fiscal course perform can be helpful in preparing you for banking, despite the fact that you will probably discover that is courses don?t have as considerably actual utility in the fall recruiting method. While the expertise you acquire in accounting, finance and modeling will be beneficial in the technical portion of your internship interviews with banks, networking conversations you have major up to those interviews will most likely not demand you to flex this understanding also much. In common, the core breadth requirements that you take the very first quarter or semester of your first year are acceptable for investment banking.

? Student Clubs ? Joining your school?s investment banking club will be an integral aspect of your preparation for a profession in banking. The club gives students will access to recruiting activities and events, as properly as guidance via programs such as resume reviews, networking practice, technical testimonials and mock interviews. Via the investment banking club, first many years can receive either formal or informal mentoring from second years, who will be instrumental in exhibiting their much more junior classmates the ropes of networking, preparing for interviews and how to be successful throughout the internship. The investment banking club can also offer discounts on technical training sessions via vendors this kind of as Coaching the Street. If you?re significant about banking, count on joining and becoming an active member of this student club.

? Experiential Finding out ? Banking recruiting begins early in the fall of your very first year, and continues quick and furious straight via internship interviews in January and February. This doesn?t give you also considerably chance to bolster your candidacy by means of additional banking-related finding out actions. That staying said, specified b-colleges will offer IPO and M&ampA situation competitions that you can participate in with classmates, which simulate working on deal teams. This will give you the chance to hone your monetary and deal-making skills, as effectively as offer you with a excellent talking point on your resume. Your school?s ?bank week? trek, generally to New York, London or Hong Kong, dependent on your geographic focus, is also one more kind of experiential finding out there?s nothing at all like stepping into a firm?s offices (study: their house turf) to get a gut-level feel of a firm?s culture and function atmosphere.

? Networking ? The single most critical activity you can do to boost your probabilities of obtaining selected for an interview is networking. In fact, you?ll invest most of your fall attending formal networking events arranged by way of your school and/or by the banks, and the rest of your time developing person relationships with bankers through informational interviews. This is a process, and you will be continuously evaluating how your networking is going, with whom you have made connections with, and your perceived likelihood of obtaining invited to interview. All this work culminates into a banking trek, which, if your college provides this kind of a trek, will generally take place in December of your 1st year. The banking trek is basically your final opportunity to solidify your relationships with bankers in hopes of becoming chosen for interview.

? The Internship ? If you are a career changer, performing a banking internship is completely required to have any hopes of transitioning successfully into the field post-MBA. While banks are very open to taking students from various backgrounds for the summer, they are much more stringent in requiring that any complete-time hires have had a summer in banking resulting in a full-time supply, and preferably at a properly-acknowledged competitor firm, if not their very own. In addition, banks (specifically bulge bracket banks) are attracted to students who get multiple provides from other banks, and will even inquire candidates if they?ve received any other delivers as a measure of candidate?s desirability. Net-net, what this means is that you should count on securing a summer season associate position if you are serious about possessing a profession in banking.

The career leap to investment banking is an attainable one by numerous aspiring MBAs. What is essential for achievement is, 1st, understanding the really nuanced networking that is needed to construct relationships with bankers and be effective in the recruiting method, and second, staying ready for the investment banking interviews, which needs a robust overall performance in each the ?fit? and technical portions of the interview. Any MBA first year can do well in each, but this does demand understanding the method and executing well each step of the way.

Very best of in ?making the leap?!

About the Author

ZoomInterviews gives premium MBA and school admissions interview videos and preparation. We provide video examples of admission interviews, video guidance for answering the most demanding interview queries and serve as a total supply for all your interview preparation needs. ZoomInterviews takes users into the interview space to recognize how the admissions interview is performed and ways to make a strong impression as an applicant. Our video interviews are expertly researched and carried out by effectively admitted students and alums to ideal prepare applicants for interviewing

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