Tuesday, March 8, 2011

How to get a front-office investment bank job

I've always been a big fan of writing. I personally love writing and recently rediscovered my passion for writing short stories and novels. As a composer by hobby, I also enjoy writing music, but that is another subject altogether.

Majoring in Finance, I've been looking for a finance job, since last year. Too bad I haven't really found a good one yet.

The market is especially harsh on people who don't have their act together. As a college student, you must decide by the end of Sophomore year exactly what you want to do. That is a mandatory deadline. Ignore it at your own peril.

By the second semester of your junior year, you must prepare yourself for the onslaught that is summer internship recruiting. Your one goal: Getting front-office internship at an investment bank. Fail this part, and you just made things ten times harder for yourself.

Once you get your summer internship, of course, you can relax. Do a good job, and the chances of you getting a full-time offer is almost 100% for the next year. Believe me. Of course, this is assuming the market doesn't crash and your division gets shut down or whatever.

If you didn't get a great internship, you can kiss your full-time front-office dreams good-bye. During the first semester of senior year, all the big banks come together in September and scour the year's graduating class for full-time analysts.

If your GPA is above a 3.6 and you have some kind of investment bank front office internship experience on your resume, expect to get a LOT of calls. You're going to get interviews left and right, and by the end, you'll have your pick of offers to accept.

On the other hand, if you did not fulfill those requirements, expect to have a long, lonely, and troublesome job-hunting process. You will have to send out 40, 50, 60 applications, before you even get one response. You will have to network like crazy and even then, you'll get shut down left and right.

Believe me when I say, it's not pretty.

Three front-office positions are really the only ones going for - they are Investment Banking, Sales & Trading, and to a lesser extent, Wealth Management. Within each are a variety of analyst positions, related to sales, trading, research, etc.

Choose carefully because you won't get another chance. Banks will shut you down like a nerd on prom night, if you don't know at least which division you want to choose.

Attend as many networking sessions as you can, of course. Be open, be unafraid, be confident, and put yourself out there as much as possible. Develop a thick-skin, barricade yourself with a wall of mental steel, and charge out into the battlefield as if the entire animal kingdom suddenly decided that you were dinner tonight.

Read as many job hunting books as you can and talk to as many people as you can. Ask anyone and everyone you know if they know someone who can refer you to a job. Job-hunting for the hottest entry-level jobs is cutthroat. Either you have it, or you don't.

Even if after all of this, you can't seem to get that job you want, lower your standards. Settle for less. Don't worry, it's not the end of the world. Sure, you're not going to be making 100k on the get-go, but having any job is better than no job.

But if you want to ignore the pain and the shame of this process, stop fooling around and start studying, no matter what position you are. Job-hunting is a lifelong process, and your job-hunt begins the minute you step into this world.

1 comment:

  1. Great, well written story with a lot of inside information.
    I can definitely relate you your job hunting experiences because I am in the same position as you are....

    You wrote about Noah Noah Muchai, Senior Currency Analyst in your older post. I have an interview with him for currency research analyst.
    Any advises?

    Thanks Arthur
    artur.sierota@baruchmail.cuny.edu

    ReplyDelete