Hey guys I’m new here and I’ve recently registered for CFAI dec08 and found this forum. I’ve just graduated in Dec07 majoring in Finance. I’ve always wanted to be in the IB / Analyst line… Its been a month of job hunting but zilch. I’ve got a few replies after sending out dozens of resumes saying I do not have enough experience for the jobs. The closest job experience I’ve had was as a research assistant in a Securities firm during vacation (3mths). That was about 4 years back, between me pursuing a diploma in Economics and my current Degree. I’m just looking for advice to what positions that can be my stepping stone into IB / Analyst since it seems impossible to get my foot in the door right now. What job sites are there geared towards this field? Any general advice would be really appreciated too, since most of you people are experienced! Thanks so much! (Oh btw I’m in Canada. Canada/US jobs are best, but I’m very mobile and can move to wherever the job takes me)
First my friend, you get CFA. Then you get MBA from good school. Surely the banks will be clamoring over you!
If you dont have an offer after recruiting season out of undergrad or MBA school you might as well give up on IB.
I asked the question myself. I think on campus recruiting is the answer if you don’t know anybody already working as an ibanker. I would guess that ibanks are problalby not on a hiring spree any longer given the current situation in the market.
The key is never give up looking. Not getting a ibank job right out of school is not the end of the search. Land a job somewhere first, start building your experience, even in back office, and never give up looking. Good Luck
why is everyone so crazy about ibanks? apart from the $$$
you can look but you won’t get in without the relevant experience. VeryCool Wrote: ------------------------------------------------------- > The key is never give up looking. Not getting a > ibank job right out of school is not the end of > the search. > > Land a job somewhere first, start building your > experience, even in back office, and never give up > looking. > > Good Luck
exit ops, prestige, contacts, networks, free cab rides, free dinners and the list goes on mathie4life Wrote: ------------------------------------------------------- > why is everyone so crazy about ibanks? apart from > the $$$
Yes sir! It is the poor and middle class man’s ticket to living like the wealthy!!!
No job out there is more glamorized from a studen’t perspective than IB. Being an analyst is pretty crappy - especially at a BB because you never get the luxury of being part of the deal process whatsoever. By the way, you don’t really need the CFA to enter banking. Also, you may have the missed the hiring boat. Most banks have been too busy getting rid of their employees.
jalmy8 Wrote: ------------------------------------------------------- > No job out there is more glamorized from a > studen’t perspective than IB. Being an analyst is > pretty crappy - especially at a BB because you > never get the luxury of being part of the deal > process whatsoever. What are you talking about? If there’s a deal, and the analyst isn’t part of that deal…then who do you think is assisting on all the modeling and PowerPoints?
ibanking is simply where all the coolest guy are.
FrankArabia Wrote: ------------------------------------------------------- > ibanking is simply where all the coolest guy are. actually its analystforum.com
My only point is that working at a more specialized boutique will grant you more responsibility during the process of the transaction and there is far less red tape. When you’re working on a much much larger deal at a huge BB, you’re role will certainly change. My earlier comment was certainly more of a rant than anything worthwile…but I love the college kids who only want to work at goldman.
do you or have you worked at goldman? do you even work in ib? jalmy8 Wrote: ------------------------------------------------------- > My only point is that working at a more > specialized boutique will grant you more > responsibility during the process of the > transaction and there is far less red tape. When > you’re working on a much much larger deal at a > huge BB, you’re role will certainly change. > My earlier comment was certainly more of a rant > than anything worthwile…but I love the college > kids who only want to work at goldman.
jalmy8 Wrote: ------------------------------------------------------- > My only point is that working at a more > specialized boutique will grant you more > responsibility during the process of the > transaction and there is far less red tape. i think there is red tape at any major investment bank, and there really needs to be for regulatory and legal reasons. i know that the pitch from a boutique is that you can take on more meaningful responsibility working on “smaller deal teams,” but this isn’t always true. i can only assume that you don’t work in banking, which is fine, but as someone who’s worked at smaller firms as well as bulge brackets, and with numerous friends in both boutique and BB banking, i can definitely tell you that there are plenty of top analysts that play important roles on their teams and really have the chance to try to understand a deal process from beginning to end. yes, there are banking groups that are huge and where analysts only have the chance to work on a small part of the deal, but there are others that have the chance to take on very meaningful responsibilities, interact face to face with management teams of the biggest companies out there, and have the opportunity to understand the strategy and thought process driving the biggest headline deals. there is a reason why all the top PE/HF shops gun for the top analysts from the top BB programs.
“you have always wanted to be in IB/Analyst” really?.. -You have not had an internship in 4years! -You missed on campus recruiting -You graduated early (aka death of banking chances) -You have no excel or programming skills I have known people who was financial analysts/managers in F100 companies and Big4 TS and Advisory, as well as CAs. Who have later on made the move to banking. I think you should forget your banking goals, and focus on getting a job which is a stepping stone towards one of those positions.
Thanks for the reality check. Yes I know I’m severely handicap thus I’m looking for advice here to how to find the stepping stone or what is the stepping stone. I’m not Canadian and only did my last 2 years of univeristy here. The first two was done back home and the credits transfered over here. Therefore, internship was kinda out of the question. For two years I was here, I’m not the top student in school and having 1 spot for IB intern every summer means I’m out of the selection process. I know I’m really disadvantaged now, but I believe that if I persevere, I can get somewhere someday. Thats why I’m doing the CFA now, to makeup for what I lack - experience etc.