Second year opines on recruiting with banks
Siddharth Mundra, WG'07
Issue date: 10/16/06 Section: Perspectives
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When you see students dressed sharply in suits walking down Huntsman Hall's corridors, you know it is first-year recruiting season. With those smartly dressed students comes the unmistakable air of anxiety and frenzy. All of a sudden first-years find their schedules crammed with information sessions and coffee chats. It is easy to forget the challenges of one year ago, but I was rudely reminded of them when I recently spoke with first-years desiring an investment banking summer. So I thought...this may be a good time to reflect on my experiences last year doing what everybody strives to do - networking.
It starts with the animal called the investment banking EISs. The Finance Club may try to explain what it is, but you don't know the nature of the beast until you have experienced one. Usually the setting involves a large enclosure, 20 company representatives and 200 students (work the numbers out). Very quickly you realize that the only things you can possibly get out of these EISs are a few business cards (if you are lucky) and a headache. After a few of the company presentations you know that most of them are slick marketing decks that tell you little about the reality of working with the company. Notwithstanding the cynicism in my description of an EIS, I should point out that EISs do prove useful in establishing entry points into firms that you want to recruit with.
Unfortunately, networking is not about collecting business cards. I learned this along the way, and it seems only sensible in retrospect. Usually bankers don't remember most of the people they meet - in fact one of the bankers I spoke with (after getting my offer) said that the EIS from their perspective feels like a 'blur' when they are back in New York (I don't blame the bankers). My take on this, and I am no expert, is that it takes a couple of 15 minute one-on-one conversations with the banker for her/him to remember you and form an impression about you - good or bad. It is no wonder that so many people end up calling bankers independently and some even travel to New York to meet with them. Some first-years asked me if one needs to travel to New York. My view is that it can be quite a double-edged sword - while you may gain more exposure and recall with the bankers, it could turn into an informal interview that you haven't prepared for. I think traveling to New York is especially risky early on when students are ill-prepared to face a barrage of questions on why banking, why firm etc. Having had some sort of finance experience in the past, I did not think it necessary to go beyond calling bankers.
It starts with the animal called the investment banking EISs. The Finance Club may try to explain what it is, but you don't know the nature of the beast until you have experienced one. Usually the setting involves a large enclosure, 20 company representatives and 200 students (work the numbers out). Very quickly you realize that the only things you can possibly get out of these EISs are a few business cards (if you are lucky) and a headache. After a few of the company presentations you know that most of them are slick marketing decks that tell you little about the reality of working with the company. Notwithstanding the cynicism in my description of an EIS, I should point out that EISs do prove useful in establishing entry points into firms that you want to recruit with.
Unfortunately, networking is not about collecting business cards. I learned this along the way, and it seems only sensible in retrospect. Usually bankers don't remember most of the people they meet - in fact one of the bankers I spoke with (after getting my offer) said that the EIS from their perspective feels like a 'blur' when they are back in New York (I don't blame the bankers). My take on this, and I am no expert, is that it takes a couple of 15 minute one-on-one conversations with the banker for her/him to remember you and form an impression about you - good or bad. It is no wonder that so many people end up calling bankers independently and some even travel to New York to meet with them. Some first-years asked me if one needs to travel to New York. My view is that it can be quite a double-edged sword - while you may gain more exposure and recall with the bankers, it could turn into an informal interview that you haven't prepared for. I think traveling to New York is especially risky early on when students are ill-prepared to face a barrage of questions on why banking, why firm etc. Having had some sort of finance experience in the past, I did not think it necessary to go beyond calling bankers.
Viewing Comments 1 - 1 of 1
yolanda holtzee
posted 10/16/06 @ 6:32 AM EST
Excellent advice but perhaps not exactly the best way to get a summer intern's position with a bank.
I mentor a number of financially/culturally challenged non Ivy League undergrads in my spare time. (Continued…)
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