Mr. Exclusive1
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Investment Banking
Here's the 3rd part of the Spring Week guide. Hope you found the whole series useful and if you'd have anything to add/comment feel free to do so.
Offers
If you have multiple offers, it is usually okay at this stage to renege on an offer after signing but you should try and avoid it. Check the dates of various internships to ensure they do not clash, let the bank know as soon as possible and accept the offer(s) on the basis of the bank’s individual strength in your chosen division/sector, its culture and how well you think you will ‘fit’. This advice should not be applied if you have received a Summer Analyst offer or Full-Time offer – reneging on an offer after singing for those positions should be strongly avoided.
Networking Events
If you are in London look out for bank-wide events put on especially for London universities at head offices. Morgan Stanley, Rothschild and Citi often hold these types of events. Depending on your university, banks are likely to visit to offer information, advice and networking opportunities – maximise this as much as possible and drop what you learn in your cover letter effectively.
Languages & Being International
International students often feel disadvantaged going into the Spring Week process however since banks love candidates who can speak multiple languages, you should highlight this to its fullest extent. You should also highlight your global experience and that of different cultures as well as your willingness to put yourself outside your comfort zone. Reach out to alumni on LinkedIn from your own country working in City institutions to see if they can offer you advice (use your native language and you'll be surprised on the response rate you'll get).
Insight Programmes & CV Reviews
If you have previously attended insight programmes then you should highlight this somewhere on your CV. However, these should be kept concise and not take up excessive space especially if you have a lot of your experience. Something along the lines of “Won M&A Case Study during the day by highlighting clear strategic alternatives” or “Increased understanding of equity derivatives by speaking to traders during a tour” does the job.
In case your resume is really packed for space, you should list all insight programmes on just one line without going into any detail. Overall though, playing with fonts, margins and formatting is highly recommended. You can get a solid review on your resume on the CV Shredder section (make sure you edit out your personal details and use generic formatting as target/non-target/bulge bracket/local bank).
Extra-Curricular Activities
Having stellar academics will no longer suffice in getting a job or getting you into a good university. You should use this time to be building your soft skills as well as academic prowess. Banks place a very large focus on demonstrated leadership ability as well as team work and communication. The ability to speak a foreign language is also growing in importance.
For example, I would recommend any of the following: learning a foreign language; becoming a mentor in your school; learning a computer programming language; joining a school sport team; joining the debating society; the Duke of Edinburgh Award; starting a small business, website or society; volunteering; study/work abroad; entering academic competitions; winning scholarships or other awards that show your work ethic and editing or starting a school blog or newspaper.
You should not underestimate how important these activities are – you should place equal, if not more emphasis on these.
Keeping Up To Date
By following the news regularly (ideally everyday) you will start to gain a sophisticated and intuitive understanding of the business world which will impress in interviews and on applications. You are never too young to do this and it is so simple you should start as early as possible. The other reason for doing this is that if you come across a term or concept you do not understand, you should look it up and this will also increase your overall knowledge. I recommend the following resources for staying up to date:
• BBC News (Business & Economics Section)
• Bloomberg
• Financial Times
• CNBC
• Wall Street Journal
• Deal Book
• The Economist
Some of those sites are subscription based but all include free content which should more than suffice at this stage. However, there is no harm in asking your school or parents if they have some form of access to these sites as well as trying the school library. In most cases, students are entitled to a discount so look out for special deals.
Increasing Your Awareness
To reiterate, if you want to work in this industry then you need to understand it. Otherwise, how can you be sure you are making the correct choice? To help with understanding technical terms and concepts I recommend the following resources:
• Investopedia
• Mergers & Inquisitions
• The E Financial Careers Guide
• The Goldman Sachs Capital Markets Guide
• Goldman Sachs Overview of Divisions
• The J.P. Morgan Jargon Buster
• Market Place Videos
• Money Week Videos
• Khan Academy
Conclusion
In sum, it is worth bearing in mind the majority of applicants will face a lot of rejection and disappointment during the recruitment process. This is perfectly normal and therefore you should not take it personally or doubt in yourself. You should also remember this is one of the most competitive industries in the world and therefore, be realistic in your choices (don't be afraid of using the Chance Me thread). By speaking to people in industry or friends (or even stalking on LinkedIn), you will get a good idea on how you benchmark against your competition. Finally, there is a large element of luck in this process; like most things, it is not perfect and hence, strong candidates do not necessarily get through. The only advice here is to keep trying and persevere. Good luck – start early and don’t delay!
Part 1 is here.
Offers
If you have multiple offers, it is usually okay at this stage to renege on an offer after signing but you should try and avoid it. Check the dates of various internships to ensure they do not clash, let the bank know as soon as possible and accept the offer(s) on the basis of the bank’s individual strength in your chosen division/sector, its culture and how well you think you will ‘fit’. This advice should not be applied if you have received a Summer Analyst offer or Full-Time offer – reneging on an offer after singing for those positions should be strongly avoided.
Networking Events
If you are in London look out for bank-wide events put on especially for London universities at head offices. Morgan Stanley, Rothschild and Citi often hold these types of events. Depending on your university, banks are likely to visit to offer information, advice and networking opportunities – maximise this as much as possible and drop what you learn in your cover letter effectively.
Languages & Being International
International students often feel disadvantaged going into the Spring Week process however since banks love candidates who can speak multiple languages, you should highlight this to its fullest extent. You should also highlight your global experience and that of different cultures as well as your willingness to put yourself outside your comfort zone. Reach out to alumni on LinkedIn from your own country working in City institutions to see if they can offer you advice (use your native language and you'll be surprised on the response rate you'll get).
Insight Programmes & CV Reviews
If you have previously attended insight programmes then you should highlight this somewhere on your CV. However, these should be kept concise and not take up excessive space especially if you have a lot of your experience. Something along the lines of “Won M&A Case Study during the day by highlighting clear strategic alternatives” or “Increased understanding of equity derivatives by speaking to traders during a tour” does the job.
In case your resume is really packed for space, you should list all insight programmes on just one line without going into any detail. Overall though, playing with fonts, margins and formatting is highly recommended. You can get a solid review on your resume on the CV Shredder section (make sure you edit out your personal details and use generic formatting as target/non-target/bulge bracket/local bank).
Extra-Curricular Activities
Having stellar academics will no longer suffice in getting a job or getting you into a good university. You should use this time to be building your soft skills as well as academic prowess. Banks place a very large focus on demonstrated leadership ability as well as team work and communication. The ability to speak a foreign language is also growing in importance.
For example, I would recommend any of the following: learning a foreign language; becoming a mentor in your school; learning a computer programming language; joining a school sport team; joining the debating society; the Duke of Edinburgh Award; starting a small business, website or society; volunteering; study/work abroad; entering academic competitions; winning scholarships or other awards that show your work ethic and editing or starting a school blog or newspaper.
You should not underestimate how important these activities are – you should place equal, if not more emphasis on these.
Keeping Up To Date
By following the news regularly (ideally everyday) you will start to gain a sophisticated and intuitive understanding of the business world which will impress in interviews and on applications. You are never too young to do this and it is so simple you should start as early as possible. The other reason for doing this is that if you come across a term or concept you do not understand, you should look it up and this will also increase your overall knowledge. I recommend the following resources for staying up to date:
• BBC News (Business & Economics Section)
• Bloomberg
• Financial Times
• CNBC
• Wall Street Journal
• Deal Book
• The Economist
Some of those sites are subscription based but all include free content which should more than suffice at this stage. However, there is no harm in asking your school or parents if they have some form of access to these sites as well as trying the school library. In most cases, students are entitled to a discount so look out for special deals.
Increasing Your Awareness
To reiterate, if you want to work in this industry then you need to understand it. Otherwise, how can you be sure you are making the correct choice? To help with understanding technical terms and concepts I recommend the following resources:
• Investopedia
• Mergers & Inquisitions
• The E Financial Careers Guide
• The Goldman Sachs Capital Markets Guide
• Goldman Sachs Overview of Divisions
• The J.P. Morgan Jargon Buster
• Market Place Videos
• Money Week Videos
• Khan Academy
Conclusion
In sum, it is worth bearing in mind the majority of applicants will face a lot of rejection and disappointment during the recruitment process. This is perfectly normal and therefore you should not take it personally or doubt in yourself. You should also remember this is one of the most competitive industries in the world and therefore, be realistic in your choices (don't be afraid of using the Chance Me thread). By speaking to people in industry or friends (or even stalking on LinkedIn), you will get a good idea on how you benchmark against your competition. Finally, there is a large element of luck in this process; like most things, it is not perfect and hence, strong candidates do not necessarily get through. The only advice here is to keep trying and persevere. Good luck – start early and don’t delay!
Part 1 is here.