Bank on Banking

As an SA, the ultimate goal is (or at least it should be) to land the FT offer upon completion. The question should not be whether you want the offer or not (because you can always reject it – and it always looks better to turn down an offer, than to be turned down for a position), but rather on how you can maximize your chances of pulling out the slot. Since several SAs and aspiring SAs have asked me questions relating to this very important issue, I have put together an article that should help point you in the right direction, and allow you to present yourself in the best light, which should be enough for you to land the offer. Although I’m sure there are other concepts that could be mentioned (and some of these may seem pretty obvious), I have elaborated on 6 key issues that I have seen, and have been told of in regards to good vs. bad SAs. As always, leave your comments below, and if you have any follow-up questions, just send an email my way.

Check, check, recheck, and, if need be, recheck again

A pain in the ass is better than a pain in the wallet (read: a pain in the rating/offer). When it comes to work, repeated mistakes are one of the most common ways to really get under your senior analyst’s/associate’s skin. Attention to detail is one of the most important qualities that an analyst should possess, and making frequent, repeat mistakes is a good way to show your team members that you missed that memo. Mistakes are going to happen – everyone messes up, but you need to try your best to minimize these occurrences. Check, recheck and repeat, all of your work before passing it up the chain. Taking a few extra minutes to check your work may seem like a waste of time, but catching those errors that you would have otherwise passed up to your analyst/associate is definitely time well spent. The better your work is and the less errors your seniors find when checking it over, the more freedom and interesting projects you will be ultimately given, and the better overall impression you will leave on the team.

You will screw up; the key is in the bounce back

Like I said before, no matter how many times you check and recheck your work, you will make mistakes, screw things up, and generally look like an idiot – if you never have, then you need to get more responsibility (read: step up). The key lesson to be learned when making mistakes is in your recovery. Mistakes are quickly forgiven and forgotten as long as you 1) learn from them, and don’t frequently repeat them, 2) don’t make a big deal out of them – i.e. don’t dwell, don’t stew – move past it, and 3) correct them – don’t let other people correct your errors (a small typo in a pitch is not a big deal for your associate to correct if he’s in the pitch, but bigger mistakes should be corrected by you), and even if your analyst/associate says don’t worry about it, you should always ask to make the correction for him/her – don’t just blow it off and wait for it to be fixed.

Go the Extra Mile

Whether helping a colleague, volunteering to take on a new project or putting a little something extra into a current project, going the extra mile is a great way to earn yourself some points. I know I’ve mentioned this before in a few of my previous articles, but it is worth repeating, as so many analysts, both FT and SA, do what they are told without putting any additional thought or effort into the task. Be better than that – be the person who shows initiative, the SA who thinks about the next steps, and goes that extra mile to do a little extra work and help the team. The effort will be appreciated, even if it is not immediately stated.

Casting a wide net (both within, and outside of your group)

In case you, for some reason, haven’t yet realized this point, investment banking is all about networking (as is most of the business world for that matter), and once you have the position, that really doesn’t change. The task at hand here will be to get yourself out there, meet as many fellow bankers as you can – other interns, FT analysts, associates, even senior guys if you get the opportunity. When an assignment comes up that requires a phone call to be made to the other group, either make the call, or head over to their cube – introduce yourself, get the docs, thank them, and move on. Its not a difficult process by any means, but it is highly valuable. The more people that know you by name and are at least social in passing with, the better your chances are of not only getting a FT offer, but also of getting your pick of the groups when it comes time for FT group selections (in the event that you are interested in working in another group, whether you like your SA group or not).

Of course, you want to absolutely get to know as many members of your group as possible (whether a small team, or a large corporate group). These people are inevitably the gate keepers, the decision makers, and making a great impression on them, and putting forth the effort to get to know them and speak with them definitely says a lot for your candidacy. Remember, casting the wide net (both within and outside of your group) allows others to put a face with the name, and when it comes time to review and make decisions, you definitely want people to know your name (although not for being a screw up – being social and likeable are great reasons though). I know of people who worked in a group for a full summer, and probably only knew by name 20% or so of their group (THEIR group) – how the hell can that candidate expect the group members, the decision makers, to know him – this is an extreme example, but it does happen – don’t let it happen to you – make the effort.

Being social, friendly, and easygoing

Remember, a huge portion of the selection process, and job in general, is in getting along with your senior guys. Although this is related to networking, this is far more geared towards your direct group and involves a greater effort on your part. Working long hours with an analyst who complains, clams up with a sour puss, or is just generally cranky past 6pm or so is not conducive to a great banking atmosphere (especially when in many groups most of the work gets cranking and done past 5, 6, 7pm), which translates into…no offer for you…don’t come back next year (in the voice of the Soup Nazi – Seinfeld). In order to survive both your SA, and then the FT positions, you need to learn to take things in stride, and generally take it easy. The job is obviously stressful, and will push you on many, many occasions, but you can’t let it break you – especially during the SA time (it’s only 3 months!). Being the guy who is up for a laugh, and easy to get along with will definitely do your candidacy a lot of good – especially at 11pm when you know you’re nowhere near done – keep your eyes on the prize and a smile on your face.

Stay positive

Although related to the last tip, staying positive is such an important aspect that I felt it deserved its own callout. The summer internship is no more than 3 months, so I don’t care how many hours you are working, how much you dislike Lev Fin and wish you were placed in M&A, or how big of a tool your analyst/associate/VP happens to be, tough it out, suck it up, get a smile on that face, and stay positive. You can always change groups after receiving the FT offer, you can always take another offer from another employer (if you find one), but what you cannot do, is blame a lack of an offer on a mean analyst, or some long hours, or a “stupid” group (note the sarcasm, and childlike complaints I am using to illustrate my point – I don’t think Lev Fin is stupid, I actually think quite highly of the group). Now I understand that it would be completely contrived to stay positive all of the time, and to be happy all of the time – that’s not my point. No one should be happy and a bright ray of sunshine all of the time, because, let’s be honest, at 2am it sucks to be at the desk – period. The point here, however, is that although it may suck, or kill your evening plans, etc, you don’t have to dwell on it, complain about it, and spread the gloomy attitude around. It’s happened to all of us before, and it’ll happen to all of us again (regarding botched plans, etc) – the key is to just roll with it, and make the best of it. Again, it’s only a 3 month run, so keep positive, or, perhaps more appropriately phrased, don’t become negative.

Remember, evaluations are tricky, mysterious beasts that are generally more about fit than anything else (yes work obviously matters, but good work alone is often not enough as many SAs are good, with only so many positions open) – if you’re in the seat and lasted the whole summer, you can probably do the job. The question, then, becomes whether they want you doing the job with them. Follow these guidelines, work your butt off, stay optimistic and interested, and work towards being part of the team. At the end of the day, the process is usually based on a little luck, it’s often a bit absurd, but it’s always…yes, always…a part of investment banking.