Bank on Banking

I go to a complete non-target and a job listing popped up for a SA position at Citi. On my resume, my current position is an internship at a fund of fund / money management but I recently quit to pursue a position at a boutique IB. What should I put on my resume and with the boutique what bullets do I put under it since I really haven’t done anything yet?

First, it depends on how long you were at the FoF internship – if you were only there for a few weeks or less, you can probably leave it off. If you left on poor terms and won’t expect a good recommendation – perhaps they feel you left them high an dry since you committed to stay until XXX and left early, then you should leave it off your resume as well (this is assuming you weren’t there for like 3-4+ months). If, however, you were there for at least 2+ months and there were no hard feelings when you left, you could probably put it down on your resume with bullet points encompassing whatever it is that you did while there. You don’t need to mention leaving or leaving early for another gig, etc – your reason for leaving doesn’t need to be on your resume, only your experiences and responsibilities.

Next, regarding your new internship, you will want to put the basics down – in other words, firm name, date you started, position and location. Regarding specific bullet points, you should not put down what you expect to do, you should only put down what you’ve done. Wait as long as possible to submit for the SA at Citi – until deadline, and by then, ideally, you’ve done at least a few things of interest that you can put on your resume – even if embellished a bit. When it comes to a standard resume drop, applying at the deadline as opposed to a week or so early shouldn’t make much of a difference.

Remember, it’s one thing to add a bit of flavor to your resume, it’s another thing to put down tasks that you haven’t performed and may not perform. If I were you, I would hold off until the deadline and then fill in the position with a few bullet points on what you’ve already done and really try to sell it. If you throw too much on there, it will be obvious that something is a bit off since you’ve only been there a week or a few weeks. If you get to the interview, you can absolutely update them on what you’ve done since the drop, which will only make selling your candidacy easier.

So I got a 1st round BB interview, but when I applied, I wrote down on my cover letter that I was competing in an academic competition. Between coursework and a job, however, my preparation took a back seat and I dropped out. Can this really hurt my interview chances or am I overreacting?

This really isn’t a big deal. Granted, it is an oversight and no longer true, but: 1) cover letters are read briefly and often as a “check-the-box”, 2) even if you are asked about it, just be honest and mention that between drop and now, your courses became too demanding, etc and you decided to withdraw rather than deliver something of sub par quality, and 3) while it is an interesting point, even if the reviewer read it and liked it, it isn’t something that is a banker-killer – it’s not something terribly relevant nor entirely necessary – more just a fun talking point, which, as the description implies, might be fun, but if not there, you are still worthy of that same interview and opportunity (assuming all else is true, of course).

What would be the BBs? Would UBS, fixed income be a good BB to have summer internship? Also, is S&T internship less prestigious etc than IBD? Or, are both S&T and IBD together get referred to as IBD or is it only IBD (M&A) that gets called IBD? Of the two which is preferable? Or is this question dumb in some way? Thanks.

As a rule of thumb there are no “dumb questions” – although I’ve seen some contenders. The “BBs” are essentially the bulge bracket banks – the big banks and players in the IB space – including: Goldman, MS, JPM, DB, Citi, CS, UBS, Wells/Wachovia, Barclays, and probably a few others I am forgetting (strictly talking BBs and not elite boutiques and such).

Getting beyond that, although UBS is a weaker name among the BBs right now (due more to internal issues than IB problems), it is still a strong name in the space and carries some weight – especially in terms of SA opportunities to prepare for a FT push. Fixed Income can refer to S&T and/or IB and/or Credit depending on the position within the space. I am assuming it is either S&T or IB – either way, it should be a solid opportunity.

Finally, to your last question, IB and S&T are both true front office roles and carry, more or less, equal prestige – but they are quite different from each other. It is not a matter of which is better or preferable, but more a matter of which you prefer – if you are interested in IB, then S&T won’t help as much – if, however, you are interested in S&T, then an S&T SA with UBS will absolutely be helpful.

IB refers to more than just M&A – although M&A is nowadays synonymous with IB in many circles. IB includes all industry groups (consumer and retail, technology, media, energy and power, etc) and all product groups (M&A, leveraged finance, high grade, etc) within the IB.

The bottom line is that it all depends on what you are most interested in. Additionally, even if you are interested in IB, accepting an SA position in S&T with UBS will still definitely help as they both carry high levels of prestige and often rely on similar skill sets (even though a SA position in IB would be preferable in this case). The biggest thing in that case will just be in defending your interest in IB, when interviewing for IB FT offers.

It’s getting late in the season and I’ve been rejected for a few SA opportunities. Over the years I’ve built an extensive list of contacts through alumni and linkedin. Should I just send out a mass email to all of them this week? It would definitely save time, but is it worth it?

I would definitely reach out to your contacts, but I would not go with a mass email as a mass email is very impersonal and makes your contacts feel like they are nothing more than resume droppers especially since many of them don’t know you very well if at all. Instead, I would send the emails out 1 at a time, and take your time. Don’t wait 3 months to do it, but it’s perfectly fine to tailor a few emails to your best or most engaged 10, 20, 50 contacts, and then see what types of response you get over the next week or so. Then send another batch if you need to dig deeper. You never want to call on everyone all at once if you only need a few at a time to get the ball rolling. Save your pull and keep them in reserve and interested for another day. For now, look to your most interested contacts and start there.

One of my interviewers (SA) was a VP in M&A. I received the offer, but I definitely want to get into his group. The sell day is later, but is there a way I can reach out to him to really indicate my interest and get the ball rolling? How should I go about saying that I am talking to other firms but would come to his firm if I got into his M&A group?

To the last part of your questions first, there really isn’t much of a way to get hired directly into a group during a standard SA (it is for the IB position and then the sell day follows where group selection is made) – only if you are a direct hire into the group will you have a guaranteed spot in the group. That said, there are ways to definitely increase your chances.

First, you should definitely reach out to the VP and ask him a few more questions, express your interest in the team, and ask him if it would be alright one day to even potentially come in and meet a few of the guys, etc – see how the team flows, works, etc – briefly of course, perhaps before an early lunch. All of this will show both your enthusiasm and interest in not just the opportunity, but also the group. Once you begin speaking with him a bit more and develop a bit of a better relationship, you can then talk to him about SA opps in his group, your interest in specifically working with his team, his thoughts and so forth.

From there, you might have an avenue to speak to HR to lock in a spot with the group, or potentially persuade the VP to push hard for you (which will definitely help your cause). The first step, above all else, is to work on developing the relationship with the banker and even some of his team – get the email going, ask some questions, express an interest, and then offer to meet for a drink (coffee) or a quick lunch – really try to learn about the group and fit into the team’s dynamic.

With a decent SAT score, should I take the GMAT and try to ace it as a freshman or sophomore in order to take the focus off of the SAT and if so, will it help me to land internships?

A high GMAT is definitely a positive mark on your resume, but as a freshman, soph, or even junior, the SAT is the standardized test of choice and merit, not the GMAT. Showing the GMAT on your resume and not your SAT score will also raise flags as to how poorly you must have done on your SAT given your choice to highlight the GMAT, a B school exam. Additionally, since the GMAT is only good for 5 years, if you decide to attend B school, it is highly likely that you will have to retake the exam, study all over again, etc. Finally, the GMAT is not going to really help since, as I previously mentioned, at your age, the SAT and GPA are the pivotal academic points of interest – as long as you have a solid SAT, just focus on maintaining or earning a high GPA, start networking, and keep your eyes open for opportunities. Save the GMAT for senior year, or later.

Stay tuned for future posts on what an analyst really does, staying ahead of potential layoffs and more!