It’s Only A Summer, Right?

Starting with the second, better scenario first, if you get stuck in a bad group (whether for the future placement, deal flow, hours/balance, team, etc) as a SA you are definitely not screwed here. The big objective in this case is to do your job, do it well and essentially tough it out with a smile on your face for those 2-3 months. Remember the SA position is exactly that, a position for the summer and as long as you stay in everyone’s good graces, you should have a decent enough experience and be able to leverage that into an opportunity with a better group – whether with your SA employer or a different IB.

As a SA, especially if you want to stay at the firm you are currently at, you will need to work hard and land that FT offer. Landing the offer, however, does not usually mean that you HAVE TO stay with your current group – as with most BBs, landing the offer means that you have a FT offer with the bank, not definitely and specifically within your SA group. Yes, if your group likes you and you wanted to stay in your group, you’d definitely have a great shot at that, but for the sake of this article, we will assume that you prefer another group. In order to make this group switch into not just any group, but your group of choice, you should definitely use your time as a SA to not only build experience, but also to build a network or at least network with a few bankers in your top groups of choice. This will definitely help you to land in the group you prefer come the following summer, when you begin your FT analyst career.

It’s Not A Lifetime, But It Can Certainly Feel Like One

Moving past the SA scenario, the other case involves getting place in your less than ideal group as a FT analyst. While in this case you do not have the ability to work a summer and then move on as part of a structured SA program, you are definitely not screwed and doomed to this particular group or industry for all eternity (yes, the exaggeration is completely necessary). In this case you’ve got a few options as to re-branding yourself in a new group/industry, but before I go into those, we need to quickly discuss how to prepare yourself for those options.

Regardless of the group you are placed in, in order to highlight yourself in a proper fashion when preparing to make your move, you need to be a star in that group while you are there. Essentially, treat the group as if it were your top choice by pushing for the big projects, getting more work on your current projects, offering to help out on other assignments, doing additional research and generally showcasing yourself as a team player and strong analyst. Yes, it is often hard to motivate yourself for something your heart isn’t in, but remember, it’s still valuable experience and will you to build your candidacy when making a push, especially if pushing for another group within the bank (good news travels fast, but bad news, as in you’re lazy and useless, will travel faster). Additionally, make sure to meet your whole team – this again follows the being a good team member path – and you definitely want to meet analysts, associates and senior bankers of other groups – use deal team contacts and your analyst class as a means of networking both for immediate opportunities and opportunities going forward.

Once you’ve shown yourself as a strong analyst, you can definitely begin to think about your next move. One way you can always go about re-branding yourself is by pursuing an MBA. While this path will definitely require the most time in your current position (as you probably won’t get into a strong business school until you’ve completed the 2-3 year analyst program), it will also open many doors for you in terms of on-campus recruiting, alumni network, as well as provide you with a fresh start as an associate. Additionally, since you’ve demonstrated your ability as a strong analyst, you should be able to land some strong letters of recommendation and ideally have at least one or two interesting deals to discuss.

Since business school is obviously not everyone, or at least not for everyone at one specific time, you might want an additional option. Along the same lines, 2-3 years in your bottom group choice might very be a nightmare for you, regardless of how well you perform during that time. With that in mind, we move onto the most popular alternative –the opportunity to make the Group Switch. Essentially, making the group switch within your bank will require all of the above preparation and work, with an emphasis on, of course, networking. Remember, moving to a new group within your bank is always easier than getting into a new bank – so use that to your advantage. Once you’ve established some sort of a reputation within your bank, it will be easier and preferable for the new group to satisfy its hiring needs internally, rather than by looking outside to a completely new person. Also, generally speaking your current team won’t have much hard feelings, especially since you can talk to them about it when you know you have an opportunity to move into the new group rather than just springing this on them last minute – you can give them a heads up and put in the time to make a smooth transition for everyone involved, even if it requires a little extra work for a few weeks (it’s better than burning bridges).

Finally, you can make the push to move to a new bank through utilizing your network. Of course the key here will be in maintaining discretion in your networking efforts. You don’t want to shout from the roof tops that you are leaving bank X until you know you’ve got something definite (and even then, a little tact still goes a long way in terms of maintaining good relationships). This avenue is most appealing for someone who likes their group/industry, but doesn’t particularly care for their team’s deal flow, work/life balance or doesn’t really get along with a member(s) of their team. In this case, you would love to stay in your industry, just move elsewhere, where you find a better fit. The reason why I say this option is best is because 1) you want to stay in your industry/group, just move to another employer and 2) other banks will have a much easier time taking on an analyst from another bank if they want to stay in the same group, rather than start completely fresh. For example, I knew an analyst who wanted to make a move to another bank that had a stronger footprint in the M&A space after his first year. That analyst was highly ranked and working in leveraged finance space currently. When this person interviewed with 2 or 3 other potential employers (with a bit of network help), the other employers were interested in bringing him on, but not as an M&A analyst, but rather as a leveraged finance analyst. While it is definitely possible to make a fresh start, it is easier to move within your bank.

While two years can definitely feel like a lifetime in IB, remember that you are only starting your career. As an analyst, you definitely have avenues to make a fresh start in a different group or industry. However, just because you have opportunities to make a switch, it does not mean that you should spit all over your current opportunity and just expect something new to come along. Be smart, be tactful, work hard, and keep your eyes open – you’ll find a new opportunity or, at the end of the day, you might actually decide to stay in what was once your bottom group choice.

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First thing is first; since you already landed the offer, the meeting will NOT be like your Superday Gauntlet and you will NOT be expected to rattle off Technical Question Answers like a finance textbook. This meeting, fortunately (I am assuming most of you find this to be a fortunate point), will be entirely about fit – in other words, whether you like the type of people in their team and whether they think you are a good fit for the group. Essentially, you can expect it to be pretty casual (in terms of conversation, not attire – unless you are specifically told NOT to wear a suit, definitely wear a suit), while touching on many of the common points such as background, what interests you about group X, your hobbies, school, clubs, sports and so forth – depending on the person with whom you meet. No, you probably won’t be grilled on failures, strengths, weaknesses, etc, but you will still want to be confident and vocal in your conversation without coming off as cocky – remember, you are not really trying to impress them as much as you are trying to show them that you are likeable and a good fit with the team.

Be prepared to sell yourself as hard working and both interesting (as a person) and interested (in the team), but don’t be a phony – be genuine and true to who you are – it’ll make a much better impression and give both of you the opportunity to know if there is a good match there. Remember, while the group is checking you out, in a sense, to learn whether you are a good fit for the team, you should be evaluating the group to find out if you feel you would fit in and, more importantly, enjoy your time there – remember, it is work, but it is also going to be a BIG part of your life for the next few years (or at least months for a SA – although, of course, this is a much bigger deal to FT than SA since SA can change groups, etc after their internship).

Regarding what types of questions to ask the bankers, I would go with questions pertaining to the person him/herself – such as his/her interests, what brought him/her to the field and group, his/her school, etc. From there, I’d move into the general group dynamic. In other words, ask about the groups common interests – are they social (in other words, do they do anything as a group – whether that be outings, evening drinks, etc), is the group more casual or professional on the floor (in terms of not only attire, but banter, different banker level interaction, etc). While this is definitely a field of interest to you, this is also the field in which you need to exercise the most tact when posing the questions. Specifically, you need to make sure not to ask questions with judgmental tones in your voice essentially leading the banker to believe you feeling one way or another as opposed to simply trying to learn about the team. From there, you can go into analyst responsibilities – will you get modeling exposure, construct pitch books, draft and revise offering materials, etc. Additionally, will you get exposure to senior bankers or is it pretty structured (a vertical structure) meaning analyst goes to associate, and associate goes to senior bankers or even VP and only the VP goes further up the chain. Lastly, you’ll want to touch on the group as a product of the bank. In other words, ask about deal flow, hot products or industries right now (depending on whether you are talking to an industry or product group), whether the group is keeping busy and looking to some live deals (essentially you are showing an interest in becoming a part of the team while in reality you are trying to gauge just what level of experience you can expect).

While there are definitely other questions to ask, this should provide a solid foundation and a more complete picture of the pre-sellday networking process as a whole. If used properly the pre-sellday networking channel can be extremely valuable in terms of landing in your target group. Just as with anything that can give you an advantage, however, it can also give you a disadvantage if used improperly. Remember about all else to put your best foot forward and be genuine in your conversations – this will not only impress the group, but also help you to learn whether you would honestly be happy in that particular group going forward.

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Generally speaking, IB bonuses will be higher than capital market banker bonuses moving up the chain. However, in most banks, the bonuses will come from the same bonus pool – in other words, at the analyst level your bonuses will be based on ranking regardless of group. As you move into VP and higher, bonuses will be based on your performance and the performance of your group with the group that brings in the most revenue generally getting, understandably, the largest piece of the pool. Personally, unless you are really interested in DCM, I would go with a different product group within IB (such as leveraged finance, M&A, or Project Finance – in those banks where PF is an independent group) or an industry group (energy and power, financial institutions, technology, etc) of interest.

That said, on an analyst and associate level, there really isn’t a difference in bonus figures. Additionally, in DCM, at least high grade DCM, the hours are often a bit better, and there will be more client interaction a bit sooner, but the modeling is nearly non-existent – at least in terms of interesting modeling such as M&A, project or lev fin modeling.

I landed a SA position, but am still considering other options for FT – should I reach out to my contacts now, wait until the internship is over, or not at all? Will my contacts talk with the bankers here and get me shunned?

You’ve got a few questions here, so let me tackle each of them one at a time.

First, while the Street is small, there is nothing wrong with networking and, generally speaking, your other contacts won’t go running to your current bank and be like “hey, check this out – so and so is totally screwing you guys – don’t offer him a FT position.” It’s expected that you will shop around, network and keep your options open if for no other reason than you don’t officially have a return offer yet (and won’t have one until nearly the end of your internship or so – even if it implied beforehand). Also, it’s always good to stay connected to your alumni and contacts not just for immediate use, but for down the line – if you are ever thinking of making a move or helping out a friend, etc. In short, definitely network and definitely put the feelers out there.

Now, to the 2nd question – whether you should start networking now. I definitely think that putting the feelers out now and making a big push is acting too soon. You want to give things some time – let people begin their internships, and start looking towards FT before really reaching out – you don’t want your contacts to think that you are miserable in your current position or that you don’t care about it – you want them to see that you’ve experienced it, like it, are learning a lot from it, but are considering other options for FT. That said, waiting until the end of August, if not later, is definitely delaying a bit too much (considering you have options and contacts already). In other words, waiting until August/September is fine, but in your case, you’ve already got several avenues to pursue – so pursue them. I would recommend that you wait until you are about half-way through your internship and have worked on some projects and learned a few things so that you have some valid talking points and, honestly, selling points. Essentially, I’d start thinking about reaching out towards the end of July – take it slow, but definitely make your move. This will give you enough time to pace yourself and continue to build the connections.

Is using Linkedin is a viable way of networking when contacting alums and such. Would someone think I am a creep if I randomly sent them an ‘inmail’? Sorry if this is a stupid question, but I figure it is better to ask and know than have no idea at all.

To your question, it is definitely not stupid, and one that I hear fairly often. The purpose of LinkedIn is to actually connect people with other people – more specifically, professionals with professionals that have common points of interest who otherwise, might not have made that connection. While everyone that you reach out to will not come running with open arms, you will absolutely find several people that are interested in making the connection and helping you out – whether with advice, insight, a recommendation, or a combination of the 3. Just as with an alumni database, the key when reaching out is to be patient and let the contact grow. At the same time, however you want to be persistent and really cast a wide net. Craft an articulate email mentioning the mutual point of interest (your school, for example), and then ask if they’d be available to offer a bit of advice and such. Start slow, and then, if they show an interest, you can talk more about school, their background, how they broke in and more. You’ve got some time, so really use it and make it count.

I am trying to get placed into my BB’a M&A team for the summer and I’ve gotten in touch with the VP staffer for M&A and set up a time to speak. Honestly though, I’m not sure what I’m going to say. I reached out to indicate my interest etc. I’ve spoken with an analyst in the team who was cool, but I honestly have no idea what I’m going to ask the staffer.

Just be yourself and be genuine. You should talk to the staffer about the number of projects that have been coming in, the team dynamic (personalities, interests, etc), what they are looking for when the dole out projects to analysts, etc. Try to show your interest in the group and the field and ask a few questions accordingly. Remember, it doesn’t have to be a big formal interview – keep it casual and enjoy the opportunity.

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The Luck of it

One of the big components of your rank is in what you’ve done for the team – fortunately, or unfortunately (depending on which side of the spectrum you are on), that means the projects you work on and played a role in count. In other words, if you ended up being staffed on a big deal that went live, required a lot of work, a ton of hours, and some concrete thought on your part, the case made for you to earn a higher rank (4 or 5) will be easier to strengthen than the smart analyst who wasn’t staffed on a noteworthy live deal and didn’t end up doing much more than a ton of pitch work over the past several months/year.

Yes, there are certainly analysts who don’t get staffed on the big live deals who earn 4s and 5s, and there are of course analysts who do get on those types of deals who end up getting 2s and low 3s, but apples to apples, it is easier for a strong analyst to shine when he/she lands a few big deals and has the opportunity to “show the goods.” When I 1st started, I knew an analyst (not a 1st year) who was an all-star – ranked a 5, everyone wanted him on their deals, had a great reputation for delivering great low-error, really high quality work in short periods of time, helped other analysts, etc. This analyst was staffed on several deals – unfortunately, after his 1st 2 years, he didn’t have 1 closed deal to show for it – not one closed deal for his personal league table. I bring this up because it is possible to shine without closed deals – making this point, however, does not negate the fact that it is much easier to shine with the big deals under your belt. Great or crappy, nice or nasty, this business is about what you have done for me in general and what have you done for me lately – getting your name out there and on some big deals matters to your reviewers, to headhunters and to your prospective employers (if you’re looking to other avenues after your 1st, 2nd, 3rd year, etc) – but I can spend all day talking about what prospective employers and headhunters want to see (or at least another article).

Back to the point at hand – besides the deal flow you see, the luck of your ranking is also based on exactly that – the luck of the process. When it comes right down to it, there is a bonus pool and for analysts your ranking dictates what slice of the pool you receive. With that in mind, every analyst cannot get a 4 or 5 (and frankly, not every analyst deserves it). Landing a 4 or 5 means that you are (or should mean that you are – politics and such aside) better than average – sometimes much better than average (since many systems have a 3 for average and a 3+ for above average) – and in the case of a 5 definitely much stronger than the average analyst. Since that is the spoken rationale behind the ranking, a benchmark needs to be made and with every cutoff or bucket for placement, there are only so many people that can land in each – especially in flat or down periods. This also ties into why it is harder for those analysts who don’t land the big or at least live deals of any size to receive the best ranking – with only so many 4s and far fewer 5s to be given out, it is easiest for senior bankers to justify high ranks for those analysts that have made the most visible marks on their teams – and those visible marks can readily come from the live and recently closed deals. Remember, by the time the ranking process and bonus talk gets down to the analyst level, the MDs at the top often need to bring in lower senior bankers (Ds and VPs) to help with the decision and inject some real insight into the caliber of the analyst. If the VP can point to specific input, it becomes much easier to support his or her ranking – not to mention the fact that the VP would like to have a reason for picking a ranking himself and not just – well it seems like he’s a hard worker or that he thinks he remembers you working hard on that project 9.5 months ago – again, it’s what you’ve done for me in general and what you’ve done for me lately.

The Work of it

Yes, there’s definitely some luck behind your ranking in some form or another, but just because luck can be a factor or play a role in your ranking, it does not mean that you can or should rely solely on luck to carry you. It also does not mean that you are powerless against the forces of luck or that you cannot absolutely boost your rank without the big deals or a host of live deals. First and foremost, you need to step up and become the Go-To Analyst. You need to create a name for yourself and show that you are smart, capable, detail-oriented, analytically inclined and an overall strong analyst with or without a live deal going on. Tackling your projects with intensity is definitely worth a gold star, and being able to tackle any project – whether for a big deal, or a pitch on a small deal bound to go dead – with a strong level of intensity and commitment will definitely help to highlight you as a talented and above-average-level analyst.

Yes, you need to keep your spirits up and yes you need to keep that strong focus and intensity. All of that, however, either won’t mean much of anything to senior bankers or won’t mean much for very long if you can’t turn projects around quickly and maintain a high level of accuracy (little errors and when errors are made, you correct them quickly). The quick turnaround time is essential in banking, just as in any high-intensity/stressful/demanding job out there. A quick turnaround time is important, but coupling that with an ability to minimize errors and consistently improve upon your work is the “magic formula” when it comes to impressing colleagues and earning better projects and assignments. As a former superior once put it, “I don’t expect everything that you hand to me to be 100% perfect, if for no other reason than we are going to change a lot of it anyway by the second turn. I do, however, expect it to be at least 85% right and immediately corrected.” In other words, mistakes are going to happen, but you want to avoid the repetitive and silly mistakes (spelling, simple formatting, etc) as much as you can and then correct them as quickly as you can when they occur. Additionally, while it is important to minimize errors, it is possible even MORE important to eliminate or minimize repetitive errors – in other words, making the same errors time and time again.

So you’re bringing your “A” game to the table – you’ve got drive and a strong skill set, you make minimal errors (even less repetitive errors) and you are on the ball when it comes to correcting your oversights – what else can you do? Next on the list comes one of the most basic things that an analyst can do, but often fails to do, forget to do, or just doesn’t pay any attention to – knowing the deals, the calendar, and the team’s products. As an analyst it is very easy to become an Excel machine, a PowerPoint zombie, or something just as mechanical. While you are certainly expected to know these programs in your sleep and be ready to reformat a pitch or crunch a model at the drop of a hat, you also need to see the bigger picture. By knowing the team’s calendar, knowing which deals are hot and cool and knowing which products work best on various types of transactions you are showing that you are more than just a typical analyst – you are showing an interest in the team and the profession. You are showing that you are capable of seeing more than just formulas and slides and that you understand the bigger picture, the greater importance in the system. Furthermore, harnessing and using this knowledge will allow you to play a more valuable role in your team – you will be able to anticipate some requests and be able to offer insight during meetings – you will not have to wait to be told do something all of the time – and those tools not only showcase you as a talented analyst, but also allow you to take more initiative. Know what’s going on around you and get out of that analyst assembly-line type of mentality.

Finally, we come to the last, but certainly not least big point – one that belongs in both the luck of it and the work of it – your personality and connecting with your team. I know that I’ve said it before and I hate to run the risk of beating a dead horse, but I need to say it again – personality counts big. Fitting in with your team and being a part of the group is definitely a great way to improve your rank. Yes, rank should be based on work and talent, not how much someone likes you – but let’s be honest and cut the crap – this is banking – yes your work and talent of course count for a lot, but if you think you are going to land a 4 or 5 without being liked by anyone or worse, being a bit of an ass, you are usually quite mistaken. Now I’m not saying that you want to completely follow the herd, but you certainly want to get along with your team and show an interest in what they do (at least when they talk to you about it) – especially senior bankers. It doesn’t require much work to have a conversation of a few minutes and chat about something of interest to another party – so do it. You want to be the analyst who gets along with the majority if not the whole team – you want to be the analyst that people enjoy talking to on walks to get lunch, during dinner, when grabbing a drink occasionally, etc. At the end of the day, banking is a networking business, a social business, and a people business – isolating yourself might be fine in some professions, but banking is definitely not anywhere near the top of that list. In short, be a social butterfly both in terms of networking and carrying yourself (don’t be annoying or tactless) – it might not get you a 5, but it will definitely help you to stay in the good graces of senior bankers and probably land you a deal opportunity or two as well (especially if you work in a smaller group).

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The spring internship in WM will not hurt you unless you are indeed fairly certain that your GPA will suffer. If your GPA is going to take a big hit, I would advise against the internship. Additionally, if you think you are going to be miserable, then again, don’t take it, as it will not help you much in terms of building quality experience, good recommendations and contacts, etc.

When it comes right down to it, an internship in WM is neither going to really provide you with a strong outlet to network with bankers nor create a strong avenue to leverage your position into an IB opportunity. Beyond that, your Big 4 internship can help you, or it can do little for you depending on the group you are in. If you are in audit, it won’t help nearly as much as if you are in more of an advisory role or something similar. At the very least, however, the Big 4 internship will put a strong name on your resume, provide you with some solid experience and give you an internship for the summer (as opposed to nothing – which will definitely NOT help you to break into IB).

The bottom line is if you think you can keep your GPA up (which doesn’t seem to be the case) and think you will enjoy it, take the WM internship as it is a solid opportunity. Otherwise, drop it, as a strong GPA will definitely help you more than a PT WM internship in terms of breaking into IB.

In order to earn a FT IB slot with a BB firm, do I need a SA internship in IB with a BB (I am thinking of enjoying my last summer of peace)?

While it certainly helps to land a FT offer, you can definitely break into FT BB without doing a SA program. Just as you would when going for SA programs, the key is in networking and delivering a strong resume. The difference here is that you will be competing with many applicants who have IB experience as a result of their SA positions (whether with a BB, boutique, etc). The biggest benefit to the SA program is that you can earn a FT spot and then not have anything to worry about during your senior year – no recruiting and interviewing, unless you don’t want the position, as you have already locked up a FT offer. Beyond that, the SA program will offer concrete IB experience that will help you to stand above many other applicants from target and semi-target schools (whether you attend one or not).

The bottom line is if you earn a SA opportunity (again with a BB, boutique, etc), it wouldn’t be a bad idea to take it – if for no other reason than to make sure that IB is actually for you and that you can and want to handle it and make it your profession for the next year, 2, 3, etc. If, however, you don’t land one or really don’t want one, then at the very least I would work the networking channels and try to land an internship either in boutique IB or at least something related to IB – advisory, corp dev, consulting, etc – something calling on a similar skill set and fairly competitive. If you can land a solid position such as something listed in the previous sentence, you should position yourself pretty well to land a FT IB position with a BB – especially if you attend a target or semi-target (if not, this will still certainly help you to level the playing field).

For breaking into BB IB, is it better to accept a summer P/E internship or a boutique IB internship as a freshman/sophomore (before SA IB recruiting)?

As a freshman/sophomore to land either of those opps is incredibly impressive and neither option would hurt you. That said, just as with all opportunities, you want to go where you will build the greatest skill set and have the broadest experience in order to continue to position yourself in the best possible light as you move towards FT recruiting. If the boutique seems to offer you transaction experience and such, then that would definitely be a great path to take in terms of preparing yourself for BB IB and ultimately, FT IB. If, however, the P/E job seems like you would be working on more transactions and concrete projects, while the IB role seems a bit more juvenile in nature, then go with the P/E shop. Bottom line is both opportunities sound solid and both will help you as you move to pursue SA IB and then FT IB – go with whichever seems to offer the greatest experience set and don’t look back.

Why didn’t I get more offers – is this a tough year or am I just making the wrong moves?

I honestly can’t say why exactly you didn’t get too many offers. It is always a very competitive process selecting from pools of the most intelligent and capable people. Just getting interviews is impressive and beyond that it becomes a matter of fit and interview technique. You might want to consider some of my interview prep services that I offer ahead of his FT recruiting as I have helped numerous candidates impressive their interview skills and land offers. Besides interview technique and interview question responses there is also a “luck of the draw” factor to consider. There are many talented and capable students, but only so many slots – sometimes the fit isn’t right, sometimes a few small missteps can add up and sometimes you fall just a bit shy of the stronger applicants at that particular superday (not even overall – just that day). Keep your head up, stay focused and driven, and try to avoid common interview missteps.

I was wondering if you have any idea about the best course of action regarding smaller boutiques because most of the time their websites don’t mention anything about internship opportunities.

Generally speaking, I would recommend that you draft a strong letter of inquiry (check out my cover letter and resume services) and resume to ensure that you are putting your best foot forward. Besides that, you need to search the usual suspects (Craigslist, efinancialcareers, etc) and then perform general Google searches for boutiques closer to you. Don’t be afraid to make some phone calls and send out inquiry emails to ask about internship opportunities. Additionally, make sure to have a solid elevator pitch ready to go highlighting a few key skills and accomplishments as well as your interest in banking for when you get bankers on the phone. It will definitely be a tough road, but it is absolutely possible – reach out to firms looking for FT analysts, interns and even those firms that don’t have any need listed – simply put: cast a wide net. Paid or unpaid, the biggest thing here is to just gain some solid experience.

Is it too late to reach out as a sophomore who has not yet received any opportunities?

It’s definitely not too late to reach out. At the end of the day, even if you don’t earn any position, it is great practice – you want to be comfortable cold calling and you want to be comfortable on the phone, discussing yourself, different companies, technicals, etc.

The key here will be in getting to the point and being prepared to showcase your skill set as well as your interest in the company. Do some research, prepare some questions and get right to it – fire out some inquiry emails, or make some cold calls and be flexible. Explain that you are interested in the learning opportunity and chance to witness the profession firsthand, rather than making money and such. Focus on your talents and how you can help them, even on a PT basis – if that’s what they need. What you want to avoid, however, is sounding desperate. There is a line between driven/hungry and desperate. You don’t want to beg for an opportunity, you don’t want to go on and on about how you’d feel privileged just to sort papers, make copies, get coffee, sweep the floor, etc – part of selling yourself is in having goals and standards. Yes, you might be asked to get coffee and make copies – but you should be vocal in your goals to learn, to grow and to contribute to the team.

Learn about the company, know what you are looking to get out of the opportunity (but be realistic – don’t expect to close a bunch of deals, run models, etc as a soph on a cold call) and be comfortable, yet persistent. There are a lot of boutiques out there and if you can work unpaid, you might actually get some solid experience ahead of junior recruiting. Remember, worst case scenario is you are in the same position as you are in now (no offer). In other words, give it your all – no one is going to hold a grudge, no one is going to reject you next year because you cold called a few places this year.

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!

Getting that SA 1st Round Interview

For the SA position, since applicants will generally have a far lighter resume in terms of work experience given their age and the natural path of these opportunities (junior year is usually the first year of strong opportunity), work experience does not often matter all that much. Tackling this list in order, school brand would be most important, followed by an applicant’s GPA, followed by leadership and extracurricular experience and then, on the same level as EC experience, would be one’s work experience.

School brand, first and foremost, is absolutely a key to earning the SA interview for two reasons: 1) given the lack of work experience and the banker’s love of the school pedigree, applicants generally don’t have the tools to offset the lack of that pedigree, and 2) target school students will have a far more effective and better-represented alumni base, which they can and should utilize to build their network and candidacy support. At the end of the day, bankers love to see that target school name on your resume, and while it doesn’t get you the job or the interview by itself (no single factor will), it definitely keeps you on their radar and opens their eyes to the rest of the resume. Furthermore, while attending a target does not guarantee you an interview, attending a non-target will definitely make at least a few of the resume reviewers either immediately drop your resume, or move dangerously close to that action (this, of course, does not take into account the networking avenue).

Next on the list is GPA and before anyone asks, you do not need a 3.95 or even a 3.75 to work in banking. Sure, a high GPA definitely helps and supports the strength of your candidacy, but a GPA of 3.94 is not by any means vastly superior to a GPA of 3.54, and that GPA of 3.94 will not carry your candidacy and guarantee you an interview despite a poor overall resume. That said, the GPA is definitely an important aspect of your resume, and I see it as second most important behind school brand for landing the SA 1st round interview. First, the GPA is often used to create a hard cutoff to weed out candidates right off the bat before considering the appeal of any other aspect of one’s candidacy including school brand – that hard cut off is usually between a 3.0 and a 3.3. Next, in addition to the hard cut off, bankers use the GPA to 1) compare the performance of target students who are often not majoring in a business discipline as a further measure of whether they can handle the IB position, and 2) separate stronger non- and semi-target students, who are often held to higher GPA standards, from those students that fall more towards the middle of the spectrum – think “good, not great.” Without a strong GPA, you will definitely be fighting more of an uphill battle, and if you are attending a non-target, you will definitely be faced with a difficult path ahead (again, this ignores the advantages gained by networking if utilized effectively).

Beyond the school brand and the GPA we get to your experiences, both extracurricular/leadership and work experiences. Since as a summer analyst it is almost expected for students to not have impressive work experience, the previous two categories are generally weighted much heavier. That said, there are exceptions to every rule and since the expectation is for very little in this case, having some solid work experience or strong leadership experience will definitely strengthen your candidacy and significantly improve your chances of that 1st round interview. Generally speaking, however, applicants usually have decent work experience including non-IB related busy-work, small firm ops, administrative or university/campus experience, which will not have a big impact on the reviewers. Extracurricular and leadership experience is definitely helpful as well, but again, to a lesser degree than the previous two categories. Having a collegiate sports background, especially in a leadership position (captain, for example) for example, will help to provide that fit and interest aspect of your profile that is truly so important to bankers. Holding a leadership position in a professional club such as a Wall St. club will help you on two fronts: 1) you will be seen by bankers as someone with a bit more knowledge and passion for the job and 2) the network you can build in that position through the club’s reach will definitely help your candidacy. Bankers want leaders, and bankers want to see that you are more than a 3.83 econ major – get out there and make an impact.

Regarding the 5th topic of relevant coursework and knowledge base, this varies from shop to shop, but generally, BBs won’t care much about this at all, while small boutiques, especially small no-name shops, might put at least a fair share of emphasis on this category since, given their lack of a formal training program, they will prefer interns that are able to hit the ground running, meaning those that don’t need to be taught the basics of finance and accounting, and ideally know more than simply the basics. Regarding relevant coursework, there is no need to list strictly introductory courses – such as microeconomics and intro to probability. Although colleges have different names for introductory accounting and finance courses, listing those on your resume is usually acceptable since financial accounting courses, for example, will be extremely beneficial to banking even on an introductory level. Finally, do not list courses that are not important to banking – advanced math and econ courses are acceptable, and finance and accounting courses are always welcome – beyond that, there isn’t much of a need.

Getting that FT 1st Round Interview

FT recruiting is a bit different than SA recruiting in that bankers know FT recruiting is not a small 2-3 month interview, it is the real deal and, as such, bankers will stress each aspect of the resume to a greater degree. Additionally, FT applicants are often expected to bring relevant experience to the table given the opportunity juniors have to land SA and other internship opportunities. Tackling the ranking list for FT recruiting you’ll notice that a few categories moved, although most is still the same: most important are both work experience and school brand (as opposed to just school brand for SA slots given the lack of available professional experience), followed by GPA, then leadership and extracurricular experience as a standalone, and, finally, relevant coursework rounds out the list.

As mentioned above, for FT recruiting, unlike SA recruiting, bankers would not be surprised by some strong work experience and will look for it when assessing your candidacy. No, work experience will not offset everything else, but it is definitely one of the two most important aspects of your candidacy regarding FT recruitment. The other, just as before, is your school brand. I know; all of the non-target applicants out there are wondering whether they will ever get away from school pedigree and, unfortunately, the short answer is no. Will school brand make a huge difference ten years down the line, no, but remember, conversation and fit will always play a role and a great opening talking point with someone in a business meeting, interview, etc, is always, “hey! I didn’t know that you graduated from Harvard, what class were you?” or something like that – common points of importance and/or interest are always helpful and useful. Anyway, I got sidetracked for a second, so let’s get back to it. For FT recruiting, strong IB work experience can definitely help to offset a poor school brand, a strong school brand can offset lackluster work experience, and, finally, a strong school brand plus IB work experience makes for one hell of a strong candidate. In other words, because the opportunities for SA and internship positions are there for juniors, FT recruiters will look for these aspects on your resume and are ready to give credit where credit is due. In short, FT recruiting really looks for that balanced resume, and those will the balance of work experience and school brand have the best chances (although that should be pretty obvious). The big difference here is that although FT recruiting is still heavily about school brand it is also about work experience, and when something can be weighted about as heavily as school brand for IB, it is worth mentioning and analyzing.

Moving right along, coming in just behind work experience and school brand is, again, the applicant’s cumulative GPA. The same GPA rankings, requirements, and preferences still hold true as for SA positions, and, as always, you should try to keep your GPA as high as possible and finish with a strong GPA – in other words, don’t let it plummet. If you need a bit more on GPA, make your way HERE. Beyond the basics we’ve already covered, GPA is that hard number that bankers look to, just as we’ve discussed for SA positions, when assessing your ability to handle the workload and manage the analytical requirements of the job. A strong GPA can only help you both for FT recruiting and down the line if you plan to transition to buyside, boutique IB, etc, so don’t let it fall apart on you in the final stretch.

Leadership and EC experience, although fairly far down the list of importance to bankers, still makes a difference and should be played up as much as possible on your resume. Leadership experience for FT recruiting is important to bankers since although analysts won’t generally be in any position to “lead,” bankers still see the qualities necessary to command these positions as important to the position – in other words, being able to analyze situations, voice opinions, lead teams, communicate effectively, hold yourself to a high level of expectation, etc. Bankers see themselves as Type A, for the most part, and, as such, want to believe that leaders are good bankers (unfortunately many true leaders would highly disagree). Furthermore, just as with SA recruiting, leadership experience in professional clubs will often open doors in terms of networking events and expanding your contact base. EC experience in general, although not as impressive as leadership experience, can still be helpful as it provides both points of interest to your candidacy (shows that you are more than just a GPA and school), and talking points during your interview – think of the sports example I used from before. Playing collegiate sports, volunteering with an organization you are interested in, etc are all talking points and really help the reviewer, and, eventually, interviewer, find out who you are and whether he/she would be able to and, ideally, want to work with you.

Finally, we come to relevant coursework. Although it is ranked lowest for both SA and FT recruiting efforts in terms of resume importance, I still believe that it is worth mentioning as it can definitely help your candidacy, especially with small boutiques. Just as with the SA recruiting efforts, the FT recruiters will generally not put much importance on relevant coursework and knowledge base. Again, small boutiques, especially small no-name shops, might put much more emphasis on this category, especially on the FT level for the same reasons as listed above, and for the simple reason that an intern in these shops might be given a lot of busy work, while FT analysts will definitely be given real projects and experience (even if mixed with some HR work) Again, for relevant coursework, especially for FT recruiting, don’t bother with any introductory courses, excluding introductory accounting and finance courses. For FT recruiting especially, I would really look towards advanced coursework in all fields including finance and accounting, since it will be expected of you if you list this highlight on your resume.

If you have any questions regarding this article, any others or in general, feel free, as always, to drop me an email HERE. Comments go below – you know the drill.

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.

I remember an operations interview I had with Deutsche Bank the summer of my junior year. It was the final round superday event, and I was on my 5th of 5 interviews. Unfortunately, my 5th interview was my two-man interview (meaning two interviewers vs. yours truly), and they played up the good cop/bad cop scenario to a tee. Essentially, one of the interviewers sat there, silently, leaning back in his chair observing, while the other asked me some fit and technical questions. Everything seemed to be going pretty well, and then the silent man, bad cop if you will, spoke.

His initial question was something along the lines of, “so why do you want to do operations, anyway,” to which I gave a decent response (considering I didn’t want to do operations at all, but hey, I needed an SA in either banking or from a BB, if not the combo of both), albeit a bit jumbled. Without batting an eye, he followed on with, “well do you want to make operations a career, and, if so, where do you see yourself in 5 years, 10 years?” Now, I’m not going to lie, I was screwed – I tried to fudge some sort of a coherent response, but I just didn’t do enough research to know how to answer – 5 years? My only thought was, “I hope I’m out of here in 5 minutes, and in 5 years, I hope to be nowhere near an operations desk.” I couldn’t, however, really lead off with that response – probably wouldn’t have been what they were looking for.

So there I sat, fumbling around and stuttering my way through a poor and unprepared response. Bad cop then followed up with, “so I don’t think you know much about operations, what do you think your day to day will look like, and do you think it will be challenging enough for you on an intellectual basis – what kind of work do you find most interesting, anyway?” Yup, toss in the towel, raise the white flag, I was done. After stumbling through one more answer (I mean they are in operations, so to say it’s not intellectually challenging would be the equivalent of slapping them in the face with a glove) and essentially accepting defeat, the interview was over, I asked a few good questions to try to win a few points and hoped for the best.

The takeaway – always know exactly what you are interviewing for, what the job entails, the hours, the skill set, the challenges and why it’s of interest to you. Know the position, know the firm, and practice. You don’t have to love the position that you are interviewing for, but it always feels good to get the offer. So put some time in to prep, don’t be lazy with it, and remain confident. The reason why bad cop kept pushing me was because with each question he could probably tell that I was getting just a little more nervous/anxious/uncomfortable/etc, and that’s what interviewers will attack. Stay calm, focused and relaxed, do your homework, and enjoy yourself (not too much though, you are interviewing after all).

So there you have it, one of my interview blunders (and yes, I have others). Now it’s your turn – leave some blunders and lessons below, and let’s all learning something.

Deal team contact information

Keep contact information for your team’s active projects in your blackberry. Specifically, include: Client name, company name, phone number, email address, and dial-in information (if they frequently use the same dial in phone number and code). There have been numerous instances where the deal team gathers in the conference room, picks up the phone, and no one has the dial-in information – it is only to your benefit to be the person who has that information, and pulls it up on the blackberry to hand off to your director. It sounds silly, but it makes a difference, and before you know it, your director will be coming to you on a regular basis to see if you have so-and-so’s phone number to get him on for a quick call.

Maintain a team calendar

Along the same lines as the previous point, maintaining a team calendar (for your own benefit, not to be the team’s admin) will surely earn you a few brownie points, or at least allow you to get an idea of who is traveling on which day, so that you know when you can pop in a few minutes late…win, win. Additionally, I have been asked on several occasions where our director or VP is, and with a click of the button, I can say that he is meeting with client X in CA today, or she is on her way to Houston for a conference – looks like she’ll be out through Thursday. Additionally, if you know, for example, a meeting with Company Y is coming up in a week or so, you can swing over to your VP/director and mention that you just realized the team is pitching/meeting with Company Y next week, and you wanted to know if you should start putting a pitch together, or gather any market intel, etc. If nothing else, this is just another way to show that you are committed to your group, and that you stay on top of situations and are detail-oriented, win, win, win – and I think Michael Scott would agree that the win, win, win is ideal.

Know the financials, know the project

As an analyst, one of the most interesting tasks you will perform is financial modeling. This is where the money is made, so know it well. The more on top of the modeling you are for your deals, the more you will be asked to participate both within the team, and on conference calls. Knowing the project and the financials governing the project decisions is one of the best ways to impress your team, and the client. When someone wants to know why we can’t lever up to 85%, even with a 10% bump in production revenues, it will be your job to say that the coverages can’t hold it and then support that position by citing various coverage metrics that fall just shy in an 85/15, D/E structure. The more comfortable you become with the company (client) and the financials, you more you will be able to participate in meetings. Accordingly, the more you are able to contribute to meetings, the more you will be asked to run with tasks in order to further contribute.

Offer help, and check in

Inevitably, there will be times when you are slammed, and a lot of your team is relaxing, and vice versa. In the case of vice versa, i.e., you are relaxing and one of your teammates is slammed, make sure to offer some help (yes, even with the trivial things). Be a team player, if someone is working on a deadline, offer to pull in some research, review a pitch, and create a chart or the like to help him or her out. Not only will they probably return the favor, but the rest of the team will see that you’re not just out for number 1’s well being, but for the entire team’s best interests.

Along the same lines, frequently (but don’t be a pest) check in with the more senior team members to see if there is anything that they need some help with (note: don’t ask unless you’ve got some downtime, you don’t want to offer help if you are already slammed and have 3 seconds for them). It can be reviewing some docs, revising a model/running some sensitivities, editing a pitch, or just gathering some research on an upcoming opportunity. Show the initiative, it will definitely pay off – after all, working a lot is not terribly fun all of the time, but showing the initiative will definitely allow you more opportunities to work on the live deals that close – which are enjoyable and have the added benefit of being resume powerhouses.

Proofread documents, review pitches

You should always ask to proofread any document, whether pitch, memo, etc before going out to a client. In the case of pitch books, I usually take a quick first run-through to check for consistent formatting, then a second run-through where I read through the book to check for spelling or grammatical errors, and then a last run-through which I like to think of as the sanity check, where I run through the financials and sensitivities to make sure everything fits together – i.e. we don’t suddenly have $50 billion in EBITDA in 2012, when every other year EBITDA is around $25 million (yes this is an extreme example, but sanity-checking the numbers and figures often results in catching more than a few subtle and not-so-subtle errors). This process works in two ways: first, you are seen as detail-oriented and committed to helping the team win, and second, you can become the go-to-analyst when the team is on a tight schedule, and needs things to be done quickly and accurately.

Familiarize yourself with the deal team (external)

When you are working on a deal that seems to be moving forward, take some time to learn who the participants are: who is/are the company contact(s) and what titles do they hold in the company. Gather their contact information, research the market conditions, niches, and subtleties of the company, if you haven’t already, and research a few of their competitors and whether they have taken the same steps your project company is taking and why? Begin by digging into the company’s (and competitors’) financials, annual reports, recent headlines, analyst reports, etc. When the internal round table discussion comes around to you, it would be worth a gold star to have something relevant to say regarding the company’s choices and that of their competitors, while knowing who is who on the phone or at the table, rather than sitting confused and disoriented (I love gold stars).

Keep track of team deals whether live or pitched

Keep an ongoing log of the pitched, mandated, live and closed deals of your group – frequently members of your team and other teams will want to know, out of curiosity or for presentation purposes (to impress and highlight strengths), what deals your team has recently closed, and are working on. Keeping a library makes it easy to immediately pick out which deals would be relevant to a given team, what we did, how we did it, and what would work in the current market and why. I would recommend highlighting the Sponsor, participants, transaction size, transaction type, timing, fees earned (or potential), industry and sub sector, relevant rating(s) (whether as broad as high yield or specific such as Moody’s – Ba3), and team members working on the deal (down to the analyst level). This is a surefire way to show that you are on the ball, and have a strong interest in the projects your team is working on.

Be a straight shooter

Last, but certainly not least, be a straight shooter. This one is pretty self explanatory, but in short, don’t be a phony, don’t pretend to be interested in activities just to be like everyone else. There is nothing wrong with being original and having your own opinions (see upcoming article: Ugly Duckling to Banking Swan), as long as they are expressed courteously and without offending anyone else’s interests. Once feigning enthusiasm becomes a habit, it becomes hard to tell what you’re really interested in at all – before you know it, everything just seems kind of bland, and you are but another analyst drone.

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