Let’s quickly go through the basics and then hit what appears to be a nerve for many students. I know that there are many interesting courses in marketing, english and the sciences (biology, physics, etc) and while the skills learned in those courses might very well be applicable to banking, they are not relevant to banking as far as bankers are concerned. When I ask for relevant coursework, I am looking for accounting and finance courses first and foremost. Next on the totem pole, I am searching for math courses (including stats), since those will at least show me that you are quantitatively inclined and economics courses. Finally, I am looking for an occasional management course – something displaying some form of decision making, strategy or leadership as a means of potentially expressing your ability to see the big picture, analyze situations, etc. Outside of these types of courses, there is very little extra that I am terribly interested in seeing.

Moving past that, we get into the slightly more painful aspect of this section – the other side of what not to include. While, for example, many students like to include micro and macro economics courses on their resumes, you should not. Intro courses, excluding, perhaps an intro accounting or finance course (if you are not a finance or account major) should not be included on your resume. Showcase more advanced relevant coursework to separate yourself, rather than taking up space with courses every econ/business major has to take.

Moving past coursework, there are a few general resume faux pas that I recommend staying away from and/or correcting before considering adding them to your resume:

Mixing dates: Although there is nothing technically wrong with writing “Summer 2008” for one experience, “Jan. 2009 to May 2009” for another and “August 2009 to December 2009” for a third, simply put, it looks sloppy. Keep your dates consistent – if you want to use “Summer 2008,” then cite each experience as “Season Year.” If you want to write out the dates (which is my preference), then simply write them out – “August 2009 to December 2009” for example. At the risk of being a bit nit-picky, date abbreviations is my least favorite simply because months like May, June and July are rarely abbreviated, while December becomes Dec. – again, it’s just a matter of consistency.

GPAs: There are two quick issues that I have encountered with student GPAs (here’s a few more pointers on reporting your GPAs) that should be avoided. First, unless you are from another country where schools do not typically grade on a 4.0 scale, you do NOT need to include the “/4.0” after your GPA – it will be implied.

Second, and more importantly, there are two types of GPAs that are acceptable on a resume – the cumulative GPA (of course) and the major/concentration GPA. Breaking GPAs down to a more granular level than major GPA – whether that means citing specific courses, excluding certain courses (for whatever silly reason) and making up your own GPA – such as major GPA (plus courses X, Y and Z) – should not be done. The more specific you break down your GPA, the more red flags you will raise in terms of why you needed to break down your GPA in this manner and just how bad is your cumulative GPA. In short, if neither your major nor your cumulative GPAs (and you can list one or the other, not necessarily both) are at least above a 3.0, then don’t even bother listing your GPA at all – just leave it off.

Work Experience Positions: While there are certainly a number of position titles in the professional world, you don’t want to make up a title that is completely off the wall or deceiving. When it comes to listing your function/title for your position on your resume, it is usually best to go with the most basic, albeit descriptive title. For example, if you work in investment banking for a M&A boutique as an intern, then simply put “Investment Banking Intern” or “Investment Banking Intern – Mergers and Acquisitions” – you don’t need to call yourself an analyst (even if they refer to you in that manner), nor do you need to break it down further into industries you work on. Your title should briefly cite your position or your position and function; that’s it. Remember, even if your group refers to you as an analyst, you should still include the word intern in your position. Including the word intern will not hurt you and it will definitely clear up any small confusion that could occur.

Stay tuned for future posts on a Day in the Life, interviews with past bankers and much more! Comments go below and emails can be sent Here.

A 710 will definitely not keep you out of those schools by any means. That said, if you think you had a bad test day, or think with just a bit more studying you could hit a 750 or better, then why not do it. If, however, you really put your hard work in, cranked away and don’t even want to think GMAT anymore, don’t bother taking it again to maybe get a 720…or maybe get a 690. A 710 is a solid score and with H/S/W and any other top 5-10 school, there is a lot more to an admission acceptance than your GMAT.

In short, check the GMAT box off the B school list and move on to strengthening the rest of your candidacy.

Are 90-100-hour weeks for analysts for real? Why can’t they just hire 2 people to work 40-50 hours per week instead? Also, do hours decrease as you move up the IB chain?

Yes, the hours really do approach 90-100+ at times – depending on deal flow, staffing needs and fire drills (sudden deal items that NEED to be done immediately). That said, 90-100+ hour weeks are not the norm, although just a few weeks like that in a row can feel like the norm and burn you out.

To the 2nd part of your question, no, you can’t just hire 2 people to do the job of 1 unless you hire 2 people to do the job of every 1 person and essentially double up on everyone and make them think exactly alike – essentially clone them…etc. In short, there is a chain of work – senior banker, to secondary senior banker (VP, senior associate, depending on group), to associate to analyst (give or take 1 banker in the chain depending on the deal plus other deal teams as needed). Therefore, the analyst might work 80 hours 1 week because he/she is on 2 live deals and changes to models, pitches and info memos filter down the chain and then back up the chain. Then new changes come down the chain and back up the chain – repeat and repeat.

As you go up the chain in IB, the hours do decrease – on average. That said, senior bankers are caught hanging around at midnight sometimes when they need to be – it’s just not as common. If on an average night an analyst gets out at around 11pmish, the associate is out by about 9-10pm and the senior bankers between 6 and 8pm although many times the senior bankers are in an hour or so before the junior guys file in. Additionally, while senior bankers have less hours in general, they also have far more travel time (at least coverage/industry bankers) and travel time is neither glamorous nor exciting (traveling is only a lot of fun when you aren’t required by work to do it and have more than a 5+-hour meeting to look forward to).

<>I am a sophomore at a nontarget and I just landed a BB PWM internship. Are PWM internships looked upon favorably by investment banks? Am I wasting my time, or is this a good opportunity for a sophomore to have in order to break into IB?

As a sophomore especially, you are definitely NOT wasting your time as you are early in your career and will have a strong brand name on your resume. That said, PWM is definitely not that desirable to IB, but a good brand name coupled with the early experience definitely makes it worth while (assuming you don’t have any stronger options available – See Other SA Opps). I would go for it, make the most of it, and then make a strong push for junior SA positions next year through networking, etc.

I have been pretty set on going to Harvard this fall, but I just got off the Wharton waitlist. I”m pretty set on a career in finance/banking, but then again, it’s Harvard and it would be hard to turn it down. So what do you think? Are those two pretty equal for U Grad?

First, let me say that in terms of U Grad, there is VERY little difference between H and W – they are both TOP notch schools, fully recruited by everyone and will open big doors going forward. That said, H has the legacy and brand slightly in its favor, but that IS IT. In other words, H is H, without questions and that’s a big deal, but in your case and given your career goals, I would DEFINITELY say that you should go with W.

For starters, you are in at W and haven’t heard anything from H – the difference is clearly not worth the potential for having zero top tier options. Second, both are top recruited schools with strong brand recognition. Finally and most importantly, in terms of IB/Finance recruiting, W, yes that’s right, W, is actually a stronger target than H. W is definitely the stronger brand in finance and even if you got into H, it would difficult to justify with 100% certainty that you should pick it over W. Bottom line, if I were you, I would pick W and not even look back. If you are interested in B school down the line, then you can shoot for H – for U Grad, for your career goals, and for certainty over uncertainty, go with W.

My contact sent me an email and signed with just his first name after I initially addressed him by the formal Mr. XXX. Should I have continued to use Mr. Smith or is first name now acceptable? Also, when is it appropriate to write an email using first name only; is age a factor?

In your case you are definitely fine with going with the first name. Since he signed with his first name, you essentially “have permission” to address him by his first name going forward without fear of insulting him.

To the second part of your question, it is usually fine to address someone by his/her first name when they are on an equivalent level to you – whether work wise, school-wise, etc. Beyond that, if the person signs or introduces himself/herself using the first name, referring to him/her by his/her first name is acceptable. Additionally, if you’ve had physical or telephone conversations where first names were used, first names are now acceptable for email as well.

Again, it’s not so much age as much as it is about status and situation – generally senior positions would lend themselves to the more formal intro if you are in a junior position regardless of age, whereas junior position interaction would usually go well with casual addressing (first name) regardless of age.

I am currently a high school senior. Do you suggest attempting any sort of networking during my first year of U grad? If I do attempt networking, how should I approach it (given my age and a limited finance background)?

It’s not the depth of your finance background that is an issue, it is your age. Since you are still very early in your college career (or will be), you don’t want to push too hard in terms of networking simply because there isn’t anything that you really need just yet in terms of help with opportunities etc – this is more of an informational push and a means of slowly building a network. That said, there is still absolutely nothing wrong with networking if done tactfully. At this stage your best approach should be in joining IB-related school clubs, attending IB-related school events, etc and working towards meeting professionals in a social manner and asking some broad questions about preparing yourself at this stage.

From there, it will be fine to send emails every few months to keep in touch. I wouldn’t mass email alumni at this point since you don’t have anything to gain – that can be saved for the latter half of your sophomore year (or summer) as you begin to prepare for junior SA recruiting.

Stay tuned for upcoming articles on a typical day in banking, more resume tips and much more!

Although along the same line as many of the GPA questions, I encounter a large amount of questions related to, most commonly, these 3 standardized tests: the SAT, GMAT and LSAT. For those of you that don’t know, the GMAT is the test individuals take when preparing for business school, the LSAT for law school and the SAT, of course, is for undergrads (nothing terribly earth-shattering here, I know). Definitions aside, the most common questions regarding these exams involve their impact on bankers, which scores are high enough and not, and when you should list one, the other, both, all 3, etc.

Let me start off with the LSAT and let me be the first to shout that achieving a 170+ on the LSAT is impressive and well-done without question. Now, let me also be the first to tell you that bankers don’t give a damn. Yes a 170+ is great, but the LSAT, for those of you that forgot what you read a few sentences ago, is for law school, not business school and certainly not undergrad (the 2 places where IB recruits). While the score clearly shows that at the very least you are a good test taker, it also shows that you have an interest in law school, or at least are not certain if you want to go to law school (which also probably would lead them to believe that you don’t know if IB is for you). As a general rule of thumb, I would not include the LSAT in your resume, since it will open up way too many questions without any benefit.

Now let’s move on to the GMAT. With the GMAT, there are two sides to the coin or two situations to consider before we even consider schools. The first situation involves a current business school student (or alum). In this case, the GMAT is perfectly acceptable to put on your resume (provided you’ve got a score good enough to include) and I would definitely advise you to do so.

The second situation is a little stickier in that you have not yet attended business school. In this scenario, you might have taken the GMAT as a backup, with the intention of going next year, or with the intention of going in 3 years. In any case, if that GMAT is on your resume, you will often be asked “well are you planning to go to business school soon” during your interview. Remember, if you are applying for jobs after (or during) your initial post-U grad position, many employers will be looking to bring you on for longer than a year or 2 – therefore, you probably don’t want to outright say that you are gunning for business school, even if you are. You will need to develop an answer that puts their fears to rest (even if valid) if you want to have a good shot at landing the position (check this and this out for more help with nailing the interview. That said, if your SAT score is not that great, and/or if your GMAT score is really pretty strong (and you’ve crafted a good answer to the aforementioned question), then you should really consider including your GMAT on your resume in the education section as it will definitely help you to check off that ever-looming standardized test question (SAT or GMAT), especially if you are a few years out of U grad and with a less than top notch SAT score.

Now that you should be able to figure out when to include your GMAT, you need to know whether you should include it. Although you can get into business school with a wide range of scores, and a 650 is a very respectable score, generally speaking, I would recommend that you only include your score if it is a 700 or better (for investment banking – for other fields, I think a 660-670+ would definitely suffice). Don’t get me wrong, I’ve seen strong resumes with a 680 GMAT listed, but as a general rule of thumb, the 700 is that magic check-the-box number, where, if a recruiter sees that, they won’t question it – it’s a really good score, check, and move on. As a side note, if you’ve got a 690 GMAT and a weaker SAT, it might not be a bad idea to include the GMAT score since the 690 is more current and still a very good score.

Next, when listing your GMAT score, don’t break out any additional details outside of your AWA IF, and only if, it is a 5.5 or better (personally I don’t think anything lower than a 6 should be listed, but I’ve seen enough 5.5s to know that it isn’t a terribly big deal). By breaking out details I am referring to your individual verbal and math scores. Listing a 720 is good enough – you do not have to go into your 49 in math, since you will be only calling attention to your verbal score that is a bit weaker – instead, just give me the great combined score and if the interviewer has additional questions, let him/her ask them.

Finally, we come to the ever-popular SAT. Where including the GMAT can result in questions, NOT including the SAT can also bring up questions. For students in business school, outside of U grad for several years, or who have taken the GMAT (outside of U grad, that is) and have a strong GMAT score, not including the SAT is not a big deal – occasionally a recruiter will want to know, but it is so long ago that it isn’t going to be a big deal breaker either way, even if you don’t remember. For undergrads, however, the SAT is often a recruiter’s easiest way to weed out several candidates in one push. While many recruiters won’t care about your SAT, many will and not including will raise a flag of “well how bad did he/she do” even if you did not do badly at all and just forgot to include it. That said, including a score that isn’t great for a recruiter that isn’t really looking might provide him/her an easy way to drop a quick ding. Therefore, knowing whether to include your resume is important.

As a general of thumb, scores less than a combined 2100 (1400 or so for those that took the old exam) do not need to be highlighted/included in your resume. In general, these scores are considered the “start” of the highly competitive scores and at this point and above, it would be silly to not include your score, since it will be seen as a positive or at worst a neutral (rather than no score, which could, on occasion, be seen as an implication of a negative). Scores below this threshold do not need to be included in your resume, although borderline scores (mid 2000s or high 1300s) can be included provided that the weaker aspect is not in your math section. Once you dip into the low 2000s (1300s) and below, you are no longer really helping your candidacy much by including your score and could be hurting it. What I mean by hurting it is not that your score is necessarily bad, but it isn’t great either and by giving it up outside of the interview or when they specifically request it, you are giving away non-beneficial information without providing them with as much beneficial information (interview skills, etc) first. In short, a 2100+ can and should be kept on, and anything lower than the low 2000s can be cut from your resume to keep the focus on your, hopefully, strong GPA.

Stay tuned for my next post on what exactly constitutes relevant coursework and titling your summer analyst and FT banking positions, a fresh product on the way and much more! Comments go below and emails can be sent Here!

Haha – ironically, I have heard this question numerous times, so rather than answer each person individually, let me assure all of you that your performance on standardized tests does not correlate to how good or bad of a banker you will be. Just because many BBs ask for these scores does not mean that they mean anything in terms of your performance – they are more a means of weeding people out (than predicting incoming success) since many times, the smarter candidates do better on those standardized tests, which is how they got into the target schools, etc. All of that said, with a great GPA, you are probably smart enough to handle the job, and since you got an offer, the BB agrees that you are indeed smart enough and more than capable enough. Forget the SATs – you’ve got the offer – now it is about making the most of the opportunity.

I’m seeking some advice regarding the summer internship hunt. I recently started looking for opportunities, and so far, I’ve been applying through the usual avenues: predominantly my college career center. In your opinion, is Craigslist a legitimate internship source? Also, is Doostang worth the membership fee? Finally, does it matter if I secure a PE, VC, HF, or boutique ibank internship this summer (I’ll be a rising junior) if my goal is to secure an ibanking summer analyst position next summer? Would they all put me on more or less equal footing?

First, let me say that while there is a lot of junk on Craigslist, there is also some quality. My first internship (for example) in investment banking with a small boutique was posted on Craigslist – I sent my resume and cover letter, got the interview and landed the gig (not quite that easy, but you get the point). During that internship I worked on 2 live deals, performed a lot of modeling, drafted/revised many docs and pitch books, etc – all-in-all it was a great first step and definitely helped me to stand out above many other candidates going into FT recruiting.

That said, I do not know as much about Doostang – I know that some people use it, but I’m not sure if LinkedIn might not be as valuable (if not more so) nor whether Doostang is really worth what you will put into it – especially as a sophomore going for internships.

Regarding internship opps, as a soph going for summer internships, any of the 4 will certainly help you, but as with everything, there is still a hierarchy. Boutique IB and P/E would be top of the list, followed by VC and HF – depending on the type of VC and HF and the type of work you will be doing there (how relevant to IB – any modeling work, financial analysis, etc). All of this, however, assumes that the opportunities in question are on a level playing field – in other words, small boutique IB vs. small boutique VC – NOT small boutique IB vs top HF (yes, it sounds a bit absurd, but it’s an extreme example to make a point). If there is an internship with a solid MM company, or bigger name company, you should generally go with that over a no-name shop. The exception here is if the bigger shop is purely going to be admin work (or is BO) while the smaller shop is concrete IB/FO. As a soph, however, all of the 4 fields you listed will certainly help to enhance your resume and strengthen your candidacy as you go into junior year.

Is it wise to bring up MBA plans in an interview? And if so, how would you do it? I just don’t want the company to think I am planning to stick around for 5, 10, 20 years.

Short and sweet: during the interview leave the MBA go-getter attitude at home. At the end of the day, there is no upside to mentioning your interest in an MBA and a lot of downside. If you tell the firm of your intention, many firms will not even strongly consider you, since they don’t think you have an interest in growing with the firm – more that you are using it to kill some time and build a bit of experience before B school (this is especially true with smaller firms or firms in general that don’t have structured drop-off points such as BB analyst programs – where it’s 2 or 3 and then what’s next).

To address your issue, while some bosses might be upset if you leave after 2 or 3 years when they thought you would be around for more like 5, the fact is, people’s goals and their ambitions/passions all change and while you didn’t think an MBA was for you 2-3 years ago (whether true or not), now you feel it is the right move at this point. The fact is most bosses won’t be upset and as long as you’ve done good work, you should have built a solid relationship and one in which they will support you in your efforts as you’ve supported your team. If you go and break this news before they know you, before you’ve even got an offer, you’re essentially saying “if you want someone committed and in it for the long haul, at least at this point, look elsewhere.”

Don’t knock yourself out before you’re even in. In this case, I like either rejecting the notion of B school or saying that it is a possibility, but definitely more of a back-up plan – your ultimate goal is XXX (and of course align it to what you are interviewing for). If you have the GMAT on your resume, then you will want to go with the 2nd strategy and be definitive in your plans – don’t flip-flop and say that maybe B school, it all depends on how you like it, etc – say you want position X – period.

What are some typical volunteer-type things that people do in order to prepare their resumes for MBA application process?

It really depends on your interests, the amount of time you have, and whether you are willing to invest in an opportunity. For example, any number of mission trips or overseas trips would be great if you had an interest, a bit of capital, and, of course, the time. You can find some with Habitat for Humanity or a ton of opportunities in several fields on Idealist.org.

If you don’t have that level of interest or lack one of the resources necessary, move on to whatever interests you most. If you want to be a mentor, go with Big Bro/Big Sis, or some other avenue in a similar capacity. If you want to help students, then look into tutoring or after school assistance – there are numerous opportunities here. If you want to build something with your hands, you can always go with one of my favorites – Habitat for Humanity through one of its many affiliates across the country (or on a 1-week or 2-week mission trip overseas). There are administrative opportunities with United Way and others and a host of other opportunities across many different fields.

Honestly, find what you like the most and can give yourself to with the most ease and passion – that is where you will find the most support in your business applications and life in general. Remember, think of yourself as a complete person, don’t just think B school – the incidental result will be a much stronger point to sell your B school apps anyway.

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!

The modeling experience is definitely a sizable part of the attraction to those groups exhibited by P/E firms, and even with slower deal flow, there will still be a good amount of modeling, or at least more so than in most industry groups (outside of those that do all of their own modeling). That said, it isn’t just about the modeling, it is also about the contacts you will make and the perceived value of the group as a skill set in general. P/E shops see Lev Fin and M&A above all else as their feeder groups since that is how they view their job. Sponsors and the industry group that they serve follow, since those groups are still in line with their function/industry beyond just being P/E (for example, a renewable energy focused P/E shop would look to E&P or Project Finance).

While deal flow has definitely slowed down, it has also slowed down for the P/E shops – as Lev Fin comes back, so too will P/E shops, and, possibly, so too will hiring, if this all unfolds accordingly. If you are interested in breaking into P/E – look to M&A, then Lev Fin (although depending on the bank’s rep for the groups, they may be reversed), then Sponsors and then coverage.

As a recent Business school graduate, can/should I include my SAT score on my resume?

I wouldn’t include your SAT unless 1) you couple it on a line with your U Grad GPA and 2) have your GMAT listed with your B school. If you have your SAT listed and not your GMAT score, it will look a bit funny – sort of like you are relying on the distant past as a means of remedying your poor performance in the present.

Technically, if you have your GMAT on there, and it is strong, you don’t need your SAT – if, however, you just want to include it to avoid any potential questions (though I don’t see many arising), and you have a strong SAT (if it’s not strong, then obviously leave it out) feel free to include it as long as you stick with the 2 above conditions.

I’ve been placed on hold/on a waitlist for an IB opp, what should I do?

On hold is better than a ding, but you also don’t know how many people are “on hold.” For now, I would focus on finding other opportunities, BB, MM, boutique, and let the chips fall where they may regarding the “on hold” bank. If, however, you get an offer from another bank of the same caliber, or even a strong bank in a slightly lower tier while still “on hold”, you can absolutely contact the bank that put you “on hold” and let them know about your exploding offer – they will in that case either ding you, or make you an offer – either way the wait will be over and you will have gotten your verdict.

Do you know if banks will take back their offer if they are unsatisfied with your transcript, because you have taken too many courses P/NP thereby manipulating your GPA?

I think you are pretty safe. As long as your GPA is in the ballpark of what you claimed it was when you applied, you should be fine. It might look a bit funny to have a number of P/NPs in your transcript, but, honestly, they don’t give a crap. As long as your GPA is where it should be and you are graduating when you are supposed to be (based on what you’ve told them), you shouldn’t have a problem with retaining your offer (whether SA or FT). Banks will verify the transcript, but not scrutinize it – more as a means of checking what I previously mentioned and, honestly, dotting the “i”s and crossing the “t”s.

I was wondering if you offer any review services pro bono, for a discounted rate, etc.

Here’s the thing; first, I believe that my revision fees are fair and if I discounted someone or gave a free full revision to someone, I’d be expected to do the same for virtually everyone. Second, I always offer high level resume reviews (which often turn into more than “high level”) and I am always available to take a look at any of your resumes and give you some general feedback – you are welcome to send it over. I honestly enjoy working with so many of you on improving your resumes, and helping you all to land interviews – unfortunately, the most I can offer on a “free basis” is the high level reviews – whether through email, WSO, or private message.

Do I need my MBA to succeed in banking?

This is a question that I receive way too often (nothing wrong with questions, just that I hope this response helps to set the record straight). When it comes right down to it, you do not need an MBA to succeed in banking, to earn a promotion to associate, to VP, D, etc – you can do all of this with nothing more than your Bachelors. That said, the promotion to associate, and then subsequent promotions, are not automatic by any means and will require hard work, good connections, intellect, and, of course, a bit of luck. It is definitely possible to run the ladder without a finishing degree, but for many, the security or, rather, opportunity that an MBA offers is worth the break in employment. Additionally, if you are not one of the analysts who believe an associate promotion is your destiny (or implied – as in you are amazing and it is all but a given that you will earn one), the MBA is a nice back-up plan, or even go-to plan – then again, P/E, boutiques, buy-side are all good back-up plans as well. When it comes right down to it, an MBA is definitely helpful, but strictly in terms of investment banking necessities, it is not one.

Stay tuned for more articles on Missing the 3rd year offer, what a banker really does – part 2, and much more! Comments go below, and emails, as always, can be sent Here!

Before you decide to open a model to a cash flow tab, resting one hand on the mouse and one hand under your head, to appear busy while actually catching a quick nap in your cube, or to set your screensaver to come on only after 6 hours and for your monitor to switch to standby after 4 hours so that you can sneak off to the bathroom or a quiet room for a relaxing snooze, consider these time-killing, more beneficial (I mean, unless you’re REALLY tired) strategies instead:

Get ahead (if you were catching up, you’d still be working)

There are usually at least a handful of projects that need to be done at some point in the future, or even better, a few projects that you think would be helpful to the team, but haven’t been formally mentioned or you haven’t been asked to complete. Examples include building some template models, a standard capabilities or project-specific pitch, a database to track some sort of pricing or transaction histories, or something as simple as cleaning up some group folders. All of these tasks are time consuming to help pass the day (in a good way), work on core skills or increase your group’s market awareness, and when mentioned to your superiors, tactfully of course, will quietly impress and show as a mark in your favor – taking the initiative if you will, which is always appreciated (if not always stated) when being generally worked like a dog.

Catch up on some market intel outside of your industry

Use this downtime as an opportunity to catch up on some news in other fields that interest you – I am a huge fan of the NYT Science section, for example. Read up on the market through the WSJ, Financial Times, Clusterstock and the Economist (to mention a few). It’s always to your benefit, both in general and as it relates to efficient and effective networking. Networking is a constant process and being well versed in fields outside of the one your group specializes in can only act to benefit your efforts – you never know who you’ll end up running into on the street, in the subway, at a meeting or even while waiting in line to grab a bite to eat.

Research some volunteer opportunities

If you’re considering business school or just simply interested in bettering yourself on a personal level, and you find yourself with a good bit of personal time lately, then volunteering is definitely a step in the right direction. There are many great volunteer opportunities in New York, California…everywhere, it’s just a matter of figuring out how best you can serve, and what activities interest you the most. Do you like tutoring – look to one of many schools seeking after-school volunteer tutors or to an association helping adults to earn a GED. Do you prefer office-related, organizational events, look to the United Way, building homes and community outreach, look to Habitat for Humanity. These are just barely a handful of options in a near endless sea of opportunities. If none of these ideas strike your fancy, then try visiting one of my favorite sites for non-profit/volunteer opportunities – idealist.org, or drop me an email for more ideas and web sites. Feel free to look just to your right as well, in the side bar, under “Giving Back” for the links to a few of my favorite volunteering sites.

Work on some grad school essays/studying for the GMAT or LSAT

If you’re considering business school and are already applying, or if you plan on going to business school but still need to take the GMAT, then I would recommend this activity as a great way to pass the time.

Few house cleaning tips for these activities: make sure there are no job-related deadlines looming, and that you’re feeling mentally sharp and ready to go (otherwise studying or writing will prove to be a waste of time).

Another point of interest to keep in mind, is that being caught studying or drafting a preliminary grad school application essay is a good way to introduce the grad school idea to your superiors, if done tactfully, since you will probably want at least a few references from them (keep an eye out for a future post on tactfully approaching issues…). Studying at work, only after making sure there is nothing else to be done that is pressing, will allow your superiors to see that you are serious about going back to school, without taking time away from your job-related responsibilities and projects.

Feel free to take the conversation up a notch, and talk about a school or two that you have taken a particular interest in (if you’ve visited or spoke with people from the school, mention that too). Let the conversation progress for a few minutes so that your superior can express their insights and opinions, and take in your interest and enthusiasm. Tackling the issue in this way will help alleviate some of the concern over how to approach your boss when it comes time to get a few letters of recommendation.

You may want to nap, but these alternatives are both better for your mind, and your career – especially considering napping is generally not a boss-approved downtime activity. As I’ve been told several times, “there’s always something that can be done,” so if you’re caught just sitting around spacing out, shopping, or sleeping at your desk, you will almost certainly be given some sort of busy work that is neither fun nor terribly important, but will, however, fill your mind-numbing activity quota for the day.