If this were during school, I would say leave it off – since, however, you have already graduated, I would include this in your resume and showcase your leadership skills and responsibilities that you developed as a result of this position, rather than have an unexplained big post-graduation employment gap. Furthermore, I would use the cover letter to draft a quick sentence explaining (briefly) why you had to take that position rather than hold out and pursue IB at that time.

State college to the US Army to a top-tier MBA – can I get into IB taking this path and if so, what is the best way to go about making it happen?

From the IB point of view, this is definitely an acceptable path to get into an associate-level IB position. While you lack industry experience, your MBA (from a target school, I am assuming) will provide you with a strong network as well as the hard skills in accounting and finance necessary to succeed on an analytical level. Furthermore, while you lack that industry experience, you have what many other candidates don’t – a proven leadership skill set through leadership experience. Associates are the junior bankers groomed for senior banker roles and leadership presence and the ability to communicate are definitely important to the position. If you utilize your network and take the proper coursework, you should be able to leverage your background into an IB opportunity for sure.

After networking with alumni connections and friends, etc when looking for employment opportunities I managed to get a finance job. It’s been several months now since I last reached out to most of them and I am just wondering whether I should reach back out and, if so, how to go about doing it. Some of these contacts I never even met and only found them through friends of friends and other disconnected avenues. I’m not looking for a job, but maybe a year or two down the line, so I probably should stay in touch with them. Is there a way to rebuild these one-time connections into something more? How have people maintained connections they’ve made? How often should you send update emails, and such?

You should definitely reach out to these contacts and touch base with them. While it’s been several months, you’ve got some genuine news to share and should reach back out to extend your appreciation. Essentially I would craft the email to include: 1) a thank you again for all of their help and insight, 2) let them know of your news and that you got an analyst/associate position with bank X or boutique Y, 3) provide them with updated contact information and finally, 4) ask them a question about group culture or something relevant to your situation as a new analyst – maybe something on fitting in with the team or some such thing. Point 4 provides the channel for more than a simple “congratulations and good luck” email, while at the same time catching up with an alum/former contact and keeping the connection going.

Remember, this business is built on networking and maintaining contacts – just as you are an analyst now and in a few years you might want to call on them – they might be an analyst or associate now (for example), but in a few years they might be calling on their contacts for potential opportunities, one contact of which could be you. It’s all a two-way street and just as you might want to leverage your network, so too might your contacts down the line. There is definitely incentive for them to send a quick email to you just as you did for them now that you’ve landed a comparable position – make the first move, send out the email, and keep it going. From this point on, try not to let the connection completely fall apart and send occasional emails every few months just to touch base.

I’m graduating in May and I know that FT analyst recruiting has already pretty much finished. I have some strong connections to a few senior bankers and I’m wondering whether there are any opportunities left, or is everything set in stone and completed already?

FT recruiting has ended for BB banks, but there are still a number, or at least a few slots available to be filled in random groups from incoming analysts who backed out of offers at the last minute, or because those groups were just allotted an additional analyst seat or 2. While these positions are far fewer than the traditional FT recruiting opportunities, they are also not nearly as widely publicized. The banks will first try to fill these slots either through applicants on file or through current banker recommendations. The latter is where you come in. You need to really work your network here (don’t expect any miracles) and just have your contacts keep their ears open. Opportunities could present themselves and you need to be on people’s minds when they do.

Beyond that, boutiques often do not follow the same structured hiring procedures as BBs, especially smaller boutiques. These firms can be a great opportunity for you to develop a skill set, acquire some valuable experience and then, if interested, move on. Don’t overlook these opportunities if you are really interested in banking and not just working for the top BB because you heard it is good and an easy way to make big $$.

Finally, keep your options open – not in terms of careers, but in terms of perhaps delaying graduation by a semester to give you a fresh round of FT to go for, as well as a shot as SA positions. Additionally, a Master’s could work as well if this were an avenue you were interested in.

Keep your eyes open and call on your contacts – it won’t be easy, but you’ve got some opportunity – I know of a few analysts that came in after FT recruiting for their respective incoming years – it happens, just be patient and stick with it.

I interviewed for with a bank nearly 2 weeks ago in their global markets program for a FT position. Shortly after the interview, I was put me on hold since they wanted to interview more people in the days ahead. Unfortunately, I still haven’t heard back from them. What should I do?

You should definitely reach back out. Assuming they interviewed other people over a week ago as they said, reaching back out in the next several days would be more than acceptable. If I were you, I would send an email sometime towards the start of the week and in the email don’t do anything stupid like demand a decision, but just check in to see if there is any further news regarding the opportunity. Thank them again for their time and reaffirm your interest in the position. This will show your interest in the position without annoying them since the email is courteous as well as well-timed in that you waited about a week since they interviewed other applicants as well as just over a week since they interviewed and last spoke to you – about the time frame it should take to get all of their pieces together and come to decisions.

What’s better for IB, a JD or a Masters, and what position would I be applying for?

If you are interested in investment banking, then you don’t need a JD or a typical Masters degree. The only finishing degree that would be of value to you in terms of IB is an MBA. A JD is great to have if you want to be a lawyer, but if you have no interest in law, there is no reason to get a JD. The exception to this is if you have a genuine interest in law, but want to pursue IB. In this case I would still not recommend a JD, I would recommend a JD/MBA combo.

As an MBA graduate, you would start off in IB as an associate, and then have the opportunity to grow into the VP+ roles. As an undergrad, you will come into IB as an analyst, and then after 3 years, you would either receive an offer for promotion or have to move – at which time B school, boutique IB, or buyside opportunities would be of the most interest. To go for your MBA, you will need a few years of solid work experience (not necessarily in IB, by any means, but work experience nevertheless).

There are lawyers who have JDs who break into banking without an MBA, but they typically have a healthy dose of contacts as well as a career (even if just for a year or so) in law and in a law discipline that deals with banking-related issues – such as M&A, restructuring, etc.

Beyond IB, in terms of degree vs. degree, a Masters (assuming you are talking about the degree right after undergrad, such as a Masters in Finance), is really just an extension of an undergrad and often not viewed as a true finishing degree – unlike an MBA or a JD. In fact, graduating with a Masters, you will still go for analyst-level IB positions, not associate.

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Let’s be honest with ourselves; there are many reasons why students do not end up going to a top-tier or, for sake of this site, Target school. Many students slacked off in high school only to realize in college that there are more opportunities readily available to students of Target schools. For others, one bad day on the SAT, not enough extra curricular activities, or coming from a key demographic where huge numbers of students apply each year, all could have meant either denial of admission or not enough financial aid to make the option viable. There are other reasons, but let’s not harp on the negative. Here’s the $20,000 question: you’re not in the Target school, so what now – How do I break into Investment Banking?

Unless you have the usual “ins” that make it all possible, i.e. knowing a CEO, CFO, group head, or even several MDs, in a large IB, prestigious boutique, or the like, I can tell you from personal experience that it’s not easy, but absolutely possible. The first step is to do some research, put in the time learning the game as far what you’ll be doing in your immediate position, why you want to do it, and how you know that you can handle it, because coming from a non-Target, you will be grilled on the ins and outs of the business more than others. Start, or continue reading the Wall Street Journal, the Financial Times and investment banking insider web pages such as This Site, Dealbreaker and Clusterstock (see sidebar on the right for the full list) for current market and deal-related events, and insider perspectives into the business. Additionally, I would recommend familiarizing yourself with some general Excel and PowerPoint tips, tricks and skills – this can only help you both on the job and during the interview as I have been asked on more than one occasion (especially at the boutique shops) where on the scale I would rank my Excel skills.

As part of familiarizing yourself with the profession, lay out a plan of achieving your goals. You will probably not find yourself being offered a bulge bracket, investment banking internship your first summer interviewing, especially in this market, so don’t expect it. By all means apply to them, but at the least it is important to get into a good bank, even if it is not directly related to your field. Working for a summer in a high intensity group on the control, wealth management or trading sides at a top-tier bank will open doors for the next summer, and allow you to transition into that front office investment banking position. It doesn’t matter wheich group you worked in for a summer at Goldman Sachs (yes if it in banking it will obviously help more than the other groups to get you into banking), the employer was Goldman Sachs, so clearly you’ve got something to offer, and your interests may just be in investment banking instead of wealth management; no feelings hurt, no harm done, but a good name on your resume. Along the same lines, if banking is what you want to do, don’t underestimate the power of working for a summer, or a summer plus a winter semester at a small investment banking or M&A (mergers and acquisitions) boutique. There is a strong skill set to be gained through working for a small boutique, and remember, deal exposure is deal exposure and banking experience is banking experience – absolutely take it if you can get it.

Next and I can’t stress this enough (especially in light of current employment conditions and opportunities, or lack there of), network, network, and, of course, network some more. Not just at job fairs, but attend school-run career information sessions hosted by banks (even if they’re not for banking), contact alumni, current students who have already interned, and check the family/friend tree; you never know who will work in, or happen to know someone who works in the field and is eager to pass along your resume or a good word (don’t lead off with that request though, please). And remember, when it comes to networking, it’s an investment into your future, not an opportunity to beg for a job (you get the idea – it’s a marathon not a 100 yard dash). As an aside, I would recommend starting some sort of spreadsheet, which includes the name, phone number, email address, company and position, and other notes such as last date of communication for each new person (read: contact) you meet.

This is a more general point for students still in undergraduate school; if you have a good GPA, and have taken some challenging accounting, finance or math courses, showcase them! Show off that 3.8 or 3.9 GPA; show off your advanced corporate finance, intermediate financial accounting, linear algebra, or ordinary differential equations courses, you never know what will stand out as an impressive mark or credit to your intellect to someone looking at your resume. If you don’t have an outstanding GPA, work on getting your major GPA up so that you can include that in your resume so as to not arouse the red flag associated with a GPA-less resume.

Regarding the resume, the heart of every job application, make sure to use a professional “banker” style format, and I would also recommend using a resume proofing and editing service to ensure that you are properly showcasing your hobbies, work experience and scholastic accolades. Recently, one of my colleagues received a phone call regarding his resume. On this call he was told that his resume would not be forwarded because it didn’t look like the resume of an investment banker. He works in banking, but the format was juvenile, without structure, and lacked the “pop” that a banker’s resume demonstrates. Needless to say, he asked me to revamp his entire resume later that day. As embarrassing as the situation was for my colleague, he was luckier than most people who face the same problem, because these people are rarely, if ever told how their resume stacks up against others and where it needs the most dramatic improvement/alteration. I would recommend the same type of service, or a trusted colleague’s perspective, as it pertains to cover letters, which should always be included with your resume. Remember, in a market like this, everyone, top-tier or not, needs to find any way that he/she can to stand out and above the rest.

To summarize:

1. Make sure banking is right for you, and if it is, make the Wall Street Journal, Financial Times and investment banking web sites your close friends – they’re among the best ways to familiarize yourself with the ins and outs of the field.

2. Plot your course and be sensible – remember, a strong brand name goes a long way, but at the same time, don’t doubt the skills you can attain by working at a small investment banking boutique – deal exposure is deal exposure.

3. Network, network, and more networking – enough said.

4. A high GPA and challenging course load goes a long way, so show it off.

5. Have a friend or good service review your resume and at least one cover letter to make sure you are pointed in the right direction and don’t fall into any of the common pitfalls.

Have your own theories, want to share your opinions or concerns, need some help or just want to say hello….leave some comments…most will be posted for all to read…so make them good. Don’t forget to stay in the loop for my upcoming posts including more tips on breaking in from a non-Target school and a Target school, dressing the part, when to stand out as an analyst, and much more – RSS and Email updates…get them now.