There is no need to beat around the bush or try to be coy. Simply put, you want to work at Firm B, so tell Firm B that Firm A has made you an offer that is exploding by X (give yourself an extra 1-3 days at least just for a cushion) and although it is a great opportunity you feel the fit and experience will be much better at their firm, firm B. Then let them know that you appreciate their consideration and want to know if there is anything else they need ahead of making a final decision on your candidacy. Something along those lines (give or take a sentence or 2) should suffice and get you a response.

Remember, just as with everything, being tactful is very important – don’t pressure them, just let them know of your situation and they will either be unable to accommodate, or provide you with a decision – either way, you can move on and make a decision.

I had a really short and kind of disconcerting phone call with a banker that I was referred to. On the follow-up email, I made a few typos – did the typo screw my chances?

It’s not an interview, just a networking conversation – a few typos won’t kill you by any means. However, if the conversation was really bad (and not just short because the banker was busy or suddenly got another call, etc), then that would be worse than making a few typos.

Forget about the typos. If the banker responds positively, you are in good shape and keep it going. If he doesn’t respond, try to work on being more comfortable over the phone or having more questions/dialogue in the hole (if either of those were your problem) and move on. If you need help with cold calling or networking over the phone, you can consider my Prep Service as well.

Which looks better to recruiters – Finance Major or Finance and Accounting Concentrations (which require a few less courses than a typical major)?

If the question is resume-related, then state your degree on the title line, and under “Major: XXX” it would look better to write “Concentration: Finance and Accounting” rather than “Major: Finance.”

That said, the difference is very marginal and your Relevant Coursework matters more than what your concentration is – the slight exception to this is regarding complete non-target business schools. In that case, you want to showcase your finance and accounting degrees and coursework as much as possible in your education.

In short, whichever is easiest for you to obtain and maintain the highest GPA is the option you should go with. From there, relevant coursework will cover any questions on the material you know and having a finance major or finance and accounting concentrations will send the same message – “business student who should know his technical crap.”

How do associates and analysts decide who orders dinner, goes to pick it up, etc. Is there a hierarchy, does the hated analyst go, is there something implied by the decision?

First, there are far more important issues to worry about than who makes a phone call or visits a website to order dinner. That said, here goes: someone either orders everything online or makes a quick phone call. Order is placed. Food arrives in lobby. Random analyst, usually the one who had a minute and placed the order runs down and brings it back up. Food is charged to a card, admin is told next day who the charges covered – done.

When people actually go out, it could be a bunch of guys getting their own stuff, or a few analysts running out to pick some things up and head back – again, not a big deal. It’s not a community hanging session; just get a few guys who have a few minutes, run out, grab food, and you’re back.

If a company specifically requests a resume, cover letter AND transcript, what would happen if I do not include a transcript?

If you were specifically told to include your transcript, they will either be nice and send an email to ask for it, or not be as nice (and rightly so since they made the request clear) and just pass on your resume.

That said, they could overlook the lack of transcript and give you an interview major anyway. If you happen to get the interview and go all the way to the end, before getting an offer, they will want your transcript. If there is anything on there that would keep you from a position, you will not getting one whether you submit now or wait all the way until the end. If it isn’t that big of a deal, then just send it now. The big things they are looking for are GPA, relevant coursework and, if your graduated or are about to graduate, truth on your resume in terms of dates and courses – nothing really to sweat over.

Does it help to have a Series 7 and 66 license ahead of FT recruiting? I have them and want to know if I should put it on my resume, or if it could hurt me.

It doesn’t hurt to have it, but it won’t help much either. Analysts in IB at least, and any S&T I know, don’t require you to have it and, if down the line (months, year+), you need it, they will just sponsor you to take it. Since at some point, you will need to have it, it won’t hurt you (especially if the bank was planning to sponsor you sooner rather than later), but it won’t help you much either. Put it on your resume, but don’t expect anyone to jump out of their seats and demand to see you because you have it. Oh, and no, it won’t hurt you at all either – this isn’t “Boiler Room” (great move, by the way).

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.