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!

Am I fluent in a language even if I don’t know some technical concept phrasing?

Not knowing technical phrases/words is not the same thing as not knowing how to discuss markets, go through your resume, etc in that language. You don’t need to know how to say WACC in the language to be fluent, but if you are not comfortable holding an entire conversation, going through your resume, etc in the language, then you are not fluent. Forgetting a word or two is not a big deal, but if you stumble the entire time and can’t get through more than 2 sentences without forgetting words, screwing up phrasing, etc – especially if you are speaking to someone who is fluent in the language, I would not advertise your skills in the language as fluent. You can learn some of the technical phrasing or words without a problem, but no one is going to teach someone who claims to be fluent in a language the basics in sentence construction, grammar and every 5th word in a conversation.

I am Starting group X in a month or two – what can I do to prepare?

I think that your best plan of attack will be to just relax and enjoy your time off for the next few weeks. Everything that you need to know about the job will be 1) covered in training and/or 2) covered on the desk in a much more comprehensive and applicable manner than you could hope to do by reading a few articles and such at home. You will be trained in everything that you need to know once you start and there will be ample time to learn it all. The same is true with PowerPoint and Excel – within 2 weeks or so you will have plenty of PPT training and will be good to go in that regard. For Excel, it depends which group you end up in – some groups generally don’t perform much modeling – but either way, again, you will be taught on the job. I understand your interest in getting ahead, but in this case, I would recommend you watch some CNBC and read the FT/WSJ to stay on top of the markets, deals, etc and then just relax – do something that you enjoy non-work/finance/banking related – once you start, you will have more than enough opportunities to do all of the banker tasks. Remember, a few weeks will go by very fast – enjoy them.

What if I haven’t spoken to a few of my contacts in a while, but don’t have anything life changing to share or don’t need any favors at the moment – what if I just want to keep the relationship alive and current?

If you don’t have any pressing or terribly interesting to discuss, question or share, but it has been a fair amount of time since you last spoke, there is nothing wrong with sending a very brief follow-up email just to touch base. If you have absolutely nothing to say, then it might be a bit tougher, but in general, if you are interning, or starting class again, there is nothing wrong with dropping a sentence or two on what’s new or starting with you and then check in to see how they are, how their group is doing and so forth. Keep it to topics previously discussed, and keep it brief. Thank them again for all of their help and close it. These types of letters are not as common, but are still a valuable means of keeping the communication path open until you actually need some help or have questions again. Additionally they act to keep the contact fresh and the person remembering who you are.

Interview question: Is it better to be hard working or smart?

I would treat this question the same way as the “Better follower or better leader” question and take the middle of the road approach. I would lead off by saying that while hard work is absolutely essential, without developing your intellect and putting your “smarts” to work, you will be working incredibly hard without accomplishing much more than the completion of a few projects. Using your smarts allows you to see the bigger picture and multi-task. Essentially, I don’t see them as independent options, but rather, as a necessary combination to succeed in this business and life – hard working, but still thinking and analyzing – having only half of the equation is being only half an analyst.

I was just wondering if there was an advantageous time to interview. For example, if there are 2 dates (Monday/Tuesday), one early and one later, should you pick the early one and think that its a rolling basis and therefore will be easier to fill in spots early? Or perhaps you should pick the later date due to the fact that you will be more “fresh” on their mind?

In terms of days, it doesn’t really matter much – maybe person to person, but not in general. In terms of time of day, early morning is often rough as the interviewer is still shaking the cob webs and may have not even had his/her coffee yet (no, this is not a joke, unfortunately). The very late morning/early afternoon interview is bad as well assuming it is a pre-lunch interview because the interviewer could be hungry, and if anything like me, a bit cranky just before feeding time.

In general, try to stick to mid morning and after lunch through mid afternoon interviews (this of course refers to one interview and not a superday, as a superday is the same schedule for everyone and covers the day). Once you get into late afternoon/evening you run into the interviewer being burnt from interviewing the whole day and either 1) being ready to go home or 2) being eager to get out of there and get back to real work so that he/she could possibly see his/her home sometime that night.