| Topic Name: |
A Question for the Bankers |
| Message Name: |
Making the transition |
| Date Posted: |
05/24/2000 |
| In Reply To: |
I would really rather hear comments from I-banking associates if possible.
I passed the Series 7 and went into retail production (at a respected firm) immediately after college graduation. I was a broker for several years (with great success) and I am enrolling this fall in a top tier MBA program.
I am returning for my MBA specifically so that I can transition into corporate finance.
How difficult will this be, if at all?
I realize that it would be easier to transition to Institutional Sales, but that is not why I am returning to school and that is not what I want to do.
Can anyone comment on this? In some circles within the world of corporate finance there seems to be a elitism that might not approve of someone like myself making the transition from Retail to Corporate Finance.
Will this be an issue?
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| Message: |
As you pointed out, you won't have the paved road that former investment banking analysts. You're not coming completely from left field like some other candidates, but you'll have to hustle for everything you get -- you can make up for many deficiencies with hustle.
The first big hurdle is just getting an interview at all. You will face a strong negative bias because of your background so you'll need to lay the groundwork early to pre-emt that. This means informational interviews (to learn how to talk the talk, to really get an understanding of what you're getting yourself into and hopefully to win some early advocates for your candidacy), lots of networking (with friends in I-banking, classmates coming from or going to I-banking, alumni, etc.), reasearch on the industry (general history & evolution, key players, current trends and issues) and research on the specific companies you're targeting (important people to know, group structure, summer program, hiring process, culture, career path, recent deals/developments etc.).
After that the next big hurdle is The Sell. This takes place mostly during the interviews, but beware: every point of contact with people from the I-banks is a potential data point in their evaluation of you. These are also opportunities for you to impress.
As for how to impress there are a million answers, but if it were me in that interview room I'd want to know that at a minimum you've got the intellectual horsepower to be successful, the maturity to handle the responsibility and the stress, the stamina to survive the first few years and that you're absolutely truly convinced that you're in it for the long haul. After that there are a million variables depending on the firm, the group, the interviewer, the moon and other esoteric factors. Cultural fit certainly ranks high on the list as well, but this is very nebulous and can be a minefield. On this point, suffice it to say that, beyond some basic minor adjustments you can make, you're better off being yourself -- either you fit or you don't, and trying to force the issue will probably spell disaster for both you and the company.
I may be a little outdated in my views as the Internet explosion and the encroachment of the New Economy change the rules. I think everyone is more open-minded these days, but hopefully this will serve as a good framework.
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