BANKING RECRUITING RAMP UPOctober 8, 2015

Agenda

Overview

Skillset

Recruiting Prep Roadmap

Info Sessions

Informational Interviews

Resume

Interviews

Resources

Core Activities at Investment Banks

1. Corporate Finance (aka Investment Banking)

2. Sales & Trading

3. Research

4. Asset Management

Overview

Coverage/Industry Groups: Coverage groups pitch and work on a particular industry they cover

Examples include: Consumer/Retail, Diversified Industries, Financial Industries, Healthcare, Natural Resource, Real Estate, Tech/Media/Telecom)

Product Groups: Product groups work on specific transactions with a coverage group

(M&A deals, Equity or Debt Capital Raising, etc.)

What is Sales & Trading?

Sales

Distribution side of the firm’s products Including IPO’s/SPO’s (from IBD)

Direct contact and relationship manager to investor clients

Trading

Execute transactions and manage risk for financial market positions

Trade on behalf of clients and provide liquidity

Guide to Investment Banks

Bulge Bracket

Bank of America Merrill Lynch, Barclays, Citi,

Credit Suisse, Deutsche Bank, J.P. Morgan, Goldman

Sachs, Morgan Stanley, UBS

Boutique Firms

Broadpoint Gleacher, Centerview Partners, Evercore

Partners, Greenhill & Co., Houlihan Lokey, Lazard,

Moelis & Co. and Perella Weinberg Partners

How to Decide a Good Fit

Client Coverage FunctionA little bit of everything

Jack of all trades but master of none

Are you a problem solver?

Do you like variety?

Are you good at defending your point of view

Verbal, persuasive and negotiation skills are key

M&A/Advisory

Long term projects

Low completion rate

Corporate strategy

Longest hours

-Highest profile inside

a company

CEO involved

Do you like take

home tests?

Corporate

Finance

Medium term projects

”problem solver”

Good mix of analytics

and research skills

’Every day’ problems

Do like a long problem

solving test?

Analytical?

Capital Markets,

Financing and

Risk Mgmt

Faster paced

Tied to daily

market trends

Quick decisions

and execution

Do you like short and

pop quizzes?

Sales and Trading

Investor focused

Fast paced

Changes hourly

Client relation

Short term

projects

Do you like pop

quizzes?

Do you have a short

attention span?

Recruiting Timeline

Info Sessions

Begin early September through

early January

Informational Interviews

On-going

Resumes and application

process

Begin applying now!

Interviews

OCR begins mid October and will continue through

February

What Recruiters Look For

What Recruiters Look For

Basic Requirements Include:

A high GPA (3.50+ is informal norm)

Noteworthy extracurricular activities (RSOs, sports, etc.)

Stand Out With:

Awards, honors and scholarships

Leader or Founder

What Recruiters Look For

Basic Requirements Include:

Finance / Accounting

Poly Sci, Public Policy or other ‘synthesizing majors’

Follow the stock and bond markets

Stand Out With:

A past internship with a brand name company

General Skillset

Passionate personality, high energy level

Leadership

Strong analytic skills

Effective selling skills

Flexibility

Curiosity

Interest in, and knowledge of, financial markets

Strong team player

Technical Skillset

Financial statement analysis

Valuation Methodologies Fundamentals Discounted Cash Flow (DCF) Analysis

Comparable Companies

Comparable Transactions

M&A Models

Presentations / pitch books to present marketing material to clients Bank’s qualifications

Recent industry data

Sample transaction & analysis information

Advisory recommendations

The Career Prep Roadmap

Info Sessions

Info Interviews / Networking

Resumes & Applications

Interviews

General Strategy | Info Sessions

Every point of contact leaves an impression

Emails

Phone calls

In-person conversations

Recruiting maintains feedback on all candidates

Secure an interview from many touchpoints with positive, feedback!

They should know your name prior to the application even being submitted!

Info Sessions

Attend and check in to every info session held by

banking alumni

Arrive early / stay late

Come prepared with questions

Listen to their advice and follow it

Be professional; make a good impression

Follow up with a thank you note within 24 hours

The Career Prep Roadmap

Info Sessions

Info Interviews / Networking

Resumes & Applications

Interviews

Informational Interviews A meeting in which job seeker seeks advice on

someone’s career, industry, corporate culture, etc.

Way to network

The employer learns about the job seeker and judges

your professional potential

Who

UChicago Alum

Peers

Neighbors

Teammates

Strangers

Career Advancement

Family

Informational Interviews Know your story

Why are you interested in their company?

Why are you a good fit?

Be prepared to LEAD the conversation

Tie questions back to your research – this makes you look

prepared

Use Google or LinkedIn to learn more about the

informant (e.g. – education, marathon)

Tips

Be genuine

Research the firm

Be familiar with common (non-controversial)

headlines for small talk

Interview begins the moment that you make a

connection; take notes & be enthusiastic

Follow up with a thank you email

Tips

You guide the conversation

Your contacts are people too! They don’t want

to talk 100% about internship opportunities –

remember the airport test!

Build the relationship before you have to ask for

something

Acknowledge how grateful you are!

Stay in Contact After you walk away, write something that you talked about

on the back of the business card

Follow up within 12-24 hours

Stay in contact

Interesting article

Additional questions

Follow through with your word

Watch Outs

Don’t ask for a job; ask for advice

Quality over quantity

Don’t dismiss anyone as irrelevant

Don’t take NO personally

Don’t gossip or talk controversial topics

Wait to send your resume until you’re asked

Be cognizant of working hours

The Career Prep Roadmap

Info Sessions

Info Interviews / Networking

Resumes & Applications

Interviews

Make Your Resume Stand Out

Attention to detail is crucial

3-4 of your strongest experiences (work &

leadership)

Highlight analytical and quantitative abilities

Focus on results & recognition

Use UChicago resume template

Be specific: big projects, length of time, specific

sections you worked on, what you contributed

Make Your Resume Stand Out

Start bullet points with ACTION VERBS (found on BCS Sharepoint site)

Describe your actions, not the tasks that you did

Better bullet points = WHAT you did + HOW you performed your duties + the IMPACT or RESULT of the task within the organization

Basic bullet: Directed actors in productions

Better bullet: Directed 5-10 student actors and managed technical team in both short and full-length productions attracting audiences of 100+

Transferrable Skills

Communication

Research

Analysis

Marketing

Organization

Teamwork

Competitiveness

Ability to multi-task

Well rounded

Leadership

Over achievement

Typo = NO JOB

Cover Letter

Keep it short and simple

Complement your resume

Mention people that you’ve spoken with

Address how your experiences are relevant to who

you are

Outline on BCS Sharepoint

The Career Prep Roadmap

Info Sessions

Info Interviews + Targeted

Events

Resumes & Applications

Interviews

First Round / Campus Interview

12 – 25 students over a day or two

Conducted by alumni on campus

Will likely be 2 recruiters simultaneously

First Round Interview Preparation

Do your research! And be prepared.

Industry, position, points of difference, culture,

business, etc.

Dress professionally: business formal.

Arrive 15 minutes early.

Have a firm handshake.

Speak eloquently.

Practice, practice, practice

Superday

At company headquarters

Determines whether you can get the work done

How do you stack up against candidates from other

schools?

Meet 1:1 with 4 interviewers and have breakfast or

lunch with candidates and some bankers

Interpersonal interactions to determine your fit

Conversation Topics: Upbeat Topics

Travel

Restaurants

Sports

Summer, Weekend, Vacation

Plans

Books, Movies, TV

Shows

Types of Interviews

Behavioral Technical

The Big 3

Tell me about yourself / Walk me through your resume

Why Investment Banking?

Why <<company>>?

Tell Me About Yourself

Framework for your response

I am a <<class year, major>>

With interest in finance

I have had internships in; project work on; worked for,

etc.

Speak to your skillset

Use the job description as your guide!

Highlight your skills and competencies that tie

to the job requirements

Why Investment Banking?

Real question: why are you a good fit for

Investment Banking?

Tell your story; make it unique

Demonstrate understanding

Answer the question they are really asking

Don’t talk about what you will get from them

Why <<company>>?

Express enthusiasm for the company

Show off what you know! Incorporate it into your

response.

Align your skills and experiences with the role

Use the job description and correlate to your skills

Connect to your career trajectory

Show that you’ll be around for the long run

During the Interview

Display your knowledge about the firm and

what they do

Take your time

Ask “Did I answer your question?”

Leverage the S.T.A.R Method

Behavioral Interview Questions | First Round

The Big 3

What is Investment Banking?

Why did you choose your school/your major?

Are you interested in a specific group? (i.e.: product vs. industry)

Tell me about a time you were a leader/worked on a team?

What do you consider your greatest strength/weakness?

If I asked your friends about you what would they say?

What other banks/firms are you interviewing with?

Trick question: what job would you pursue if you don’t get a job in investment banking?

Behavioral Interview Questions | Second Round

Tell me about a time when you had to complete a deliverable under a tight deadline and how you dealt with the situation.

How do you choose your friends?

How was your relationship with your boss in your former internship or work experience?

What do you think are the best qualities for building strong client relationships?

Tell me about a time when you were on the receiving end of difficult feedback. How did you respond?

What do you think differentiates this firm from others?

STAR Method

Situation Task Action Result

STAR Method: Situation

Describe the task that you needed to accomplish

Be specific

Give enough detail for the interviewer to understand

Can be from a previous job, volunteer experience, RSO,

game, competition, etc.

STAR Method: Situation

“Advertising revenue was falling off for my

college newspaper, The Maroon, and large

numbers of long-term advertisers were not

renewing contracts.”

STAR Method: Task

What goal were you working toward?

STAR Method: Task

“My goal was to generate new ideas,

materials and incentives that would result in

at least a 15% increase in advertisers from

the year prior.”

STAR Method: Action

Describe the actions you took to address the

situation.

Keep it concise and focused on YOU.

Be specific; what was your particular

contribution?

Use “I,” not “we” when describing actions.

STAR Method: Action

“I designed a new promotional packet to go

with the rate sheet and compared the

benefits of The Maroon circulation with other

ad media in the area. I also set-up a special

training session for the Account Executives

with a Booth professor who taught me about

competitive selling strategies.”

STAR Method: Result

Describe the outcome of your actions

Don’t be shy about taking credit for your

behavior

What did you accomplish? What did you learn?

Your answer should contain multiple positive

results.

STAR Method: Result

“We signed contracts with 15 former

advertisers for daily ads and 5 for special

supplements. We increased our new

advertisers by 20% over the same period last

year.”

STAR Method: Themes

Teamwork Initiative

LeadershipCommunication

After the Interview

Prepare smart questions for the interviewer

Practice “The Icing” - have a concise “closing

statement” where you share anything that you

have forgotten to address or that you’d like the

interviewer to remember about you

Write a thank you note!

Questions to Ask the Interviewer

Ask targeted questions such as:

“What has been your favorite deal to work on recently?

“What attracted you to your group?”

“What are some changes the bank is currently experiencing that have bankers talking?”

Ask questions that span various categories

Don’t ask anything about the interviewer (e.g. –career path).

Don’t ask about anything negative or related to bad press.

Types of Interviews

Behavioral Technical

Technical Interview Questions

What are the various valuation methods?

How would you value a public company?

Why does the value of a DCF differ from a company’s trading value?

Tell me three macro events that you’ve been following.

Do you follow a stock/industry? If so, why and how is it currently doing?

What are the three financial statements and how do they work together?

Why would a company issue debt to raise money? What about equity?

If interest rates go down, what happens to bond prices?

How do you calculate EPS?

Compare the pros and cons of using stock vs. debt to raise cash?

What is a leveraged buyout?

Trick Question: in the cash flow statement, in what section would you classify an

issuance of debt?

Resources for answer: The Vault Guide to Finance Interviews on BCS Sharepoint

Brainteasers

How many cabs/windows in NYC?

How many ping pong balls fit in a Boeing 747?

How many gallons of white house paint are sold in the U.S.

every year?

How many square feet of pizza are eaten in the United States

each month?

How would you estimate the weight of the Chrysler building?

Why are manhole covers round?

Remember to speak and reason out loud while solving this brainteaser!

Practice Interviews

Search “practice interview, Career Advancement”

Select your interviewer prior to calling

Send your resume in 24 hours prior

Available via the Front Desk (773.702.7040)

Behavioral, and Technical Interviews Available

Resources

BCS SharePoint Site

includes finance documents covering recruiting

timelines, finance/investment terms, firm overviews,

and practice interviews

BCS Advisors

BCS Share Point Resources

BCS Share Point Resources

Wall Street Journal

Financial Times

Barron’s

Dealbreaker

Street of Walls

Investment Banking FAQ

Reading List | Short Term

Reading List | Longer Term

Fool’s Gold by Gillian Tett

Monkey Business: Swinging through the Wall Street

Jungle by John Rolfe and Peter Troob

Liar’s Poker by Michael Lewis

Bank by David Bledin

Vault Career Guide to Investment Banking

Investment Valuation by Aswath Damodaran

Investment Related RSOs

Blue Chips Chicago Club for Alternative Investments Maroon Capital Phoenix Funds Smart Woman Securities (SWS) Undergraduate Investment Banking Group

(UIBG) Other business-related RSOs found on

Blueprint https://blueprint.uchicago.edu/Organizations

Business Career Services

Lauren Rath

laurenrath@uchicago.edu

https://collaborate.uchicago.edu/depts/bcs

Thank You!