Enterprise Insights: IM FT Recruiting...Enterprise Insights: IM FT Recruiting ... resume book MBACM...

Enterprise Insights: IM FT RecruitingOctober 2018

Jessica Katz Amanda RiveraSenior Associate Director Relationship ManagerMBA Career Management MBA Career Management

• Prior to Wharton: Angelo Gordon, Fidelity• Internship: Armistice Capital• Post Wharton: Kenmare, Nitorum• Strategy:

o Networked with >250 people during MBAo Sent pitches to listservo Constantly in NY for meetings – even to

someone’s home when tried to rescheduleo Sent hard copy Fedex intro letters to funds

• Prior to Wharton: Metal Mark, Credit Suisse• Internship: Rivulet• Post Wharton: PAR Capital• Strategy:

o Kept organized tracker with all contactso Turned down multiple offerso Received ‘perfect’ offer in June after

graduation when fund found him in IM resume book MBACM sent to them

• Prior to Wharton: Aquiline Capital Partners• Internship: Luxor Capital• Post Wharton: Tiger Global, Eminence Capital,

Tiger Global• Strategy:

o Worked w/ MBACM on evolving target listo Immersed herself in NY HF community by

asking for helpo Continued part-time consulting work after

graduation until right opportunity

Anthony Lee(WG’15)

Holly Nichols (WG’15)

George Schultz(WG’13)

Christopher Marvin (WG’11)

Elizabeth Gilson (WG’16)

Matt Jevsevar(WG’18)

Hiten Chawla(WG’16)

• Prior to Wharton: JMI Equity, McKinsey• Internship: Passport• Post Wharton: SQN Capital• Strategy:

o After FRP, decided to focus on tech HFo MBACM referred him to well-connected

alum, where he clearly articulated his focus; led to internship referral at Passport

o Cont. tech focus for FT until March offer

• Prior to Wharton: Visa, Barclays• Internship: Fidelity• Post Wharton: Citadel Global Equities• Strategy:

o Turned down FT offer from internship to focus on HFs in NY

o Worked with MBACM on pitch, emails etc.o Persistently reached out to Citadel

multiple times until March offer

• Prior to Wharton: PIMCO• Internship: TCW Credit• Post Wharton: Kore Advisors• Strategy:

o Volunteered to build out models for new start up fund for free; led to many referrals

o Found more success once he opened up search beyond NY; wished he did earlier

o Did whatever it took; said he had trip and then flew to cities for meetings

Success! Enterprise IM Stories

High Risk Tolerance * Hustle * Patience * Grit * Persistence * Focus * Conviction * Authentic

MBA Career Management

Agenda

Introductions

Hiring Data

Mindset for Enterprise Recruiting

Target List & Informational Interviews (emails & meetings)

Success Stories and Q&A


Introductions• David Cochrane, [email protected]

• Clairvest Group; RBC Capital Markets (Canada)• Clearfield Capital Management – Analyst Intern

• Nikhil Goyal, [email protected]• MBACM Career Fellow• Blackstone; Parthenon Group; Clinton Health Access Initiative (India)• Surveyor Capital – Summer Associate

• Brian Morrison, [email protected]• Oaktree Capital Management; Semler Brossy Consulting Group• Clearlake Capital – Summer Associate

• Lawrence Paustian, [email protected]• Crown Venture Management; US Army• Hawkeye Capital Management – Summer Investment Analyst• Intern to William N. Thorndike, investor and author of The Outsiders

• Nate Urry, [email protected]• Surveyor Capital; AEA Investors; Bain & Co.• Owl Creek Asset Management - Analyst


mailto:[email protected]





Hiring Data

Accepted Full-Time OffersInvestment Management / Hedge Funds*Preliminary Data as of 8/1/2018

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

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% of all accepted offers


Timing of IM/HF Full-Time Offers: Class of 2018*Preliminary data as of 8/1/2018

0

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4

6

8

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IM + HF Full-Time Offers62 offers | 45 Companies

78% of companies made one offer

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IM/HF Full-time by the Numbers

Top Hirers: Companies making the most offers

# offers in hand # Students1 452 53 14 1

Company # offers

Vanguard 6AB Bernstein 3Citadel - Surveyor 3PIMCO 3

Status IM (40) HF (22)Accept 35 14

Decline / Received 5 8Not Authorized to work in US 12 (30%) 8 (36%)

Conversion 27 (68%) 14 (64%)Non-conversion 13 (32%); 4 non-finance

background8 (36%); 1 non-finance

background

Distribution: offers are well distributed among many students

Offers: 52 students held 62 offers


49 TotalAccepted Offers

• 39 in US• 10 Globally:

• China 7• Brazil 1• Japan 1• Spain 1

39 Accepted US Offers

• 21% went to international students (n= 8)

17 Accepted Offers went to International

Students• 7 Offers – HF

• 4 US• 10 Offers – IM

• 4 US

International Student IM/HF Placement WG18 Full-time


Source of Full-Time Offers: Class of 2018Preliminary Data as of 8/1/18

Hedge Funds

Personal Networking

Connections47%

On Campus Recruiting

37%

Wharton Job

Posting11%

Wharton Alumni Contact5%

Investment Management

On Campus Recruiting

49%

Personal Networking

Connections20%

Other15%

Wharton Alumni Contact

8%Wharton

Job Posting

8%


Companies That Made Full-Time Offers in 2018*Preliminary Data as of 8/1/2018

Hedge FundsAltimeter Capital

Citadel - SurveyorCoatue Management, LLC

Crayhill Capital Management LPElliott Management Corporation

Hillhouse CapitalHitchwood Capital

Incus Capital

KineaKnighthead Capital Management

Kore AdvisorsLuxor Capital

Marshall Wace LLPMaverick Capital

Och-Ziff Capital Management Group

Solus Alternative Asset Management LPTiger Global

Tourbillon Capital PartnersTybourne Capital Management

Investment ManagementAB BernsteinAdage Capital

Agriculture Capital ManagementArgo Infrastructure Partners

Baron Capital, Inc.BlackRock, Inc.Capital Group

Capital Today GroupComposite Capital

Cooke & BielerCourage Capital

Eaton VanceFidelity International (formerly Fidelity

Worldwide)Fidelity Investments

Fred Alger ManagementGlen Eagle

Glenmede Trust

J.P. Morgan Private BankMill Road Capital

Neuberger Berman LLCOppenheimerFunds, Inc.

PIMCOProgressive Capital Management

T. Rowe Price Group, Inc.Two Sigma Investments, LLC

Vanguard Group, The


IM Companies That Made Offers to International Students in 2018*Preliminary Data as of 8/1/2018

IM Companies – Full Time

AB BernsteinArgo Infrastructure

Capital GroupCapital Today Group

Composite CapitalCooke & Bieler

Fidelity InternationalNeuberger Berman

PIMCOT. Rowe Price Group

Vanguard Group

IM Companies – InternshipAB

AB BernsteinBlackRock

Cartica Management

Clearwater Capital PartnersFidelity InternationalFidelity Investments

Green Court Capital Management

Ontario Teachers’ Pension PlanPIMCO

T. Rowe Price Group

Hedge Funds – Full TimeAltimeter Capital

Citadel – SurveyorHillhouse Capital

Incus Capital Kinea

Luxor Capital

Marshall WaceTourbillon Capital Partners

Hedge Funds – Internship Blantyre Capital

Bridge Water AssociatesCalixto Global

Caro-Kann Capital LLCCitadel – Surveyor

Clearfield Capital ManagementElliot Management Corporation

Indus Capital PartnersSnow Lake Capital

Springs Capital

Tourbillon Capital PartnersTybourne Capital Management

Viking Global InvestorsWilliam Blair & CompanyYork Capital Management


OCI Full Time Data 2017-2018: Full Year*# companies that come on

campus

# jobs that are posted on campus

# companies that post on the

Job Board

# jobs that are posted on the

Job Board

Advertising & Public Relations 0 0 10 16

Consulting 14 15 62 109

Consumer Products 3 3 33 60

Energy 2 2 20 28

Financial Services: Diversified 1 1 30 95

Financial Services: Hedge Funds / Other Investments 3 3 36 45

Financial Services: Investment Banking/Brokerage 5 6 41 103

Financial Services: Investment Management 9 9 72 106

Financial Services: Private Equity/Buyouts/Other 9 11 89 114

Financial Services: Venture Capital 1 1 32 41

Health Care 11 14 61 81

Manufacturing 7 7 34 45

Media and Entertainment 2 2 52 101

Professional Services 0 0 16 25

Real Estate / Travel & Hospitality 2 2 40 53

Retail 4 4 48 79

Social Impact 1 2 76 176

Technology Industries 14 24 118 270

Totals 88 106 870 1547*Date range: Sept. 1 – Aug. 31


OCI Full Time Data 2017-2018: Post-OCR*# companies that come on

campus

# jobs that are posted on campus

# companies that post on the

Job Board

# jobs that are posted on the

Job Board

Advertising & Public Relations 0 0 9 12

Consulting 1 1 51 85

Consumer Products 0 0 28 47

Energy 0 0 16 23

Financial Services: Diversified 0 0 26 88

Financial Services: Hedge Funds / Other Investments 1 1 32 40

Financial Services: Investment Banking/Brokerage 0 0 35 66

Financial Services: Investment Management 1 1 62 83

Financial Services: Private Equity/Buyouts/Other 2 2 69 85

Financial Services: Venture Capital 0 0 29 34

Health Care 1 1 47 57

Manufacturing 0 0 26 35

Media and Entertainment 0 0 46 89

Professional Services 0 0 16 25

Real Estate / Travel & Hospitality 0 0 36 45

Retail 0 0 41 68

Social Impact 0 0 61 152

Technology Industries 0 0 114 231

Totals 6 6 744 1265

*Date range: Feb. 1 – Aug. 31


IM FT Enterprise Search at Wharton

Mindset for Enterprise Recruiting

Risk Tolerant and ‘Rejection Proof’

Ability to resist the “herd mentality” and FOMO

4 S’s• Self-aware: know what you want and let other opportunities go• Self-motivated: have the internal drive to overcome obstacles• Structured: able to create your own roadmap• Self-care: have coping strategies to manage stress


Top Resources for Creating Your “Hit List”

Dream employers (the ones you already feel an affinity for)

Employers from Internship recruiting

Holders of investment ideas

Additional Wharton ResourcesCareerPath (Jobs: active, archived; resource library; resume books) Offer Directory WhartonConnect CommunityWharton IM treks, IM conferences (Boston/Sohn)Wharton Hedge Fund Network eventsUndecided Page (Previous past job offers and past job postings)IM Research Page (industry chat, previous past job postings, resume books)JobTreksReciprocity Industry-specific sites (e.g., Bloomberg, Capital IQ, Preqin, Pitchbook, Eurekahedge)LinkedInBizjournals.com (by city)Reading news and trends


Finding ContactsGoal: Identify contacts connected to each of your target companies

Suggest using Google Drive or other cloud-based solution

Last First Type Company City Title Email Notes

Smith JenWharton Alum DE Shaw NY Managing Director jen@ 6.19.17: Talked on phone about credit…

Zhang Phil UVA alum Anchorage NY PM phil@ 8.30.17: Had coffee chat and discussed…Brown Jon Personal TCW LA Analyst jb@ 9.29.17: Met at Adam's wedding…

Park Min Penn alumPennEndowment Philly HF analyst park@ 10.1.17: Talked on phone about…

Types of Contacts ResourcesFellow Students (FYs and SYs)Alumni

• Wharton• Undergrad• Penn• Other Top MBAs

Recruiters• CareerPath• LinkedIn

Personal networksPrevious Employer Cold contacts

Resume Books WhartonConnect Community Offer Directory CareerPathLinkedIn Undergrad Alumni DatabaseCapital IQ, BloombergJobTreks


MBACM Site > Research Tools & Industry Overviews > Investment Management

IM Industry Page


https://students.mbacareers.wharton.upenn.edu/research/investment-management/

Undecided Page


Home > Manage Your Job Search Strategy > Undecided

https://students.mbacareers.wharton.upenn.edu/managing-job-search/undecided/

Leveraging CareerPath

• Sign up for industry alerts• Set up job alerts• Be in all relevant resume books• Be aware job postings are rolling• Utilize target employer and task functionality• Review Resource Library• Search archived jobs• Research offer and compensation data• Schedule advising appointments• Sign up for events


Getting busy people to take action via email

1. Fewer than 150 words

2. No mention of jobs (share professional goals instead)

3. Connection goes first (if none, lead with most relevant credentials)

4. Be credible and clear about the ask

5. Offer specific availability (with flexibility)

Source: Adapted from The 2 Hour Job Search, Steve Dalton


More email best practices (know your audience)

• Append LinkedIn profile to signature and/or resume

• Consider attaching a stock pitch

• Time of day matters as well as being sensitive to seasonal timelines


Sample email – IM (credit) with pitch

XXX,

I hope this note finds you well. My name is __ and I am currently a second year MBA at Wharton. I am looking to land at a credit fund following graduation and given your experience and expertise it would be helpful to hear your perspective on the industry. Are you available for a 15 minute call next week? I am available at your convenience.

A brief background on me: This school year I have been working for a former MD at a $15bn+ special sits fund focusing on building products and healthcare. Last summer I was in __’s credit group splitting time between Chinese banks and structured credit; prior to Wharton I spent five years at ___ where I was a portfolio associate.

I have also attached some work I put together on __.

Thank you for your time and I hope to speak soon.XXXMBA Candidate, Class of XXXThe Wharton SchoolPhone | Email

<150 words

Connection first & overall goalCredible/ clear ask

Offer professional credentials


Include relevant/credible potential value-add

Connection first & professional credentials

Overall goal and clear ask

Sample email – IM (equity) no pitch sent

Hi [ ],

My name is [ ] and I am a first year MBA at Wharton. Prior to school, I worked at [ ], which followed a philosophy very similar to [target firm], and [head PM] is one of the investors that I personally greatly admire.

I’ve stayed involved with value investing at Wharton as a member of the [IM club or PEVC or whatever] and hope to pursue a career in stock-picking after graduating. If you have a moment over the coming weeks, I’d love to chat with you about your experience at [target firm], your time at Wharton, or anything else you’d be willing to share.

Would it be possible for us to chat on the phone for 15 minutes? I'm available [ ]. Thank you for your time.

XXX

<[150] words

Offer specific availability with flexibility. In-person is ideal.


Professional credentials & overall goal

Identify relevant/credible potential value-add

Sample email – Private Equity

Dear Mr/Ms XXX:

I am a Wharton MBA student graduating this May. Prior to Wharton, I spent four years at McKinsey with a focus on industrials and consumer products. I am targeting opportunities in middle-market private equity with a similar sector focus.

During my time at McKinsey, [I advised a competitor to your portfolio company X on their restructuring, providing commercial insights to successfully navigate through a $150m debt refinancing]. I would be curious to share perspectives on the sector.

I am in [ ] from [ ]-[ ] and would love to take you to coffee on the [ ]. If there is a time that works well for you that day, please let me know. Thank you for your consideration.

<[150] words

Offer specific availability with flexibility. In-person is ideal.


Tracking your follow up

Send email to contact 1

Send email to Contact 2

Sun Monday Tuesday Wednesday Thursday Friday Sat

November

Allow 3 business days for reply, then go to next contact

Follow up 7 business days later if no reply

Source: The 2 Hour Job Search, Steve Dalton

7-day follow up

Contact 1

1 2 3 4 5 6 7

8 9 10 11 12 13 14


Tracking your follow up

Send email to contact 1

Send email to Contact 2

Sun Monday Tuesday Wednesday Thursday Friday Sat

November

Allow 3 business days for reply, then go to next contact

Follow up 7 business days later if no reply

Source: The 2 Hour Job Search, Steve Dalton

7-day follow up

Contact 1

1 2 3 4 5 6 7

8 9 10 11 12 13 14

7-day follow up

Contact 2

15 16 17 18 19 20 21


29

Sample follow up email – Informational Request

Hi XXX,

I am writing to follow-up on my email inquiry of last week. I’m still very interested in speaking with you about your work at _____. I would love to connect via a quick 15-minute call at your convenience.

Thank you in advance for your time,

My Name

- - - - - - - - - - - - - - - - - - - - -From: Name, MySent: Monday, October 2, 2017 9:15 amTo: Your Name Subject: Re: Wharton 2nd year and former hedge fund analyst

Hi XXX,

I'm a Wharton MBA studying in SF and saw on our alumni directory that you’re an investment analyst at ___. Prior to school, I worked at ___, which followed a philosophy very similar to ____, and [head PM] is one of the investors that I personally greatly admire….

. . . .

Very Brief

Short intro with a forwarding of the original


Trends Insights Advice Resources

• What trends are most impacting your business right now?

• How has your business changed since you started?

• How do you view the competitive threat from ETFs and increased demand for passive investment vehicles?

• What surprises you most about your job?

• What’s been your most valuable experience at your employer so far?

• What is your investment process?

• What can I do right now to best prepare for a career in X industry?

• If you were me, what would you be doing to maximize my chances of breaking into X industry?

• What do you recommend I further investigate to strengthen my investment idea?

• What resources should I be sure to look into next?

• What next steps would you recommend for someone in my situation?

• If you weren’t working at X fund, what other funds or PMs would you want to work for?

Informational Meetings – Q&A Framework

TIARAAssignments

• Which projects are most common/ important in your work?

• Which have added the most value?

• Have you had interns in the past? If so, what sort of projects have they done?

• What idea/company are you interested in right now, but don’t have time to research?


Source: The 2 Hour Job Search, Steve DaltonGeneral | IM specific

Research for Informational Meetings

Company SWOT analysis Headlines on employer websiteGoogle employer headlines and informational interviewers themselvesGoogle/LinkedIn background of networking contact 13F filings

Your StoryThe Big Three

Tell me about yourself - most commonly asked in informationalsWhy do you want to work in this industry? Why are you interested in our organization?

InvestmentsPersonal AccountInvestment Pitch


Road to the Full-Time

Offer

ONLINE-IM Page-IM Coaching Letters-Student Memos-Interview Questions-MBACM Company Insights-Alumni Insights

WORKSHOPS-Enterprise Insights: IM FT Recruiting-Enterprise Insights: HF Recruiting w/ Steve Wagshal-Enterprise Insights: Odyssey Search Partners - Landing a Job in IM-Industry Chat-Interview Prep Workshop-Fireside Chats

BIG EVENTS-US Treks-Intl. Treks-Pitch Competitions-WRDI Conference-Boston Investing Conference-Sohn Conference

ONE-ON-ONE-Office Hours-Scheduled Appointments-Career Fellow Mock Interviews-IM Lippincott Librarian

MBACM GENERAL RESOURCESOnline

-CareerPath Profile -Job Search Agents-Industry Communications -Resume Books

-Job Board -Offer Directory-MyWharton -LinkedIn -CapIQ -Bloomberg

-Undecided Page -Enterprise Recruiting Resources-Job Search Competencies

Workshops-Tune-Up Your Pitch For 2Ys-The 2 Hour Job Search-Navigating The Enterprise Job Search-Networking Formula for Success-Enterprise Lab

Employer Events-Employer Information Sessions (EIS)-Coffee Chats-Interviews

IM Team Curated Resources


Upcoming Events

• 10/29: Enterprise Insights: HF Recruiting with Steve Wagshal, COO of Samlyn Capital

• 11/8: Enterprise Insights: Odyssey Search Partners –Landing a Job in IM


• Unpaid internships can lead to referrals and expand network• Understand that it may not be a direct line – one person may lead to another lead that leads to an opening• View networking as way to build IM network for your career and not just as means to get immediate job;

you never know when these people will help you or you will help them. One alum found opportunity from someone he spoke with two years prior

• Expanding geography can have good results• Do whatever it takes to get in front of people – say you are going to x city to set up meetings, can buy the

plane ticket later; be a sleuth to find emails. Scrappiness can impress.• Share investment ideas and offer to do work with eye towards not being taken advantage of• Send investment ideas to funds that own competitors• Rejection can feel brutal, and just part of the process• Cast a wider net since randomness to opportunities• Know thyself, reach out early to companies of interest. Remain flexible but focused on interests • Network inside and outside Wharton• Have focused story and be able to clearly articulate how it fits in with firm X• Be persistent and prepare multiple stock/credit pitches• Be persistent – do whatever it takes – take initiative to network, visit local office to get self in process• Be open to working at a large HF post MBA and then later pivot to a smaller HF that hires infrequently• Talk to your classmates and immerse yourself in IM, WIMF and WRDI communities• Read professional pitches and investing books

Alumni Advice


• Prior to Wharton: Angelo Gordon, Fidelity• Internship: Armistice Capital• Post Wharton: Kenmare, Nitorum• Strategy:

o Networked with >250 people during MBAo Sent pitches to listservo Constantly in NY for meetings – even to

someone’s home when tried to rescheduleo Sent hard copy Fedex intro letters to funds

• Prior to Wharton: Metal Mark, Credit Suisse• Internship: Rivulet• Post Wharton: PAR Capital• Strategy:

o Kept organized tracker with all contactso Turned down multiple offerso Received ‘perfect’ offer in June after

graduation when fund found him in IM resume book MBACM sent to them

• Prior to Wharton: Aquiline Capital Partners• Internship: Luxor Capital• Post Wharton: Tiger Global, Eminence Capital,

Tiger Global• Strategy:

o Immersed herself in NY HF community by asking for help

o Continued part-time consulting work after graduation until right opportunity

Anthony Lee(WG’15)

Holly Nichols (WG’15)

George Schultz(WG’13)

Christopher Marvin (WG’11)

Elizabeth Gilson (WG’16)

Matt Jevsevar(WG’18)

Hiten Chawla(WG’16)

• Prior to Wharton: JMI Equity, McKinsey• Internship: Passport• Post Wharton: SQN Capital• Strategy:

o After FRP, decided to focus on tech HFo MBACM referred him to well-connected

alum, where he clearly articulated his focus; led to internship referral at Passport

o Cont. tech focus for FT until March offer

• Prior to Wharton: Visa, Barclays• Internship: Fidelity• Post Wharton: Citadel Global Equities• Strategy:

o Turned down FT offer from internship to focus on HFs in NY

o Persistently reached out to Citadel multiple times until March offer

• Prior to Wharton: PIMCO• Internship: TCW Credit• Post Wharton: Kore Advisors• Strategy:

o Volunteered to build out models for new start up fund for free; led to many referrals

o Found more success once he opened up search beyond NY; wished he did earlier

o Did whatever it took; said he had trip and then flew to cities for meetings

Success! Enterprise IM Stories

High Risk Tolerance * Hustle * Patience * Grit * Persistence * Focus * Conviction * Authentic


Questions?

APPENDIX

Contact Information

Wharton MBA Career Management50 McNeil Building, 3718 Locust Walk, 215-898-4383

Website: http://mbacareers.wharton.upenn.edu/studentGeneral Email Inquires: [email protected]

MBACM Contact Info:Jessica Katz, Career Advisor [email protected]

Amanda Rivera, Relationship Manager [email protected]

Club Leadership Contact Info:IM: Christine Feng [email protected]

IM: Nickie Yue [email protected]: Meaghan Kelly [email protected]

WRDI: John Lee [email protected]: Brian Morrison [email protected]


http://mbacareers.wharton.upenn.edu/student









Resume Books


Steps to Search Wharton Resume Books

1. CareerPath

2. Resume Book

3. Select a Resume Book Name (e.g., Class of 2018)

4. Click “Resumes” tab

5. Search by “Filters” (e.g., most recent industry) OR

6. Click Applicant to select all resumes

7. Click “Actions”

8. Select “Download All Resumes to PDF”

9. Search PDF bundle by key words (e.g., “Disney”)


Offer Directory


LinkedIn/SPIKE (Alumni Directory)


LinkedIn Alumni Directory


JOB TREKS – MY COMPANIES


Manage your digital brand

Before reaching out to alumni / company contacts, make sure your digital brand reflects what you want portrayed to future employers

Key considerations:

What pops when your name is googled? How does your LinkedIn profile portray you? What are you writing about?


5 Key Resources Summary

1. Job Listings (CareerPath)

2. Resume Book (CareerPath)

3. Offer Directory (MBACM site)

4. Alumni Directory (SPIKE Community)

5. Industry Research (Lippincott Library Online)


Full-time Accepted Offers by Industry 2018

*’Other’ includes DFS, Energy, Manufacturing, Media & Entertainment, Real Estate, Professional Services, and more** As of 7/16/18*** Includes All Offers received; totals exclude non-responses for this data point

76

1829

15

61

12

31 33

66

1816

22

15

51

5

36 35

0

20

40

60

80

100

120

140

160

Consulting CPG + Retail Hedge Funds +IM

Healthcare InvestmentBanking

PE + VC Social Impact Tech Other

Offer from summer internship employer

Offer not from summer internship employer


Source of FT Offers 2018

*’Other’ includes DFS, Energy, Manufacturing, Media & Entertainment, Real Estate, Professional Services, Travel & Hospitality and more** Date range from Sept. 1 – Aug. 31*** Includes All Offers received; totals exclude non-responses for this data point

0

20

40

60

80

100

120

140

160

180

200

Consulting CPG + Retail Hedge Funds + IM Healthcare InvestmentBanking


MBA Career Management ContactPersonal Networking ConnectionsReturn to Previous EmployerWharton Alumni ContactWharton Job PostingOn Campus RecruitingCareer FairTrek NetworkingOther


Source of FT Offers 2018 – post OCR

*’Other’ includes DFS, Energy, Manufacturing, Media & Entertainment, Real Estate, Professional Services, Travel & Hospitality and more** Date range from Feb. 1 – Aug. 31 *** Includes All Offers received; totals exclude non-responses for this data point

0

5

10

15

20

25

30

Consulting CPG + Retail Hedge Funds + IM Healthcare InvestmentBanking


MBA Career Management ContactPersonal Networking ConnectionsReturn to Previous EmployerWharton Alumni ContactWharton Job PostingOn Campus RecruitingCareer FairTrek NetworkingOther


Pre-MBA Experience for Accepted Full Time positions Class of 2018: IM and Hedge Funds

Hedge FundsInvestment Management

PE / VC46%

Consulting18%

IM / HF18%

Investment Banking/Broker

age18%

IM / HF25%

Investment Banking/Brokerage

18%

Social Impact15%

PE / VC12%

Technology9%

Consulting6%

Diversified Financial Services

6%

Energy3%

Real Estate3%

Healthcare3%


Functional Breakdown of Accepted 2018 FT Offers Preliminary Data as of 8/1/2018

Investment Management

Investment Management/Portfolio

Mgmt82%

Private Equity5%

General Management

5%

Research2%

Analytics/Data Science

3%

Other3%

Hedge Funds

Investment Management/Portfolio Mgmt

84%

Private Equity6%

Research5%

Other5%


Wharton MBA Alumni Survey 2017 Finance Subindustry Changes


Timing and Next Steps Month ActionOct. • Resume, Pitch, Research: On-going news alerts and reading

• Apply and Interview for any Mature Opportunities• Company Hit List and Contact Map• Draft Template Email – begin outreach (start with FYs & SYs b/f Alum)

Nov. • Plan Networking Trip(s) (Thanksgiving, Winter Break)• Network

Dec. • Plan Networking Trips (Winter Break, Spring Break)• Network

Jan. • Networking Trip(s) • Applications begin/continue

Feb.• Network• Apply• Interview• Accept Offer

Mar.

Apr.

May

June –Dec.

• Start Your Job (email contacts to thank them & let them know!)


Young Alumni Roles in Investment Management

Mutual Funds

Hedge Funds

- Kathryn Hagy, Fixed Income Analyst (London)

- Mandela Toyo, High Yield Analyst - Alejandro Luciano, Fixed Income Analyst- Donald Zhang, Equity Research Analyst

- Paul Cho, Vice President,Equity Investment Analyst

- Adam Pieczonka, Analyst

- Aidan Ryan, Analyst

- Zach Dauber, Analyst

- Sara Carter, Investment Analyst


Young Alumni Roles in Investment Management

Sell-Side Research

Endowments & Foundations

PrivateWealth

- Bebe Zhao, Sr. Research Associate

- Dan Melum, Equity Research Analyst

- Kwaku Abrokwah, High Yield Credit Research Associate

- Kate Powell, Sr. Associate

- Karen Eifler, Director

- Lauren Castillo, Private Banker

- George Dutile, Private Wealth Advisor

- Abby Holmes, Client Advisor


Career PathwaysBuy Side Analyst IndustryPM AnalystPM Sell SideBuy Side

Holly SnyderWG 15

Ken GawrelskiWG05

Mahmoud SharafWG07

Himanshu SharmaWG15

Tiger GlobalAnalyst2017-Present

Adage Capital Mgmt.Portfolio Manager2012-Present

Fidelity InvestmentsPortfolio Manager 2010-Present

Pzena Inv. Mgmt.Investment Analyst2016-Present

Eminence CapitalAnalyst2016-2017

Carlson CapitalAnalyst2007-2012

Fidelity InvestmentsEquity Analyst2007-Present

AB BernsteinSr. Research Associate2015-2016

Tiger GlobalConsultant2015-2016

AOLBusiness Dev. Manager2006-2007


IM TreksBaltimore

Boston

Hong Kong

London

New York

West Coast


http://www.google.com/url?sa=i&rct=j&q=PIMCO%20logo&source=images&cd=&cad=rja&docid=ktdcLprJTjEbAM&tbnid=YAw4UMR0mNcF_M:&ved=0CAUQjRw&url=http://cfi.co/partners/&ei=RzEvUufnMYTA4AOVnYHIDw&bvm=bv.51773540,d.dmg&psig=AFQjCNGnCbw2yB8wI3P8aFCGLtE3dYHGMw&ust=1378910911277058

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiQ8-37m83KAhWJbj4KHZCsDVwQjRwIBw&url=https://www.highbridge.com/&psig=AFQjCNEO7e_zZLvRk0XDtQCM8tze0_GBbg&ust=1454094953779789

WRDI Treks

Hong Kong

New York

West Coast

Restructuring




Tips for Recruiting in IM

• All Job Seekers:- Network within IM- Utilize the MBACM advising, tools & workshops- Determine where you fit- Take initiative and dive in- Follow up and be persistent

• Career Switchers: - Take the time up front to self assess and be confident IM is really right for you

before putting in all the work- Signal interest, passion and competence in space via CFA, pitch competitions,

WIMF, leadership roles, personal investing, modeling workshops, reading investing books etc.

- Pursue school year internship, time permitting- Go to IM Club info session for career switchers

• International Students/Global Job Seekers: - Local experience/expertise is highly valued so focus on roles/regions where

you can leverage that expertise.


Common IM/HF Interview Questions

• Walk me through your resume. (Drill down questions into a few bullets)

• Why IM or HF?• Why this geography?• What’s in your PA?• What is greatest risk you have taken?• How do you think about risk?• What is a non-consensus idea you’ve had?• How would your sister describe you?• What is the worst investment you have made?• What is your investment style?• What is a view on a major issue that most people would

disagree with?

Interview Techniques• Stock Pitch• Behavior• Mini-case (valuation focus)• Technicals


IM Compensation Statistics

Base Salaries

IM FT (WG18)• 75%: $155,000• 50%: $135,000• 25%: $125,000

IM Intern (WG19)• 75%: $10,417• 50%: $10,000• 25%: $8,137

IM

IM

HF

HF

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Full-time Intern

Median Salary annual

monthly

HF FT (WG18)• 75%: $200,000• 50%: $162,500• 25%: $140,000

HF Intern (WG19)• 75%: $12,000• 50%: $11,250• 25%: $10,385

• 60% of students reported sign on bonuses in IM ($30,000 median)• 9% of students reported sign on bonuses in HF ($50,000 median)

FT Sign On Bonuses


Wharton MBA Alumni Survey 2017 Total CompensationMedian (25th percentile/75th percentile)

2013-2017 2008-2012

Investment Managementn=189

$267,500($200,000/$427,500)

AN 30

$330,000($200,000/$440,000)

D 45

Hedge fundn=69

$302,500($175,000/$1,000,000)

AN 14

$517,500($400,000/$1,350,000)

P 24

* AN: Analyst | D: Director | P: Partner/Principle


Enterprise Insights: IM FT Recruiting...Enterprise Insights: IM FT Recruiting ... resume book MBACM...

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