Advice for New Investment Banking Analysts
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- เผยแพร่เมื่อ 30 พ.ค. 2024
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Full time investment banking analysts hit the desk between July and August. Most of your performance on the job is going to be based on your work ethic and your patience, but there are a couple of things you can focus on that are going to have a disproportionate impact on your career.
The first thing is to befriend your staffer, because they are the ones that are going to determine the kind of projects that will go on your resume. Secondly, you should try to get a second or third year analyst to mentor you so they can tell you the group-specific recruiting intel. Thirdly and most importantly, you need to make sure that you diligently check your work so that you are positively reviewed by your bosses.
** Full Blog Post: bit.ly/PF-NewIBDAnalysts
0:00 - Intro
0:27 - Befriend your Staffer
2:15 - Ranking the Different Kinds of Staffings
3:43 - Find a Senior Analyst to Mentor to You
5:49 - Research Recent Firm Deals
6:29 - Check Your Work (Formatting, Apply Intuition, Comments, Time: 10-20%, Save Up and Print)
9:17 - Summary
Peak Frameworks is a business career prep service started by Matt Ting and Patrick Fong, who have each spent several years working in investment banking and private equity in New York and Silicon Valley. Matt and Patrick met at Evercore, a top tier investment bank, and over the years have tutored and coached dozens of candidates to land their dream business job.
Matt Ting: / matthewting
Patrick Fong (HBS 2021): / patrick-fong-0b773041
#InvestmentBanking #PrivateEquity #Careers
This channel is absolute gold. Wish there was management consulting career channel like this.
Yooo thank you! Glad you're enjoying the content and feel free to reach out with any suggestions!
@@PeakFrameworks Yes, consulting content would be great
If you want management consulting content check out firm Learning has a bit of an accent but good videos
thank you so much, as a future infra analyst I will defo apply FACTS
Love the video, please can you do a video on advice for MBA associates / people more generally moving in at the associate level with no previous banking experience?
Thanks!
Can you please make a video on scope and roles available in the field of quantitative finance? Major requesting for it! Thanks
Hey man! Love the videos - Could you to a video on Restructuring groups and Rx Bankers making the move to buyside (how likely to place in corp PE? what jobs they end up going for if not corp Pe and ur views on the trajectory staying in banking and comp)
Sure, we can add that to the list although it's not my specialty. Most restructuring people go into credit hedge funds or distressed firms. You get pigeonholed a bit, which is not necessarily a bad thing. I'd definitely prefer working for a credit hedge fund over IB.
Rock solid info..
Awesome!
The review process for a deliverable is very similar in Audit!
That makes total sense! I find that people in audit are extremely good at checking their work and being thorough with their analyses.
God bless this dude
Any advice about starting virtual? Also how much does performance during the training matter? (On the upside, if you rank #1 in training, does that help place you on better deals?)
Virtual should make it even easier for you to network with people IMO. Try to meet with everyone on your team relatively soon. If you want to do recruiting this fall, speak with one new person in the industry per week.
Training performance shouldn't matter much, especially if you summered there. Focus on learning things properly in training and don't get caught up in competition with others. I think if you rank really high, you'll probably get a slightly better first staffing (that happened at Evercore in some intense groups). It's more that you don't want to totally bomb things. I think if you're average at training and you network, you should be fine.
Slightly off topic question - Will you be making a video on firm target schools for MBA associates?
If there's interest, I can start looking into it! It's tough to scrape the data but we'll get working on it. In the past, we've found that MBA data is harder because there are hard variables to solve for. People come from a wider set of job backgrounds and banking isn't quite as coveted at the MBA level.
Understandable in terms of audience interest. I’d imagine most of your views are from an analyst level audience. But I’d also say traditionally MBAs churn out a lot of bankers. However, I admit Consulting has been increasing its popularity among graduates as of late.
You forgot to zoom in the camera 😂
Hey, love the video!! I study at the london school of economics as an economics major how hard do you think it would be for me to get into investment banking in the USA cause im not a citizen of the US/UK
Im studing at south Africa and im in the exact same situation
It is said to be very hard because they try to bring in Early Carrer professionals and interns from "target schools"
Any advice about WFH? It’s been pretty rough (9-2am everyday) and getting to know the group is harder/ramping up given you can’t look over someone’s shoulder.
I think it's important to just try and make point of contact whenever you can. Even if it's just e-mailing associates and VPs one off to thank them or ask them for a 15 minute Zoom catch-up. I don't know if you guys have Zoom drinks, but you could maybe suggest that once a month so people have a place to meet each other.
Know that it's impacting everyone helps. It's kind of a matter of endurance.
very informative , applicable skills even if not IB, oofph i wish i was less introvert and network with higher level peers
Just put yourself out there! Think of networking and socializing as a skill that you can grow and develop.
Hey man, I just got an IB summer analyst offer. I haven't been assigned groups yet, but am very interested in M&A. Should I reach out to bankers on the M&A team (or the HR) and see if they can offer me a position with their team? Thanks!
Yes, definitely try speaking with a few people on the team you want to be on. I would start with junior people on the M&A team and maybe see if they took any specific steps to get placed on that team.
Hey Matt, I wanted to know If by any chance you met Eduardo Mestre when you were back at Evercore. People say he is the best Investment Banker. IB people talk about that stuff? Who'd you say is the best Investment Banker you ever worked with or heard about him/her. Thanks for the great info as always!
Haha yeah, I was the analyst on a few projects with him! Eduardo is very successful and is a big reason why Evercore has grown so much.
I think Ken Moelis, Roger Altman, and Lloyd Blankfein are all really well-respected bankers that have probably brought in the most deal fees over the past two decades. I suspect my old MD Naveen Nataraj is probably going to be a big shot one day too.
@@PeakFrameworks Hahaha cool, thx for the answer
Could you do a video on IB associates too?
Sure, we can add that to the list! One recommendation for associates is to try and get comfortable with the modeling ASAP. It's extremely awkward when your analyst is technically better than you and it creates a weird and inefficient power dynamic.
A lot of the value that the associate adds is 1) ensuring high product quality and checking, 2) managing workstreams and keeping people on task, 3) taking shit from seniors and insulating junior people.
Is it possible to get job as an investment banking associate at 40 years old with 3 yrs of internships and a pretty good GPA coming from a top 50 business program and a MBA. I thought firms were not allowed to hire people based on age I thought it was based on skills
I would think it's tough. Most MBA recruiting is done formally while candidates are in the MBA program. Also top 50 is way too broad. I think you'd need to be a top 10 or so MBA.
Have you seen people moving from Management Consulting to IB post-MBA (with M&A experience)?
Yes, for sure. That's one of the most common paths!
@@PeakFrameworks Sorry, I was not clear enough. Have you seen people, who did Management Consulting right after their MBA and then switched to IB?
Would you offer a course on Restructuring?
Not for the foreseeable future, maybe down the road!
Hi, I am a MBA International student and interested to enter financial industry. For more than 15 yrs I have been in education industry as business development. Do you think age is going to be a problem? I am 47yrs old and I am thinking IB or Equity research? Could youpls advise? Thanks
47 does seem a bit old IMO, never met any new banker that age. ER might be more possible, but still seems tough TBH
@@PeakFrameworks 😌thank you for honest reply.
It feels like Survivor island. Like a reality show sadly.
You are too close to the camera, pls zoom out. Your face covers the frame and makes it uncomfortable. Anyway, content is awesome! Love from India.
Nah he got a nice face