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Investment Banking 101:Recruiting Overview
Joel Hanson, Jorge Castello, and Matt Cheung
HOSTED BY TIS
Today’s agenda
• Introduction
• Planning for the future
• What is investment banking?
• Freshman internships
• Sophomore internships
• Investment banking recruiting
• Banks and timeline
• Prep resources
• Networking tips
• Resume format
Introduction
Questions to ask yourself
• Where do you see yourself this summer?
• Where do you see yourself after college?
• The time to start planning your future is now
• Especially if you want to pursue a career in
investment banking
What is investment banking?
Investment banks are financial institutions that assist
individuals, corporations, and governments in raising capital
by underwriting securities and advise them on major strategic
financial decisions. Investment banking can include:
• Mergers and acquisitions
• Restructuring transactions
• Raising capital in the debt and equity markets
• General advisory services
• Underwriting and brokerage services
• Research
Typical divisions in an investment bank
• Corporate Finance - Interacting with clients, giving
advice on transactions, and raising money for clients in
the equity and debt markets
• Usually meant when people refer to “investment
banking”
• Sales and Trading - Sales force that calls on
institutional investors to suggest trading ideas, take
orders, and execute trades on behalf of clients and the
investment bank
• Research - Make recommendations whether investors
should buy, hold, or sell a given security. Analyze
stocks and predict their movements within the market
Buy side vs sell side
• Buy side: Firms that make investments
• Private equity
• Hedge funds
• Asset managers
• Institutional and retail investors
• Sell side: Providing services to the firms that make
investments
• Investment banks
• Commercial banks
• Stock brokers
• Market makers
Freshman internships
What to look for in a freshman internship
• Any type of internship can be valuable
• Take initiative and begin to build your resume
• Examples:
• Summer abroad programs
• Tech company internships
• Launching your own startup
• Youth tennis coach
• Golf course caddy
Where to look for summer internships
• Personal connections
• Likeliest source as a freshman
• Most companies only want to hire sophomores+
• USC students & alumni
• Where did current USC students intern their
freshman year?
• Alums at small, local firms?
• USC Career Center and Marshall Career Source
• Some opportunities open to freshmen
• Cold emails
Sophomore internships
What to look for in a sophomore internship
• Gaining experience in finance is critical
• Preferably investment banking, private equity, etc.
• Corporate, accounting, and other internships can
still be valuable
• Consider how the internship will fit in your “story”
• Why does this internship lead you to want to do
investment banking?
• What aspects are similar to investment banking?
What aspects are different?
• Internships not just available during the summer
• Can work during fall and spring semesters
Fall, spring, and summer banking
internships
Full list of investment banking
internships
• Los Angeles
• FocalPoint, CriticalPoint, Park Lane, Siemer &
Associates, Salem Partners, Cappello Group, CREO
Capital Advisors, Telos Advisors, Ocean Park
Advisors, Roth Capital, Reynolds Advisory Partners,
Architect, B Riley, Solganick and Co, Hammond
Hanlon Camp, Harbor Ridge Capital, Harvey and
Company, 41 North Partners, Kinected Consulting,
Objective Capital Partners, Armory Securities
• Bay Area
• Vista Point Advisors, Woodside, MergerTech, Khosla
Ventures, Martin Wolf, Momentum Partners
Fall, spring, and summer private equity
and venture capital internships
Fall, spring, and summer corporate
internships
Other fall, spring, and summer internships
Diversity based internships
Investment banking recruiting
Bulge bracket banks
Elite boutique banks
Middle market banks
Recruitment timeline
• Things to start doing now
• Technical and behavioral interview preparation
• Thinking about where you would like to work
• Location, product group, industry group
• Bulge bracket vs elite boutique
• April - Apply to the TIS Mentorship Program
• July and August - Begin networking with bankers
• September - Fall Investment Banking Panel, TIS
Networking Trips
• September and October - First round interviews and
superdays
Preparation resources
• World, economic, and business news
• WSJ, NYT, The Economist, Financial Times, Bloomberg
• General industry information
• Mergers & Inquisitions, Wall Street Oasis
• Technical prep
• M&I guides, “Investment Banking” by Rosenbaum & Pearl
• Financial modeling / accounting
• Macabacus
Networking tips
• Over the summer
• Create an excel sheet with a list of banks
• Compile a list of 2-3 contacts per bank
• Begin to reach out for phone calls and coffee chats
• Important that you feel confident and prepared
going into these information interviews
• These calls determine who gets interviews
• Cold emails
• Critical part of the networking process
• Bankers expect to receive cold emails, but don’t expect
high response rate – 10 to 20%
Finding people to cold email
• How to find email addresses and formats
• Rapportive
• Google Chrome plug-in that searches guessed email
address on LinkedIn
• Can be used to determine company format
• Googling
• For large companies, their email format (ie
firstname.lastname@gs.com) should be available
• MailTester
• Verifying email addresses
• http://mailtester.com/testmail.php
Sample email
Dear Mr. Traveler,
My name is Tommy Trojan and I’m a senior in the Marshall
School of Business at USC. After being introduced to
investment banking in a previous internship, my plan is to
pursue a fulltime position in the field after graduation. I noticed
that you have worked at both elite boutique and bulge bracket
banks. I would appreciate learning more about your career path
and perspective on working for these different firms. Please let
me know if you have 15-30 minutes available for a phone call
over the next few weeks.
Best,
Tommy
Cold email tips
• Always include your resume
• The quality of your resume is important – it is what will
determine if you get a response
• PDF attachment, never a Word document
• Follow up one week after the initial email if no response
• Only send one follow up email, then move on
• Ask something specific to the banker’s background
• Do research on LinkedIn
Resume format
• Industry standard
• List GPA
• List SAT score if strong
(2100+)
• Highlight relevant skills
and experiences
• Relevant coursework,
Training the Street,
etc.
• Resume must be
mistake free
Week in the life of IB recruiting
1-2 on-campus information sessions
5+ networking calls
1-2 coffee chats
1-2 first round interviews
• Very technical (30 min)
1 superday
• Typically more behavioral (2-4 hours)
TIS Updates
• TIS E-Board Info Session- February 15th 7:30PM JFF 241
• TIS E-Board Social - February 20th 8PM Gateway Rooftop
• TIS E-Board Applications Due - February 24th 5PM
• Tentative investment banking case competitions
• Houlihan Lokey
• Immediately following spring break
• Restructuring focused case
• Credit Suisse
• Mid-April
• LBO focused case
• Launch of the TIS Mentorship Program
• Late April
Next IB101: Interview Workshop
• Next Friday, February 17 at 1pm in JFF 239
• Resume review following next week’s workshop
• Please apply resume tips provided today
• Topics covered
• What kinds of questions will I get in investment banking
interviews?
• How do I tell my “story” for investment banking?
• How should I approach answering technical questions?
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