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Navigating the Recruiting Process
Strictly Private and Confidential
Table of Contents
Know the Banks
Buldge Bracket to Regional
Monoline vs. Universal
Generalist vs. Specialist
Keys to a successful Recruiting Process
Big Picture
Building a Book
Preparing for “Informationals”
Networking 101
Knowing the Banks and the Structure
Who are the players
Global / “Bulge Bracket”
Regional
3
The Structure of an Investment Bank
Sales& Trading
Research
InvestingPublic
Corporations/Issuers
Debt &Equity Capital
Markets
CoverageGroups
OtherProductGroups
M&AFSG
“Private Side”
Capital Structuring
“Public Side”
What is a Monoline Investment Bank?
A monoline “investment bank” has historically consisted of three distinct, but related businesses:
Traditional Investment Banking
Capital raising
– Debt
– Equity
Strategic advisory services
– Mergers & acquisitions
– Restructuring
– Takeover defense
Research
Analysis and recommendations of stocks and bonds
Includes company coverage and sector coverage
Sales & Trading
Distribution and execution arm of the investment bank
Sells and trades stocks and bonds
Manages the firm’s risk and makes markets for the securities underwritten by the investment bank
Universal Banking Model – Citigroup e.g.
Corporate and Investment Banking
Global Banking
Investment Banking
– M&A
– Restructuring
– IPO
Corporate Banking
– Relationship Banking
Global Transaction Services
Cash Management
Securities Services
Trade
Global Markets
Capital Markets Structuring & Origination
Sales & Trading
Public Finance
Global Wealth Management
Investment Research*
Private Banking
Smith Barney
Keys to Success
Generalists vs. Specialist
Determine if you are looking for a direct placement or a rotational experience early on.
Understand the pros and cons of each.
Categorize your tiered schools by their hiring approach.
Generalists: Credit Suisse, Morgan Stanley, Lehman Bros.*, Citigroup*, Bear Stearns
– Generalist programs are designed to give new hires a broad introduction to multiple industry and product groups, as well as sub-group cultures, prior to determining their final group placement.
Specialists: Goldman Sachs**, JP Morgan, Merrill Lynch, UBS, Bank of America
– Specialist firms seek to determine specific group placement through the interview or sell day process.
Big Picture
View this process as a Marathon not a race
Know what you want to do and why
Follow through in a timely fashion with everyone who can impact your career
Be thorough and correct in your correspondence
Don’t be a cliché….
The process starts now!
Building a Book
September Campus Presentations
Spend time with Second years who have worked at each firm
Get cards from one business person and the appropriate recruiter for the business you are interested in – School Team Captain and junior representative
Follow-up with a short email ASAP –
Create a spreadsheet or folder with recruiting materials etc. from each firm
Review vault.com and other sites to get an understanding of the firms
October Week on Wall Street
Begin prioritizing your firms – Tier 1, 2 and 3
Email prior contacts and express interest in visiting for an informational interview
Schedule ½ hour slots around the already packed schedule
Be prepared with questions!
November Resume Submission
By this point your resume should be ready to submit online
Call contacts prior to Thanksgiving and attempt to schedule one more visit to the firm over winter break
Begin Interview prep work with Friends –”informational” sessions are coming to a close
December “Informational Interview”
Be prepared to sell yourself for the business and the Firm
Ask for the order – Closed list or first round interview
Preparing for “Informationals” Make sure your resume highlights points of excellence
Leverage Four Key Resources:
– 2nd Years
– Alumni
– School resources – professors and career services
Be Prepared to show your transition from pre-B-school job to desired job
– No matter what you did in your prior life, you have some skills that will be used in future career
– Show prior experience only as a positive
– Know your resume inside and out
Wall Street Journal, FT and Barron's are required reading
– Know key deals that are being discussed from a banking perspective
– If S&T be able to discuss both debt and equity markets
Must knows – DJIA, Long Bond, Key numbers
Prepare meaningful questions
– Do Not ask anything that could have been garnered from the Web Site
– Ask firm’s “behavioral” questions
– Don’t leave unless you fully understand how that Firm’s process works
Do not become too Familiar
Networking 101
Keep a spreadsheet or notebook to track the following for each firm
– Contacts – include name, phone/email, title, business/division, comments Track any unique information to that contact – i.e. Call CFO at 6:45 AM
– School Team Structure
– Key marketing messages
– Organization of summer program
– Recruiting process
Leverage your two key contacts – “God Fathers”
– Ask for them to recommend others for you to visit with
– Ask them to gather feedback on your perception within the firm
– Ask them to call recruiting if you are getting stuck
Make sure the lead recruiter is aware of all interactions you have had with their colleagues
– Best friend… worst enemy
Email is a great way to send you thank you notes – it is not an effective “communication” tool
Communication is key
CITIGROUP CIB/GWM MBA Recruiting
Courtney [email protected]
Naomi [email protected]
Katie [email protected]
Caitlin [email protected]
Kerry [email protected]
Monica [email protected]
Melanie [email protected]
Kate [email protected]
TechnologyJessica [email protected]
Michelle [email protected]
Claudia [email protected]
Global Capital Markets Global Banking Global Transaction Services Global Wealth ManagementGlobal Corporate Services
Erin O’[email protected]
The Private Bank
Becky [email protected]
Investment Research
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