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Breaking Into Investment Banking

 
Old 07-06-2010 at 08:37 AM   #1
IBanker
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Hey everyone!

As a banker, the founder of BankonBanking, a site dedicated to helping students (from U Grad to B school) and career switchers break into investment banking, and someone who just stumbled upon this site, I wanted to introduce myself and offer my help to all of those macinsiders considering a career in IB.

I know banking carries a lot of stereotypes (some true, some kind of true, and some false), a lot of hype (good and bad), and a lot of questions, so I figured I'd try to answer your questions and provide a bit of insight into the field, the career and the preparation, application and interview processes.

Well, enough rambling - if anyone out there has any concerns or questions, feel free to post them and I'll try my hardest to answer as quickly as I can.

lorend says thanks to IBanker for this post.
Old 07-06-2010 at 08:38 AM   #2
Chad
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Thanks for offering to help MI users with career advice!
Old 07-06-2010 at 05:06 PM   #3
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No problem at all, I look forward to helping out as much as I can.
Old 07-09-2010 at 01:36 PM   #4
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Can you walk me through a Summer Analyst interview? Curious to know what it is like..
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Old 07-09-2010 at 02:19 PM   #5
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Sure. First, it depends on the round to which you are referring. Generally speaking, there will be either 2 or 3 rounds, the last one in both scenarios will be a superday (essentially a multi-interview, interview that last several hours - to learn more about that, check out: http://www.bankonbanking.com /2009/...rday-gauntlet/

Moving past the superday, if there are 3 rounds in total, then the 1st round will be either mainly technical or mainly fit in nature, with the following round picking up the missing half of that equation. If there are just 2 rounds in total, then the 1st round will be a combination of both rounds in the 3-round interview.

Now, the technical interview will be based a good deal on your experience. For example, if you are a finance/accounting major with several relevant courses on your resume or you've held previos IB/PE/Accounting-type internships before or if you've listed accounting/finance as knowledge or skills on your resume (or any combination of the 3) you will be different questions (usually) than if you are a history major with no previous finance/accounting experience. Now for case 1 (the candidate with the business background), that person will be tested on accounting, finance, asked about past work experiences, and so forth coupled with a few fit questions. For case 2 (non-business background), that person will be tested on more of an analytical, brainteaser and problem-solving basis since the accounting and finance/work experience isn't there. That said, even case 2 is expected to have some basic finance and accounting knowledge (knowing the 3 statements, what they tell, and such).

The fit questions and the fit interview essentially test the candidate's "fit" with the group, the company and the program. Specifically fit or behavioral interviews/questions involve question on your background, your strengths and weaknesses, your interests, your personality, different scenarios in your life where you've been pressured, had to lead, etc.

Finally, the 1st 2 rounds are usually between 30 and 45 minutes with time left at the end for your questions for the interviewer (usually) in a 3-round interview, and the 1st round in a 2-round interview is usually 45 minutes to an hour. Additionally, the "fit" interview generally feels a bit more relaxed in nature since you aren't being tested in the traditional sense of the word, although I have had numerous technical interviews that were enjoyable (albeit still more to the point in that a specific answer is expected, since a specific answer - especially for the finance and accounting questions - does exist).

Feel free to let me know if you have any other questions and I hope this helped.
Old 07-09-2010
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Old 07-09-2010
IBanker
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Old 08-29-2010 at 01:34 PM   #6
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I've received a few messages on breaking into banking as a summer analyst, but if anyone is curious about FT interviews and the FT process, as it is just around the corner, drop me a message, or post one here for everyone to glance at.

Thanks.



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