Ask an Associate working in Private Equity on Wall Street anything

[shoehead117]

How did you jump straight into an associate role after your 2 year stint in IB? Don't most get their MBA first?

Do you plan on pursuing an MBA?

Were you on the buy side or sell side in IB? I'm assuming you're on the buy side in PE?

Do you think WallStreetPrep courses boost you're resume? (even if you have financial experience)

Do you see yourself staying in PE? (VP>MD?) Or do you eventually want to break into something else?

 

[Hank Scorpio]

Im currently an undecided sophomore in college interested in majoring in finance....

HOW CAN I BE YOU?

EDIT: And I also work at a bank right now. Will be promoted to Personal Banker in a few months.

Where do you go to school? What is your GPA like? What kind of courses have you taken already?

Working in that bank is good, but you need to get some REAL finance experience. It's VERY important that you land a solid internship or Summer Analyst (referred to as "SA") position after the summer of your junior year. The reason for this is because, after the Summer or Junior year many banks recruit during the Fall and what you did that Summer plays a major role during the interview process.

My advice to you would be to try to get a finance internship THIS Fall and then try to get something better during the Summer. Just having experience at a bank working as a teller won't get you far. You'll be competing with applicants that have STACKED resumes. Right before starting full time, I was an intern for the summer after my freshman year at an Asset Management firm. In the beginning of my Sophomore year, I was an intern for a full year at a Private Equity Boutique that's partially owned by Steve Nash, yes, THE Steve Nash of the Los Angeles Lakers. I met him a few times, he's a really cool guy. The start of Junior year I was an intern for an Investment Banking brokerage firm on Wall Street. The Summer after Junior year I was a SA for the Investment bank I eventually worked for after graduation. After the Summer of my junior year when I completed the 10-week Summer Analyst program--I was offered a Full-Time position before even graduating. In my Senior year, I basically chilled out, took easy classes, invested in the markets and relaxed till the going into the "Real World".

I hope this helps.

Where's the hammock district? And why the Denver Broncos?

I'm glad someone caught on and noticed. You the man, Frank. #TeamNYKnicks

Read some, do you have a MBA and/or higher?

I completed my Level 3 CFA during my 2nd year in IB. I'm thinking about going into B-school to get an MBA, but not sure right now. I took the GMAT's and got a 760 on it.

GPA in college?

3.97 Cumulative GPA; Summa Cum Laude

What are some things I should do or start while I'm young???
(Ex. Have savings acc, dont overspend, stuff like that)

-Get a ROTH IRA
-Open up a High-Yield savings account i.e. Barclays (0.90%), American Express (0.85%), Ally Bank (0.84%)
-Start reading the Wall Street Journal, The Economist, Barons, and Financial Times. A lot of GREAT info in there
-establish and build excellent credit
-DO NOT OVERSPEND OR SPEND PAST YOUR MEANS
-Don't let girls distract you
-Make sure your GPA is as close to a 4.0 as possible
-Make sure you take some time out for yourself and just relax sometimes. Have fun, because when you get my age, you won't have much time to.

How did you jump straight into an associate role after your 2 year stint in IB? Don't most get their MBA first?

Do you plan on pursuing an MBA?

Were you on the buy side or sell side in IB? I'm assuming you're on the buy side in PE?

Do you think WallStreetPrep courses boost you're resume? (even if you have financial experience)

Do you see yourself staying in PE? (VP>MD?) Or do you eventually want to break into something else?

-When i was in IB, I was offered the illustrious 3rd year analyst option. I knew I didn't want to be in IB anymore, because of the long hours and the morality of the actual job.

-After my 2nd year, I completed Level 3 of my CFA. I don't think I need an MBA, but it's still something to consider. I took the GMAT's and got a 760. I also have my Series 7, 79, and 63 licenses. I'm considering getting the 23 and 66 (63+65). Don't know yet.

-I was on the sell-side of IB. Now, I'm on the buy-side of PE.

-I took a few of those WSP courses during undergrad, and it didn't really teach me anything I didn't already know. It just helped take up white space on my resume

- Honestly, IDK where I see myself. I'm the type of person that likes to move on to different things, especially after I feel that I've peaked in what I'm doing. This was partially the reason why I left IB. A couple of buddies of mine are in Private Wealth/Asset Management and they LOVE it. Very interesting, to say the least. I think I can see myself having my own HF or PE firm one day. Need to build and little more capital and expand my network before doing that

 

[fontaine]

this kids a friggin savant... everybody can't have those stats famb....


anybody you know make the transition from corporate finance to ib?

I know many go from ib to cf... but the other way around...?

 

[timbo109]

If you ran into Toby Keith at the Dairy Queen would you dap him up or ignore him?

 

[timbo109]

If you ran into Toby Keith at the Dairy Queen would you dap him up or ignore him?

 

[timbo109]

Hahaha I just quadruple posted. Please answer the question 4 different ways.

 

[Top Boy]

Should I even major in finance with a GPA below 3.5?

From what I gathered all the successful FA on NT graduated Magna or Summa.

Any underdog success stories?

 

[Extrait de Minimalisme]

If you were a tree, what tree would you be and why?

 

[fontaine]

Should I even major in finance with a GPA below 3.5?

From what I gathered all the successful FA on NT graduated Magna or Summa.

Any underdog success stories?

2.53 undergraduate GPA from sister state school...


... in marketing...

...


leader of the underdog.

 

[soleasian]

Should I even major in finance with a GPA below 3.5?

From what I gathered all the successful FA on NT graduated Magna or Summa.

Any underdog success stories?

Depends on what you want to do in finance. If you thinking IB, forget about any of the bulge bracket with a sub 3.5.

 

[girlslovewaffles]

P4L, but I respect you OP for making this thread.

 

[Top Boy]

2.53 undergraduate GPA from sister state school...


... in marketing...

...


leader of the underdog.

If you dont mind me asking what's your salary range?

I would feel like a success just making half of what he makes

 

[Hank Scorpio]

this kids a friggin savant... everybody can't have those stats famb....


anybody you know make the transition from corporate finance to ib?

I know many go from ib to cf... but the other way around...?

It's not so common, at least not where I worked while in IB. I can see why some people would do it though.

Should I even major in finance with a GPA below 3.5?

From what I gathered all the successful FA on NT graduated Magna or Summa.

Any underdog success stories?

I know MANY underdog stories. Hell, one of my best friends was an underdog himself. Dude came from a non-target just like me and didn't have a spectacular GPA either. He networked his *** off and met the right people. When he got the interview, dude studied his *** off. He didn't have the stats to back him up, but he made himself look like he'd be an incredible asset for the company, which he eventually was. Dude is still in IB and making BANK.

P4L, but I respect you OP for making this thread.

What does P4L mean? Pissed for Life? Sorry, I'm not too familiar with internet vernacular.

Depends on what you want to do in finance. If you thinking IB, forget about any of the bulge bracket with a sub 3.5.

This is true 90% of the time. Again, there are exceptions.

The GPA is just a metric used to filter out applicants during the interview process. Once you get the interview--It's open season. The toughest part is getting the interview.

 

[fontaine]

2.53 undergraduate GPA from sister state school...



... in marketing...


...



leader of the underdog.

If you dont mind me asking what's your salary range?

I would feel like a success just making half of what he makes

look it up...

senior financial analyst for one of the big 4 cellular companies...

my position typically pays between 75k and 90k.. bonuses arent as big as IB...

 

[runyc]

Did you go to Baruch? 

 

[Hank Scorpio]

Did you go to Baruch? 

No, I didn't go to Baruch. Baruch is a "Semi-Target" school. I did work with some people that went to Baruch. I think in about 5-10 years, Baruch will become a target school. Most of the BB banks are openly recruiting out of Baruch through OCR.

I went to a CUNY though. If you read my post carefully, you could figure out where I went to school.

 

[runyc]

Got it, similar background / story here 

Do you do generalist PE or cover an industry? 

 

[Hank Scorpio]

Got it, similar background / story here 

Do you do generalist PE or cover an industry? 

Sorry, I can't answer that. I can say that I do NOT do generalist PE.

 

[daytona 5000]

Which region of the world do your parents come from?

 

[soleasian]

Any tips for superdays?

The GPA is just a metric used to filter out applicants during the interview process. Once you get the interview--It's open season. The toughest part is getting the interview.

I'm a soph so there wasnt really any chance for me to join a bb since they take juniors most of the time but i looked at the job listing posted on my school's site and they wanted 3.5 (JPM/GS, i think some of the other BB were more lax, but still pretty much 3.3+) for you to even submit a resume for IB which is why i told the other guy to forget about BB because his resume wouldnt even reach them. Obviously if you go to Harvard/Penn/Yale/some other big name school it would probably be lessened.

 

[bangdak]

How did you like M&A during your first couple of years?

I actually go to Baruch (now a incoming senior). Any tips & advice on opportunities that I should capitalize while I'm still there?

 

[moderndarwin]

What sort of investing do you do for yourself (e.g., Stocks, bonds, CD's, etc)? What sort of return have you gotten? How do you determine how much of your monthly salary to invest each month etc etc? Basically, what you doing with your monies outside of work.

Your work stuff is awesome. You are clearly a hard worker and deserve the bank you are making. I doubt less than .01% of NT is as dedicated as you when it comes to having such a clear-minded focus and pursuit of what you do. It's a rare thing. Internezz high five.

Any knowledge of people switching from accounting to finance? I am doing my MACC with a 3.9, and will likely work in public accounting for 2-3 years after I graduate next year. I'd like to get my MBA and get into finance after that to make closer to your range. A bit of a late start as I'm 27 now though, so don't know the reality of starting in finance being 32+?

 

[Hank Scorpio]

Which region of the world do your parents come from?

My Parents came from a country neighboring India.

Any tips for superdays?
I'm a soph so there wasnt really any chance for me to join a bb since they take juniors most of the time but i looked at the job listing posted on my school's site and they wanted 3.5 (JPM/GS, i think some of the other BB were more lax, but still pretty much 3.3+) for you to even submit a resume for IB which is why i told the other guy to forget about BB because his resume wouldnt even reach them. Obviously if you go to Harvard/Penn/Yale/some other big name school it would probably be lessened.

I had to go through a super day before getting my SA position.

- STUDY as much as you can. Start preparing for the interview as soon as you can
- Focus on technicals
- Make sure you have nothing planned for that day. Super days will be as long as 6 hours
- Stay hydrated and make sure you look like nothing is phasing you
- Remember, they want to see what kind of stamina you have and how you work under pressure
- Do not let the 3-4 associates intimidate you during the first couple of rounds
- Remember to always be yourself and do not BS about something obvious. They know whats up
- Make sure you know your resume like you know your last name. NEVER STUMBLE
- Look at everyone in the eye and maintain conversation and always stay focused
- At some point in the interview, the interviewer(s) will try to change the tone of the interview and make it casual. This is ok, but remember to bring them back to business. They want to see if you can easily get distracted
- Understand why you want to get into banking and have your story ready

If you had a great super day, they will contact you within the first couple of hours after it's all done. They will give you a 24 hour window to decide whether you want to accept the offer or not. They do this so they can fill up their spots quickly. Usually they want to grab all the top choices first and then go down a list. If you're going to get an offer, you'll hear from them in 1-2 weeks.

BB's do take sophomores. One of my buddies got an internship at a BB during his sophomore year. He doesn't work for that BB anymore though.

It's not impossible to get into IB with a low GPA. You just need to network EXTREMELY well and show them that you can bring something to the table that no one else will. Networking is the most powerful tool in anyones arsenal professionally. Part of the reason why I'm in PE now is because of networking.

How did you like M&A during your first couple of years?

I actually go to Baruch (now a incoming senior). Any tips & advice on opportunities that I should capitalize while I'm still there?

I loved M&A's. It wasn't the easiest place to be, but it was def. a place where I learned a lot and met some amazing people. It's a VERY demanding group and 85% of the time, a deal isn't going to go through. It's EXTREME and INTENSE. You're literally at the helm of the client. There was a time during my first year where I pulled at least 3 straight all-nighters every week for a 3 month period. I barely saw my friends and barley had a social life. During one winter, I would leave to go to the office before the sun came out and I always came home after the sun set. I think I didn't see any natural sunlight that whole winter

One Saturday morning I was in East Hampton playing golf and my Blackberry goes off--My office called me into work. I told them where I was and within an hour, a black car came to pick me up and take me to my office. I stayed till 11pm that day
Another time I got called into the office at 2am just to work on a pitchbook that was due later that day. It was "perfect" when we reviewed it, but we had to make some last min changes. Thank God I lived across the street from work or else I would've killed myself.

I'd advise you to be a part of many different types of organizations and clubs on campus. Try finding a leadership role somewhere as well. Being a well-rounded student will ALWAYS work to your favor. Plus, it adds character to you and your resume. It makes a difference, trust me. I know this may sound lame to some people, but join a finance club or a fraternity. Specifically an honor society or a professional one that's reputable. You'd be surprised how effective being a member of those types of organizations can be.

Take advantage of your career center and make sure you're on top of when the recruiters come to campus. Also, make sure you have a Linkedin account. You can find many different people there, especially recruiters. This makes a difference.

What sort of investing do you do for yourself (e.g., Stocks, bonds, CD's, etc)? What sort of return have you gotten? How do you determine how much of your monthly salary to invest each month etc etc? Basically, what you doing with your monies outside of work.

Your work stuff is awesome. You are clearly a hard worker and deserve the bank you are making. I doubt less than .01% of NT is as dedicated as you when it comes to having such a clear-minded focus and pursuit of what you do. It's a rare thing. Internezz high five.

Any knowledge of people switching from accounting to finance? I am doing my MACC with a 3.9, and will likely work in public accounting for 2-3 years after I graduate next year. I'd like to get my MBA and get into finance after that to make closer to your range. A bit of a late start as I'm 27 now though, so don't know the reality of starting in finance being 32+?

I have a diverse portfolio with many different investment strategies. I won't go into specifics, but most of my investments surround equities, securities and real estate. Right now I'm getting my feet wet with REIT's and they seem to be a hidden gem. I did buy Apple at $30 back in 2005 and Google at $120

In the past couple of years, I've gotten into ETF/ETP's and they've turned out to be incredible investments. I have a YTD return of 54%. I don't do that technical chart analysis mumbo jumbo. I work with clean, straight simple fundamental analysis. Looking at charts can make you see something that's just not there. Sometimes what your gut tells you means more than what a stupid candlestick will

Dude, it's NEVER too late to get into finance. Your story works to your favor and it will be the factor that separates you from that 20 something who doesn't know what they hell they want. Go to a top MBA program, get into a Summer Associate program and kill it. The world is your oyster. Only you can limit your success.

 

[nocomment6]

Thanks for all the information posted in here.
And congrats to those accomplishments, amazing scores and stats!

Is an MBA worth the investment, or would you say a masters in finance, or just getting experience will pay off better?
Heard some crazy stuff from buddies about wall street, like a sleeping bag in the office and things alike, I suppose that is very true?
Which college courses have you found to be most useful working in the field?
Do you like what you do? What would you say is the biggest pro and biggest con?

 

[acemaster193]

Baruchian checking in. Not about that IB life though.