“Motivation, resilience, discipline, intelligence”
When it comes to breaking into Investment Banking, these four traits are non-negotiables, and unsurprisingly, were our panel’s answers when asked what their peers all have in common. Despite the long hours, high pressure and work life balance worse than a Sunday morning hangover. It is the prestige, exclusivity and paycheck beyond the 6 figure mark that makes Investment Banking a Commerce student’s dream job.
“Fast Track into Investment Banking”, a collaborative event between FSA and UNIT aimed to provide insight into not only the job of an Investment Banking Analyst, but how to navigate the lengthy recruiting process and ultimately secure that elusive Summer Analyst position. The panel event featured recent hires (Analyst and Associate) from Lazard, Macquarie Capital and Flagstaff Partners followed by a networking component with the opportunity to have one-on-one conversations with those who have successfully broken into one of the most competitive industries in the world.
Below are some of the answers given by some of our panellists to questions asked during the event:
Question: What is one thing you wish you knew when you started Investment Banking?
Answers:
-> Make use of the resources in the room, people will be open to your questions-> As an intern, the team expects you to have no knowledge so don’t be afraid to ask questions
-> When unsure always say “I think this is it, but I’m not sure” rather than “I can’t do this”, people will be much more open to helping you if they have seen you have made an effort instead of giving up
Question: What is something you see in an intern that makes you want to hire them?
Answers:
-> Someone who is keen to learn, but also willing to admit their mistakes
-> Willing to put 100% effort into anything, regardless of how boring the task is (not just doing the bare minimum)
-> Being able to read the room, being willing to joke around but also being corporate/serious when required
Question: What is the one thing that really surprised you about Investment Banking?
Answers:
-> 80% right is 20% wrong in IB, but everyone in the team wants you to learn
-> How client-oriented everyone is. Everyone is trying to get the best result for the client, not just make money
-> How trusted you are. As an intern, you are sitting in meetings from day 1
-> Surprisingly collaborative and fun amongst the stress and long hours
Question: What is one Common Personality Trait Amongst all your Colleagues?
Answer:
-> As expected everyone is motivated and has an incredibly good work ethic. But are also motivated by the job and genuinely love their work.
-> Personable, conversational and are able to provide interesting and intelligent perspectives on things not just in IB, but the world in general
-> Curious, driven and resilient. Willing to stick through the tough times and work long hours when required to provide for the client
Question: Common Technical Questions for Interviews?
Answer:
-> Extra qualifications such as CFA are not required (don’t waste money)
-> 400 IB questions is a good start, but don’t rote learn and make sure you actually understand the theory behind each question
Question: Common Behavioral Questions for Interviews?
Answer:
-> “Tell me about yourself” (Pre-prepare an “elevator” pitch to be able to sell yourself to a recruiter)
-> “Why Investment Banking” (Be able to tell a story that makes you stand out)
-> “Why Bank” (Make sure to have a tailored answer)