Getting a Job in Investment Banking

INTRODUCTION HOW TO REALLY GET A JOB IN BANKING: The single most important thing you can do is to talk to as many people as you can. Talk to bankers and second years at SOM, learn about their experiences and views, and above all think for yourself. Getting a job in investment banking should involve two efforts on your part: (1) Learning your own needs – what is it you want in a job? (2) Learning what an investment bank is and does – does this type of job meets your needs? As a final warning, there is an allure to investment banking, namely that it is a high powered, fast-paced, exciting, dynamic career that can make you rich. This can be true, but it is also just a job – particularly as a first-year associate when it may not be as glamorous as you thought it would be.

QUALITIES THAT INVESTMENT BANKS LOOK FOR It is important to see yourself as a portfolio of skills and qualities. There are a number of skills and qualities that banks look for, and a successful candidate needs to put together several, but certainly not all of them. Additionally, it is probably a good idea to have some balance in your portfolio. Some qualities that banks look for on a resume or in the interview and some suggested ways to demonstrate them (these are just a few, and some banks will emphasize some more than others): Show a strong interest in Finance:  Be able to convey to an interviewer/contact that you understand what investment banking is, what an associate does, and why you would be a strong candidate for that particular bank.  Read the Wall Street Journal and other financial publications and show that you can speak intelligently about the issues discussed.  Specifically, gear you course work toward finance and accounting – show that you learned something in these classes. Show that you are “Smart” (particularly quantitatively):  GMAT (also SAT) scores. Definitely include on your resume if 700+.  Undergrad GPA (as in high – 3.6+), college (as in more prestigious), and scholarships/honors and/or major (e.g., engineering, math, and science) are all ways to signal this.  Graduate degrees including applicable coursework, interesting thesis work, and GPA.  Fluency in multiple languages.  If you are looking for a summer job, you must get at least Proficients in accounting and finance. If you are looking for a full-time job, you want to have taken a bunch of finance classes. A record of success and/or achievement  Academic GPA and awards.  Leadership of student organizations or teams.  A demonstrably high level of athletic accomplishment (college sports, national teams, etc. – captain or other leadership of such a team is very good).  A job at a “prestige” firm – another bank or consulting firm.  Rapid advancement/promotion and unusual levels of responsibility for your age and/or experience level in previous employment. Team player  Participation in team sports, the higher the level the better.  Team-driven job accomplishment bullets on resume.  Other obvious team experiences and team successes. Energy and stamina  Athlete, especially of the endurance variety (i.e., distance running, triathlons, etc.).  Demanding academic programs – joint degree (if relevant), medical school, graduate degree.  Former investment banking analyst and/or consultant.  Worked two jobs and/or triple majored in college (stuff like that).  All kinds of extracurricular activities with a good GPA.

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 All kinds of community service with a record of achievement.

Specific, applicable skills  Job experience where you used Excel, and if possible, built models.  Independent or work/study where you did this (small business consulting or prior job).  Work experience where you learned to read a financial statement – banking, accounting, etc.  Work experience or education that shows that you are comfortable with numbers.  Work experience (or leadership positions) that show that your are comfortable in front of clients, or, at least in front of people generally – sales, teaching, etc.

RESEARCH – WHAT YOU CAN DO TO FIND OUT IF YOU HAVE OR WANT TO DEVELOP THESE QUALITIES Do your homework  Understand what investment banking is and what an associate does so that you can decide if it is really for you – one recent grad says, “It ain’t all fun and games.”  Understanding the different firms so that you can choose well (and be chosen well) – focus on the places where you fit best and go after those firms.  At the CDO, Wet Feet Press and The Vault Reports are invaluable. They are on reserve in the library, but also see their webpages.  See other Resources in the Appendix Enroll in applicable courses and do well  At SOM, almost all finance and accounting courses are applicable. Strategy courses are also relevant.  Try to do well in finance and accounting. Join the Finance SIG  This will help you to both make contacts with second years, learn more about what investment is and what a banker does, and help you to learn the differences between the banks. Calendar    Most large financial services firms have teams focused on recruiting at SOM (usually SOM alumni). They ‘track’ each interaction they have with each candidate in a master database, noting the questions the student asks and the overall impression the student made. Your preliminary work is to meet as many people at the firms you are interested in so you can make their ‘closed’ interview list. Each firm will receive dozens or hundreds more resumes than they can interview. You need to make yourself known to the bank to ensure you earn an interview spot. All of your work up to and including the submission of resumes & cover letters in December is to make the closed- list Once you get the interview, the game resets, and your performance in the interview will determine whether or not you get the job

  October      

Start thinking about your “story”. Do not underestimate the importance of your story – potential employers want to know exactly what you are interested in and the steps you have taken to get there Even if you don’t have an airtight “story,” make sure you can create one that is supported by your resume You need to convincingly explain why you want this job, why your background will help you succeed at it, and why you want to work at this firm. “I want to try it out” is a sure way to get dinged. Attend internship panels and other events sponsored by the Finance SIG Run your resumes by second years you trust Attend employer presentations

**It is critical to make a few key contacts at the firms you are targeting; follow up initial meetings with emails and phone calls**   These people will often become your advocates within the firms It can be hard to get much time with the recruiting team when they are surrounded by dozens of students each trying to get airtime at these cocktail receptions. Just listening to them can be very effective if you get their business card. Follow-up with a concise email and ask your questions then. Assume they will save your emails in their database. If

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you are not sure what to ask about, just listen to the questions your classmates ask until you begin to develop your own understanding of the industry. November     Continue to attend employer presentations Keep in touch with contacts/establish new ones: alumni are your best bet; ask the recruiters to put you in contact with alumni in a department that you are interested in. Bankers are busy people. Alumni will usually take the time to get back to you and share their experiences. Use each conversation as a way to refine your story. Begin to research the firms you are interested in; forming a team to divide this task is a great idea. A team of 4 to 8 can be very effective if each member takes responsibility for researching 2 or 3 firms. Attend Days on the Job sponsored by the Finance SIG; again, meet as many professionals as possible. Follow-up with emails & thank you notes, where appropriate

December   Submit resumes & cover letters to the firms you are interested in. If you are a career switcher, cast a wide net and submit resumes to as many firms in your chosen industry as possible. You probably won’t get selected to interview for all of them. Participate in mock interviews

January/February    Once you have been selected for interviews, mock interviewing is the most important preparation you can have. Mock interview each other repeatedly within your team or with other students. On interview day, you may have five to ten interviews in one day. Prepare, prepare, prepare. That many interviews in one day gets tiring. Review possible interview questions Follow-up interviews with thank you cards to your interviewers – especially important for the firm you are joining, but generally good practice to develop good will. You may be interviewing with these same people next year.

QUICK BANKING OVERVIEW Many of you are already familiar with the various areas within finance. For those of you who aren’t, a brief description of different career paths follows. Please take note of the word “brief.” To really understand these different industries, it is essential that you do the research: talk to alums and second years; investigate different companies; and take a look at the Resources section in this guide. INVESTMENT BANKING Investment banking typically refers to the Corporate Finance function within an Investment Bank. Here, the bank advises clients with respect to capital structure, financing alternatives and merger & acquisition opportunities. Essentially, the bank is an intermediary between those who have money (investors) and those who need it (clients/corporations). Large-scale investment banks typically organize their corporate finance functions along product lines (M&A, High Yield, etc.) and industry groups (Healthcare, Industrials, Real Estate, Telecommunications, Media & Entertainment, Retail, Technology, etc.). Smaller-scale and boutique banks may focus in on particular products or industries. Examples include Lazard and it’s M&A prowess, Thomas Weisel and their technology focus. The investment banking function is linked to the Equity Research and Capital Markets functions. In a simplified example Equity Research will provide coverage of industries and companies. If a company wants to go public it will want coverage by the equity analysts. The investment bankers will work on the valuation and facilitate the registration and IPO process. This relationship has changed, however, in recent years due to Eliot Spitzer’s investigations and the SEC’s actions, which distinctly separated the nvestment banking and research functions. The capital markets groups will price the security, “make a market” for the security, and support the company stock trading during and after the IPO. Work at an Investment Bank, especially at the Associate level focuses on the “pitch” and the ‘deal”. The pitch: the Bank generates a solution (solicited or unsolicited) to address a financing need of the company. They then meet with the company to explain the current market environment and effectively sell the bank’s services. Once the client has engaged the bank, the project moves from pitch to deal as the bank works to execute the deal (whether it be an acquisition, IPO, debt offering, restructuring, etc.) Things to consider:

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· Are you interested in the capital markets? · Do you enjoy working on and managing processes (pitches/deals) and working on multiple tasks at the same time? · Are you comfortable with accounting and financial concepts? Do you enjoy working with these concepts daily? · How much training do you require? In the beginning of your career? Ongoing? · Initially, are you willing to give up control over your schedule and personal life to get the job done? · Do you subscribe to the investment banking lifestyle (client service)? CAPITAL MARKETS Capital Markets works as the conduit betwen the Investment Banking and Sales & Trading groups to originate and sell debt or equity instruments for companies. Deals within Debt Capital Markets include the origination, structuring, and marketing of public and private debt issuance, derivative instruments, and structured products. Deals within Equity Capital Markets include the origination, structuring, and marketing of initial and secondary public offerings, private placements, and derivative instruments. A typical day in Capital Markets includes performing comparable analysis of prior deals, structuring a current deal, analyzing potential deals, participating in client road shows and meetings, and advising investment bankers pricing a debt or equity offering. Generally, Capital Markets professionals do not focus on a particular industry, unless the group is fairly large. The key difference between Investment Bankers and Capital Markets professionals is that the latter focuses primarily on a particular product (either debt or equity) and has more of a market focus. The hours tend to be tied to the market in most offices. Equity Capital Markets professionals typically work from 7:00 am – 7:00 pm, while Debt Capital Markets professionals arrive a bit later and work from 7:30 pm – 7:30 pm. In addition, professionals in either group typically attend client meetings and organize road shows that may occur throughout the day (sometimes after work). Work in a Capital Markets group, especially at the Associate level, is particularly varied. Professionals may help with a pitch by researching comparable deals and providing detailed information about the markets to Investment Bankers. In addition, Associates may help with a deal by analyzing the price and size of an offering. Finally, Capital Markets professionals help clients develop a road show presentation and coordinate with the sales people, traders, and researchers during an offering. Things to consider: · Are you interested in the capital markets? · Do you like working with clients to help coordinate and run a road show? · How much training do you require? In the beginning of your career? Ongoing? · Are you comfortable thinking on your feet with financial and accounting terms? · Do you like the client-focus aspect of Investment Banking but do not want to work all the hours? RESEARCH One of the primary products of certain financial services firms is research. Research is can generally divided into “Sell-Side” and “Buy-Side” (see Investment Management section for “Buy-Side” explanation). Research can cover macroeconomics, geographic specific economics, complete sectors or industries, and specific stocks and debt instruments. Firms differentiate themselves on their research coverage and capabilities. The following description is from the point of view of an Equity Research Sell side associate but is also similar for debt research as well. SOM’s Investment Management Club is the definitive source for research information and recruiting. Equity Research Sell Side Associate-An equity research associate supports an analyst that covers a specific industry. The primary role of the associate is to help the analyst deliver information about the industry and the stocks in that industry to the buy side clients. The associate becomes an expert in an industry and is responsible for communicating this industry knowledge to all parties. The associate writes industry reports which help the clients understand the major drivers and trends in the industry. The associate also writes First Calls in response to noteworthy news, earnings or merger announcements. An associate could be responsible for speaking at the morning meeting about news in the industry. As mentioned, this role has recently changed on the “sell-side.” Equity Research focuses on publishing quality research for bank clients, and is no longer involved in supporting investment banking transactions. The business model for this role will likely change in future years. Some Research Skills: · · · · · Financial valuation, accounting, analytical ability Ability to process a good deal of detailed information quickly Resourcefulness- must find information from not always obvious sources Comprehension of and interest in the markets Presentation skills

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· Writing skills · Ability to communicate with high-level executive management · Marketing skills INVESTMENT MANAGEMENT In investment management, your sole goal is to select stocks and/or strategies that will outperform the market (or a particular benchmark). MBA students are typically hired as analysts after they graduate. They may be assigned to cover a specific industry, like technology, or they may cover a group of stocks, like small-cap stocks. In both cases, the analyst builds valuation models and learns everything there is to know about the group of stocks he/she covers. To keep abreast of the latest developments in the industry, an analyst speaks with company management, analysts from investment banks, industry consultants, and other people familiar with the particular industry. With this information, the analyst presents investment recommendations to the firm’s portfolio managers. Unlike analysts at investment banks (the “sell-side”), “buy-side” analysts share their opinions only with their own portfolio mangers. Over the long term, analysts usually have a choice of either continuing their career as analysts or becoming a portfolio manager. The SOM Investment Management SIG is a great resource for student interested in learning more about this field. PRIVATE CLIENT SERVICES PCS involves offering a range of financial services to high net worth individuals. The services can run a broad range; brokerage is relatively standard, and additional services offered by some firms include access to alternative investments (private equity, hedge funds, and real estate), trust and estate advisory, and tax advisory. People who tend to do well in PCS have strong sales skills, are entrepreneurial, and have good market knowledge (or the ability to learn it fast). A high ethical standard and excellent interpersonal communication skills are also important. It is not a good place to build quantitative skills, e.g. valuation or modeling. The hours tend to be tied to the market in most offices, with a few hours on each end. Client meetings run throughout the day, including breakfast, lunch, cocktails or dinner. Thus, a typical day could be 7:30 am – 6:00 pm if you don’t have evening meetings, or until 10:00 pm if you do. As the services offered vary by firm, so does compensation. The first 12 to 24 months almost always involve a salary and bonus plan, with most firms then switching to compensation based on commission plus fees (of the assets under your management). JPMorgan is the exception to this rule; the compensation remains salary plus bonus throughout one’s career. Most firms encourage self-designed teams, which can range in size from two partners to a multi- tiered structure with 20 – 30 people. The functional roles taken by people on these teams are idiosyncratic; some have a fixed- income specialist paired with an equity specialist; others have a tech specialist paired with an old- industry specialist. At least one firm has a regionallyorganized business, with functional experts working together on regional teams. Things to consider: · Do you enjoy selling? Are you good at it? · How entrepreneurial are you? How much do you value the ability to build your own business? · How much training do you require? In the beginning of your career? Ongoing? · How broad a range of services do you want to offer your client? Do you want to be the expert in all of them yourself, or would you rather coordinate a team of experts? · Where do you want to live for this phase of your career? ALL OF THIS IS USEFUL IN DEVELOPING YOUR STORY The entire purpose of understanding yourself and what the banks are looking for is to weave both strands into a coherent story about why banking is right for you and you are right for banking. Specifically, why you are right for the banks you talk to and why those banks are right for you. Specifically:  You are marketing yourself, and you need to explain clearly why you want to be a banker by pointing to examples in your past that show that you will be successful at that firm.  A banking interview (to be discussed below) is a very demanding type of interview. You must have a clear story, one that an interviewer can clearly pick up on, or you will get killed.  Your story should demonstrate “judgment” – your interviewer will be picking apart your story in order to test your personal judgment about the choices you have made in your life, specifically, what is the reasoning behind the choices that you made.

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Your story should connect your past to your present to your future. In the interview, you will be held accountable for everything you have done since high school and, therefore, you should be prepared to talk about every choice you have made and why your experiences to date coupled with you Business School experience are all leading you to pursue a career in investment banking.

GETTING IN FRONT OF PEOPLE It is absolutely crucial as part of the interview process that you get in front of people. The people you talk to at the banks will have influence over the decisions whether or not you get interviewed and/or whether you ultimately get hired. Think of this as “building a team” at the firm who will pull you in. The more people who like you and think you can do the job (and will tell the decision-makers this), the better. To make contacts, you want to exploit all the resources at your disposal, including:     Family friends. This is a great way to learn about bank from people that you already know, and who are also likely to already know you. The bottom line: see if people you are close to know someone and ask them if they can put you in touch. College and/or High School friends or friends of friends. Where are your alumni? Where are the kids that you grew up with? Contacts from prior employment. Former employers or clients might be clients of one of the banks. Former bosses might be clients or friends of someone at one of the banks. Second-year SOM students. These can an invaluable source of information about banking and the specific firms (especially ones they have worked for). Second-years have gone through this process and know who the key contacts are at banks they worked at. They can also give invaluable advice about what areas a particular bank is looking to strengthen and when is the best time to contact individuals. Finally, the recruiting teams from the banks rely upon the second-years they have hired to provide feedback about the current first-year class. It can’t hurt to make a favorable impression in front of the second-years. Corporate Presentations. You must try to get yourself in front of people at the presentations. Be sure to ask intelligent questions. If you don’t have an intelligent question, don’t ask it. Don’t be too pushy either. The bankers at the presentations will have input into who makes the closed list. Do try to make contacts and get business cards. Don’t let them remember you for being pushy and/or annoying.

The point of this is to get on the closed lists for interviewing with the banks in questions. You can contact the bankers directly, but with one huge caveat: DON’T BOTHER OR ANNOY THEM! If you have questions, ask them, but make sure they are good questions. Don’t try to simply brown-nose.  Don’t be afraid to call bankers, tell them that you are interested in the business, and ask them if they have any time to talk.  Do remember that bankers are incredibly busy, and even though interviewing new hires is a part of their jobs, they often just don’t have time.  Remember that every contact you have with a banker is like an interview – you are being evaluated. As much as possible, prepare your story ahead of time so that you are prepared. You may want to plan (a) trip(s) to New York in the Fall or over the Winter Break. Bankers are usually willing to set up appointments to show you the bank and talk to you. These appointments are usually informal, but are part of the interview process nonetheless and you will need to have good questions.

BACK TO YOUR STORY So, knowing all this, you must take what you know about banking and what you know about yourself and blend this into a coherent story which tells the bank why you are right for them and they are right for you. Your story should basically account for all of your time since High School and should tell the bank why the choices you have made have lead you to B-school and ultimately why your past experiences, desires, and B-school experience are taking you to I-banking and their firm in particular.

WHAT THE BANKS ARE LOOKING FOR IN THE INTERVIEW The first year interview process will work something like this. You will submit resumes and cover letters to the banks by December. They will make their closed list determinations usually by January and will notify you. You will also concurrently be

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bidding using the bidding system. You can get an interview either way, but if you make it onto a closed list that means that the bank has shown at least passing interest in you. In the interview itself, the banks are looking for you to show at least some of the following. Different banks prioritize these factors differently (they are in no particular order below), but you will need to prepare all of them. Smart  

Technical and quantitative ability? Knowledge of finance and accounting?

Judgment  Why have you made the choices that you have made in your life?  Why have those choices lead you to banking and this firm in particular? Intellectual curiosity  What drives and interests you?  What challenges you? Commitment  How committed are you to the industry, the firm, and/or the lifestyle?  How are you going to react to a problem that arises at 3:00am when the project is due the next morning? Personality and fit  The airport test – could the interviewer spend ten hours in Cleveland with you?  How are you going to react to a problem that arises at 3:00am when the project is due the next morning? Team player  Do you play well with others?  What are you willing to do for your teams? Culture  How do you blend with the overall culture of the firm?  Will you feel and be “at home” at this firm? Presence and poise  How will you do in front of the client? Leadership and maturity  Can you demonstrate that you can lead and manage others? Overall potential  Will you be a successful associate?  Are you vice president material? You will want to blend all of these factors into your story to demonstrate all of them to some degree. Additionally, the banks will want to know your weaknesses. Banking is a demanding job, so the banks will want to know what they are getting in hiring you. This means that they will be willing to drill down on your answers until the point they make you uncomfortable. You need to be prepared for this. OVERVIEW OF A TYPICAL FINANCE INTERVIEW      30 minutes 2 on 1: typically two professionals interviewing one student They will likely ask you your undergrad GPA, as well as GMAT and SAT scores There are three main questions each interview will address without necessarily asking the question specifically: Question 1: Walk me through your resume: you have two minutes to highlight the major educational and career steps you have taken. At each step, highlight what you learned from that step and why you made the jump to the next step. You should explain each item in a way that convincingly shows it helped prepare you to be a good finance professional (for example, this experience taught me [teamwork skills, analytical skills, problem solving skills, etc]) By the time you

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  have walked them through your resume, it should seem as though your whole career has prepared you to be a very good finance professional Question 2: Why do you want to be an [investment banker, etc]?: have bulleted reasons: I want to be an investment banker for 3 reasons: 1 xxx, 2, yyy, 3 zzz. Again, this needs to be consistent with your resume Question 3: Why do you want to work for our firm? This is the hardest to answer because the firms seem so similar when you first start learning about them. Each firm says it believes in teamwork, meritocracy, professionalism/excellence, client- focus, and each firm only hires “the best of the best.” In fact, the firms are different but those differences are subtle. The best way to answer this question is to ask this question of the firms’ recruiting teams and other alumni. “What do you think makes your firm unique among global investment banks?” WRITE DOWN WHAT THEY SAY. When asked in the interview, repeat what they told you. Make it credible by supporting with examples, if possible. When possible, support every answer you give with an example to make your story more convincing. Excellent examples come from your experiences in teams, solving problems, and from conversations you’ve had with the firm’s professionals. The rest of the interview will cover some of the questions listed in the next section. Some firms focus on analytics while others are mostly ‘fit.’ Even if they don’t ask you these three questions specifically, make sure you work-in the answers to these questions. Most SOM students could learn to do the work of a finance professional. Firms want people who 1) enjoy doing the work; 2) want to do it long-term; and 3) get along well with their people. “Fit” is key.

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INTERVIEW QUESTIONS This is a list of potential questions. Different firms will ask different questions and will put different emphases on your answers. Be prepared for as much as you possibly can, but remember, you cannot prepare for every eventuality. Banks are always trying to come up with new questions to throw you off. Sample questions: Your background – Tell me about yourself  Tell me about yourself? Walk me through your resume.  Why did you choose the college you attended? What other colleges did you consider? If you changed school, why did you transfer?  Why did you choose the job you did after college? If you changed jobs, why?  What did you like and dislike most about your last job?  Why did you decide to come back to business school? Why did you choose SOM? What other B-schools did you consider and/or apply? Where else did you get in? How did you make your choice?  If you knew you wanted to do finance, why did you come to SOM?  What do you dislike about SOM? What would you change? Banking interest and knowledge  Why do you want to do investment banking? Why not sales and trading, PCS, or private equity?  What do you think investment bankers do? Specifically, what do you think investment banking associates do?  What three traits do you think make a good associate?  How do you feel about New York/Charlotte/San Francisco/(wherever you are applying if location specific)?  What group or product do you think you would be most interested in? Academic and school-related  What is you GMAT? SATs? Undergraduate GPA?  What has been your favorite or least favorite class at SOM? Why?  What has been the toughest class at SOM? Why?  How kind of quantitative skills do you have? Prove it?  What would your teammates say about you? What would they say are your biggest strengths and weaknesses? Technical/quantitative questions  How do you value a company? Describe different valuation methodologies?  Discounted cash flow models (WACC and APV). Lead me through a DCF valuation? What is Free Cash Flow and how is it calculated? How does it differ from Cash from Operations? Free Cash Flow: Net income Plus: depreciation and amortization

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Add: after tax interest expense (shield) Change in working capital Less: capital expenditures = Free cash flow What would you use for a discount rate for a company? (Answer: WACC (weighted equity rate plus weighted after-tax rate of debt), Risk adjusted rate (equity only for ventures)) How do you calculate WACC? (Answer: WACC = equity weight * re + debt weight * rd * (1-))

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Comparables/Multiples. What is the average P/E ratio of the S&P 500? Is Microsoft’s P/E higher or lower? What is it? Is Kellogg’s P/E higher or lower? What is it? Why is that? Would the analysis be the same for Cisco? Ford? United Airlines? (Note: company names can be anything, you may bring up some of your own.) (Answers: For the S&P, about 27x, Microsoft, about 50x, Kellogg, about 16x, Internets, about infinity (no earnings), Note: check these they change all the time.)  Microsoft is regarded as a growth stock and growth stocks are defined as those that have higher prices relative to fundamentals such as earnings or EBITDA.  Growth stocks would have a higher P/E than the S*P500. Value stock would have a lower.  High P/E associated with stocks that are anticipated to have a higher growth in earnings. What kind of multiples would you use to value a company? What are some reasonable ranges? (Answer: Revenue/Total Market Cap ~1-3, EBIT or EBITDA/Total Market Cap ~6-20, Net income ~20, Price/Book Value ~1-2) Is EBITDA to total value a useful multiple? What about Net Income to total value? Why? (Answer: Enterprise value should be used for any financial results above the interest line, after that, equity value should be used.)  Enterprise Value is divided by sales or EBITDA to ascertain the multiple.  Equity Value is divided by Net Income to ascertain the multiple. Name a company that you know. What does the balance sheet look like? How is it different than a typical manufacturing company? Internet company? (Answer: Pick any company) How would you value a company without earnings, i.e., tech stocks? What are all the differences among the methods (advantages, disadvantages, when would you use cash)? Discuss the inter-relationships between the Balance Sheet, Income Statement, and Cash Flow Statement. Where do I find Capital Expenditures on the Income Statement? If Accounts Receivable goes up during the period, how does that impact cash? (Hint: is this a source or use of cash?) Walk me through the major items on a Statement of Cash Flows. What are the first three items on a Statement of Cash Flows? (Answer: Net income, depreciation and amortization, add backs) Why doe cash flow matter? (Answer: Changes in accruals.) What is the difference between cash and accrual accounting? (Answer: Cash only includes cash that comes in or out, accrual includes payables and receivables (the matching principal).) What are the first three lines of an Income Statement? Is depreciation an expense? Is depreciation a source or use of cash? Why do you add back depreciation expense? What is book value? (Answer: Assets minus liabilities) What are the different profit margins? What is the difference between gross profit and gross profit margin? (Answer: Value versus percentage.) Would I offer to buy a company at its current stock price? (Answer: Usually not, because there is usually a control premium above and beyond the current value of the stock.) How would you value a stock you were about to buy? What sources of information would you use to analyze a company or comparable company? I am looking at two companies – an oil/gas company and a consumer products company – how do I look at them differently in terms of debt capacity? What is the difference between enterprise and equity value? (Answer: Enterprise value is the value available to both the equity and debt holders (equity value plus net debt) – use with revenue, EBITDA, EBIT, Equity value is the value of the company available to the equity holders (equity market value) – use with net income, book value (which is equity value on the books)) What is the current market risk premium? Risk free? (Answer: Risk free rate – benchmark treasury…@ 6%, Market risk premium - @ 7.5%) Who is Alan Greenspan? What does he do? (Answer: Chairman of the Federal Reserve. Sets monetary policy (ie: discount lending rate).

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          Where did the Dow or NASDAQ close recently? (Answer: Look this up before you interview.) What is a 10K? What is a 10Q? What is the formula for CAPM? (Answer: Re = risk free rate + beta * market risk premium) What is a Beta? How do you unlever it? (Answer: Beta is a measure of variability between a stock and the market – actually the covariance of a security with the market divided by the variance of the market.) Assume a debt beta of zero, use the debt/equity relationship to derive the equity beta using the asset beta. If a company with a P/E of 20 acquires a company with a P/E of 15 with stock, is the transaction accretive or dilutive? Explain. The transaction is accretive to the buyer because its cost of equity is lower. See attached spreadsheet. What are some characteristics of an LBO? What is the lifecycle of an IPO? What is EBITDA? Why is it important? What are some major differences between pooling and purchase accounting? Pooling: Combination of balance sheets No goodwill Must meet 12 criteria Assumes companies have always been together What is the difference between a stock purchase and an asset purchase? Asset Purchase: Stock Purchase: More favorable to the BUYER (goodwill is deduct.) More favorable to SELLER BUYER can choose assets and liabilities to assume Goodwill to buyer is not tax deductible Seller must pay taxes on gains when sold All liabilities are passed on to buyer What do you think of the economy and interest rates? How does the government raise interest rates? (You may get a macro question like this.) Lets say that I have a bond with a 5% coupon, what happens to the market price when the prevailing interest rates rise to 8%? How are the coupons affected? (Answer: Price in the market of the bonds will fall to make up for the lower coupon. The actual coupons do not change at all.) Which corporate bond would have a higher coupon, a AAA or a BBB? What are the annual payments received by the owner of a five year zero coupon bond? (Answers: BBB would have the higher coupon. There are no annual payments on a zero.) Would you rather have $____ today or $1 a day for the rest of your life? How would you go about valuing this amount. (Basically, a time value of money question.) Consulting-like brain teasers, i.e.:  How many ping pong balls can you fit in a 747?  If it is 3:15, what is the angle measurement between the hour and minute hand?  The painted cube.  Holly’s driving question. Purchase: Assets are written up Goodwill is usually not tax deductible

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Interest and commitment  What concerns you about this job?  Do you like New York? Could you live there?  Who have you talked to at the firm? What have you learned from him or her? What would they say about you?  What other firms are you talking to? What are your impressions of other firms? Do you have an offer from any other firms?  Why do you want to work at this firm?.  What group do you see yourself working in? (This question may be asked to see if you have done your homework since some firms hire into a generalist pool. Alternately, they may want to judge your interest in different areas.)  What is our stock price? What is our ticker? What is our market cap?  How do you think the banking industry is structured? Where do you think the banking industry is headed? What do you think of the recent mergers?  Who are our competitors? What are your impressions of other firms? What differentiates our firm from our competitors? What are some difference among different banks that you have noticed? Which differences are important to you?  How will you make a choice among firms?  Do you see yourself in banking over the long-term?  If we gave you an offer right now, would you take it?  If you had all the money in the world, what would you do besides banking?

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     Can you name some of our recent marquee transactions? What will you do if you do not get an offer from us? What is stopping you from doing any other job or running off to a start-up? Where do you see yourself in five or ten years? Why do you want this job?

Team questions  What would the members of your xxxx teams say about you? What would they say is your biggest weakness?  What are some examples of teams you have participated on? Tell me about an experience that you had working as part of a team.  Do you prefer to work on a team or individually?  Describe a difficult team situation and how it was resolved.  Few people get along with everyone. How do you handle conflict? How do you handle working with someone you dislike? Give some examples. Skills oriented  What skills do you bring to the job? I see many qualified candidates, why should I hire you? Why do you think that you would be successful at this job?  Give me an example of your leadership abilities?  What is the biggest risk you have ever taken?  What qualities do you think are important to this job? What makes people successful in this area?  Tell me about a time when you were creative.  Explain a project where you did the analysis from beginning to end?  Give me some example of doing more than is required in the course or job.  How would you describe your leadership and/or management style?  What stocks and/or industries do you follow and why? Did you buy any stocks lately? Why? (You will definitely get this in an S&T interview.)  What business publications do you read?  What do you think of ______ article in that days WSJ or NYT? What recent deals have you been following?  If I gave you a million dollars, how would you invest your money?  How would you manage an analyst who was underperforming? Would you fire him or her if there were no improvement?  If you were a managing director and the client told you that he wanted to move his stock price up, what would you suggest as potential strategies?  How will your background add to your ability to contribute at the firm?  How would you rank yourself from one to ten? Why?  Do you work well under pressure? Your weaknesses and strengths  What are some of your weaknesses? What are some of your strengths?  What is your greatest accomplishment?  From your resume, what are the two (three) biggest concerns we should have in hiring you?  Discuss a recent or large failure, professional or personal. How did you react?  Imagine we are reviewing your performance at our firm after working with us for six months or a year. What do you think our criticisms of you would be?  Why would we not hire you? What risks do you incur for us?  What is the biggest mistake you ever made and didn’t get caught? What is the biggest mistake you ever made and did get caught? Personality  What motivates you?  What do you do in your spare time?  What do you do for fun? What did you do this past weekend?  What is the last book you read?  Tell me about a time when you found it necessary to break the rules.  What are you goals for the next five years; personal and professional?  What would you change about your past?  What was your worst decision, personal or professional, one you would take back.

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                                       How would your friends and/or teammates describe you? If I were to call your last boss, what would he or she say about you? Can you tell me a joke? What are you passionate about? What makes you nervous? What was the best day of your life? What is your favorite book? What was the last book you read? Why did you like it? If you could have lunch with any three people who would they be and why? What don’t you like about other people? What is important to you about the place that you work? If you could change anything in your life that you have ever done, what would it be and why? Why do you want to work for XYZ? Where do you see yourself in 5 years? What contributions could you make to our organization? What's your greatest asset (liability)? What's your greatest strength (weakness)? Of what accomplishment are you most (least) proud? What was your best (worst) subject in school? Describe a difficult team situation. Give an example of leadership / team skills. What kinds of people do you have trouble getting along with? How do you get people to do things they don't like to do? On what grounds would you dismiss someone? Do you like working with people? Is it an important factor? Why did you decide to go to SOM? What's your major, why did you choose your major? What do you expect from a job with us? If you were an interviewer, what do you think are the three most important criteria for hiring someone for this position? How would you handle an angry client if the complaint were against the organization's policy? Would you consider relocating? Could you travel three days a week? How much do you think you'll be earning in 10 years? What is the lowest salary you'd consider? If we hired you, what is the top position you see yourself holding? Is there anything that could potentially interfere with your performance? Could you make a commitment now? Who else are you interviewing with? What do you think of those organizations?

Venture Capital/Private Equity questions (Anything listed under Investment Banking is game.)  What types of things do you look for when reviewing a business plan?  What types of attributes do you think make a start-up poised for success?  What is the typical structure of a term sheet? What aspects of a term sheet would you be most concerned about as an entrepreneur? As a venture capitalist?  How is a venture capital firm/private equity concern structured? How do they make money?  What are the different types of private equity a company would access given different stages of their growth? Sales and Trading specific questions  Why Sales and Trading versus Investment Banking?  Are you interested in Sales or Trading? Why?  What does a Trader do? What does a Salesperson do?  Do you want to sell or trade equity or debt instruments? Why?  What makes you think that you can sell?  How do you measure success in your life?  What about your personality will make you a good Trader or Salesperson?  If interest rates rise, what will happen to bond prices? Why?

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      Have you followed any stocks lately? Did you decide to buy it? Why? (You will definitely get this question in S&T interviews.) Be prepared to convince them that you have transferable skill sets which will enable you to succeed in this field – for example, if you worked in a risky, high pressure environment with limited information, but had to make decisions (for trading). What do you know about the bond market? Is there any are in fixed income that you are particularly interested in (you don not have to have a preference). Firm’s stock ticker, price, etc. What do you know about my firm?

Equity Research specific questions  Why are you interested in Equity Research as opposed to Sales and Trading or Investment Banking?  Why sell-side as opposed to buy-side research?  Tell me about your favorite stock?  What are some of the most important skills sets for Equity Research?  Provide an example of your entrepreneurial spirit and creativity. Corporate Finance specific questions  Be prepared to answer cases.

TYPICAL INVESTMENT BANKING INTERVIEW OUTLINE The interviewer will have a list of questions and/or points that his or her bank’s human resources department will want to cover. These buckets vary from firm to firm but will most likely include at least some of the following:     Can this person do the job? (Ability) Will this person make good decisions? (Judgment) Does this person know what he or she is getting into? (Commitment) Would I want to work with this person? (Fit)

The objective of the interview is for you to answer these (and related) questions. Bankers are all about data points, and will try to get as many pieces of information as possible. However, these interviews are not very original and most follow their firm imposed framework to the letter. Your job is to show interest and enthusiasm in telling your story. Remember to work your story into all of your answers. Try to be as concise and to the point with your answers as you can without leaving anything important out. Typical Investment Banking Interview Outline 1. Housekeeping Items a. GMAT b. SAT (know your breakdowns) c. College GPA Walk me through your resume a. Why did you choose … (everything you have ever done!)? b. What did you learn? Why investment banking? a. How does investment banking fit into your goals? b. Commitment (The interviewer wants to know that you will be excited about doing this job) c. Knowledge of the industry Why us? a. Programs – rotation versus group interest b. Bank culture – why are you a fit? c. Other factors – geography, specialization, etc. Behavioral a. Strengths b. Weaknesses c. Examples of leadership and teamwork d. Personality questions (the little things you put on the bottom of the resume)

2.

3.

4.

5.

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6. Technical a. Accounting questions b. Finance questions c. Three ways to value a company Any questions for me? a. Anything that shows interest b. Close with a wrap-up of your credentials c. Make sure that your interviewer is comfortable with your story d. Next step in the process

7.

INTERVIEW REMINDERS General  Go in on fire. Impressions are made in the first few minutes. Be energetic. The energy in the conversation must come from you. Sell yourself. ENJOY TALKING TO THE PEOPLE YOU ARE MEETING WITH AND ABOUT WHATEVER YOU ARE TALKING ABOUT.  If there is one and only one thing you do in your interview it should be to smile. No matter how things are going, smile, be positive and stick to your story.  Know the 4-5 major points/themes you want to get across and make sure that you work them into your answers.  Remember, you need someone to stand up and say, “We should hire this person.”  Keep the goal in mind – getting to the next round or getting the job offer. Be prepared  You know the questions you are going to be asked. What would you do if you had final and you knew all the question in advance. This is no different.  The more time you spend preparing, the more you will find out about yourself and the more sincere you will sound during the actual interview.  Focus on your story and make sure that you fill in the obvious gaps. Know how they will respond to your story and be prepare with your counter-response.  Know yourself well, they will probe beneath the surface.  If you have a weakness, they will find it. Be prepared with an answer that addresses it without whining?  Do not, under any circumstances, be overconfident. They delight in crushing overconfident candidates.  Again, know your weaknesses and be prepared to explain them. We can’t emphasize this enough.  Know and be ready to talk about everything on your resume. Know your resume inside out. You will be asked speak about anything and everything on it. Be clear and concise  Keep your answers short and to the point. Bankers are conducting the interview! Find a way to get across the information you want to convey to the people with possibly the shortest attention spans on the planet.  It’s fine to structure your answers like an interview. It helps you keep on track and it ensures that they will take away what you want them to take away. Be confident  Think of positive reasons for everything.  Don’t apologize for anything – grade, GMAT scores, GPA, or xxxx – but have a reason to back it up.  It’s okay to say, “I don’t know, but this is how I think I’d do it…” Keep cool  Don’t forget – they’re asking questions to find out about your line of thinking and to find out how you will react under certain conditions.  When in doubt, take a deep breath and talk it out. Practice, practice, practice  What sounds good in head may not necessarily sound good out loud. Therefore…  Practice out – in the car, to your friends and family, in the shower, to your dog, etc.  Have second years mock interview you. If your mock interviews are tough, you will be better prepared. Last words  Eat and sleep right.

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 Relax and have fun.

HINT: Just before you walk into a banking interview, ask yourself your favorite question you would like to be asked. It could be about your family, baseball, your car, whatever. Just make it something you are sincerely interested in and makes you happy. This technique will help you to come into the room positive and happy, and ready to answer any question.

FREQUENTLY ASKED QUESTIONS Q. A. If a firm asks me whether I will take an offer from them if it is made, what should I do? Tell the truth. If the firm is your top choice and you would take an offer if it were made, tell them that. This is not a trick question, but should not be used to make yourself appear to be more interested than you actually are. If the firm is not your no-brainer, first choice, let them know that you are still conducting your due diligence and learning everything about the various firms before you make a decision. This is fine. This is a long, arduous, sometimes humiliating process and therefore there is nothing wrong with you learning as much as you possibly can before you make a decision. But, always stress how interested you are in the firm. Can I accept offers from more than one firm? No. Once you accept with one firm, you must take yourself out of the process, or CSO will kill you.

Q. A.

APPENDIX: LIST OF INVESTMENT BANKS New York Bank of America* Bear Stearns* CIBC Oppenheimer CSFB* Deutsche Bank* Dresdner Kleinwort Wasserstein Barclays San Francisco Broadview Dain Rauscher Wessels SG Cowen Regional A.G. Edwards Adams, Harkness, & Hill U.S. Bancorp Piper Jaffray Wachovia* Freidman, Billings, Ramsay APPENDIX: RESOURCES Read the financial press and try to focus on an industry and a few companies  Really understand an industry and/or company that you are interested in and be able to talk intelligently about it/them.  Suggested readings (pick a couple): o The Wall Street Journal (a must) o Financial Times o Investor’s Business Daily o Institutional Investors Magazine o The Economist (a personal favorite, also runs educational finance pieces for the layperson) o Fortune o Business Week o Forbes

Goldman Sachs* ING Barings J.P. Morgan Chase* Lazard Freres Lehman Brothers* Merrill Lynch* Rabobank

Morgan Stanley* Citigroup* The Blackstone Group* UBS* BNP Paribas Credit Lyonnais

Thomas Weisel Partners* W.R. Hambrecht

Gruntal & Co. Houlihan Lokey Legg Mason* Morgan Keegan* Raymond James

Robert W. Baird Robinson Humphery Stephens, Inc. Tucker Anthony Wit Soundview

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Read books in general so that you can talk intelligently about the industry. This is by no means meant to represent an exhaustive list, but rather intended to provide an overview of books, websites and journals that second-years found useful last year and finance professionals use regularly. We would be happy to hear about your favorites to further enhance this list of resources for those recruits that come after you.  I would STRONGLY recommend reading the Dale Carnegie Book, How to Win Friends and Influence People. It doesn’t specifically deal with finance but it helps you frame your interactions with people (interviewers). I would attribute a great deal of my success in interviewing to this book and have recommended it to friends who have all said the same thing. It is part of many B school’s curricula (not SOM) and widely read and followed by true relationship managers. (TGF) John Rolfe & Peter Troob, Monkey Business – Two very disgruntled ex-associates at DLJ recount there war stories. Quite humorous. Actually contains one of the best accounts of what tasks an associate performs in an investment bank. But, it is not necessarily a completely accurate view of the lifestyle that all associates live. Michael Lewis, Liar’s Poker – A hilarious account of the trading floor antics at Salomon Brothers in the 80’s. Required reading for those interested in sales/trading. Roger Lowenstein, When Genius Failed – An in-depth look at how Long-Term Capital Management failed despite its collection of Nobel Laureates and star traders; gives a good perspective on how hedge funds operate. Financial Analysis for Managers, by Robert C. Higgins – This book can be particularly useful for those without prior finance backgrounds. In straightforward language, Higgins sets out corporate financial and valuation principles in an applied fashion and in a way which a corporate finance manager would use them. It is by no means the finance gospel but it is clear application of financial theory. Principles of Corporate Finance, Brealey and Meyers – It is the bible. It is as simple as that. This book is the reference book for financial theory and a great guide as you work your way though that exhaustive list of SOM Finance Interview Questions. The Culture of Success, by Lisa Endlich – This book may be specific to Goldman Sachs and its culture but it is an interesting look into the history one of Wall Streets marquee banks. There and the fact that the author is from the trading side. The House of Morgan by Ron Chernow – This book will not land you a job but it is a good perspective into the history of banking in America. It is business history but it is good business history. Read it after you land the job. Connie Bruck, The Predator’s Ball. Bryan Burroghs & John Heylar, Barbarians at the Gate – Lengthy and detailed, but a great look at the largest LBO in historyAlso a movie, rent it if you have not seen it. Randy Charles Epping, A Beginner’s Guide to Global Economy. Benjamin Graham, The Intelligent Investor – Wisdom on the value approach to investing. Ace Greenberg, Memos from the Chairman – The Bear Stearns CEO’s handbook, fun read, like an instruction book for bankers. Doug Henwood, Wall Street – Good book on Wall Street with a slightly Marxist bent. Do not read this right before you interview. Tim Koller, Jack Murrin & Tom Copeland, Valuation – the McKinsey guide to valuation, more theoretical than what bankers actually do, but will give you the basics to handle interview questions. Jeffrey Little & Lucien Rhodes, Understanding Wall Street – A beginner’s guide. Kenneth Morris, The Wall Street Journal Guide to Understanding Money and Investment – Fundamentals in understanding Wall Street. Marian Naficy, The Fast Track: The Insiders Guide to Winning Jobs in Management Consulting, Investment Banking and Securities Trading – a guide to careers in I-banking and consulting, a great read if you are interested in either. Robert H. Parks, Unlocking the Secrets of Wall Street. Jack D. Schwager, Market Wizards: Interviews with Top Traders – Successful trader profiles. Roy Smith, Global Bankers – Overview of how global banking operates in the major financial services. James B. Steward, Den of Thieves – Insider trading in the late-80’s at Drexel Burnham. John Train, The Money Masters – Profiles of successful investors and speculators. Bruce Wasserstein, The Big Deal.

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Websites – Finance, Business and Industry   www.wsj.com - Paid print subscribers get free online access to the Journal’s site. It is still regarded as the domestic source of financial information. The site also has decent search features that allow you to research firm coverage and deal activity. The international compliments to the WSJ are the Asia Wall Street Journal. www.careers-in-finance.com - This site was started by a friend and mentor of mine and a former finance professor. He is now an MD at CSFB and no longer has anything to do with it (and I am not sure how up to date it is) but much of

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   the information is still valid and it has probably the best account of what being an associate is like. Also, it was created purely to help students. (TGF) Subscribe to the New York Times Deal Book. This is probably the best (Free) source to keep you up to date with deals that are done or rumored in the market. (TGF) The Deal.com is also a good source, but it requires a subscription. (TGF) www.tfsd.com - This is an excellent site for financial services offering a broad array of research and financial data. Though much of the research (e.g. FirstCall) is only available on a subscription basis TFSD offers free league tables and is generally considered the definitive source in deal listings. The site also offers complimentary one-time subscriptions to industry journals such as Mergers & Acquisitions and Buyouts. Sign up on the website. www.iimagazine.com - Institutional Investor online site offers the II ranking as the primary attraction. II rankings are regarded on the Street as the measure for a firm’s Analysts. Analyst strength typically translates into banking strength in a particular industry. The site iimagazine.com also offers a complimentary monthly email newsletter service that contains recent developments in the industry and excerpts from the print magazine. www.euromoney.com - Perhaps the most valuable issue of Euromoney comes in the Euromoney Awards for Excellence issues. Here, Euromoney posts its winners in an array of financial services categories (Best M&A House, Best in IPOs, Best in Convertibles, Best Investment Bank, Best Risk Management House, etc.). The website and the print magazine have a refreshingly non-U.S. focus. www.thedailydeal.com – This website is operated by [Dresdner Kliewort Wasserstein] and offers insight into M&A, Private Equity and Restructuring activity. It is a decent source of current deal information, though its regard on the street brings mixed reviews. The “Dealmakers” section has particularly in-depth insight into personalities in the industry and gets beyond the firm-specific level. This is helpful in researching key-players at each firm. www.mergerstat.com - Mergerstat is another often used source for current M&A activity. Similar to TFSD, many of MergerStat’s research are by subscription only. Note that the site does offer free league tables and ranking specific to M&A activity. www.wallstreetreporter.com - Someone please tell me who sponsors this site. It offers good insights into Wall Street news. Features include IPO, Venture Capital, Private Equity and Legal related content in addition to an array of interview which typically focus on CEO’s and Wall Street Analyst. There is also a print version of The Wall Street Reporter. www.wsn.doremus.com - The source of this site is unclear. That said, the absolute most useful feature is the deal search tool the site offers (the WSN Databases for Debt, Equity and M&A). It allows you to search deal activity by type, firm, industry, product, and a host of other options. These features can be invaluable in attempts to research firm specific deal information. www.feer.com - This is the sit for the Far East Economic Review. This Dow Jones publication focuses exclusively on Asia with emphasis on economics more so than finance. There are links for investor articles and capital market information. www.yahoo.finance.com - One helpful resource that Yahoo! and the array of other finance sites offer is the ability to create a stock portfolio. It is useful to create a portfolio of public firms that you are targeting to monitor their stock performance and earning announcements on a daily basis.

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Websites – Recruiting Related The financial recruiting websites offer cursory information about financial services firms and careers in finance. These source are in no way stand-alone nor comprehensive in nature. Generally, the most current and meaningful information will come from the company itself (e.g. presentations, days on the job) and finance related resources (e.g. WSJ and TSFD). We recommend using recruiting guides to gain some general background about the careers and the firms. During the interview though, it will be information gathered from your contacts, your firm visits, info sessions and firm specific research that will set you apart  www.thevault.com - The vault offers a recruiting and job search website the collects information and accounts about firms and job opportunities. The general firm information is decent however, specific account are suspect. Use with caution. The Vault site also offers a platform to purchase Vaults Guides. Useful and popular guides are Career Guide to Finance Interviews and the Career Guide to Investment Banking. www.wetfeet.com - Wetfeet offers recruiting and job search information similar to The Vault. Wetfeet’s online platform also offers sales of its popular industry (Careers in Finance) and firm guides (firm specific). These can be found in the CDO.

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