SUMMARY

SG Cowen, an investment banking firm, implemented a comprehensive and strategic approach to its
hiring process. The company aimed to recruit top talent from business schools and build a culture of
excellence. The case study covers four key aspects of SG Cowen's hiring process: Rae's strategy,
on-campus rounds, Super Saturday, and decision-making criteria.
Rae, the head of recruiting, devised a new strategy for choosing core business schools. Instead of
focusing solely on the top 10 schools, SG Cowen expanded its attention to the next 15 schools in
the top 25. This allowed the company to target high-performing students who might not have been
at the top schools but were still exceptional candidates. SG Cowen emphasized its advantages as a
boutique firm, highlighting less bureaucracy, faster career progression, and more exposure to
clients. The strategy was initially met with resistance from senior management, but they eventually
recognized the wisdom in targeting a broader pool of talented individuals.
During on-campus rounds, SG Cowen scheduled company presentations to provide information
about the firm, its values, and the opportunities it offered. Team captains were instructed to answer
key questions quickly, distinguishing the company from competitors and outlining the next steps in
the hiring process. The company encouraged informal interactions between team captains and
students, allowing for in-depth discussions and establishing relationships. Some team captains went
the extra mile by offering self-funded informational interviews to motivated candidates. While
recruiting activities were not directly rewarded, they were considered in performance reviews
leading to year-end bonuses.
Super Saturday marked the final stage of the hiring process. Candidates gathered for a series of
interviews conducted by SG Cowen's bankers. The goal was to identify candidates who could
successfully progress within the firm. Interviewers were diligent in assessing candidates, as their
reputations were at stake if they endorsed weak candidates. The process was rigorous and
demanding, requiring candidates and interviewers alike to dedicate significant time and effort.
The decision-making meeting brought together bankers to discuss and evaluate candidates. Each
interviewer provided feedback and made a case for their preferred candidates. Consensus building
was crucial, as differing opinions emerged. SG Cowen aimed to hire individuals who not only
possessed strong qualifications but also fit well with the firm's culture. The criteria included cultural
fit, language proficiency, work-life balance expectations, and the ability to follow instructions. The
company sought candidates who displayed a passion for the work, a willingness to learn and sell,
and excitement about serving clients at the highest level.
Overall, SG Cowen prioritized building a culture that was impartial to alma maters and prevented
the hiring of individuals who would only excel in specific groups. The company's CEO,
Fennebresque, emphasized the importance of creating a unified culture and providing support to
employees. SG Cowen recognized that its success depended on the talent and dedication of its
people, and therefore invested significant effort in recruiting the right individuals. By implementing
a strategic and thoughtful hiring process, SG Cowen aimed to build a high-performing and cohesive
team that would serve its clients with excellence.