Investment Banking Prep

Directory

▪ Recruiting for IB
▪ A Mile-High Overview of the Industry
▪ Developing Your Story
▪ Networking
▪ Coffee Chats
▪ Regional Assessment
▪ Interviews: What to know
Investment Banking: Recruiting Overview
What Do Investment Banks Do?

▪ Provide financial advisory services

▪ Mergers and acquisitions (“M&A”)
▪ Due diligence
▪ Fairness opinions
▪ Negotiations
▪ Purchase/Sale documentation
▪ Initial public offerings (“IPOs”)
▪ When companies go public
▪ Source debt for clients
▪ Arranging regular loans or raising capital from the sale of bonds
▪ Provide corporate and venture services
▪ Advise on start up or private equity capital
▪ Restructuring (reemerging from bankruptcy)
Why Investment Banking?

Benefits Challenges

▪ “Everyday is different” ▪ Hours can be difficult

▪ Exposure to working with senior ▪ Tight deadlines
management at large companies ▪ Demanding senior bankers
▪ The opportunities for learning are endless ▪ High stress/pressure environment
▪ The work is intellectually stimulating and ▪ Attention to detail
engaging ▪ Steep learning curve
▪ The compensation is very good ▪ Learning curve—Requires a combination of
▪ Work with talented and motivated people high EQ and IQ
(learn via osmosis)
▪ Gain a strong background in financial
analysis and a given industry
▪ Exit opportunities
What are Exit Opportunities?

Most banks operate with each role as a specified length, where it is “up our out” once
you have reached that timeframe. For associates, this is generally 3 - 4 years. If you do
not receive a promotion and move on, one of the merits to working in IB is that you
receive a “PhD” which can help you move into an array of roles that may mandate a
background in investment banking:
▪ Lateral move to a smaller bank, closer to home
▪ Private Equity
▪ Hedge Funds & Asset Management
▪ Venture Capital
▪ Corporate Development
▪ Corporate Finance Leadership

NEVER discuss exit opps during networking, interviews or your

internship— Your objective in each conversation is to
demonstrate that you are committed to working in investment
banking for the long-run
Associate Career Path for MBAs

Analyst Associate VP Director MD

Associate Duties

Project Management Analytical Administrative Misc.

▪ Responsible for ▪ Although analysts are ▪ Associates have much ▪ Valuation

communicating responsible for more meaningful ▪ Recruitment (of
requests from senior producing financial client relations than analysts)
bankers to analysts models, associates analysts ▪ Client relations
▪ They must then will perform more ▪ They are likely to ▪ Legal compliance
“quality control” complex modeling arrange client (NDAs, IOIs, etc.)
completed work to ▪ In M&A, they may be meetings and ▪ Meeting agendas
ensure client tasked with validating produce meeting ▪ Networking
expectations are met and finding trends in agendas
due diligence ▪ Smaller teams may
have associates
quarterbacking the
diligence process
Keys to Success as an Associate

Goals Pitfalls

▪ Develop credibility early with team, especially ▼ Presenting materials with mistakes or typos
analysts
▼ Waiting to get involved
▪ Leadership: Delegating authority
▼ Failure to anticipate
▪ Time management skills: Balance multiple projects
▼ Not leveraging firm’s resources appropriately
▪ Understand the transaction and communicate both
up and down ▼ Getting lost in the detail and missing the big picture

▪ Develop a rapport with the analysts and ▼ Insubstantial interaction with clients
communicate the big picture
▼ Does not properly delegate work
▪ Manage expectations and define responsibilities
▼ Losing confidence under pressure
▪ Get your hands dirty
▼ Lack of attention to detail
▪ Don’t be afraid to ask questions
▼ Lack of follow through
▪ Proactive client interaction
▼ Lack of involvement in recruiting and training
▪ Educate senior bankers and exceed expectations activities

18
Getting Up to Speed

Becoming familiar with the nomenclature used in finance is paramount:

▪ Read financial publications daily (Wall Street Journal, Financial Times, Bloomberg),
pay attention to Mergers and IPOs
→ Student subscription are $4/month
▪ Listen to Bloomberg Radio, it is an excellent way to catch up on news during early
morning activities
Available via TuneIn or the Bloomberg Apps, as well as home AI assistants
“Alexa, play Bloomberg Radio”
▪ Ask professors the “dumb” questions if you are unfamiliar with a word, sometimes
they forget about career switchers
Sorry, could you explain what is equity research/arbitrage/comps?
▪ Investopedia is the Wikipedia of finance, with simple explanations for jargon

If you come across an unfamiliar phrase or concept,

Google it!
Recruiting Timeline
Technical Development Embedded in ND Courses

▪ “Technicals” are your knowledge of accounting, finance, and valuation

▪ Your Mod 1 coursework puts you ahead of schools, but your technicals must be polished outside of class
▪ Not knowing simple technicals from the 2 pager can get you an immediate ding come interview season

August September October November December

Linking the Three

Accounting 1 Statements
Bootcamps
Valuation: DCF (WACC, CAPM),
Corporate Finance Public Comparables

Training Forecasting, Merger Modeling,

Accounting and NPV Basics the Precedent Transactions, intro to
Street Leveraged Buyouts (LBOs)

Peer Mock Interviews

Peer Technical Review Sessions
On the
Self Study: 2 Pager, Rosenbaum job
Wall St. Self Study: Advanced
“Investment Banking” Book dynamics Trek Questions, Paper LBOs
Types of Banks

BULGE BRACKET (BB) ELITE BOUTIQUE (EB) MIDDLE MARKET (MM)

• Large global banks that operate • Focus on M&A Advisory and • Smaller deals
in all regions and offer all services – Restructuring rather than debt and
M&A, equity, debt, and others equity, and they often work on the
• They also have sales & trading, same deals that the bulge brackets
research, wealth management, and advise on.
related financial services ▪ Often strong in a specific product,
• They tend to work on the largest (e.g., debt), but don’t do as much
deals, usually those above $1 billion business in other areas
USD in size, though some also have
bankers focused on the middle market ▪ They also tend to work on smaller
deals, overall, than the bulge brackets,
but these deals are still bigger than
what middle-market and boutique
banks work on.

https://www.mergersandinquisitions.com/boutique-middle-
market-bulge-bracket/
IB INTERNSHIP STUDENT CHECKLIST

EARLY PREP SETUP FOR SUCCESS INTERVIEW SEASON

Pre-Matriculation - August September November November – February
▪ Discussion with Career Services ▪ Get involved with ▪ Follow-up visits to NYC/CHI ▪ Manage your schedule
about I Banking Finance Club ▪ Pursue Friday coffee chats proactively
▪ Discussion with a 2nd year or ▪ Meet with Career Services, ▪ Maintain and grow network ▪ Update Career Services with
alumni about I Banking inform interest for NYC trek ▪ Think about which banks feedback
▪ Read Investment Banking ▪ Meet with 2-3 second years match your “best fit” ▪ Pay attention to banks in
by Rosenbaum and Pearl ▪ Contact 8-12 ND criteria smaller markets
▪ Start developing target list of I Banking alumni ▪ Dial-in stories for: ▪ Don’t get caught flat footed,
banks and cities ▪ Attend Finance Club “Walk me through your decide what your secondary
▪ Begin familiarizing yourself with training sessions and start resume” plan is and begin that checklist
“400 Investment Banking doing mock interviews “Why I Banking?”
Questions” – focus on ▪ Craft your story “Why you?”
behavioral, while trying to ▪ Visit NYC ahead of Wall “Why this Bank?” With Offers
understand basic technicals Street trek (if pursuing NY) ▪ Banks start Super Days ▪ Discuss with Career Services
▪ Stay up-to-date with WSJ, FT, October ▪ Discuss with 2nd Years
and Finance Websites ▪ Keep growing network, December
maintain existing contacts ▪ Maintain your network, add
▪ Mock interviews with to it if possible
second years or career ▪ Maintain interview prep
services with high quality feedback
▪ If targeting Chicago, go to from coaches
banks on Friday to visit ▪ Apply to additional job
alumni opportunities in Finance
▪ Make at least one Friday ▪ Network with Banks outside
trip to target city for coffee NYC/CHI, in person
chats before the October ▪ Acknowledge things will be
Wall Street Trek over Fall quiet over holidays
Break
▪ Apply to jobs with early
application deadlines
Veteran & Diversity Recruiting

▪ Several banks offer symposiums for special groups

▪ These are high level, chats, that are generally by application
▪ Other banks offer fellowships of up to $40,000 towards tuition
▪ Some banks close applications VERY early
▪ 2019 List of Diversity and Veteran Programs
Investment Banking: Mile-high Overview
What is Strategic Advisory?

▪ A good investment banker is a ▪ Investment bankers typically handle

trusted advisor to their client – a negotiations and most other
CEO’s first call for strategic advice aspects of the M&A process,
▪ Investment bankers are most allowing management to focus on
valuable when they can provide running their business
unique insight regarding a ➢ Valuation
company’s operations or strategic ➢ Process management
direction ➢ Structuring
▪ As part of a normal client dialogue, ➢ Fairness opinion
investment bankers will show ➢ Purchase/Sale documentation
clients strategic ideas that may or ➢ “Whatever else it takes”
may not be obvious to their client
▪ CEOs often use their bankers to
approach potential counterparties
on an informal basis
Financial Services: Where Does IB Fall?

Investment Banking Hedge Funds Private Equity Venture Capital

Buckets ▪ Industry Coverage ▪ Value, Growth, ▪ Growth Equity ▪ Control Equity

▪ Product Group Blend ▪ Large-Cap Fund ▪ Co-Investing
▪ Capital Markets ▪ Long-only, ▪ Middle Market
▪ Sales & Trading Long/Short, Short- ▪ Control Equity
▪ Equity Research only ▪ Secondaries
▪ Fundamental, ▪ Co-Investing
Distressed, Macro,
Event-Driven,
Trading, Quant

▪ Client Pitching ▪ Investment Analysis ▪ Deal Origination ▪ Deal Origination

▪ Valuation / Modeling ▪ Portfolio ▪ Valuation ▪ Valuation
▪ Deal Execution Management ▪ Investment Analysis ▪ Investment Analysis
Front Office ▪ M&A ▪ Trading Modeling Modeling
▪ Leveraged Finance ▪ Portfolio ▪ Portfolio
▪ Equity & Debt Management Management
Solutions

▪ Portfolio Credit ▪ CFO/COO ▪ Cash Management ▪ Cash Management

Analysis ▪ Cash Management ▪ Legal Entities ▪ Legal Entities
▪ Pricing ▪ Marketing ▪ Tax Structuring ▪ Tax Structuring
▪ Counterparty Risk ▪ Legal ▪ Investor Reporting ▪ Fund Valuation
Middle Office ▪ Ratings ▪ Fund Valuation
▪ P&L Reporting
▪ Mark to Market
▪ Cash Operations
▪ Settlements
Investment Banking Landscape

Bulge
bracket

Middle
Market

Boutique

Low Offerings High

Investment Banking Groups

Capital Markets Industry Coverage Product

▪ Equity Capital ▪ Consumer & ▪ M&A
Markets Retail ▪ Corporate
▪ Debt Capital ▪ Healthcare Finance
Markets ▪ Technology
▪ Tax-exempt ▪ Media &
▪ Leveraged Telecom
Finance ▪ Industrials
▪ Securitized ▪ Natural
Products Resources
▪ Real Estate

“Markets” “Technical”

Examples Examples

• Equity capital-raising • Mergers & Acquisitions

o Initial public offerings (IPOs) o Buyside
o Follow-on offerings o Sellside
o Equity-linked (convertible) o Spin-offs / Splitoffs / Carve-outs
• Debt capital-raising o Hostile defense
o High-grade or investment grade o Hostile takeovers / proxy fights
o High-yield o Joint Ventures
o Syndicated loans • Restructuring
o Tax-exempt • Ratings
Structure of a Bulge Bracket with Broad Offerings
Banks by Bucket

▪ Bulge-Bracket Investment Banks (BBs) – JP Morgan, Goldman Sachs, Morgan Stanley, UBS,
Bank of America Merrill Lynch, Citi, Barclays, Deutsche Bank, Credit Suisse, and UBS
▪ In-Between-a-Banks (IBABs) – Wells Fargo, RBC, and many European, Asian, and Canadian
banks, such as HSBC, BNP Paribas, Mizuho, Nomura, BMO, and CITIC
▪ Elite Boutique Investment Banks (EBs) – Evercore, Lazard, and Moelis; PJT Partners
(formerly Blackstone), Centerview, Qatalyst, Greenhill, and Rothschild
▪ Middle-Market Banks (MMs) – Jefferies, Houlihan Lokey, William Blair, Lincoln International,
Oppenheimer, Cowen, JMP, Peter J. Solomon, Robert Baird, Piper Jaffray, Raymond James,
Stifel, and Macquarie
▪ Industry-Specific Boutiques (ISBs) – Leerink (Healthcare), Cain (Healthcare), KBW (Financial
Services), Ziegler (Healthcare, Education, Religion, etc.), Marlin & Associates (Technology),
Financo (Consumer/Retail), FT Partners (Fintech), and hundreds of others
▪ Up-and-Coming Elite Boutique Investment Banks (UCEBs) – LionTree Advisors, Zaoui & Co.,
Robey Warshaw, Lakeside Capital Advisers, Dyal Co, and M. Klein & Co
▪ Other Banks (Merchant Banks, Hybrid Firms, and KPOs) – BDT Capital Partners, Tudor
Pickering Holt & Co., Raine Group, Three Ocean Partners, and Lepe Partners
▪ Regional Boutique Banks (RBs) – Too many to list; if a bank operates in one location or
smaller non-financial centers and works on very small deals, it’s in this category. Check Axial
for a roster.
Developing Your Story
My story?

▪ Your story is arguably the most important factor in obtaining an

investment banking internship. It is your opportunity to make your
name jump out of the resume stack and nailing it is mission critical.
▪ You will tell it in every facet of recruiting process: networking calls, on
campus interviews, super days.
▪ In August and September, think of your story as a working draft.
▪ As your networking progresses, you will hear quotes and reasons (why
an MBA, why Notre Dame, why Banking) from your classmates and
alumni that you can incorporate into your own story.
▪ By SuperDay time in December, your story will be fine-tuned, and you’ll
have recited it so many times that it will be a check the box exercise.
Create Flow

▪ Keep things clean and crisp—walk through the Key Points

resume without hitting every bullet Why did you decide to
pursue an MBA?
▪ Start with where you’re from and where you went E.g., “I enjoyed my previous
role… but I was really
to undergrad interested in xxx”
Why did you pick Notre
▪ Tell them what you majored in and why Dame?
E.g., “Small, tight culture”
▪ Discuss your first job and any relevant experience Why do you want to pursue
Investment Banking?
you might have had. → Never mention the money
E.g., “I think the culture and
▪ If possible, use this professional experience as a day to day sets it apart from
other roles.”
bridge into why you wanted to get your MBA and Why do you want to work at
XXXXX bank?
pursue investment banking.

YOUR STORY SHOULD BE ABOUT 1.5 TO 2 MINUTES, MAX

Hitting the Inflection Point

What led you to setting up this call?

Why MBA? Why ND? Why IB?

e.g., “I enjoyed my e.g., “Small, tight culture e.g., “I think the culture and
previous role… but I was with a stellar finance day to day sets it apart
really interested in xxx” group.” from other roles.”

• Show introspection • Value proposition for • Never mention the money

• Demonstrate that this attending Mendoza
• Show that your intentions
was your plan • Strong finance program are more for what drives
• Keep past experiences • Scholarship? Football? you cognitively
positive
Your Story Should Make Sense

▪ Put yourself in the shoes of the banker you’re speaking to

▪ There should be a linear path in your career to what brought you to
Notre Dame—and deliver it with conviction
▪ E.g., if you tell him or her that you’re passionate about the markets, but
you didn’t know that Uber had just done their IPO, this is a red flag

Undergrad Notre Dame

Study Career Point MBA

Post Turning Point Investment

Undergrad to Pursue an Banking
Career MBA Recruiting
Tailor Your Story to Each Bank

▪ Bankers are sharp

▪ If you’re from Chicago, went to school in the Midwest, and are talking
to a New York banker, you’ll need to have a reason why you want to be
in New York and not Chicago
▪ It must be convincing
▪ Middle market, elite boutique, and bulge bracket firms all work
differently

FIGURE OUT A GENUINE STRATEGY

Extra Credit: Coverage

▪ It is completely understandable that you may not know what industry of

banking you want to work in
▪ As you progress, identify 1-3 that jump out to you and can give convincing
reasons for why they interest you, it can be beneficial
▪ Often, alumni will be willing to put you in touch with non-alumni contacts
at their bank in the industry or product group you mention
→ This further builds your contact points at that bank and is helpful for
SuperDay decisions.
▪ BE CAREFUL! Make sure to only bring up the industry or product group if
you are sure the bank you are talking to does business in that area
▪ Research the structure of the coverage groups at each bank, some groups, e.g., industrials,
may be entirely standalone
Examples of Coverage Groups

Industry Groups

Business, Defense,
Energy & Financial Telecommunications
Consumer & Government & Education Healthcare Real Estate Transportation
Power Institutions & Media
Industrial IT Services

Business Services Government Post Energy Banks/Thrifts Life Sciences Office Wireline Services Trucking
Services Secondary Infrastructure
Retail & Internet Finance REITS Medical Industrial Wireless Services Railroads
Consumer Defense & Training Mining Technologies
Services Aerospace Business Retail Cable Logistics
Pre K-12 Utilities Development Healthcare
Other Consumer Commercial Companies Services Multi-family Equipment Air Freight
IT Services Publishing (BDCs)
Industrial Specialty Lodging Towers
Insurance Providers Gaming Media
Specialty
Lenders

Product Groups

Strategic Advisory
Private Finance &
Group
Sponsors Group
(Mergers & Acquisitions)
Your Story is Your Opportunity

Conclusion: Think of your story as a way to shine through. Bankers

aren’t boring (for the most part). They work long hours and want to
work with people who they enjoy. If you can find common ground or
can weave a good (but appropriate) joke into your story, these smalls
things can make you stand out when they convene to decide who gets
the SuperDay invite.

Sell your story with conviction

Networking
Plan Your Approach

▪ The fall is a stressful time. You’re already balancing being back in school and
meeting classmates. Throwing IB recruiting into the mix may seem daunting but
you can do it.
▪ To make things easier, layout a strategy. It may be difficult to reach out to every
bank at the same time—If even half of them get back to you wanting to connect,
you’re already overwhelmed.
▪ Keep your networking to two or three banks at any given time so you can keep
yourself sane. Most alums say it is difficult to network with more than 4-5 banks
without losing focus.
▪ Stagger your approach and keep track of when each bank will have interviews.
▪ Don’t be too early, but don’t be too late. As you move through the process, you
should be able to feel where you’re getting traction and you should focus your
efforts on these firms.
Networking Emails

Be careful about who you reach out to first. When possible, it is advisable to start at
the associate level (likely recent ND MBA grads) and work your way up to the Vice
Presidents, Directors, and Managing Directors.

Your contact email should include the following (non-verbatim):

1. An introduction of yourself
2. You are a first-year student in the ND MBA program and are interested in
investment banking
3. Any nexus you have with their background (show you did your homework)
4. How you got the person’s contact information (unless cold calling)
5. A request to set up a phone call to connect with the banker
6. A thank you

Install and use Grammarly as a Sanity Check

Networking Email: Common Mistakes

▪ Spelling and Grammar errors - this is an automatic X through your name

at the bank
▪ Following up too soon – if the person doesn’t respond within three
days, send them a follow up email and include your original response.
If they still don’t respond, it is ok to move onto another person at the
bank.
▪ Being too forceful – The Alumni are taking time out of their day to help
you. Don’t try to boss them around or make them work around your
schedule. You need to accommodate them.
▪ Failing to respond timely when Alumni get back to you – be prompt
when communicating with them
Sample Networking Email

Hi Lloyd,
My name is Harrison Smith and I am a first-year MBA student at Notre
Dame. I am reaching out because I am pursuing an investment banking
internship for the summer of 2019. I was referred to you by xxxxxx.
If you can find the time, would you have few minutes to connect with a
phone call? Happy to send an invite to put it on your calendar.
Thank you,
Harrison

Attach a PDF of your CV in introductory emails

Taking the Fear Out of Networking Calls

Before the Call

▪ Introductory email
▪ Ask to speak about career, During the Call
function & industry
▪ Send calendar invite upon • Be attentive & take notes
confirmation – Information serves as Closing / After the Call
▪ LinkedIn research reference point for future
▪ Long tenure at company conversations, interview • Ask for additional
preparation & general contacts
versus multiple firms? – Utilize notes taken
▪ Various industries or knowledge! during call as reference
continued time in focused • Think on your feet – be point
segment? • Send a thank you within
able to pivot based on 24 hours
▪ Company research their commentary – Reference noteworthy
▪ Investor relations, press component of discussion
• Reference previously • Follow up as
releases & 10K
discussed elements or appropriate, based on
▪ Understand business model discussion—try to set up
and primary offerings areas of personal interest
a coffee talk
research
▪ Industry research
▪ WSJ & business publications

Treat each networking call as an informal interview

General Call Format

1. Greeting & Small Talk – Bankers talk about unprepared for this part of the call otherwise you
banking all day. Ask about the weather in NYC or will look foolish and hurt your chances.
Chicago or how their day or week is going to build 5. Wrapping Things Up – I always found it a little
some rapport. Most alums follow ND football awkward to end the call, but generally once I had
(don’t walk into this without knowledge). gone through all of my questions and the
2. Your Story – After greeting each other, you will conversation was naturally coming to an end, I
tell the banker your story. This is covered would say, “We’ve covered all of my questions
extensively in another section of the IB throughout our conversation. Do you have any
guidebook. In addition to communicating to the questions for me or about my background?”
banker that you are a likeable person, this is 6. More Contacts - If the call went well, the banker
probably the most critical part of the call may recommend that you connect with another
3. The Banker’s Story – after you are done, generally one of his or her colleagues at the bank. It is
the banker will walk you through their story and always good to ask if there is anyone else at the
how their career took them to the bank they bank that would be willing to speak with you.
currently work at. If you see opportunities to ask 7. Next Steps – If it is getting close to interview time,
good questions, feel free to interject. However, it may be appropriate to ask about the recruiting
don’t cut them off too much. and interview process. The bankers know you are
4. Questions – After the banker tells his or her story, trying to get an internship and it is generally ok to
they generally will ask you what questions you ask about where things are at.
have. Depending on how much time the banker
has, you should have anywhere from three to
seven questions ready to go. Do not come
Networking Call “Template”

Introduction includes appreciation, why you want to speak with the contact & your pitch
Career Path
• I noticed that you had spent time at [Company] prior to your current role, can you speak to your career journey? What sparked your interest?

• What lead you to making the pivot(s) / why did you pursue an MBA?

• I see that you interned at [Company] how did you determine that this would be a valuable experience prior to your full time role?

• What do you wish you had known during your recruiting process and the beginning stages of your career?
Company & Role Specific
• What led you from [Company] to your current company? What has kept you at your current firm?

• What most excites you about the growth, culture, and future of your company?

• What has been your most memorable project, whether it be most challenging and/or most rewarding? Why?
Industry Specific – based on research
• What led you to the specific industry that you work in?

• Based on my research, I’ve seen [Trend], how do you see this impacting the way [Company / Industry] does business?

• What most excites you about the future of your industry and how do you see this changing the environment ?

38
Networking Call Sheets

▪ A call sheet is generally a database of people you have reached out to

▪ Used in sales… supplanted now by CRM systems
▪ DOME may have one built-in, otherwise it is easy to create in Excel
→ Sample template on following page
▪ Goal is to keep track on everyone who you have reached out to,
interacted with, or identified as a potential person you can network
with at a given firm
▪ Use it to keep tabs on who you need to follow up with on pending networking
calls and in person coffee chats
▪ Aside from the “notes” area, people often keep full page notes in soft
or hard copy (e.g., a small journal or OneNote)
Networking Call Sheet – Template

▪ Keep each person separate, so you can sort and filter

▪ Update ad-hoc (emails may be unnecessary since Google saves them)
Bank Name Title City Nexus POC POC In Last POC Follow Up Email Notes
Established Person?
TargetBank1 Murray Bakewell Associate NYC ND '15 MBA Y Pending Last POC Murray [email protected]
TargetBank1 Howard Dodds VP, Lev Fin Chicago ND MBA Y Y 15-Oct Coffee Howard [email protected] - Meeting in office Mid September. Saw on Wall
Street trek.
TargetBank1 Garret Walters VP Consumer Chicago Undergrad 99 15-Oct Trek 15-Oct Y Garret [email protected] Emailed Thank you after Wall Street trek. No
response.
TargetBank1 Gayle Loredo Associate, Industrials Chicago ND MBA Y N/A 1-Oct Gayle [email protected] Wall Street Trek, CPA
TargetBank2 Michel Macon Associate, Consumer Chicago ND '18 MBA Y Y 15-Oct Michel [email protected] Wall Street Trek, engineer
TargetBank2 Stanton Raske VP, TMT Chicago ND '06 Y Y 15-Nov Stanton [email protected] B.S.D.; Econ Major, CBS MBA; met on trek, similar
background
TargetBank2 Marcelino Bennetts VP, CFR Chicago ND '12 MBA Y Y 16-Oct Marcelino [email protected] Need to reach out.
TargetBank3 Marcus Casado Director, Industrials Chicago ND MBA '10 A Y 31-Oct Marcus [email protected] Double Domer; First year associate -- flip?
TargetBank3 Veronique Crownover MD, TMT Chicago ND MBA Y Open 1-Nov Interview Veronique [email protected] - Call late September. Open to coffee. Need to
setup a time.
TargetBank3 Brice Charlesworth Associate (5 years) Chicago ND BA Y Pending 2-Nov Lunch Brice [email protected] Networked in from law school, open to MBAs

TargetBank4 Mardell Cecil Analyst, Tech Chicago ND '03 Y 2-Nov 2-Nov Mardell [email protected] Met in person on Friday visit. Not open to MBAs,
heading grad recruiting.
TargetBank4 Clemente Blauvelt MD Chicago ND '00 Y Y 5-Nov Cofeee Clemente [email protected] Keep chasing
TargetBank4 Tommie Grim Associate (Generalist) Chicago ND '14 Y Y 7-Nov Coffee Tommie [email protected] 5 Year Associate
Boutique1 Sebastian Schuette Associate (Generalist) Chicago N/A Y Y 12-Nov Contact Sebastian [email protected] Dead channel; follow up, no response
Boutique1 Alejandro Bryon MD (Healthcare) Chicago ND MBA '13 Y Open 13-Nov Coffee Alejandro [email protected] Ohio State alum Econ; 1 year MBA
Boutique1 Courtney Northern Analyst Chicago ND '10 Y Y 18-Nov Thank You Courtney [email protected] Played football at ND
Boutique1 Buford Serio Associate (first year, industrials) Chicago Y '91
SMU BBA '87; Kellogg MBA Y 28-Nov Thank You Buford [email protected] See website bio
Boutique2 Tracey Nehls MD Chicago ND '17, MBA Y Y 29-Nov Office Tracey [email protected] New England guy, very helpful
Boutique2 Rigoberto Ortmann MD LevFin NYC Superday Dinner Y Y 5-Dec Rigoberto [email protected] Worked on firms biggest deal last year. Parents
live 20 minutes from each other.
Boutique2 Matthew Cron Associate NYC Superday Y Y 5-Dec Matthew [email protected] Auto… loves cars
TargetBank1 Georgine Swift MD NYC Interviewer (SuperDay) Y Y 1-Nov Georgine [email protected] Covers roofing materials, Blake James brother in
law
TargetBank2 Reina Olsson NYC Recruiter NYC Technical Interview TBD Y 8-Jan Reina [email protected] Worked on Lubes deal with Petrochoice
TargetBank1 Katharine Mccarley VP, Oil & Gas NYC Technical Interview TBD Y 8-Jan Katharine [email protected] Technical interviewer.
TargetBank2 Hien Miguel Associate NYC Undergrad '00 Y 5-Dec Thank You Hien [email protected] Friends with old roommate.
TargetBank3 Milissa Pilger Associate (Industrials) NYC ND BBA '17 Pending 5-Dec Thank You Milissa [email protected] Came over from Piper Jaffray
TargetBank4 Jutta Armistead MD (Industrials) NYC Undergrad 99 Pending 5-Dec Thank You Jutta [email protected] Some VR exposure, spent time in tech
Boutique2 Simonne Sterling MD (Industrials) NYC Initial Contact 16-Nov Pending 11-Dec Thank You Simonne [email protected] Networked way in from Kellogg PMBA, former
Corp Dev HSBC + Risk
Boutique2 Priscila Wegner Analyst NYC Hometown 11-Dec Pending 11-Dec Thank You Priscila [email protected] Shaker Heights/Cleveland native, family friend
Following Up to Unanswered Emails

▪ Understand that bankers are busy, it may take 3-4 follow-ups to get an
answer
▪ If the other person does respond, reply quickly –within 24 hours or
less.
▪ In real life, bankers try to immediately respond to every client if they have all the
necessary information
▪ There is zero downside if you can respond right away with a polished, succinct,
error-free note
▪ If you send an email, wait one week (7 days) and then send a follow-up
message.
▪ If you still do not get a response, wait one more week (7 days) and then
send your next follow-up message.
▪ If you still do not get a response after 4 emails (1 initial + 3 follow-up),
put the person at a lower priority and contact him/her once per month
for 3-4 months before stopping.
Calendar Invites: Simple Format

▪ Take note if the banker is EST or CST (e.g., Chicago)

▪ Include both of your phone numbers in the body
▪ Subject should be boilerplate, but professional
“ND MBA Candidate – John Mendoza”
▪ Always send out upon confirmation
Questions to Avoid

▪ What is investment banking?

▪ Are bonuses up this year? What is typical comp range?
▪ How are the hours? How many vacation weeks do you get?
▪ Anything regarding the incoming or most recent recession
▪ Does the analyst carry much of the quantitative load?
▪ What are the opportunities after banking? Have you seen good exit opps?
▪ What are turnover rates for your associates?
▪ “I used to work in xxx, and did yyy, what do you think about my prospects”
▪ Read about the numerous legal suits that your bank just settled- how do you avoid
that in the future?
▪ Are there unethical people in your group?
▪ What is leveraged finance? What is equity capital markets?
▪ How is the culture of your bank? (if asked in this manner)
Coffee Chats
Coffee Chats

▪ If a call goes well and you do not have a date set, e-mail the banker
early in the week to lock in their availability on Friday afternoon
▪ Always wear a suit (based on bank’s culture, tie may be optional)
▪ Black suits preferred, with matching suits and socks
▪ Traffic is unpredictable, target arriving 30 – 60 minutes before your first
meeting unless you are staying overnight within the direct vicinity
▪ Tips
▪ Parking: SpotHero can land you a cheap parking spot near the office
▪ Shoes: Several buildings (including Baird’s office) have shoeshines in the lobby
▪ Optional: Rent a coworking desk off LiquidSpace so you can park you backpack
and work remote for the day
Coffee Chats (continued)

▪ Cast a wide net with initial contacts for introductory calls

▪ Follow-up early in the week to lock in a time
▪ Ideal day will include ~3 chats—do not be disheartened if you drive out for one
▪ Schedules shift—most bankers will be punctual; some may need to push back
timeline so leave ~30-60 minutes between chats
▪ Do not ping the banker to let them know you are there until 2-3
minutes ahead of the meeting time
▪ They may be following a calendar with worktime chiseled out prior
▪ Use as much of the time to focus on them
▪ Relate when you see the opportunity
▪ When they ask about you, open up
▪ Keep your answers brief with room to talk further
Regional Recruiting
Geographic Focus

Banks in the top cities for finance in the US focus on a different

industry:
▪ NYC: Diversified Minimizing Expenses
One recent alum targeting
▪ Chicago/Midwest: Industrials Houston took advantage of
Southwest’s flexible flight
policy (no change fees)—
▪ Houston/Dallas: Oil & Gas He purchased a block of
roundtrip flights in advance. If

▪ San Francisco: Technology / Healthcare he did not have meetings

confirmed by Thursday, he
would push that week’s flight
▪ Los Angeles: Gaming & Lodging / Media back a month.

If you are targeting a specific industry, traveling for in-person

visits goes a long way as a non-core candidate
▪ Keep all travel receipts if you need to request additional student loans
New York Recruiting

▪ Most slots available across the board for IB MBA Summer Internships
▪ Generally friendlier to career switchers
▪ Easy to find alumni
▪ ND undergrad is a major feeder to bulge brackets
▪ Ideally fly out BEFORE the October Wall Street Trek so they know who
you are ahead of the meeting
Midwest Recruiting

▪ Kicks off mid-fall Known Firms with Summer Associate

▪ Chicago is estimated to have ~20-30 Positions (ranked by recency of ND
summer associate spots open MBA placement):
→ Highly competitive ➢ Robert Baird (HQ: Milwaukee)
→ Some slots will be dedicated to local core ➢ Keybanc (HQ: Cleveland)
schools (Booth, Kellogg) ➢ Barclays (Regional)
→ Possible to break-in with regular networking ➢ Lazard Middle Market (HQ: Minneapolis)
▪ Regional offices are generally geared ➢ Piper Jaffray (HQ: Minneapolis)
to the industrials sector ➢ Livingstone (HQ: Chicago)
➢ Lincoln International (HQ: Chicago)
▪ If driving to Chicago, give an hour
➢ William Blair (HQ: Chicago)
buffer before first meeting in case of
➢ BMO Harris (Regional)
traffic or parking issues
➢ Greenhill (EB Regional)
▪ SpotHero is an app for quick temporary
➢ Check Axial for a roster of small boutiques for
parking that will save money
proactive networking
Trek Protocol

As an Individual: As a Group:
▪ Try to have networking calls set up with folks ▪ Have self-awareness and be mindful of others
before the visit when networking, students will outnumber
▪ If you are targeting a firm, try to setup a alums at each firm
coffee on a day other than the day you visit ▪ Be mindful to stop asking questions at some
onsite point, leave at least 15 minutes for networking
▪ Bankers have limited bandwidth, each breakouts
session is ~90 minutes away from the desk or ▪ Figure out a list of questions you will ask at each
phone bank
▪ If you sign up for the trek, each company visit is ▪ Reprofile each firm from the previous year’s
mandatory—you cannot skip non-targets template
▪ Target showing up 30 minutes before your first ▪ Banks sometimes reorganize and occasionally
session each day—traffic and train schedules can merge
easily cause a kink ▪ Alumni may have new titles or left the bank
▪ The group will proceed up once everyone ▪ Dealflow and financial performance will be
passes security clearance outdated
▪ Bring your nametag
▪ Dress sharp: Suits, white or blue shirt with a tie,
and black dress shoes (with black soles)
Interview Prep
First Round Interviews

▪ First round interviews will either occur on campus or over the phone
▪ Typically 1 -3 people on the list will go on to a SuperDays
▪ Phone interviews are generally done by associates and vice presidents
within the bank
▪ Their job is to “weed out” candidates who aren’t serious about investment
banking or people that are not outgoing and interesting on the phone
▪ Expect technical questions, answer directly and succinctly
▪ Repetitions are key
▪ Mock interviews will pay dividends—work with the IB study group and friends to
bounce off questions off each other from the “400 questions” book
▪ Test each other on technicals as well as behaviorals
▪ Thinking of what you’re going to say when answering these questions can sound
much differently in your head then when you actually verbalize them
What is a SuperDay?

▪ A SuperDay usually refers to final round For a successful Superday:

interviews for summer analysts or first year ➢ Research the bank and understand what makes
employees at an investment bank, consulting them unique, the deals they’ve worked on, and
firm, or other financial firm their culture
▪ The day usually consists of anywhere from 3-10 ➢ Be as relaxed and natural as you can, so you
interviews for multiple hours come across as genuine and someone they want
▪ Many bulge bracket firms will do 3 - 5 half hour to work with
interviews back to back with different ➢ Expect the unexpected and go in knowing that
professionals from a variety of groups there will be some curve balls – just handle them
▪ During the Superday, the company may host a calmly
networking night on the eve of the main day, ➢ Personality fit will make you stand out more than
where candidates and managers meet over technical skills
refreshments. While this particular portion of the ➢ Don’t overstay your welcome in any networking
Superday is less structured than the interviews to conversations. After you’ve had an interesting
be held the next day, it is still a large part of the chat, move on to the next one.
interview process and can impact a candidate’s
possibility of hire. ➢ Know your story inside out (why they should hire
you, why investment banking, and why at this
▪ Companies will be looking for fit more than particular bank)
anything else, since they’ve already assessed a
candidate’s technical skills in the first round of ➢ Follow up with your interviewers and thank them
interviews for their time
Timeline: Superday Season

▪ November - February: For non-core schools, the recruiting process for NYC based
investment banks typically happens in the fall.
▪ Superdays can begin as early as November.
▪ Banks aspire pluck capable, eager talent from the recruiting pool before the official
“on-campus” season for MBA recruiting begins in January
▪ Some of the institutions higher on the league tables don’t budge their recruiting
processes from the January/February because they garner enough interest from
highly-ranked core schools to fill their intern classes
▪ If you’re swinging for the fences and are still on the market in January/February, be
wary to cultivate as many options as you can in terms of banks.
“Tell me about a deal you recently followed”

Backpocket information—transform this into a quick 30-45 second elevator pitch

▪ Transaction Overview: The deal type, value, form of consideration (stock vs. cash
vs. mixed), and key premiums and multiples, along with the buyer and seller.
▪ Announcement Date and Close Date: Especially important in rapidly-changing
markets.
▪ Company Overview: A few sentences on the target and seller company’s
operations, major revenue streams, and geographic presence, along with basic
financial information (revenue, EBITDA, market cap, and Enterprise Value).
▪ Transaction Rationale: Why did the buyer and seller (or just the company
for capital markets deals) want to do this deal? Cost reductions? Geographic
expansion? Acquiring a new product line? Repaying debt?
▪ Metrics: What EV/EBITDA multiple did the buyer pay? Was this a premium they
overpaid?