Assuming you go to a , your first networking in banking experience will be on-campus, and so the question invariably pops up “Is it a strategy worth pursuing?”
Well, for sure – because just like the fat walking-challenged birthday boy, all you have to do is sit around on-campus and wait for everyone (banks, college, clubs) to come to you. It’s just so easy!
The will hold investment banking information sessions, canapé-n-drink fueled networking chats and even interview you on campus, however informally.
Your will lay on financial career fairs, banking career talks and other industry crutch-grabbing shindigs.
Meanwhile will put on mixers for students interested in becoming investment banking analysts, giving you even more contacts and knowledge.
But the catch is you’re not the only birthday boy at this party. In fact your entire year level will be joining you and you’re really not that special.
So the unique quality that makes investment banking networking on-campus so attractive – being how accessible it is – is also its downfall. In fact, it’s so easy to attend that even students with barely-there hard-ons for investment banking will come to these sessions. and almost no barriers to entry.
No wonder then that these investment banking networking events (with or without bankers) are more likely to resemble the killing fields depicted in a National Geographic Serengetti Special rather than a Professional Career Event.
There are to get a fistful of business cards, half-assed answers to lame questions and a couple cups of complimentary liquor.
The final potential death knell is that these events often take place so close to – sometimes even just days before – that they’re unlikely to help you establish any long lived relationships with bankers (unless you are a junior).
Our end conclusion is “, but don’t make this the last stop on your networking ways”.
They are the most gaff-filled event on Earth and yet we still think you should go, so let us explain ourselves.
There’s significant talk out there amongst banking bloggers that on-campus information sessions / mixers are really . And certainly, in some respect they can do more harm than good.
We are talking about events where the sheer number of students trying to stand out and impress bankers is enough to have you bolting for the exits after all – the x-rated is enough to make you reach for the freaking sick bag at times. And with the downright awful, maybe these events should be no gos.
But you get into investment banking. Think bank presentations, 5-1 student-banker conversations, and most of all speaking to fellow grads in the know. And since these are amongst the top 15 goals of networking in banking, on-campus events are worth a shot.
Plus if you take the initiative to make contacts with bankers via very brief intelligent questions and comments, and you (this is the key), you’ll have a rocking time.
(1) we took away pages of valuable scribbled notes and advice, (2) met dozens of high-quality people; both bankers, HR & fellow switched on students, (3) racked up multiple resume passes and (4) received many requests to call and interview outside normal recruiting.
And think about the . We racked up all this courtesy of barely a handful of afternoons and evenings spent on-campus (probably a collective 20 hours in total…that’s it!). The message I’m trying to scream is that on-campus networking is rewarding, painless and efficient. The freaking bankers are coming to you remember…and in droves!
Thankfully if your on-campus networking efforts end worse than my recent Ghanaian-goldmine speculative play there’s still a consolation prize to cushion the blow.
Oh, and perhaps a little lukewarm canapé too?
Check out the complete guide on invesment banking networking on-campus.
Richard is the head writer for Inside Investment Banking – a one-stop shop of advice for students just like you who want to know how to Break into Investment Banking without a 4.0 GPA from Harvard or nepotistic connections on Wall Street.
Created by a team of 5 young bankers, Inside Investment Banking contains all the real insider advice you need to write killer banking resumes, answer tough interview questions, network with bankers and much more.
You can read more Free Tutorials on Investment Banking Recruiting just like the one above by visiting Inside Investment Banking now.
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Investment banks underwrite securities. On one side there are companies that need capital to expand. On the other side there are the people who have money to invest. Investment banks link those two sides together for a fee.
Those "banks" are actually enormous financial companies that have a whole plethora of operations. The losses they sustained from speculating on derivatives weren't actually related to their Investment Banking operations.
Two things caused the recent fiscal crisis.
1) Fraud and greed
2) Government regulators not doing their jobs.
Number 1 was the fault of lenders and number 2 was the fault of Bush.
In simple terms, they tried to keep up with the other firms that were making big interest profits from the bad MBS paper. Then they used the MBS paper as cash to meet federal requirements.
As far as being smart, they all hang at the same club, parties and listen to the same advice. They moved as a herd of " informed "sheep.
NO
An investment bank usually becomes a market maker for a particular stock as a result of participating in an offering of their securities (IPO, follow-on offering). This is not always the case. Being a market maker doesn't really mean that the company is a client of the firm, though. The bank is simply performing a service to the general market (institutional investors, mutual funds, etc.) by providing liquidity for the security. But the client is really the bank itself because it makes money off the bid/ask spread.
When ever you go through an investment manager, the commissions will be high (that is what pays his salary as well as corporate profits and broker assisted trades are always significantly higher). You always have to be careful of the advice received from a brokerage investment manager since some times they will create excess trades or direct you to investments with high commissions (eg, front load funds, annuities, etc.).
It is usually better to hire a financial advisor by the hour and do your own trading through a discount broker since his only objective will be to keep you happy so that he will get return business.
Edit: A pay by the hour financial planner (advisor) probably couldn't be designated as a trustee since he doesn't control the money but only gives advice. I'm no expert in law but can't you designate yourself as the trustee of the account since you have the power of attorney?
it's a financial institution that deals with securities, mergers, acquisition, raising capital. they have to be license as broker-dealer and subject to SEC regulations.
you can start one provided you meet and maintain all the requirements outlined and got a license.
basically they can do whatever they want provided that they meet the requirements.
they basically are responsible for themselves. they watch themselves for the most part.
the problem is not the lack of oversight. nobody saw this coming even if you had oversight. the fed didn't see it, the bankers didn't see it, the insurance didn't see it, you and i didn't see it, whoever you appoint as oversight are just as likely to be blinded as we are so there is really no point. it's easy looking back and this and that, but the million dollar question is can anybody tell me exactly when the next depression occurs and why? i don't think anybody can do so reliably.
If banking system collapses the economy is sure to collapse. The first priority should be banking, then if need be bail-out can be extended to other sectors as well.
just watched it it made me sick to my stomach who the hell do these people think they are they should all be put in jail I wish the people in this country would do something about it people are pissed but like me they have know idea what to do fucking criminals I wish It's was still the western times hang'em high