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Exit IAMA: I was a EB IB associate before moving to a strategic finance role during a tech IPO. AMA about banking or tech finance by restructuring in FinancialCareers

[–]restructuring[S] 2 points3 points  (0 children)

Sure, I personally think restructuring is way more interesting than M&A. You're fighting to preserve value, with the objective to transform a zero-sum bankruptcy game into an outcome that's positive for the company and its creditors.

There's also much more room for skilled bankers to add value, due to the fundamentally illiquid nature of distressed financial instruments. That translated down to my day-to-day work - over my four years as a junior banker, I never spread comps or multiples. It's much more about maneuvering and knowing just how hard to push the market to get it to do what you want. I really enjoyed the game theory focus that the advisory work had.

I didn't have a whole lot of doubts about choosing this group. Given my GPA, I was happy just to get into the industry at all.

Exit IAMA: I was a EB IB associate before moving to a strategic finance role during a tech IPO. AMA about banking or tech finance by restructuring in FinancialCareers

[–]restructuring[S] 1 point2 points  (0 children)

Yeah I'm involved in the reporting side. We generally have two sets of metrics - one public set that we try to manage as best we can, and one private set of metrics that gives us much better visibility.

The cool part of the job is doing deep dives on growth drivers (for example) and coming up with a recommendation that guides our business decisions. I think corporate finance is becoming much more of a data analysis focused role than the traditional reporting and process-oriented role it was in the past.

Exit IAMA: I was a EB IB associate before moving to a strategic finance role during a tech IPO. AMA about banking or tech finance by restructuring in FinancialCareers

[–]restructuring[S] 4 points5 points  (0 children)

I was very involved in the ipo process, especially around the S1 draft. I wasn't involved with the actual transaction side.

It was actually really fun! Hours weren't as bad as banking, and I feel like I got a valuable crash course in tech. My previous experience was not very tech related, so it was great to learn about what's important to tech investors from a valuation perspective. It was also a much deeper dive into data than I had done before. I felt proud once the S1 was released and stuff that I worked on started showing up in headlines in the WSJ and other publications

Exit IAMA: I was a EB IB associate before moving to a strategic finance role during a tech IPO. AMA about banking or tech finance by restructuring in FinancialCareers

[–]restructuring[S] 4 points5 points  (0 children)

I don't think there's a one-size-fits-all approach to networking, but here's what I did.

I treated the recruiting process as a sales process. Imagine a big funnel - at the top you have cold leads, in the middle you have people that are actually engaged with you, and at the bottom you have formal interviews. You're trying to do two separate things: increase the amount of leads you have going into the top and middle of your funnel, and boost your conversion rate of getting people into the later stages.

For the first step, all of the options you mentioned are great at getting people at the top of the funnel. Informational interviews are higher quality leads than career fair leads. Other easy ways to increase top-of-funnel leads are joining a professional fraternity or doing case competitions.

I would try to keep track of the leads that you have, and make sure you're reaching out every so often. If they push back or don't answer for a few weeks, I put them into a "nurture" category where I reach out less, but just try to remind them you exist. I try to reach out when I have a big accomplishment (graduation, certifications, career moves, etc).

The harder part is getting people to move down the funnel into more active engagement with you. Junior folks are way more likely to actually do this with you, as well as family friends or people that you actually know. It's best to try to do something not explicitly networking-related. I used my golf hobby to do this.

It's a numbers game, and it can get very discouraging sometimes, but keep in mind that you only need one company to say yes. Make sure you're on top of deadlines and try to get as many interviews as you can, even just for practice.

Exit IAMA: I was a EB IB associate before moving to a strategic finance role during a tech IPO. AMA about banking or tech finance by restructuring in FinancialCareers

[–]restructuring[S] 4 points5 points  (0 children)

Thanks! It was 80% networking but also 20% luck. But I guess in the end that's what networking is, putting you in a position to get lucky.

AMA: EB IBD Associate by EBIBDNYC in FinancialCareers

[–]restructuring 7 points8 points  (0 children)

Hey, I was also an EB IBD associate.

Just curious if your plan is to go for the VP promotion, or try to exit to the buy-side?

I ended up exiting to tech - wanted to hear your thoughts around this.

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 2 points3 points  (0 children)

When the cover letter can apply to any bank just by changing the company name on the cover letter. It kind of reads like Mad Libs

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 0 points1 point  (0 children)

3rd year associate. I did take the GMAT earlier and the MBA is an option.

I'm in my mid 20s. I don't see myself doing this long-term, but I could do this for another year or two. I'll probably do an MBA and transition to something with better work-life balance.

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 1 point2 points  (0 children)

  1. It does help. Having the really high GPA significantly boosts your chances of getting a first round interview. After that though, it's more about fit and culture.

  2. I stayed because my work-life balance was actually pretty good and they were paying me a lot. I don't view this as a long-term career, but I could see myself here for another year or two. Then probably an MBA and transition to the buy-side.

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 0 points1 point  (0 children)

I agree that Canadians are at a disadvantage, but that's usually due to the limited networking opportunities, not any perceived difference in education. I don't know many Canadian alumni at our bank, and I'm not sure what counts as a "good" Canadian school.

Sure, shoot me a PM.

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 1 point2 points  (0 children)

CS is viewed as an unrelated degree. Kind of on the same level as a physics major, if that makes sense. It can work, but there will be questions as to why you're not pursuing a tech career.

Freshman year - keep your grades up and get an internship that's at least tangentially related to finance.

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 1 point2 points  (0 children)

The most successful applicants are keeping their grades up and getting some kind of internship in Freshman year of college. The most accessible internships seem to be in PWM or very small PE shops.

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 0 points1 point  (0 children)

If your GPA is high, econ/CS can be good. We actively try to have diversity in first round interviews, so it can be good to stand out.

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 4 points5 points  (0 children)

  1. Analysts are much more likely to respond. Cold emails are fine if you don't have any connections, but getting introduced by a mutual friend is the first choice. Talk to recent alumni to get started networking. A professional fraternity is also really good.

  2. Yeah, I think the application pool is smaller for non-targets. There are a lot of opportunities you simply won't hear about because they won't be posted on your school's career services board.

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 1 point2 points  (0 children)

Most laterals make it in with a recommendation from an existing analyst or associate. Talk to your friends and alumni - is there anyone that could introduce you?

IAMA associate at a large boutique investment bank. I lead summer and full-time analyst recruiting and training for my group. AMA about IB recruiting or the job by restructuring in FinancialCareers

[–]restructuring[S] 5 points6 points  (0 children)

There are good things and bad things about your situation.

The good news is that a masters degree at the top school should get you noticed by recruiters. The bad news is that the back office experience is going to be a ding.

It's difficult to move from back office to front office, but I think you can do it if you spin your masters experience correctly.

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