Tuesday, December 07, 2004
Thank GOODNESS the workload is letting up. We have finals, yes, but many of them are written, and I'm less worried about them. AND unlike the first quarter, finals are spread out over more than a week and there's reading days. So less pressure there.
MUCH pressure on the job front, though. Resume drops need to be done by Thursday at midnight. To apply for summer internships, we post resumes and cover letters to specific positions in December. For the vast majority of Investment Banking jobs, to get an interview, you need to get on the "close" list. What that means, is that the Bank will decide by mid January which students will be interviewed. For many of the banks, if you don't make the close list, you don't interview during the Dedicated Interview Period (DIP week). And, pre-selection choices aren't made on the strength of your resume alone. Many of the banks want to see that you tried to get to know them and that you "fit." So getting an interview depends on how well you schmooze in many instances, which I guess makes sense since it IS a small part of the job. (Notice the rationalization of cognitive dissonance working here...)
Someone asked what the pros and cons are in Investment Banking. Since I haven't actually worked in IB, I can't fully answer that question. I'm interested in IB because I really enjoy working with companies and organizations on their capital structures, and working with capital structures to make it possible for them to do new things. I also like an intense work environment, where I get a chance to think on my feet and learn new things quickly. I hear the pay ain't too shabby either - but I don't know if I believe it - you know how that Wharton rumor mill is.... Some challenges would be the hours - who in their right mind WANTS to work 100 hours a week, with no weekends off? Nobody, that's who. But I think if you like what your doing and you like the people you're with at 2:30 AM trying to perfect a pitch book, I think its tolerable. And the crappy hours get better the more senior, experienced, and efficient you become. It's really just 2-3 years of crappy, crappy hours. I would also think that if you lose sight of the meaning of the menial parts of your work, then you may find the job extra challenging.
MUCH pressure on the job front, though. Resume drops need to be done by Thursday at midnight. To apply for summer internships, we post resumes and cover letters to specific positions in December. For the vast majority of Investment Banking jobs, to get an interview, you need to get on the "close" list. What that means, is that the Bank will decide by mid January which students will be interviewed. For many of the banks, if you don't make the close list, you don't interview during the Dedicated Interview Period (DIP week). And, pre-selection choices aren't made on the strength of your resume alone. Many of the banks want to see that you tried to get to know them and that you "fit." So getting an interview depends on how well you schmooze in many instances, which I guess makes sense since it IS a small part of the job. (Notice the rationalization of cognitive dissonance working here...)
Someone asked what the pros and cons are in Investment Banking. Since I haven't actually worked in IB, I can't fully answer that question. I'm interested in IB because I really enjoy working with companies and organizations on their capital structures, and working with capital structures to make it possible for them to do new things. I also like an intense work environment, where I get a chance to think on my feet and learn new things quickly. I hear the pay ain't too shabby either - but I don't know if I believe it - you know how that Wharton rumor mill is.... Some challenges would be the hours - who in their right mind WANTS to work 100 hours a week, with no weekends off? Nobody, that's who. But I think if you like what your doing and you like the people you're with at 2:30 AM trying to perfect a pitch book, I think its tolerable. And the crappy hours get better the more senior, experienced, and efficient you become. It's really just 2-3 years of crappy, crappy hours. I would also think that if you lose sight of the meaning of the menial parts of your work, then you may find the job extra challenging.
