IB Interview - What to expect???

Water Cooler Careers
#121

I’d say 80/20 leaning bad. early interviews don’t have to follow a set schedule, like later ones.

#122

So, how many rounds are there in IB? Initially, I had a phone interview, and then I completed an in person interview session, but they are calling the in person interview as Round 1. Who many rounds sound I expect? Will they select the top 2 or 3 candidates and have another interview session? This is getting confusing.

#123

^ relax cubby. You’re going to do fine. I have no idea how many rounds.

#124

is this technical position or business?

#125

Take it one step at a time and don’t stop your job search.

#126

So, I haven’t received any other updates or information from the IB I interviewed with two weeks ago; however, I received a request for an interview with a boutique IB. They appear to be pretty solid. The IB focuses on middle market transactions and has even worked with some pretty high profile firms (i.e. $1B+ annual revenues). Given that it’s boutique I have three questions that hopefully you guys can answer:

  1. What are the pros/cons of a boutique IB?

  2. Does name recognition matter? Meaning, if I want to work for a more well known IB in the future will a boutique IB + Big 4 still look good.

  3. Apparently, comp is very different. Base is ridiculously low (50-60K), but they said bonuses are about 100k. Is this normal and how much stock can I put into receiving 100-150k bonuses? They make it sound like it’s pretty feasible for them due to their deal flow (firm has been around since 1980s).

#127

Thoughts?

#128

eh…I’d say go through the interview process. You can always negotiate the offer.

#129

I agree, if it’s a good job you would be willing to do, lock in the offer first

#130

Boutique IB > Unemployed riff raff 99% of the time.

#131

The hardest part is breaking into the investment banking industry. Once you’re in, it becomes infinitely easier to move to a bigger firm if that’s what you want.

I would say that unless you’re going through personal connections or MBA recruiting, it’s about 50x easier to move to a better bank from a bottom-of-the-barrel, tiny investment bank than just about any other field outside of finance / strategy consulting / business development.

#132

Thanks Numi, you’re the man.

I’m talking to three boutique banks right now so hopefully one of them works. The one I really want to land I got hooked up by a connection. A built a really good relationship with a recruiter over the last year and her colleague is best friends (or really close friends) with a guy at a top boutique firm and the IB guy mentioned they are looking for analysts and associates. So, the recruiter and her friend connected me with the guy. We had a phone interview this morning and the firm is bringing me into the office next Friday. Sounds like a pretty tight gig. They do 30% buy side deals and 70% sell side deals. The guy was telling me they work with Blackstone and some of the bigger firms on deals too.

The second one is lower middle market and sounds interesting. So, we’ll see what happens.

The third boutique firm consists of only about 10 people and they only perform deals in very small niche market. Doesn’t sound interesting at all, but I’m entertatining the conversation.

Then there are two other boutique firms that have reached out to me. Needless to say, all these interviews I’m bound to land a gig at some point (God willing!).

#133

I agree with you Numi. The two biggest obstacles I’ve seen for candidates along the way are 1) lack of IB experience and 2) not possessing an academic background from a top tier school.

This process has definitely confirmed for me that I need to get a top 10 school on my resume, which hopefully I can accomplish. I’ll definitely be hitting you up for essay and application help when I get to that point.

#134

So, I made it to the final round for another top IB, and I had probably the longest super day ever. The process was 5 hours long! I had to do a complete DCF based on a company the firm provided as well as some additional modeling. Then I had interviews with 2 MDs, a VP, an Associate, and a Senior Associate. Apparently, I find out if I got the job by the end of the week. They narrowed it down to me and one other guy this afternoon. So we’ll see what happens!

Also, special shout out and thanks to Numi, itera, and CFAvsMBA throughout this process. Your insight and advice has been extremely valuable. Thanks guys.

#135

^ best of luck man. you did all you can, and now it’s in the hands of the fate.

#136

It will be a nerve wracking week. No matter what happens, you proved to yourself you can hang with the big boys.

#137

Best of success dp013 - keep us posted and hopefully everything works out for you. Happy to have been helpful.

#138

So what happened?

#139

He probably got the job and now doesn’t even have time to eat or shit let alone post here.

#140

Unfortunately, I didn’t get the offer. The firm offered the spot to a guy with prior IB experience. It sucks man, I’ve had a bunch of interviews and make it to the final round, but I just can’t seem to get the job. Lacking prior IB experience has been killing me. Hopefully, if I keep hustlin, someone will pick me up. I guy at Stifel gave me some encouraging words and said it’s analogous to basketball - if you keep yourself in the right spot under the basket, you’re going to get a rebound at some point. All the firms have said I’m polished, genuine, well spoken, and have no problem with the modeling exercises. So, I’m getting good feedback, but I’m not getting hired.

Anybody have IB connections that could help me?