A career in investment banking can be extremely rewarding. Including salary and bonus, the average compensation for first-year analysts in 2022 is the average $142,000.
But landing a job in investment banking isn’t easy, and it takes more than solid grades, especially if you’re hoping to work for a big company. Ken Adams, founder of 10X EBITDAa career coaching company, recently shared some insider tips with Stacy Blackman Consulting about what the recruitment process is and how potential candidates can present their best asset.
RECRUITMENT STARTS IN THE FIRST SEMESTER
The recruitment process for investment banking, private equity, and hedge funds begins the first semester of your MBA program.
“Investment banks have to hire a large class of summer associates every year, so they generally follow business school rules and policies,” according to Adams. “They run various networking programs and informal networking sessions with MBA candidates throughout the first semester. Interviews start towards the end of the winter holidays and at the beginning of the second semester.
Some of the best companies for candidates include Goldman Sachs, Morgan Stanley and JP Morgan due to the quality of transactions handled by the banks.
“They also have ‘global pay’ which means that bankers from other countries are paid the same as bankers from the home country (i.e. US/UK ),” according to Adams. “Other coveted banks vary by geography.”
BUILD AN MBA STRATEGY
If you are an MBA candidate with the goal of working in investment banking, you might want to consider applying to top business schools, such as Wharton, NYU Stern, and Columbia Business School.
“The best business schools expect holistic interests and accomplishments,” according to Stacy Blackman, founder of Stacy Blackman Consulting. “Highlighting personal qualities and triumphs is essential to your MBA application strategy.”
Determining factors, such as test scores and grades, are often less important to admissions officers at top business schools. Rather, says Blackman, admission depends more on an applicant’s interest.
“Successful applicants in finance spoke about activities they engaged in outside of the classroom as undergraduates or work today,” says Blackman. “For example, conducting a debate, a sports activity, and an outstanding thesis were undergraduate experiences that led to admissions to GSB and HBS. Emphasizing prior interests that show character and values can differentiate finance candidates competing for top MBA programs.
Next page: GMAT vs. .GRE
More and more students are opting for the Graduate Record Exam instead of the Graduate Management Admission Test, although some of the top schools have seen their proportion of GRE test score submitters drop.
Finished 1,200 MBA programs around the world now accept the GRE instead of the GMAT for admissions. Although GRE and GMAT are both accepted in MBA admissions, the two exams actually differ quite a bit from each other.
American News recently spoke with experts about what makes each exam unique and what candidates should consider when deciding which exam to take.
GMAT EMPHASIZES MATHEMATICS SKILLS
If you are more comfortable with math, you might want to consider taking the GMAT instead of the GRE, as the GMAT includes more quantitative questions.
“As a result, students with better math skills may want to take the GMAT in order to demonstrate those skills,” said Dan Edmonds, a test prep tutor at IvyWise. American News. “Also, if you’re considering applying to a program that values math skills, that program may be more GMAT-friendly than GRE-friendly.”
On the other hand, the GRE is more for those with strong literary skills.
“The GRE verbal section is generally more difficult than the GMAT verbal section; this difficulty is largely due to the extent to which the GRE tests difficult vocabulary,” Edmonds said. American News.
“A key difference between the tests is that the GRE requires you to argue, whereas in the GMAT you analyze what was argued,” Stacy Blackman, founder of Stacy Blackman Consulting, said. “The style expected of GRE test readers is more abstract and draws from various sources and disciplines for examples or references, whereas the GMAT is more concrete and analytical. This confirms the relevance of the GRE for the more academic student.
GRE: OPTION TO SAVE AND RETURN
One of the biggest benefits of GRE is the ability for test takers to save and return to difficult questions during each section, which can help reduce test anxiety and stress. Experts say the back-and-forth option on the GRE is a small but noticeable difference between the two exam experiences.
“In practice, the time constraints are so tight for both exams that you don’t really have time to come back anyway, but just knowing you could make a big difference for some people,” Stacey Koprince , head of content and program at Manhattan Prepares, tells American News. “It allows them to let go more easily, where on the GMAT they could be completely stuck and really mess up their timing, and therefore, their score.”
Next page: Kenan-Flagler lands $11 million for sustainability
Kenan-Flagler flags representing students’ home countries
UNC Kenan-Flagler Business School has received a multi-million dollar donation to support the construction of its first new building in 20 years.
The $11 million gift comes from the estate of the late Charles Ackerman, an Atlanta real estate investor who earned a bachelor’s degree from the university in 1955. triangular business diary reports. The estate gift will support a new building for the school’s Center for Sustainable Enterprise, which focuses on social environmental sustainability in business. Additionally, the donation will also help support MBA scholarships, expand undergraduate business program offerings, and increase research capacity by supporting Ph.D. students as Sustainable Development Fellows. It will also fund center operations and additional staff.
“For more than 20 years, our center has empowered students, faculty, and business leaders to identify, create, and deliver innovative and profitable business solutions while improving social equity and environmental integrity” , said Doug Shackelford, dean of UNC Kenan-Flagler. Press release. “This is a rare and transformative gift that will have a huge impact on the lives of our students and the organizations where they work.
DEDICATED TO SUSTAINABILITY
UNC Kenan-Flagler is well established as a School B pioneer in sustainability education. According to Tracy Triggs-Matthews, associate director of the center, the business school was one of the first to offer a comprehensive program in sustainability in 1999.
“When Mr. Ackerman visited the school in 2011, we shared the full scope of our work – from teaching and after-school programs to research and stakeholder outreach – and how our graduates leave the UNC Kenan-Flagler ready to implement what they learn to change the world and how our research can impact business practice,” says Triggs-Matthews.
Sustainability, according to Olga Hawn, associate professor of strategy and entrepreneurship and director of the center’s faculty, remains a strategic pillar at UNC Kenan-Flagler, and School B intends to remain committed to meeting the challenges. critical sustainability challenges.
Understanding the drivers of sustainability strategy and the different ways it is implemented is imperative for organizations around the world,” says Hawn. “Through our research and education, we connect theory and practice and build understanding and awareness among all stakeholders.”
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