How To Close Your Investment Banking Offers
“Blake: A-B-C. A-Always, B-Be, C-Closing. Always be closing, always be closing.”
-Glengarry Glen Ross (1992)
“I’ve done everything you’ve told me to in your investment banking jobs guide. I’ve convinced them I can burn the midnight oil, work til I drop, and want to be Gordon Gekko. But I’m not getting any offers. What’s wrong?”
What’s wrong? You’re lacking a hook. To seal the deal and land offers, it’s not enough to show you can do the job well and have a serious interest in investment banking as a career.
You have to show them that they need you more than you need them.
Of course, this is never really true. You’re just a resource. They’re a $100 billion bulge bracket firm.
But perception is what counts.
What’s A Hook?
A hook makes you stand out from everyone else. It can be your extreme enthusiasm over the job that caused you to email them 59 days in a row (just like Bud Fox calling Gordon Gekko). It can be the experience you had working at a Chinese Private Equity Firm last summer. It can even be how you were a Varsity Athlete in that sport they’ve never heard of.
But it can’t be, “I really want to do banking so I can learn!” or, “I like the fast-paced environment!”
Those are not hooks. Those are just standard reasons to say you want to do the job.
When bankers quiz you in superday interviews, they try to answer three questions:
- Is he smart?
- Can he do the job?
- Do I like him?
If you want to close, the answer to #3 has to be, “yes.” You have to have a hook.
But I’m Just A Normal Person, How Can I Get A Hook?
If you just have standard experience, you have to go outside your previous jobs and activities to close your offers. One tactic is making a connection with your interviewer by having similar interests or asking questions about some topic he or she likes talking about.
This requires upfront research and isn’t always possible. But when you can do it, making a connection with the interviewer is a great tactic for increasing your success rate.
Was your interviewer in the Marines? Maybe your brother/cousin/uncle was too. Was he at a certain company or in the industry where your dad/cousin/uncle works? Same undergraduate schools?
Think far and wide to find that connection.
No One Wants You Until Someone Wants You (Then Everyone Wants You)
Yup, everything really is just like high school all over again.
Convince the firm that you have offers with other investment banks and you’ll get a big advantage. When they find out others want you, they’ll be afraid they’re missing something and decide they want you more now.
The correct answer to, “Are you interviewing with other firms?” is NEVER, “No.” Even if you’re not or have not gotten interviews with others, never say, “no.” Just be vague and say you are interviewing with other firms and are considering several options.
If you are indeed interviewing successfully with other firms, feel free to mention the names – this works especially well if they are competitive with your current firm. Naming any of the bulge brackets when interviewing with a bulge bracket, for example, gives you credibility (sometimes you can even get into specific offices, like UBS LA).
But I’ve Got Nothing… Really, Nothing!
Sometimes this happens. You don’t have any unusual or unique experience. Nothing in common with the interviewer. And no other competitive offers that might hurry them along.
Sometimes it’s just not meant to be. This is why you spread your net wide when interviewing at investment banks, especially in a tougher market. It’s just like applying to colleges – sure, go for Harvard, Yale and Princeton, but make sure you have some safeties (middle-markets and boutiques) in there as well.
Eventually, you’ll find one where people just mysteriously like you and you don’t need a “hook” or one where you have some connection to the interviewer.
And then you’ll close your interview and land your offer.
Break Into Investment Banking
Free Access to Exclusive Content for Members Only!
Sign up for The Banker Blueprint today and enjoy:
- Free Report: 37-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews.
- Exclusive emailed bonus material.
- Free Banker Blueprint newsletter with more in-depth advice.
- Unlimited access to all articles, videos, and advice - and free updates whenever new content is added to the site.
what if you don’t have any interviews, but the interviewer insists on finding out the specific banks you’re interviewing with?
Is it possible that HR can speak to the HR departments at other banks and find out if you’re actually interviewing with them?
Jessica: That’s unlikely and HR would not be the one to do it. If they really wanted to find out, they would have Analysts speak to their friends at other banks and try to find out, but even then it would be hard to find anything concrete because there are so many different offices, groups, etc. and people usually don’t know who’s interviewing in other groups.
If the interviewer is insistent, I would not mention specific names unless you have at least SPOKEN to someone at those banks. It would not be a lie to say, “I’m talking to bank x” if you have spoken to people or friends there but have not interviewed there. That’s probably the best way to handle this situation.
What do you do when you tried your best and u didnt get an offer? how do you approach finding jobs in the fall whne u go to a small liberal arts college and not alot of banks tend to come?
Keep trying, and consider related fields such as accounting, valuation services, etc. Better to go to one of those than something completely unrelated.
If few banks recruit at your school, you’ll have to rely on networking with alumni and friends/acquaintances in the industry.
Would a good hook be how hard you networked to get this interview even though there was no alumni from your school at this bank?
That could work but I would only say it if it came up earlier in the interview or when you first met the person… helps to remind them again at the end.
On average, how many people interviewed have a networking story like that? I am concerned that that particular “hook” will be less impactful if 3 other kids have a similar story.
If its a large bank, few people will have that story – I would certainly go with it if that’s your best way of standing out. I know other readers have used similar stories in interviews / networking to great effect.
what about the whole jeffrey chiang incident? i have offers at other bb’s but not their ibd, so what do i say if i tell them i have offers at those places and they press me to find out what position exactly??
if they press you then you have to tell the truth, especially after an incident like that.
Thank you for sharing your insight. Could you give an example of a good pitch or maybe your pitch? Thanks for the help.
You may want to review these articles:
http://www.mergersandinquisitions.com/how-to-tell-your-story-investment-banking-interviews/
http://www.mergersandinquisitions.com/why-investment-banking/
http://www.mergersandinquisitions.com/superday-zen-interview-preparation/
Thank you!!
Do you give mock interviews in person or over the phone?
I do not offer mock interviews anymore, but you can speak with Kevin / Jerry at Management Consulted if you’re interested.
Hi Brian this site has been really helpful!
I was just wondering if it matters which city you work in as an analyst with regards to exit opportunities. Is New York more ‘prestigious’ than LA? What are the advantages, if any, of working in New York as an analyst?
See some of the recent articles / interviews on this topic. The main difference is NY makes it easier to move elsewhere (other geographies afterward).
Err…I tried but could you please provide a link? I was networking once with a Morgan Stanley associate, and posed the question. He said there was no difference at all…kinda brushed it off. I got a bad vibe, and changed the topic.
Actually its in an upcoming interview not sure its on the site yet. But basically what I said above applies, other places have slightly reduced hours / possibly pay and in exchange you don’t get to move elsewhere as easily as you would from NY.
I have an interview coming up for investment banking summer internship at a boutique and they ask me if I’m interviewing with other firms. I am but for different sectors; one for a large energy firm in Market Research and one for an insurer in their investment division. These are very different roles, would it be worth mentioning it? This is because it could be seen that I have no focus on investment banking but I’m only looking at other sectors because I don’t want a free summer.
I would not mention all of those. Just say that you’re thinking about other investment / advisory-related roles, but don’t mention market research because that makes it seem like you’re not as committed.
for the hook, can I say something like “i chose to be involved in activities that would give me more exposure to the industry in every way” ( like chaired a conference because it had a reputation of having invesment bankers as guests, or performed as the class treasurer who dealt with thousands of dollars). also, can I say that I gave up a full time paid summer job that was not related to finance for an unpaid internship in finance? does that show my enthusiasm or am i going overboard?
btw, i am a rising junior and would be applying for a summer analyst position.
Those are ok but not spectacular. I would probably think, “Ok, this person is motivated but I won’t necessarily remember him/her over all 100 other people.” It’s better to go with something hobby/interest-related.
Hey Brian,
Just finished a final round interview at a bank. Heard back a day after and they said they’re still trying to figure things out and will get back to us in a week. I’m guessing that means the offers went out to top candidates and I’m wait-listed?
Cheers
Yes, basically. All you can do now is follow-up and check back periodically.
Hi,
I am junior at a non-target, however, I was invited to two Women’s Day Networking Events (one by Goldman Sachs and another by Credit Suisse). They were great expereinces and I was actually able to meet some important professionals. Do you think mentioning these gives me an edge in a summer internship interview? Also, I did a Microfinance Internship at Grameen Bank the summer of my freshman year. Though it is unrelated, it is still finance and can be an interesting conversational topic. Do you think it could help me stand out?
Yes but what really gives you an edge is if you network with everyone you met and follow-up aggressively. Microfinance also helps but it’s 90% about networking.
Hi Brian,
So after making my resume, I don’t think I’m too boring of a guy, but my interests and such are pretty out there. How could I go about transitioning into some of them?
Activities: Member of Finance Club; Created Fitness Information Website; Professional Personal Chef
Interests: Competed in Amateur Natural Bodybuilding Competition; Competed in Motorcycle Racing; Cliff Diving
I was thinking talking about my work ethic as per the bodybuilding and referring to motorcycle racing as how friends and I would blow off steam. What are your thoughts?
Thanks,
Lowell
That sounds fine, the motorcycle one probably stands out more
Thanks, Is it ok to imply that there is steam to blow off?
As long as I have your attention, I’m currently a sophomore at the University of Colorado at Boulder. I have a 3.6 GPA and am trying to transfer. Would schools the likes of; Univ. of Southern California, UCLA and Northwestern improve my chances of getting into iBanking if I can’t get into Wharton, NYU, Stanford, or Berkeley? (I’m applying to all of them though.)
Thanks,
Lowell
Yes, though UCLA is significantly better than USC / Northwestern
I don’t want to sound ignorant, but doesn’t Northwestern average a transfer GPA similar to UCLA? What makes UCLA better for iBanking?
There is just more recruiting there b/c most LA-based offices focus on UCLA
The point about saying you are interviewing with other firms put you in advantage is so true. I am an engineer undergrad, with 1.5 years internship experience in hedge fund and MM bank equity research and I had an interview for a top brazilian bank IBD for an analyst position. I’m also in McKinsey final round so just listening that I’m almost receiveing an offer from McKinsey made the people from the bank rush to interview me and it seems that it made them like me more. Congrats for the website, the information here is pretty accurate and well written. If you want any information on brazilian financial markets jobs I can share not only my equity research experience but my friend’s IBD experiences too – I have 4 friends working in IBDs here, 2 BB and 2 boutiques.
Awesome, thanks for sharing. And yes – I am definitely looking for information on Brazil and want to publish something on finance there. If you have time to help out or can refer any of your friends just let me know – editor@mergersandinquisitions.com
I sent my resume to ibanks over the university career services network. There it also appears the name and e-mail of the recruiter.
Should I send them my resume again to their e-mail if I’ve already sent it through the network or it would appear as annoying?
Don’t send your resume directly but email them, introduce yourself, and ask for 5-10 minutes to speak on the phone and find out more
I’m a long time reader of this forum. I’m in a bad situation and would like your advice.
I applied for a lateral hire investment banking position at BofAML and got an offer 1.5 weeks ago. I have been negotiating with HR. Yesterday morning, the group head called me and said that they have decided to withdraw the offer because they have other candidates who are willing to do the job for less pay than what they offered me.
I was shocked and apologized profusely, and said I’d take their original offer. But the head said it was too late. My calls and emails are not being returned.
They never told me the offer had a deadline. I’m desperate and don’t know what I can do. I’ve already told my employer I’m leaving and was in the middle of packing up. What should I do? How common is this?
Wow never heard that one before… not sure you can really do much at this point if they are not responding to calls and emails. For now just tell your employer you’ve decided to stay… if that doesn’t work all you can do is interview around for other positions that are open.
BB investment banking offer explodes very soon. Had planned on going through FT recruiting with top BBs/a few boutiques and was on track with people at those firms pulling for me but even the accelerated process doesn’t start until September. What should I do/how can I get more time from HR? Thanks!
You have to give them an ultimatum and say you need to find out by [xx date] or you can’t interview – you’re really interested and definitely want to work there but must know soon or you can’t continue the discussion.
If I am interviewing for multiple groups within the same firm, should I mention it when they ask who else I am talking to? Or does that just invite a problematic question such as “why are you interviewing with PE if you want M&A, etc”? I imagine I should want them to know that others are interested in me, but don’t want to project a lack of conviction.
Thanks
Only mention other banks if you’re at a bank, only other PE firms at a PE firm, etc.
Hey Brian, thanks for the inspiring article! I hear some banks are hiring outsourcing hr services to conduct 1st interviews. If I meet with an interviewer who is not working at the bank, shall I still use the “hook” or just try to convince him I am super excellent?
Just convince him/her that you are the right fit for the job
Hi Brian! I’ve got some problems.
I’ve interviewed with a budge bracket today. HR asked whether i was interviewing with other banks. Then I answered yes. But actually not. She wanted to know the bank’s name. Then I said it was a boutique. But she insisted to know the name. So I just said a boutique’s name which I’ve applied but not yet be invited to a interview. Can this cause serious problem? What can I do to fix it a little bit?
Thank you very much!
Just say you are not comfortable disclosing it at this stage, no matter how she presses. The more you explain the worse it gets. If she presses and asks many times, just repeat (in a monotone voice – it works) I’m not comfortable disclosing it at this stage.
Hi there,
I’m a senior at a semi-target looking for FT offers. I’ve managed to get superdays at 6 firms, and despite doing well, I can’t seem to convert these final rounds into actual offers. Granted, everyone else at the superdays are also incredibly intelligent individuals, and I’m sure we can all pass the technical/fit portions of the interview with flying colours. I have a few interesting hooks with which I have managed to have very interest conversations, but in the end it’s never quite enough. FT recruiting is coming to a close, and with no offers on the table (I’ve been applying to IB, valuation, and accounting), what would you suggest is a good path to take from here on out?
I’m sorry to hear. Good work for making it to the final rounds though!
Try to email the interviewers whom you’ve developed strong rapport with and ask them what you could improve on. Furthermore, stay in touch w them just in case something opens up.
Continue to network & generate new leads
I got an offer from a mid market bank. I was offered the job on the spot and accepted, But they told me to go home and think it over, then call them with a decision. I also didn’t follow up with a thank you email…Did I seem desperate by accepting on the spot? What should I say to confirm the offer?
Congrats! I’d call them up and say I’ve thought it over and confirm the offer. If they ask what you’ve thought about, you should have a good answer addressing why you want to work for them – short and sweet. If you don’t give off the desperate vibe, you won’t act desperate.
How long should I wait to respond back confirming my acceptance? Should I say that I declined a few other offers when I respond back?
No need to say that. You don’t want to lie and have them find out. A day or two. I wouldn’t plan it so deliberately. Go with the flow. You already have the offer.
Hi Brian,
I study in India and most of the banking/ finance company here recruit MBAs only. For a person like me who comes from a technical background and is excited enough to break into IB somehow, what do you advise?
My resume has just one internship and that is for a very brief period of time,though I got a very positive feedback by the senior management over there on my internship. I am in my junior year and exploring a lot to get a summer internship @ a bulge bracket.None of the Alma-mater is currently working in the IB industry.
When I convert my grades into the scale of 4.0, my GPA comes down to 2.9. However, the HSBC careers site clearly mentions that their minimum requirement is a 2.4 (converted) for Indian students and a 3.2 for kids in US?
Do you think this conversion can potentially harm my chances of getting an interview at an IB?
*companies
*to a scale of
Your 2.9 is above 2.4 (min) so you should be fine
I need some help here with regards to summer internship!
I can’t choose between
-RBS HK investment banking (corporate finance)
-UOB Singapore investment banking (debt capital markets)
-BAML Singapore corporate banking
I am hesitant with regards to RBS because of the recent trouble and retrenchments coupled with ringfencing in the UK.
I am keen on signing with UOB because though not as recognized worldwide, DCM in UOB is pretty strong in the asian region. They have an excellent training program too.
I’m not sure whether BAML’s corporate banking is better than UOB’s IB. My end goal is to do i-banking at a bulge bracket. I’m currently in my sophomore year.
Which one should i choose?
You should make your decision based on the following 1. Your gut feeling 2. The team you like/click with the most 3.The area you are most interested in working in now
The rest are not too relevant
Hi nicole, recently I created a new company and had a family member who was familiar with the process do it for me. It has been a month and I realized to my horror that he basically screwed up the entire application and it got denied so right now I am rushing to get it registered but I already wrote it as some company ie, XXXXX Inc. on my resume and so basically my company is technically “unincorporated” as of right now. Would the bankers do some kind of registration check and would I get called out on it? Kinda nervous right now since its gonna be at least 1 month before I can get the results back. :(
If they do a background check when you get hired they might call you out on it. I wouldn’t worry too much about it – not much you can do at this point.
Hi, my “hook” during an upcoming superday interview will be that I like whitewater rafting, like to work on a company I recently started, and play piano and trumpet in a jazz band. However, its been a while since I played piano, is there any chance banks might want to see me play/do banks have pianos in there? (I know youre probably laughing right now but just want to be 100% sure :))
Also, is my hook good enough where it really really distinguishes myself from all the other MS or Goldman applicants?
Um, no, very low chance of that happening. Personally I would just mention the whitewater rafting bit and maybe the part about playing jazz piano and trumpet. Those are not spectacular hooks but they’re good enough.