Teaching English in Asia as Your “Plan B”, Superdays, Finance in India, Private Equity Recruiting, and More Questions and Answers
I arrived back in the US this week (and was already bored within 48 hours, maybe I should just accelerate this move to Asia) and realized we hadn’t done a reader Q&A in quite awhile.
This week we’ll cover a broader set of questions than usual, on everything from your backup plan (if finance doesn’t work out) to Superdays, banking in India, schooling, PE recruiting, lawyers vs. bankers, and even some pictures of my travels to Asia (wouldn’t it be crazy if I posted those?).
Your “Plan B” If Banking Doesn’t Work Out
With the market still suffering and recruiting way down at banks, you need to think about your “Plan B” no matter what your qualifications are.
1. If I’m graduating in the fall and can’t get any banking internships, should I just go teach English in Asia?
I’m strongly against teaching English in Asia. Besides the obvious drawbacks (gets boring, young kids can be quite a burden, hard to network), most of my friends who did it were not satisfied with their experiences and had trouble finding work when they returned to the US. It’s fine to go there but I would try to work or find something here that’s somewhat related to finance/business even if it’s not banking.
2. I went through over 20 final round interviews in the fall but didn’t get any offers – should I move to Southeast Asia and wait for the market to recover?
You can, but keep in mind that will make it harder to network. If you have absolutely no other options then it might be good to take some time off and become a prize fighter, but otherwise I would try for any kind of business/marketing role that’s tangentially related.
3. If I go to a non-target and have no finance experience, should I only be looking at corporate finance roles and forget about banking for now?
You can still shoot for boutiques and smaller firms, but applying to the biggest places will be an uphill battle. If you do go for corporate finance roles, try to find one that are more transaction/modeling-focused vs. “strategy” ones where you spend all day making 2×2 matrices.
4. What should I do if I want to work abroad in Dubai or Hong Kong?
You should develop a network in those places – start with alumni working there and move onto anyone else you know. Also keep in mind that in most regions (except maybe Dubai) you also need language skills – few people get hired in Asia without knowing the local language, for example.
Superdays, Superdays, Superdays
With 1st round interviews for summer internships in progress or over at many schools, students are now turning their attention to Superdays.
5. Will my upcoming Superdays be more “fit” or technical?
See the Superday Zen article. Most readers/customers have told me their Superdays have been more fit-focused so far as well.
6. If I don’t get an offer, is it worth it to stay in touch with my interviewer(s)?
If you really connected with him/her, sure, why not? Don’t spend too much time on it, but it’s always worth staying in touch with someone even if the specific opportunity doesn’t work out.
7. I forgot to send a “thank you” note! Am I screwed?
Unlikely. By the time you send the note, decisions will have already been made in most cases. It’s a nice gesture but not essential.
8. How long does it usually take between first rounds and Superdays?
Anywhere from a few days to a few weeks depending on how disorganized the bank is. Usually you hear back later than you would from 2nd round interviews.
Investment Banking India
I received a ton of questions on investment banking in India this week. Here are my (attempts at) answers.
Disclaimer: I have never worked there before, so all these responses are based on second-hand knowledge from friends and others who have. If something is inaccurate feel free to contact me with any corrections.
9. Do you think a top bank in Mumbai would hire me without any finance experience?
That would be pretty tough these days – you should have at least something that’s business/finance-related on your CV.
10. Is banking experience in India valued the same as working in the US?
I would guess not, based on the experience of many readers who had worked in other countries in Asia outside major financial centers and had difficulties finding jobs when applying in the US. Most firms here tend to discount non-NYC/London experience a bit.
11. Are hours in Indian offices the same as what you’d find in New York or London?
Probably not quite as bad as NYC/London but definitely not “normal” either (is banking anywhere normal?).
12. Everyone is saying that emerging markets are the place to go these days, but do you feel the opportunity in India is offset by the fact that there are fewer firms / jobs to begin with?
Partially, but also keep in mind that there are fewer qualified candidates in India compared to the US and Europe. On the whole it’s likely slightly easier to get in but definitely not as easy as some would have you believe.
13. Are you visiting India on your “World Tour?” I would love to catch up with you.
Unfortunately, no. I’m probably moving to Asia in a few months though, so I’m sure I’ll get to India eventually…
We Don’t Need No Education: Schooling
With the market still a mess, everyone’s thinking about going back to school instead. Meanwhile, those who have already been to some sort of graduate school are wondering about the best way to break in.
14. I have an MBA from a 2nd tier European university, and had been working in finance before getting laid off recently – will going back to a top school for a Master’s degree help me at all?
If you already have an MBA, I don’t see how a Master’s degree would help much with finding another job – probably better to focus on networking instead.
15. I go to a non-target school, have no work experience and will be 25 by the time I graduate – should I go to business school so that I can wait for the market to recover?
Don’t you remember what we said about timing the market? Bad idea.
It’s also a bad idea to go to business school with 0 work experience – you should spend a few years getting some before going back to school.
16. Would a Ph.D. in Physics be helpful at all for investment banking? Do I have a chance at breaking in?
The math in banking is trivial, so I’d say no – it’s more helpful for a quant role at a hedge fund. It’s probably better to focus your recruiting efforts there as well.
Private Equity Recruiting
Theoretically, private equity has been less affected by the recession than other fields in finance (heavy emphasis on “theoretically”) – so many bankers and students are still thinking about it. We’ll cover PE recruiting in more detail in the coming weeks.
17. I’m a 1st year analyst at a bulge bracket bank who’s transitioning into PE – when should I start thinking about recruiting?
Now (January). Headhunters start calling analysts right about now and most big firms finish recruiting by March/April or so. Smaller PE firms will continue recruiting through the fall.
18. If I’m starting at a bank as a post-MBA hire later this year, what chance do I have at getting into PE?
Unless you’ve done banking or PE before, very low. That’s just the way it is – most PE firms hire primarily from the banking analyst pool.
It is possible to get in at a more senior level if you have lots of operational experience or a more varied background, but typically very few post-MBA Associates go into the field.
19. What’s the best group to work in if I want to do private equity eventually?
Probably M&A or Leveraged Finance, or maybe Financial Sponsors (any groups that haven’t yet been fired) as well.
Lawyers vs. Bankers
Amazingly enough, some lawyers still want to move into investment banking despite current market conditions. Corporate law must be bad…
20. With M&A deals, how much do lawyers do and how much do bankers do? Is there ever any tension?
There’s not much overlap. Lawyers work on some of the due diligence duties, review NDAs and review the merger agreement between the 2 parties – they spend most of their time near the end of the process. Most bankers view lawyers as nuisances, so some tension arises from that.
21. What are the best groups to target for a lawyer breaking into finance?
Restructuring probably has the most overlap with law – either that or Special Situations would be good places to target.
22. What do you think of doing a 3-year JD/MBA program to shield myself from the market?
I don’t think it would help you much beyond doing a normal 2-year MBA program, but if you’re interested in law, sure, go ahead. With a few exceptions (see above), a law background is not tremendously helpful in banking.
Personal / Site / Suggestions
The following questions are all real. No, really…
23. I saw your recent article on men’s fashion tips – can you write about women’s fashion?
Yes – a guest writer will be covering this soon (as you can imagine, I’m really not an expert on this one).
Note: If you are a female in finance and know something about this topic, feel free to contribute as well – the more the merrier.
24. Can you write something about the specific skills summer analysts need?
I’ve covered summer internship tips before a couple times – in general, don’t stress out too much over learning financial modeling etc. Focus on losing any ego you have, being a sociable person, working hard, and getting along with everyone.
25. How do you come up with ideas to write about?
I keep an “idea list” of around 500+ potential topics. Even if I wrote every day for the next 2 years I would never run out of ideas.
Coming up with ideas is easy – the hard part is deciding which ones are best and then writing something good.
26. Can you post any photos from your trip?
I took a grand total of 5 photos – I think photography distracts you too much from whatever you’re doing at the moment.
I met up with over 20 readers and customers throughout China, Singapore, and Korea, though, so maybe you can bribe someone who became Facebook friends with me to send you photos…
27. What was the best story from your trip?
This site is PG-rated so I don’t think I can share that one publicly…
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Tags: Business School, Corporate Law, India, investment banking, M&A deals, MBA, private equity jobs, superday interviews, understanding investment banking
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