IBD Summer Associate Life
#Intro
You must understand the expectations for an Associate before starting your Summer internship. You may be asked to articulate your understanding of this role during your interviews. As an Associate, you will be the second most junior member of the team, but not during the Summer. It is important to remember that the Analyst will still be calling the shots and driving the work. It is essential to win over the Analysts in the team and not be patronizing. As an Associate, you will be the project manager and analytical overseer for the team's daily work. You will be in charge of executing tasks given by senior colleagues.
When it comes to finding the best Associates, there are a few key qualities recruiters look out for. First, they need the right technical skills and knowledge to do the job. But beyond that, they should also be able to effectively mentor, lead, and coordinate other Analysts on the team.
Another important quality is business judgment. This is what sets top performers apart from the rest - that little bit of sparkle that makes them shine. They must make smart decisions quickly and confidently, even in high-pressure situations.
Last but not least, great Associates should also have strong commercial skills. This means effectively communicating with clients, understanding their needs, and providing solutions that meet them.
So, let's look at a rundown of what you can do from September to January:
#Timeframe
September
Consider your background; prospective employers are interested in learning why you want to work in banking and what makes you qualified. The story needs to be aligned with your CV and show the various milestones that led to where you are. How come in September? You will quickly realize that at every coffee interaction with bankers, you first need to focus on introducing yourself and explaining why you are interested in the banking industry. Make use of every conversation to hone your story more thoroughly.
Spend some time reviewing the CVs of other candidates who were successful. Doing this will help you gather some great inspiration of your own. Boost your confidence in landing the job by creating a strong CV that should include examples from your Summer Internship experience.
October
Participating in all clubs and career center activities of your school and attending every presentation is highly recommended. Building contacts with banks could prove useful, and following up initial meetings with short emails and phone calls is a good idea. However, having a good conversation with the recruiting team may be difficult when surrounded by dozens of classmates. Getting two or three bankers' business cards and following up with a concise email and meaningful questions is suggested. Keep in mind that bankers are likely to keep your emails.
Furthermore, it is beneficial to contact the school captain (and HR) and make a positive impression on them. This person will be heavily involved in choosing CVs for the first round.
Networking is also important. Reach out to alums working for the firms you are interested in working for and invite them to lunch or for a quick coffee near their offices. Some students like to work in small groups, saving alum time. Dress like a banker and sell yourself.
Lastly, pay attention during the introduction presentations in September when banks give you all the details about their structured coffee chat processes. These can be a great way to make connections and learn more about the company.
When connecting with bankers for coffee chats, a few options are available. Some banks may ask you to register your interest through their recruitment website. In contrast, others may offer specific dates and times through the Finance Club.
Regardless of how you connect, taking notes on your interactions to reference them later when writing cover letters and preparing for interviews is important.
Additionally, forming an IBD/PE study group can be a great way to prepare for interviews and gain insight into the industry. Meet with successful employees to refine your CV as you learn more.
November
It is highly recommended to continue attending bank presentations and all events organized by Career Centre. In addition, keep in touch with your contacts and establish new ones, including alums from schools. You may ask HR at presentations to put you in contact with alums in the departments you are interested in.
- By the end of November, meeting at least 2-3 people from each of your target banks is advisable, focusing on making connections in your preferred sector when possible.
- Additionally, it's important to research firms you are interested in (news, deals, financials, etc.) and begin to review possible interview questions. You should take part in the mock interviews provided by Career Centre and prepare for them as if they are the real deal; the more you put in, the more you will get out of the session.
- Signing up for PLP sessions for extra practice and weekly prep sessions with IBD/Markets Study Group is also recommended.
- Lastly, refine your CV and cover letters even more.
December
- Ensure your cover letters and CV are finalized before sending out your applications. Consider sending out holiday wishes to potential employers.
- Remember that the applications are usually made through the bank's website and often require you to answer questions like "Why IB" in 150 words or less.
- If you're a career changer, applying to as many banks as possible is best to increase your chances of being shortlisted.
- Reviewing possible interview questions and practicing your answers is also a good idea. The holidays are a great time to rest and recharge your batteries, so make sure you're getting enough rest.
- And finally, it's always a good idea to have a Plan B and C in case you're unsuccessful in your banking interviews. Hope for the best, but be prepared for the worst.
January to February
- To prepare for interviews, it's important to dedicate the first two weeks of January to rehearsing and polishing your story. As the interview period approaches, be confident and enthusiastic. If you are a student in a business school, for instance, banks will come to campus to hold the first rounds over two weeks.
- If you've been shortlisted, your school's Career Centre will notify you and ask you to sign up through Career Central. It's also important to establish what part of the day you perform best and schedule your interviews accordingly, keeping location in mind.
- After a good interview, following up with a thank you email is always a good idea. However, it's not necessary to thank every banker you meet. Second Rounds tend to occur at the bank's office and can take up several hours of your day.
- If you have multiple second-round interviews and interview clashes, try managing them by speaking to the banks involved. If that doesn't work, your school's Career Centre can help you resolve the issue. It's also essential to note that mentioning other second-round interviews can be beneficial. Still, being truthful is important as HRs at various banks are networked.