Work in Big Four or Multinational Banks? Part 3 – Differences in Promotion & Career Development

Before we have already discussed about ¨Work in Big Four or Multinational Banks? Part 1 – Differences in How Busy, Staff Composition and Pay¨ & Work in Big Four or Multinational Banks? Part 2 – Differences in Work Content, Coworker Relationships & Evaluation of Work Performance. Today we will give you more comparasion of working in both kinds of firms.

 

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  • Promotion

Promotion depends mostly on your competence; however, personal factors are also very important to the high level promotion.

1. Promotion Scedule

  • Big Four – as we mentioned before, the promotion in agency has a regular schedule. Normally it takes one year to get the next level. However, it is still very difficult to be promoted to manager or partner.
  • Multinational banks – because the division is more specific, in banks the promotion is more complicated, which is influenced by many factors, like competence, supervisors, opening of vacancies, etc.

2, Criteria

     Big Four

  • Qualification – Professional certificates, e.g. CPA.
  • Time contribution to clients – The more the better
  • Scores in evaluation – besides your competence, the attractive of your personality and the personality of your supervisor directly influence the perception of evaluation team.
  • Recommendation — it would be easier to be promoted from senior to manager if you got the recommendation from a partner, who has the decision power.

Multinational banks

  • Personal factors seem more important because not everyone could have the opportunity to get promoted.

 

  • Career Development

Both firms could lead you to work abroad or work in the consulting company.

  • Audit Senior– Accounting Managers in all big firms

It is a common for Audit Department workers to hop to the accounting department in other big firms because working experiences in audit lay a firm foundation of all accounting knowledge, especially accounting statement.

  • Tax Senior — Manager in big firms with Tax Department
  • Multinational banks — Job-hopping is less common, but it could become Treasurer in other commercial banks or other big firms.

 

  • To Summarize

Our discussion of the difference between work in Big Four and work in multinational banks has come to the end.  Above all, work in both types of firms could make a great contribution to personal career development. However, from the perspective of a recruitment professional, Big Four could make people become very professional, with high efficiency, stress-resistance, and perfection-striving. Therefore, it would cope more easily with any kinds of busy.

 

Edited by Simeng Zhang

The GrowinFinance.com Team

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¨Growinfinance.com is an international financial job site specializing in bringing together top companies, business schools and candidates to one networking platform. More than 1,000 recruiters, banks and financial institutions have advertised their vacancies on our job board. We are keen to provide the best job opportunities and career advice for all the professionals working in banking and financial markets.¨  

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Barclays Interview-Skill Workshop

The article is a summary from HR of Barclays in the interview skill workshop.

Barclays

What your interview need to highlight?

1. Motivation

  • Why industry/company/division?
  • What can you confirm on your career decisions?

2. Competencies/ Competency Based Interview

(1) STAR(accomplish, what you learnt)

(2) Competency questions advice:

  • Think about scenarios in advance
  • Do not over-prepare
  • Concise, do not ramble
  • Acceptable to ask for a minute to think

The competency is based on different division, for example, the competency of IT is teamwork, commercial sense, IT skills, etc. The question for example, could be ¨how can you develop a software that you had no experience before within one week?¨

3. Display Commercial Awareness

It is required candidates to follow up news in finance industry through media like Ft, etc. And participant frequently in business lecture is very important too. At least you have to know:

  • What is happening
  • How organization is structure
  • An approbated level of industry awareness

eg. The 2010 BP US oil leak-Curtailment of deep well drilling

  • Price of oil
  • Energy Cost
  • Industry development
  • Data/financial reports

4. Do´s & Dont´s

  • Do’s:

-research
-prepare for questions to ask
-first impression (mobile off, firm handshake, punctual etc.)
-know your CV
…….

  • Dont’s

-late
-desperate for employment
-discuss salary or benefits
-talk too much, not cut the interviewer’s talk
-lie
-speak negatively about former employers or colleagues
-answer questions with a simple yes or no
….

Edited by Simeng Zhang

The GrowinFinance.com Team

Email Us

¨Growinfinance.com is an international financial job site specializing in bringing together top companies, business schools and candidates to one networking platform. More than 1,000 recruiters, banks and financial institutions have advertised their vacancies on our job board. We are keen to provide the best job opportunities and career advice for all the professionals working in banking and financial markets.¨  

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2012 PwC Open Questions of Online Application

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(1000 words)

1. In PwC, we nurture a learning and development culture with the strong support of the efficient learning environment and coaching programmes. Please describe a specific achievement of you within a team and what you gained from it.

2. PwC sets priority on developing our people’s project management skills in accordance with client expectations and professional standards. Please identify and a major activity/project you undertook and describe what it was and how you managed the project.

3. PwC aims to maintain high standards of professionalism. Please describe a situation when you were engaged in a task where you took a different approach or had a different opinion from others. Please share how this contributed to the team’s success.

 

Edited by Simeng Zhang

The GrowinFinance.com Team

Email Us

¨Growinfinance.com is an international financial job site specializing in bringing together top companies, business schools and candidates to one networking platform. More than 1,000 recruiters, banks and financial institutions have advertised their vacancies on our job board. We are keen to provide the best job opportunities and career advice for all the professionals working in banking and financial markets.¨

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Work in Big Four or Multinational Banks? Part 2 – Differences in Work Content, Coworker Relationships & Evaluation of Work Performance

Last week we have already discussed about ¨Work in Big Four or Multinational Banks? Part 1 – Differences in How Busy, Staff Composition and Pay¨. Today we will give you more comparasion of working in both kinds of firms.

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  • Work Content
  • Overview

Work in Audit Department (Big Four) is mainly about verification, included whether the number is correct, confirming with the third arty of whether the accounting information is true or not, etc.  You could learn a very systematic method to deal with the problem.

Work in Tax Department (Big Four) is mainly to declare the tax of clients, offer bookkeeping service, build up branches of clients, and offer consulting services related to tax and finance. The associate in any Big Four probably have the chance to do some preparation, but it comes to seniors, they have more complex cases and offer customized tax planning based on different situation of clients, which includes many profession skills of tax administration, e.g. transfer-pricing, merging, and liquidating, etc.

Work in multinational banks is to assess the information of clients and decide whether and how many loan to offer. Also, the work is also included some operating services according to clients´ requirement, like drawings, rollovers, prepayment, etc.

  • Division Inside Departments

In Big Four you have to be a multi-task talent because the division is not specific. The division in audit depends on the client. Sometimes 1-2 people could handle one small client while to handle the big client it is required some people only handle receivable, for example.

Generally you need to know everything in tax department. However, the situation is different in each agency. PwC has different divisions for corporate tax and personal tax, so sometimes there are 3 associates or seniors for one client. KPMG has a special division for accounting related business. There is no division in Deloitte no matter in audit or tax department and normally there is only one person from each work level for one client, which the editor thinks it better for personal development in career.

In multinational banks the division is quite specific and every team has its own responsibility. There are four main divisions

  1. Loan department:  consists of customer managers, who screen the customer and decide how much loan to offer based on their analysis of the financial performance of company clients.
  2. Operation department:  Drawings, Refunds, Collections, etc.
  3. Treasury department: allocate capital funds of the bank, interbank lending, etc.
  4. Foreign exchange department: Exchange foreign currencies for clients
  • Requirement of Accuracy

Tax department requires accuracy in every detail of work because they have to be responsible for clients and the tax bureau, who are both very sensitive in every penny. Therefore work in tax department is a common to double-check or triple check even though the work has been done accurately.

The requirement of accuracy in audit department depends on the client.

Multinational banks normally control the accuracy in big numbers especially in credit analysis and the interest. However, customer has a stronger attachment to banks than to agencies; therefore, work in banks has more flexible space, although accuracy is a basic requirement.

  • Coworker Relationships

Due to every year there is recruitment and promotion every year in Big Four, associates from the same year have a better relationship, in which people are like classmates. In the senior level, co-workers become more competitive with each other because of a more complex composition (senior from associates, hoppers, oversea returnees, etc.)

In multinational banks peer relationship is not as strong as the one in agency because the recruitment of banks is random. However, there is less pressure for promotion in the higher level position so that the competitiveness is less fierce.

  • Evaluation of Work Performance

Evaluation of work performance is directly related to the salary and promotion so that it is very important.

In audit department the evaluation is made by the senior or manager right after every project for different clients and at the year-end there is a comprehensive evaluation based on your performance in all the projects.

In tax department, direct supervisors (e.g. senior to asociate) will have a meeting together and give the evaluation.

In Big Four the evaluation could be more objective because it depends not only one person. However, in multinational banks, due to a specific work division, only one direct supervising manager would give the evaluation.

(To be Continued…)

 

Edited by Simeng Zhang

 

The GrowinFinance.com Team

Email Us

 

¨Growinfinance.com is an international financial job site specializing in bringing together top companies, business schools and candidates to one networking platform. More than 1,000 recruiters, banks and financial institutions have advertised their vacancies on our job board. We are keen to provide the best job opportunities and career advice for all the professionals working in banking and financial markets.¨  

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Work in Big Four or Multinational Banks? Part 1 – Differences in How Busy, Staff Composition and Pay

If you work in multinational banks, have you ever wondered whether it would be better to work in Big Four? How will the work life look like there? Follow the article to compare the differences in professional life in these two kinds of firms.

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  • How Busy

As the entire world known, Big Four is a common to be busy, or even crazily busy, while in the multinational banks, though we definitely cannot say it relax the workload is much lighter and regular.

  • Big Four

Audit Department has peak-time and off-time with regard to being busy. During the peak-time, it is common to work until 2 a.m. or 3a.m. every day, and probably you have to sacrifice weekends too. Also, you have to flexible with travel very frequently without staying home for a single day (like the character George Clooney played in ¨Up in the Air¨) during the busiest time because you would fly directly from one city / country to the other directly. But during the off-time is very relax, sometime if you dare you could barely go to work or just sit tight and reading your favorite book in the office. Therefore, the good thing of audit department is that you could earn more money and vocation during the peak-time while relax well or improve yourself by preparing for a certificate during the off-time. However, Tax Department is busy regularly, and it is still very common to work until 11p.m. or 12 p.m.

Generally spoken, it is your destiny to be busy when working in audit firms like Big Four. But it still depends on your choice. Normally associate is the hardest worker in the whole firm because all managers and seniors can give him / her extra work. That is why in the interview of Big Four they will always ask you ¨what are you going to do if the manager and senior ask for you to do something at the same time¨! In the interview you could probably give a prioritized answer, however, in the real life, you would probably weight again all the options if you would like to become top performer and get the top pay (although the top pay does not depends on your performance rather than how busy you are).

  •  Multinational Banks

The working time is more or less 8 hours every day, which is quite normal as any other professions. You can work elegantly and quite relaxingly, compared with the fighting-like work in Big Four.

  • Staff Composition
  • Sex Ratio

Big Four and Multinational Banks are almost the same in this part, the ratio of male to female is 1:3 or 1:4. And of course, there are more male employees when it comes to higher positions. PwC has more male employees compared with the other three.

  • Age

Big Four has relatively younger staff because every year you could be given a promotion to a higher position because even managers or partners are generally around 35 years old.

Multinational Banks have a wider range of age among the staff because on one hand banks prefer the employees could stay longer and on the other employees would not prefer to leave because of the work environment with lower pressure.

  • Position

Big four normally have 4 positions: from low to high are associate, senior, manager, and partner. In Deloitte there is a ¨consultant¨ between associate and senior. And in KPMG, after 3 years as associate you could become assistant manager (like senior), then 2 or 3 years more you could be promoted to manager.  It is worth mentioned that among managers there are still differences depending on the performance and working experience, however, there is not authorized relationship between managers.

In Multinational Banks, the organization is quite hierarchic, consisting generally of staff and executives. There are different levels among staff and normally there is low possibility to have a cross-level promotion. Executives have right to authorize and make decision and there are directly jurisdiction between each other.

  • Diversity

Big Four and Multinational Banks are quite similar in this aspect. However the senior level positions have more people from the regional head quarter. Deloitte, however, has more local staff because its localization strategy.

  • Pay

Associates in Big Four and normal staff in multinational banks have similar salaries. However, there is a big difference in the higher position in both organizations.

  • Basic salary

In Big Four getting a raise is quite regular. Every year there will be a rising by from 10% to 50% (sometimes 200%), especially when you get a promotion.  However, in multinational banks the rising rate is a few percent because the promotion is less frequent.

  • Overtime Payment

Audit department of Big Four has more opportunities to over-time payment while tax department has less extra income. The overtime payment does not depend on how many extra hours you have worked, and it depends more on the client, the service fee gaining from the client, and the preference of your manager (managers decide whether to encourage the team works in overtime). In Multinational Banks, the payment usually depends on extra hours, for example, if the off time normally is 6:30pm but you have to work till 7:00pm, there will be an overtime payment in the multinational banks while in Big Four it could be barely counted a overtime.

It is worth mentioned that managers in both firms have no overtime payment.

  • Bonus

Only manager and partner in Big Four have bonus (partners have also dividends), which depends on performance.

Bonus works differently in multinational banks, for example HSBC have no while HSB yes.

  • Travel Allowance

Travel allowance is a very important income for worker from audit department in Big Four. Normally it paid by days with accommodation in 5-star hotels.

(To be continued… Work in Big Four or Multinational Banks? Part 2 – Differences in Work Content, Coworker Relationships & Evaluation of Work Performance)

Edited by Simeng Zhang

The GrowinFinance.com Team

Email Us

¨Growinfinance.com is an international financial job site specializing in bringing together top companies, business schools and candidates to one networking platform. More than 1,000 recruiters, banks and financial institutions have advertised their vacancies on our job board. We are keen to provide the best job opportunities and career advice for all the professionals working in banking and financial markets.¨

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How can I pass First Round Interview of Deloitte?

The article is based on a rencent interview with Mia Wang, a graduate student from University of Melbourne. She has participanted in the graduate program of Deloitte of 2012.

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  • Online Application

I got the information of Deloitte Graduate Program from my university. During the online process, besides an outstanding CV and cover letter I paid more attention to the following parts; email address, ¨behavior¨ questions, and online test.

1. Email address

An appropriate email address should be looked as givenname.surname@hotmail.com, which gives the HR a professional impression at the first place.

2. ¨Behavior¨ Questions (More details please check How to Nail the Interview of Big Four and Investment Banks – Part 1)

One of the typical questions I have seen is ¨what is your goal in the next 3 years¨, required 100 words. Given my experience, the answer should be neat and clear. In this case the required length is 100 words but I think it should be no more than 80.

    What is your goal in the next 3 years?

    ¨My goal is to become a qualified public or charted accountant equipped with in-depth knowledge about the profession and the needs of clients in 3 years’ time. It is because by becoming a qualified accountant not only shows my eagerness and ambition to excel further in my accounting career, but my accounting skills will also be polished as well as gaining the required professional experience to go further. (Word count: 68)¨

3.Online Test

The test is made of 4 parts.

  • Verbal: fast reading of articles with more than 5 lines, answer ¨true, Don´t know, False¨, and the content is widely covered, from anthropology to finance.
  • Numerical: for example, you could see a chart with various kinds of information and then you need to calculate very quickly to get the answer.
  • Induction: you will see 4 pictures, find out the logic of changing behind, and then choose what the l 5th picture will look like
  • Personality: the question would be ¨you will help other colleagues even when you know it means it will stay late for work, a: strongly agree, b: agree, c: neutral, d. disagree, e: strongly disagree¨. To be mentioned, Big Four value a lot ¨being a team player¨, so that I tried my best to strongly agree the options related to teamwork ability.
  • 1-hour greeting

I was invited to the DTT head quarter office with another 100 students. Around us there were some people from various departments in DDT. After a warm-welcome speech of HR manager, you could have around one hour to talk with people from the division you are interested.

Just for your information, this could be a part of interview, and therefore, try to impress.

For example, I am interested in people from audit and financial service and you could easily find them through the name card on the suit or through HR. Remember, our purpose is to impress, so it would be wiser to join a conversation with only 2-3 people. I normally start with ¨would you mind if I join in?¨, which show the politeness and catch the attention to the DTT people. After a firm handshake, I begin to introduce myself; where I am from; which university and major I have studied in. And then I could ask the questions I prepared before, like ¨what are your hours like¨, ¨how long have you been with DTT¨, ¨what is the most challenge part of his work¨. Just one thing, no questions related to personal life and payment should be asked in that situation.

  • Group Activity

This is the most important part of the whole interview. Candidates will be organized as a group of 6. Besides, there are 2 group leaders from HR and a specific division will supervise in each group.

In my case there were around 10 groups participating at the same time, which makes barely can breathe easily under such a pressure.

When I came to my table, everyone started to introduce himself / herself, but the leader was really nice. He occasionally asked me some questions like ¨what kind of sport do you like?¨ in order to help me relax a bit.

The reading material I got was really long with 40 pages in all while you have only 15 minutes to finish. The content was about environmental protection and carbon emission, which aimed at developing a campaign for DTT charitable fund.

It is understandable you cannot follow up every detail in the reading but at least, I tried my best to focus on the following points; what is the objective, which could be potential solutions, what is the budget, the match between each potential solution and our objective, supported data, and questions you would like to ask.

And then it came to the 15-minute free discussion inside the group. I have taken some training in my school about the group interview. So generally during this time, the HR would evaluate the following aspects of candidates; ability of expression, analysis, conclusion, leadership, teamwork, time management, etc.

When the discussion started, we all had no clue and the first two candidates were so nervous that they just made a summary of the situation. I was nervous but I tried to remind all the team players our objective, potential solutions, my opinions to strength and weakness of each solutions, supported data with logic reasons and something we should pay attention to. I felt more relieved when seeing the group leader nodded his head. Also, when the time almost ran out, I kindly reminded the group about the time we still had and suggested that we make the conclusion of our discussion. Again the group leader was nodding with a gentle smile.

After this, the leader suddenly brought us a pile of papers and asked us to draw for our campaign. Mine finally came up with the campaign with Marathon. I put the effort to explain the wide  influence of Marathon, the reasonable budget if we could use television to broadcast, and the highly match of marathon and our objective because marathon is the spirit of perseverance, which could express our pride to make effort to encourage environmental protection.

After the draw, the leader gave everyone a paper for writing a professional memo to the board of DTT. The purpose I supposed was to test the written expression. Time: 20 min, Words: 200.

  • Face to Face Interview

It was almost the ending of the whole first round.

I got three classic questions:

1. How do you think you went in the group activity?

I was frankly telling the HR I had done great although I was really nervous. But I felt really good because my outstanding performance in the marathon part. However, if I have more time to prepare I could have done better. I would really have appreciated if I could get more familiar with the topic and have more discussion with other group members. (The HR was smiling and very encourage, which made me more confident and made me like DTT more.)

2. What do you think you did the best? And which part you found you could get it improved?

The HR was laughing right after asking this question because I had already answered in the previous question and she explained that was a formality that they had to follow. I felt more relaxed for her humor and I explained again all the points with more details.

3. Do you have any questions for us?

I have already prepared some questions ahead, like ¨what is the process like from here on?¨ and ¨which signal do you like the best out of the 7 DTT signals¨. I would suggest in this question, it would be better to show your gratitude to the interview opportunity, the desire for working in DTT, and the preference of DTT culture.

At the end of interview, I kept smiling while shaking hands with HR and asked for a business card from the HR. Normally the selected candidate for the second-round would receive a call from DTT in a very short time. I got their call and email confirm right in the evening after the first-round.

(For more details about how to prepare this question, please check Do you have any questions for me? Part 1.  & Do you have any questions for me? Part 2 )

 

Edited by Simeng Zhang

 

The GrowinFinance.com Team

Email Us

 

¨Growinfinance.com is an international financial job site specializing in bringing together top companies, business schools and candidates to one networking platform. More than 1,000 recruiters, banks and financial institutions have advertised their vacancies on our job board. We are keen to provide the best job opportunities and career advice for all the professionals working in banking and financial markets.¨  

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How to Tell Your “Story” in Investment Banking Interviews in 5 Simple Steps

So we’ve talked a lot about your “story” in interviews, how important it is, and the mistakes you could make that will cost you an offer.

But now I’m going to go beyond that and actually give you a blueprint that will let you tell your “story” effectively and win offers no matter what level you’re at.

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  • Why Does This Matter So Much?

Three reasons:

  1.     Your story sets the tone for the entire interview, and a poor first impression is impossible to overcome.
  2.     Interviewers often make offer / no offer decisions subconsciously within the first 2-3 minutes, based 100% on your story.
  3.     It’s easier to fix your “story” than to “fix” your lack of finance/accounting knowledge. We’re talking hours vs. weeks.
  • What Is This “Story” Business?

It’s your answer to the “Walk me through your resume / CV” or the “Tell me about yourself” question that you get at the beginning of every interview.

Sometimes it’s phrased differently and sometimes it’s not always the first thing they ask, but the idea is always the same:

  • Who are you and why are you here?
  • So How Do You Tell Your “Story”?

You structure it around these 5 points:

  1.     The “Beginning”
  2.     Your Finance “Spark”
  3.     Your Growing Interest
  4.     Why You’re Here Today
  5.     Your Future
  • The “Beginning”

You want to start your story… at the beginning! Sorry, this is not a Quentin Tarantino film and even if Pulp Fiction is your favorite movie you still can’t jump around chronologically.

There are 3 good places to start your story:

  1.     Where You’re From / Where You Grew Up
  2.     Where You Went to University
  3.     Where You Went to Business School

#1 is good if you’re still an undergraduate, #2 is better for the MBA level or beyond, and #3 is better if you’re way beyond that (which should be almost no one reading this, but hey, just to be complete…).

Don’t dwell on this part if it’s not particularly interesting or relevant – but you do need to mention it because every story needs a beginning.

  • Your Finance “Spark”

Depending on when you got interested in finance, this one might be combined with your “Beginning” – e.g. if you started day trading when you were 12, then you would combine them.

Otherwise, make this a separate point and be as specific as possible.

Ideas for finance “sparks”:

  •     Information Sessions / Case Competitions / Activities / Clubs
  •     Specific People You Met Through Networking / Classes / Activities
  •     Any Investing / Trading of Your Own You’ve Done
  •     Family Businesses / Learning About It From Other Family Members
  •     Summer / Other Special Programs

Specificity is key.

I was in an investing competition and had fun.

Eh.

I was in this investing competition, did some in-depth research on the pharmaceutical industry and recommended investing in Pfizer – their stock later rose by 50% and our team won 1st place.

Ok, I like the sound of this.

If you don’t have a specific event, person, or activity it’s not the end of the world – but look through your resume and figure out what you can spin into sounding like the real reason you got interested.

  • Your Growing Interest

Here’s where you explain how each of your internships, full-time jobs, or activities led you in the direction of investment banking.

You need to logically connect each one and go in chronological order to avoid “story fail.”

Two important points here:

  1.     With each experience, you want to mention something that you liked and something that could use improvement.
  2.     If you have a complicated history of career changes, resist the urge to go into detail on everything – keep it to 2-3 “hops” at the most.

So let’s say you’re a university student who’s looking for an investment banking summer internship right now.

You started out working on-campus, then you worked in marketing at a local company, and this past summer you did private wealth management at a bulge bracket bank.

You might say something like this:

  1.     “I started out with just the usual on-campus work, which I did well at, but I wanted to do something more relevant to my major and get some experience in the real world…”
  2.     “So I went to [Name of Local Company] and did marketing there for the summer. I did well, liked the business aspect, and helped improve their online marketing campaigns by 20% over 2 months but I also wanted to do something that was more quantitative and closer to finance…”
  3.     “So the next summer I did private wealth management at [Bank Name] and analyzed clients’ portfolios and made investment recommendations. I enjoyed the investing aspect and the analysis a lot more – but I wanted to work with clients on a larger scale…”

And then you would lead directly into why you’re here today (see the next point).

This is just a sketch of what you might say – since your story should be 2-3 minutes long, you will have to go into more detail on each point or you’ll run out of stuff to say.

  • Why You’re Here Today

Luckily you don’t have to be a philosopher to tell this part of your story – you just need to be very explicit with what you say.

Yes – you should actually say, “I’m here interviewing today because…” and spell it out in clear terms.

An interview is not the time for subtlety or subterfuge. It’s time to sell yourself with everything you’ve got.

You need to answer 2 questions with this one:

  1.     Why this bank / group specifically?
  2.     Why now?

If you’re a student, #2 is easy: you need an internship / full-time job. If you’re already working full-time, talk about how you’ve achieved a lot but feel you’ve reached your limits and that your talents would be better put to use in banking.

#1 is easy to answer if you have a background that matches the group you’re interviewing with (e.g. tech/healthcare background going to those respective groups): you want to combine your expertise with finance.

If you’re coming in with more of a finance background, talk about the advantages that this bank / group presents over other places you’ve worked at – whether that’s the type of companies you work with, the culture, the people, the added responsibility, or anything else.

  • Your Future

This one is closely linked to the previous point about Why You’re Here Today, but you need to add something at the end that shows:

Your Background + Investment Banking = Future Success

Popular “future plans” include being an investor or advisor to companies in a particular industry or region, or working with a certain team at a bank.

Two points:

  1.     If you’re interviewing for Analyst-level positions, you don’t need to have concrete plans – just some idea of what you want to do.
  2.     At the Associate level you need to show more commitment and say you’re here for the long-term because they don’t want people to jump ship to PE after a year.

So What Do You Do Now That You Know How to Tell Your “Story”?

Go through your resume and all your previous experience and figure out what you’re going to say for each of these 5 points:

  1.    The “Beginning” – Where You’re From? University? Business School?
  2.     Your Finance “Spark” – Person? Event? Club? Program?
  3.     Your Growing Interest – Which 2-3 Jobs/Internships/Activities Will You Mention?
  4.     Why You’re Here Today – Why This Bank, and Why Now?
  5.     Your Future – What Do You Want to Be When You Grow Up?

Make a quick 5 bullet point outline, then practice your story with a friend or anyone you know in the industry.

Aim for 2-3 minutes – 2 minutes if you speak quickly (like I do in all my videos) or 3 minutes if you speak more slowly.

Whatever you do, do not memorize it word-for-word or try to script out everything.

And then go forth, conquer your interviews, and land investment banking offers.

(More Tips for Interviews of Investment Banks, please check How to Nail the Interview of Big Four and Investment Banks – Part 2)

 

By Brian DeChesare

From http://www.mergersandinquisitions.com/how-to-tell-your-story-investment-banking-interviews/

The GrowinFinance.com Team

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