Thursday, December 10, 2009

Finding an inv. banking job 2?

I posted a similar question a week ago, but I missed some details about me and the true nature of my inquiry. As I mentioned, I have graduated a private American liberal arts university in my country (which is Bulgaria) and I am currently working for the investment banking department of a local medium-size bank. I won from the green card DV lottery and if everything goes normally and as planned (hopefully), I think that will be leaving for the US in August 2008 as the latest time possible. My previous question was, “What are my chances of getting a job for some of the largest inv. banks in the USA (and the world), such as Merrill Lynch, Morgan Stanley, Goldman Sachs and Solomon Smith Barney”? Some of you gave me an advice to start working for some of their offices in my country. Unfortunately none of those inv. banks have offices in Bulgaria. Moreover there is no single institution in my country, which could call itself an investment bank. Those services are performed by the investment banking departments of commercial banks and by small financial brokerage firms, as none of them could call itself a “major player”.



I think that I have not posed the question in the right way. It is clear that my chances of getting such a job will be low. I would rather want to ask you, what I can do in meantime to increase my chances for success? Can you recommend me any books, web-pages or something similar containing information on the whole process of applying for an inv. bank from the initial CV to the final interview? Is it possible to contact the US offices of those inv. banks even before I physically arrive in the USA, right after I receive the immigrant visa? They will not be able to interview me, but I can still make some tests or whatever over the web. As some of you mentioned, the CVs of all foreign applicants do resemble each other. They have graduated unknown university and have worked for unknown employer. What do you think would contain a CV, which would set apart a foreign applicant if not from the US applicants, but at least from the other foreign applicants? I visited some world conferences on Business and Economics and published a paper with my Finance professor, but I don’t think that this will matter that much to them.



I know that it fill be extremely difficult, but I think that if someone constantly pursues his dream sooner or later it happens.



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As someone who has worked on Wall Street and very familiar with banks such as Goldman, Merrill Lynch etc.. it really depends on what you are looking to do. If you are looking to get into the Investment Banking program, doing a rotation of various jobs such as structured debt, mergers and aquisitions etc... you not only need to come out of a highly prestigious undergrad program, but have amazing grade as well. The paper you publisehd will make a difference and here is why. Everyone in the running for the Investment Banking program has amazing grades, comes from a top school and is considered the cream of the crop. The paper is something that sets you apart from the rest of them, if you get an interview with any of them bring it with you. In the Investment Banking program you will work for two years and than attend business school to get your MBA. After you graduate you can get a job with any investment bank and make very good money, but at the same time have a horrible quality of life. You will work well over 80 hours a week, probably some weekends and if you ever want to have a family I would advise you to use the firms like Goldman as a resume builder before business school and after business school get a job with a small firm that has a work life balance.



Here is my advice to you. If you really want to get in with a large investment bank, it does not mean you have to do hardcore investment banking. You can get a job with them in compliance, mutual funds, marketing etc... Get your foot in the door, make a name for yourself and move up.



To answer your question about contacting them before you get to the US, I would say to contact them and just introduce yourself. On the other hand they get thousands of resumes a day, so if you are going to contact them make sure your impression will be long lasting.



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i got kind of confused with all of your questions but due to the fact that my plan is to be an investment banker, i know wall street bankers and I know recruiters, I think i am qualified to give an answer. The truth is, its hard enough for US citizens with prestige MBA's to get a job with one of those firms. in addition, they have cut down new hiring alot. Unless you have an MBA from Harvard, columbia or wharton, its hard to get a job like that these days
I strongly urge you to consider getting an MBA. If you can not get into one of the schools mentioned in the above answer, try Chicago, Wisconsin, Northwestern, Stanford, or Michigan. When you have your MBA look for a job again. Things may have changed. Also, consider a venture capital firm.

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