Wrapping up the first semester, Banking in US/EMEA/APAC

The first semester is crazy. People warned me it was crazy, but I didn’t believe them. How bad could it really be? Pretty bad if you are recruiting for everything. Part of me wants to just chill out for the rest of this year, but I’ve actually met people in real life who finds this blog useful so to pay it forward for other vets, I’m going to keep on going.

 

From a logistics point of view, all of my posts now are probably only useful for those MBAs entering the class of 2015 because most of the things I’ve learned this fall isn’t relevant to the spring at all (because traditional recruiting happens in the fall).

 

One quick note I wanted to jot down was the difference between banking in the US, EMEA (Europe, Middle East, and Africa, but basically London), vs. APAC (Asia Pacific, but basically Hong Kong). In the US, you are a new associate without any experience in banking among 80 other dudes who came from other industries. There is a super tight military network at MOST banks and your MBA alumni network should be strong.

 

In London, there’s a lot of analysts being promoted to associates and they have 1 year MBA. What does all of that mean for you? Instead of 80 new guys, you are one of 10 new guys vs. the 70 guys who have been there for 3-4 years. How do you think you’ll rank among them during annual reviews for the first two years? Bottom third. There is a London Banking Summit every Thanksgiving so I would take a look for yourself and enjoy London as well.

 

The main barrier in working in Asia, regardless of banking, consulting, or any industry, is the language requirements. There will be reading, writing, speaking, and even translation tests at most firms. I don’t know a lot of veterans who even meet this pre-requisite so this is already out.

 

The whole point of looking beyond the US is that you can potentially increase your chances of getting more interviews. If you know you are cut from Barclays in New York, that does not mean you are cut from Barclays London. So you apply to London. Hit up all the bulge bracket firms during your networking and the ones you get cut from, apply to their London/HK office.

 

That’s it for now….more to come:

  • Recruiting tips, networking etiquette
  • Why you should recruit for everything
  • Why banking in London sucks
  • Detailed notes on every company that I’ve researched

 

 

Finance Events for Military Veterans, All in NYC (October Update)

I’ve been out of the loop. School and recruiting have been crazy busy.

 

Friday, 10/26/2012, 12:00pm – 1:00pm: JP Morgan Veterans Lunch
Friday, 11/2/2012, 9:00am – 4:30pm: Barclays Diversity Forum (Registration over)
Friday, 11/2/2012, 4:30pm – 6:30pm: Barclays Veterans Event (Registration over)
Friday, 11/9/2012, 8:00am – 7:30pm: Goldman Sachs Veterans Event
Thursday, 11/15/2012, 6:00pm – destruction: Credit Suisse Veterans Event (Don’t miss this one…)
Friday, 11/16/2012, 8:30am – 1:30pm: Morgan Stanley Veterans Event
Friday, 11/16/2012, 4:30om – 6:00pm: Citi Veterans Event (Email cordobabrownk@citi.com by October 29)

Bank of America had an event last week but I wasn’t invited so I don’t have much details on that

 

It all Begins with Sleep

I’ve been out of the loop lately because school has been busier than I could have ever imagined.  I just finished the first month of my MBA experience and it is like drinking from a fire hose. I have stayed at school until midnight at least a few nights already. I wanted to write a quick note on sleep and I have a lot of great JP Morgan / Credit Suisse notes to type  up….eventually.

 

A lot of people talk about various ways of having success in an MBA program but I think it is as simple as getting 8 hours of sleep every night. The thing is that there will just be an endless supply of academic, recruiting, and social events and you can’t do it all. The best way to deal with this is to really block out 8 hours of sleep and then work the rest of your day from there.

 

Without proper sleep, you can’t be at the top of your game academically, recruiting-wise, or socially.

The 300th Revision

If I heard you telling me that one person could make 300 revisions to a resume when I got out of the Army, I would have thought you were insane. However, I have literally just made the 300th revision to my resume, starting with using a junior military officer recruiter, through working as a consultant, and then through applying to a dozen business schools.

After all this work, it still isn’t perfect and I don’t think it will ever become perfect. Some things I left out as a consultant, I put in for business school, some things I put in my business school resume, I took out now. The resume is the quintessential living document.

JP Morgan Early Advantage Program Interview & Veterans Networking Events (Update)

Last week, I received a 30 minute interview via phone for the JP Morgan Early Advantage Program and a few days later, I was accepted. It looks like its going to be on July 24 – July 25, with the Credit Suisse event being on July 26 so that will be a full week.

 

Will keep you all posted on what I learn from those events. I haven’t heard of a Bank of America event yet as they have the pre-MBA fellowship pipeline, but Citi has a pre-MBA fellowship event as well as a military networking event in November.

 

Also found an event with Barclays that occurred in November of last year, can’t link directly to the website but here’s the link, click Programs, and then Veterans (Veterans program no longer exists, but I will update this info when it does):

“Event will take place in our New York office on Friday, November 4, 2011

Applicants must RSVP by submitting an updated pdf resume to this address with subject “Veterans Networking Event” by Friday, October 7, 2011

Applicants will be notified of their status by Friday, October 21, 2011.”

Pros and Cons of Not Taking a Break Until Your MBA starts

Pros:

1) Routine. Getting up at the same time every morning, read a newspaper, make breakfast, etc. I want to go into my MBA running like a well-oiled machine. If I stop working, I’ll just degenerate into never wearing pants at home and playing video games.

2) Money. Unless you are independently wealthy, a month or two of salary helps the financial burden that an MBA carries.

 

Cons:

1) Not having enough time to relax. I can see that happening, but then again, my philosophy isn’t about rewarding myself or my family on specific occasions, i.e birthdays. I try to relax on a year-long basis. If you try to fit all your relaxing into a specific period of time, doesn’t that seem kind of stressful in itself?

2) Self reflection. This is the biggest con of not taking a break until your MBA begins. The MBA is a journey on self-reflection and you should probably figure out who you are and what you want to do, generally speaking, before you start your MBA program. There are just too many opportunities that you need to filter without getting swamped.

My mind is blown

I’m in a movie theater in Charlotte having a cocktail in a seat that I had to pick specifically when you purchase tickets (like in London) and there is a restaurant / club here as well. My mind is totally blown right now because this experience is something that is outside of what i considered a night out at the theatre. Imagine what other seemingly “ordinary” business ideas are out there? And the stuffed peppers ain’t so bad either.

Reminder and Update: Citi Pre-MBA Fellowship, deadline is Friday, June 15, 2012

Citi Pre-MBA Fellowship (Veterans): The deadline on the website says May 30, but I have received emails from business schools and other websites saying Friday, June 15, 2012.

Just received word from the Credit Suisse about being invited to their MBA Military Boot Camp, so that’s good news. Took the CFA last Saturday and I’m tempted to just throw all my books away because if I don’t get it this time, I’m not planning on trying again. My goal was to get a basic foundation of finance and I think the participation in the CFA program gives you that. Getting the charter is certainly a personal as well as professional plus, but at this point, I’m not sure if I’ll be able to commit to at least two more years of intense studying – if I even pass the first test.

In other news, I’ve been working on a project in Charlotte and I’ve very surprised how beautiful and fun the city as (at least where my hotel is at). If you ever stop by…check out the mechanical bull at the Whisky River.

 

Done with the GMAT (700). CFA, you’re next!

Nothing feels better than chucking your CFA in the trash (recycling bin of course). I was aiming for a 720 but I got a 700, so no complaints here as I’ve broken the “elusive 700 barrier” that MBA programs say they don’t care about but they obviously do. The only bad news is that this is only a minor increase from my 680 from 2 years ago, however I did dramatically increase my quant section, which was weak. I’ll send the score along with a career update to my waitlisted schools and see how it goes.

 

I must admit that I did meet the most incompetent test center administrator today. I was the tenth person to show up at 7:40 AM for a 8:00 AM scheduled exam. I didn’t get in until 8:30 AM because the administrator didn’t know how to use the camera to take our pictures. Wow. And the guy sitting next to me waiting had the craziest case of sniffles – it was kind of gross. He kept sniffing like my dog. Anyways. One thing I regret not practicing enough is time management on the quant section, I basically guessed the last 4 questions and if I managed my time better, I had a good shot at 720 or above. On the verbal, I had 25 minutes left at the end which meant I could probably do better and didn’t have to rush through the early part. I had so much time left for the last 10 questions, I literally played out every scenario in my mind and I think that helped me.

 

I also want to mention that I completely skipped the writing section since I’m a published writer and the MBA programs know that already. So in my particular section, I didn’t need the writing section to calm my nerves or to expend unnecessary brain power on something that is kind of funny if you think about it – a computer grading a writing assessment. You get a 8 minute break between sections but I felt pretty good about everything and took 2 minutes to get over the fact that I guessed the last 4 on the quant and went straight at the verbal.

 

I took a Veritas prep course for $1,500+ and I have to say that the money was pretty well justified (even if it was only for a 20 point increase) just because of gaining a better philosophy for test taking. Furthermore, I could have just gotten lucky the first time (680) as I wasn’t really studying in Afghanistan.

 

I’ll have more reflections after the CFA tomorrow. Speaking of the CFA, for the past week, I’ve been reading the Schweser tri-fold when I wake up and before I sleep. It is a great overview of everything that is covered on the CFA exam