IB Breakout Agenda
 Career Search Process
 Asking Effective Questions
 IB Organization Design and Terminology
 Coverage Group vs. Product Group
 Roles and relationships
 Resources
 Open Q&A
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Career Search Process Update
 Recent feedback suggest many 1st years are
intimidated being a “career switcher” and by
the Investment Banking recruiting gauntlet
 Facts:
 Out of MBA2s who interned at Investment Banks:
– Only 5/30 (16.7%) had undergraduate degree in Finance and/or
accounting
– Only 5/30 (16.7%) worked in Investment Banking prior to school
– Only 1/30 (3.3%) had Finance/Accounting degree and worked in
Investment Banking
 Recruiters come to Michigan expecting career
switchers and are all prepared to give multiple
offers
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Career Search Process Update
 Facts (cont):
 Despite lack of Finance reputation, Banks love
Michigan and quality of candidates
 The industry has never been hotter and
desperately needs Analysts and Associates
– University of Michigan has more banks recruiting this year than
ever!!
 There has never been a better time to break into
this industry than right now. . .
 You have a higher % chance landing a Wall Street
job from Michigan than any other school – period
3
Career Search Process Update
 Facts (cont):
 You can all do this job and succeed in this
process!
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Christine Lawrie – Biochemist
Marshall Lai – Engineer
Sunoor Kaul – Operations, International Student
Johnny Karkouros – Military, International Student
Vishaal Rana - Consultant
Jeremy Anton – Operations
Loren Black - Evening MBA
Karan Kalahasti – Evening MBA/Engineer, International Student
Harsh Singh – Consultant
Paul Mann – Operations
 If you came back to school to do Investment
Banking or have an interest in Financial Services,
you owe it to yourself to attend the Wall Street
Forum. . .
4
Asking Effective Questions
Good Questions
Bad Questions
• Are appropriate for audience
(MD, VP, or associate)
• Are delivered confidently and
succinctly
• Build off presented material
• Suggest a knowledge of the
industry and firm
• Are not repetitive or
argumentative
• Are detailed or personalized
• Are delivered meekly, poorly
or in long-winded manner
• Are not appropriate for a
group setting
• Reflect ignorance of industry
or firm
• Should have been asked at
Finance Club meetings!!
You should actively build a list of questions in your daily research
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Examples- Good Questions
•In what areas is your firm experiencing significant growth or opportunity?
•IPO market seems quite strong. Do you expect this to continue?
•What are your expectations for M&A activity in the near term?
•How does your bank balance competing and partnering with private equity
shops?
•What has been the impact of post-Enron and Spitzer on your bank?
•How do you derive value from equity research?
•What do you think is unique about your firm versus competitors?
•“Pure” investment bank vs “universal” bank
•Talk me through your career and progression at the bank
•Why do you enjoy banking?
•Industry vs product group decision making.
•Have you been able to develop informal mentors easily?
•What do you think makes a strong associate?
•Do you have any advice for me as I move through the recruiting process?
•Firm specific: Lehman- lots of mo’, emp ownership; JP- J.Dimon, etc.
Critical to tailor your questions to bank, audience and setting
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Examples- Bad Questions
•Have you been able to maintain work-life balance?
•Are bonuses up this year? What is typical comp range?
•How are the hours? How many vacation weeks do you get?
•Does the analyst carry much of the quantitative load?
•What are the opportunities after banking?
•What are turnover rates for your associates?
•“I used to work in xxx, and did yyy, what do you think about
my prospects”
•Read about the numerous legal suits that your bank just
settled- how do you avoid that in the future?
•What is leveraged finance? What is equity capital markets?
•How is the culture of your bank? (if asked in this manner)
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Social Etiquette
 Give recruiters and fellow students space
 Listen to the recruiters and do not interrupt them
 Listen to other students questions and build off them
 Be confident, but deferential
 Look the part- dressy business casual
 Do not dominate the conversation
 Never hand out business cards (unless directly asked)
 Thank the recruiter, shake their hand and move on
 Utilize fellow students to peer critique
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IB Organization Design and Terminology
Investment Banking
Industry Coverage Group
Product Group
•Financial Services
•Mergers and Acquisitions
•Industrials
•Buy side vs. sell side
•Technology
•Leveraged Finance
•Telecommunications
•LBOs
•Energy
•Equity Capital Markets
•Power
•IPO/Follow-on
•Financial Sponsors
•Debt Capital Markets
•Health Care
•Staple Financing
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IB Organization Design and Terminology
Case Study: Sell-side M&A for Private Health Care Company
Health Care Team
M&A Team
•Industry Analysis
•Purchase Agreement
•Offering Memorandum
•Financial Projections
•Valuation
•Contact potential buyers
•Process Management
Case Study: Follow-on equity offering of perfume retailer
Consumer Team
Equity Markets
•Industry/Market Analysis
•Equity Valuation/Pricing
•Valuation
•Syndication
•Preparation of S-3
•Selling
•Internal Memos
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Other Resources
 Form study groups to aid preparation- the BEST resource
 Talk to second years and utilize other campus groups (i.e.
MBW, ISBA, etc.)
 Career websites of firms- know them cold
 Utilize Finance Club Coursepack
 Should have read and be comfortable with sections 1 & 2
 Focus on sections 3 & 4 for the upcoming week
 Flip through and become familiar with content
 Read WetFeet and Vault guides to better understand industry,
terminology and banks
 Schedule OCD appointments early and often
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Open Q&A
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