<p>bumpity,
You should read the following quote that was posted by Citi_Banker last year:</p>
<p>"How did I obtain my position? (summary: hard work!) </p>
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<p>Frankly, I obtained this position by working extraordinarily hard and jumping at the best opportunities that were made available. Specifically, I networked by calling alums in NYC working in various capacities on Wall Street. Secondly, I sought advice from everyone at my college's career center numerous times over the course of the term. In fact, I began revising my resume and preparing for my senior year job hunt very early on and attended every "Breaking Into Finance" seminar the college offered since my sophomore year. (It helped I knew as a freshman that Finance was for me.)</p>
<p>Once I obtained a first-round interview with Citigroup CIB, I prepared by purchasing three WetFeet guides on investment banking and interviews for approximately $75. Also, I had two mock interviews with close friends of mine who were not afraid to speak their mind about my shortcomings and quirky mistakes. This constructive criticism helped me hone in on my interviewing weaknesses and polish up before game day. Lastly, I spent a minimum of 15 hours researching the company using the company?€™s website (CEO message, 10K, 30-minute video on Citigroup?€™s 200-year history, etc.) and by downloading the Vault guide. One thing that really helped to streamline this process was purchasing an Ebook, for about $40, from <a href="http://www.ibinterviews.com%5B/url%5D">www.ibinterviews.com</a>. This guide told me exactly how to prepare for the interviews and what questions to expect. They were right on, in fact.
I highly recommend this guide-it is well worth the investment.</p>
<p>Upon being invited to Manhattan for the Superday (i-banking lingo for the final round interviews), I contacted my first-round interviewer, an alumnus, and sought his advice. He, in turn, placed me in touch with four current analysts both in NYC and a regional office down South. Furthermore, I spent another $300 by hiring a renown professional image consultant to work with me for two hours one-on-one fine-tune my interview skills and dining etiquette, as part of the Superday consisted of a banquet. Lastly, I stayed current on the economy and market by reading industry magazines such as the Bond Buyer using a free two-week trial. Altogether, this preparation took at least another 20 hours.</p>
<p>In the end, I spent nearly 40 hours and approximately $400 directly preparing for my Citigroup CIB interviews. Some may think this is excessive. My response is it may have been too little?€”I was lucky to get this highly competitive job! There were over 500 resumes submitted at the beginning of this recruiting season from candidates across the United States and some oversees (e.g. top candidates from Paris, London, Brussels, Prague, etc.) all vying for only 8 positions. I am not bragging to say that I am one of the 8 who got an offer; it was certainly not handed to me. All I am saying is that investment banking has always been and will continue to be among the most competitive industries in the world to break into directly out of college. </p>
<p>If you want a position with an investment bank, particularly any of the bulge bracket firms, I have several suggestions for you. First, most of your serious competition will be from Ivy League schools or other target schools who have previous investment banking internships. If you are from these institutions as well then it is a non-issue. If you are not, though, you have the level of work ahead of you that I went through.</p>
<p>A relevant internship in the financial industry is essentially a prerequisite to land a job (I had two and got securities licenses with my previous employer!). Secondly, make sure you due your due diligence on the firm and network! network! network! Furthermore, take a leadership role in a student-run club (ideally as the president, as I was for the Economics Club at my college during my sophomore year). Along those same lines, stay active in several clubs and activities that really interest you rather than trying to be a jack-of-all trades. Lastly, ideally choose a major that emphasizes your quantitative ability such as Economics, Engineering, Mathematics, Physics, etc. (I am finishing up as a senior in Managerial Economics), be in the top 5-10% of your class (yup!), and participate in a term abroad if you can (I went to London School of Economics as a General Course student- <a href="http://www.lse.ac.uk/collections/generalCourse/)%5B/url%5D">www.lse.ac.uk/collections/generalCourse/)</a>. It probably helped that this is hands-down the best university in the world for economics and among the best for accounting and finance (the department I studied from last year).</p>
<p>In the end, it is all about fit?€?The company wants to know that you can conform to their culture, can run the numbers at 2 AM without making any mistakes, and are hungry for the opportunity to do nothing else but run financial models and spew out Excel spreadsheets galore for at least the next two years of your life after graduation. (WARNING: This job is not for the faint at heart! You WILL be working at least 12-15 hour days, 6 days per week and sometimes 7). In the end, there are substantial rewards for making this sacrifice including exit opportunities with essentially the company of your choice, entrance into the best graduate schools in the world, a rolodex of influential business people, and a bank account that your parents will likely envy. Do not go into it for the money, though. I?€™m not. The lifestyle is way too demanding for money alone to satisfy you and I guarantee you will either quit or get fired. Good luck!</p>
<p>On a final note, though, all the time and effort paid off when you consider the total compensation package being offered to me is so good it is mind-boggling. Specific details cannot be revealed due to a confidentiality clause in my contract. However, let me give you an idea. I am actually away from the action, as I will be working down South in a regional office. My pay, though, is the same as any NYC analyst although living expenses are 1/3 the amount...shh! Don't tell them. So, I have put a down payment from my sign-on bonus to purchase a 2006 Ford Mustang GT premium convertible with all the extra amenities, will have a 1,200 foot apartment with a guest room and 2 1/2 baths, and intend on socking probably as much into a savings account my first year as a typical finance major will gross their first year. There is a lot of money out there if you are willing to earn it. Again, good luck and remember- money is a pet pieve to i-bankers...Do not bring it up at interview time!!! (Just know you will be rich by entering this field. It will be comfort when your interviewers are grilling you for 5 hours at the Superday)."</p>
<p>I hope this helps!!!</p>