Massimo Guidolin Massimo Guidolinunibocconi it Dept of Finance

Massimo Guidolin Massimo. Guidolin@unibocconi. it Dept. of Finance MSC. FINANCE MSC. CLEFIN – PROF. MASSIMO GUIDOLIN HOW TO APPROACH YOUR FIRST SEMESTER AND CONDUCT A SUCCESSFUL INTERNSHIP HUNT IN SPITE OF IT

KEY TAKE-AWAYS • The first semester may result “intense” for many (or all) of you: this is normal and in fact a planned feature – Intense = 5 courses – Intense = 2 -3 of these courses may kick things up a few notches – Intense = all exams in 2 -3 weeks in January, but one • Planning ahead is crucial: in particular, you need to avoid that the internship search may interfere with your studies • As a result, try to enforce as “time separation” in the two asks as you can afford – On our side: pre-courses have been extended this year – Make sure to attend them with the necessary eagerness • In practice: only possibility is to start with the application process as soon as possible, possible ideally in late August a. a. 15/16 p. 2

KEY TAKE-AWAYS • The first semester may result “intense” for many (or all) of you: this is normal and in fact a planned feature – Intense = 5 courses – Intense = 2 -3 of these courses may kick things up a few notches – Intense = all exams in 2 -3 weeks in January • Planning ahead is crucial: in particular, you need to avoid that IB internship search may interfere with your studies • As a result, try to enforce as much “time separation” in the two tasks as you can afford – Keep attending classes even while applying – Form “work groups” also to prepare to applications • In practice: only possibility is to start with the application process as soon as possible, possible ideally NOW! a. a. 15/16 p. 3

KEY TAKE-AWAYS • Start with the application process as soon as possible, possible ideally today already: – Many banks have opened applications already in early September: no advantage in waiting until October! – Worse, many (most) banks examine applications on a rolling basis: given a fixed number of internships, the longer you wait the lower are your chances – If you start applications in September with a view of finalizing them in early October, you have 2 full months open to study and do well in your courses – Use Investment Banking weekends in September and early October to SEAL/finalize the process, NOT TO START IT! • Obvious prerequisite (as always in life): you need to know what you are doing: learn about careers NOW already! a. a. 15/16 p. 4

KEY TAKE-AWAYS • Start with the application process as soon as possible, possible ideally today already: – Many banks open application already in early September: no advantage in waiting until October! – Worse, many (most) banks examine applications on a rolling basis: given a fixed number of internships, the longer you wait the lower are your chances – If you start applications in September with a view of finalizing them in early October, you have 2 full months open to study and do well in your courses – Use Investment Banking weekends in September and early October to SEAL/finalize the process, NOT TO START IT! • Obvious prerequisite (as always in life): you need to know what you are doing: learn about careers NOW already! a. a. 15/16 p. 5

KEY TAKE-AWAYS • Start with the application process as soon as possible, possible ideally today already: – Many banks open application already in early September: no advantage in waiting until October! – Worse, many (most) banks examine applications on a rolling basis: given a fixed number of internships, the longer you wait the lower are your chances – If you start applications in September with a view of finalizing them in early October, you have 2 full months open to study and do well in your courses – Use Investment Banking weekends in September and early October to SEAL/finalize the process, NOT TO START IT! • Obvious prerequisite (as always in life): you need to know what you are doing: learn about careers NOW already! a. a. 15/16 p. 6

KEY TAKE-AWAYS • Start with the application process as soon as possible, possible ideally today already: – Many banks open application already in early September: no advantage in waiting until October! – Worse, many (most) banks examine applications on a rolling basis: given a fixed number of internships, the longer you wait the lower are your chances – If you start applications in September with a view of finalizing them in early October, you have 2 full months open to study and do well in your courses – Use Investment Banking weekends in September and early October to SEAL/finalize the process, NOT TO START IT! • Obvious prerequisite (as always in life): you need to know what you are doing: learn about careers NOW already a. a. 15/16 p. 7 !

KEY TAKE-AWAYS • Is it only banking careers we should care for? – NO, there many other paths open in front of you… Today we shall speak of CONSULTING, for instance – But the difference is: banking internships follow a rigid sequence/ iter and therefore you need to be briefed already – YES, unless you have strong and sound-proof reasons not to, most of you should be wanting to try applying to at least some banking internships • What else is there, besides banking? Consulting; corporate jobs; a portion of asset and risk management jobs; research jobs, etc. • To be successful is not only a matter of WHAT to do, but also of HOW TO DO IT: always, always be professional… professional a. a. 15/16 p. 8

KEY TAKE-AWAYS • Is it only banking careers we should care for? – NO, there many other paths open in front of you… Today we shall speak of CONSULTING, for instance – But the difference is: banking internships follow a rigid sequence/ iter and therefore you need to be briefed already – YES, unless you have strong and sound-proof reasons not to, most of you should be wanting to try applying to at least some banking internships • What else is there, besides banking? Consulting; corporate jobs; a portion of asset and risk management jobs; research jobs, etc. • To be successful is not only a matter of WHAT to do, but also of HOW TO DO IT: always, always be professional… professional a. a. 15/16 p. 9

KEY TAKE-AWAYS • Is it only banking careers we should care for? – NO, there many other paths open in front of you… Today we shall speak of CONSULTING, for instance – But the difference is: banking internships follow a rigid sequence/ iter and therefore you need to be briefed already – YES, unless you have strong and sound-proof reasons not to, most of you should be wanting to try applying to at least some banking internships • What else is there, besides banking? Consulting; corporate jobs; a portion of asset and risk management jobs; research jobs, etc. • To be successful is not only a matter of WHAT to do, but also of HOW TO DO IT: always, always be a professional… professional a. a. 15/16 p. 10

WHAT DOES IT MEAN TO BE A “PROFESSIONAL”? • Examples of professional behaviors: – You can write an e-mail and it is clear it is not an SMS – You approach people not assuming they need/must provide a customer-based answer (“at your service”): out there, you offer your services and firms are your potential customers – You are in your MSc. with at least one (may be more) professional, career-oriented goals and not to maximize the total sum of your grades • Examples of questionable behaviors: – You cannot relate to others in a calm but assertive manner – You stampede into situations – You keep looking around, too much, but you rarely trace a path in front of you… a. a. 15/16 p. 11

WHAT DOES IT MEAN TO BE A “PROFESSIONAL”? • Examples of professional behaviors: – You can write an e-mail and it is clear it is not an SMS – You approach people not assuming they need/must provide a customer-based answer: out there, you offer your services and firms are your customers – You are in your MSc. with at least one (may be more) professional, career-oriented goals and not to maximize the total sum of your grades • Examples of questionable behaviors: – You cannot relate to others in a calm but assertive manner – You stampede into situations – You keep looking around, too much, but you rarely trace a path in front of you… a. a. 15/16 p. 12

TODAY’S DREAM TEAM • Prof. Massimo Guidolin, MSc. director – Also in charge of Prep Courses, Theory of Finance, Financial Econometrics II, cleaning the windows, etc. • Silvia Bandinu (Markets, UBS) – She has also helped me coordinating this event and generously pushed for the event to take place in the first instance • • Simona Aurino (Global Markets, BAML) Oskar Kwasny (IBD, Deutsche) Giacomo Lamperti (Risk Management, Morgan Stanley) Alessandro Menin (IBD, JP Morgan) Dina Siena (IBD, Morgan Stanley) Andrea Simonetti (Risk/Quant Analysis, Blackrock) Xien Zhou (Markets, GS) a. a. 15/16 p. 13

LET’S ASK THEM THE QUESTIONS! ① What is an investment bank? Can I fit in that world? – Better: does my comparative advantage lie in that world? – (It may not): There are other top jobs from MSc. Finance • Homework: review what is comparative advantage in economics ②What is an internship in banking and how/ when should I apply to it? – This is the key goal of our meeting today ③ What division should I be applying for and why? – Better: does my comparative advantage lie in that business? ④ How can I be successful in my application and then in my internship? – Long shot in today’s view, but the human resources are here… a. a. 15/16 p. 14

SILVIA BANDINU (MARKETS – ICS, UBS) • My undergraduate background is: – Bocconi University, CLEF, 2014, grade: 110 cum Laude • I am currently a 2 nd year student, major in Free Track (tbd) • In my view, key aspect of a successful internship application is: – Conduct a thorough study of the position to show interest (be prepared at the interviews!) • I liked my Summer experience in London because: – I put in practice (and better understood) what studied at University • The biggest challenge of my Summer internship in London was: – Keep on track on several deadlines while networking • Thinking of the job that awaits me, the key success factor is: – Be proactive and know your clients’ needs a. a. 15/16 p. 15

SIMONA AURINO (GLOBAL MARKETS - BAML) • My undergraduate background is: – Bocconi University, CLEF, 2013, grade: 104 • I am currently a 2 nd year student, major in Investment banking • In my view, key aspect of a successful internship application is: – Demonstrate you have something unique • I liked my Summer experience in London because: – It taught me how to not lose control – you’re constantly under pressure • The biggest challenge of my Summer internship in London was: – Understand whether I wanted to become a trader or a salesperson • Thinking of the job that awaits me, the key success factor is: – Keep being passionate, hungry, and well balanced a. a. 15/16 p. 16

OSKAR KWASNY (IBD - ECM, DEUTSCHE BANK) • My undergraduate background is: – Vienna University of Economics & Business, Accounting and International Business, 2014 • I am currently a 2 nd year student, Free Track • In my view, key aspect of a successful internship application is: – Reach out to as many people as possible and make use of networking events offered by the university • I liked my Summer experience in London because: – Challenging but rewarding work with immediate feedback • The biggest challenge of my Summer internship in London was: – Handling a large amount of new tasks at once with short deadlines • Thinking of the job that awaits me, the key success factor is: – Always pay attention to detail on the job and don’t forget to expand the network within and outside the bank a. a. 15/16 p. 17

GIACOMO LAMPERTI (RISK MGMT. , MS) • My undergraduate background is: – Bocconi University, CLEF, 2014, grade: 109 • I am currently a 2 nd year student, major in Management of Financial Institutions • In my view, key aspect of a successful internship application is: – Having a clear idea of what the job is about and differentiating from other candidates with relevant personal experiences • I liked my Summer experience in London because: – Exciting environment, involvement and work-life balance • The biggest challenge of my Summer internship in London was: – Presenting Solvency II/rating reports to the whole Credit Risk Dept. • Thinking of the job that awaits me, the key success factor is: – Build strong relationships with the team a. a. 15/16 p. 18

ALESSANDRO MENIN (IBD, J. P. MORGAN) • My undergraduate background is: – Bocconi University, CLEF, 2014, grade: 110 cum laude • I am currently a 2 nd year student, Free Track • In my view, key aspect of a successful internship application is: – Finding something that distinguishes yourself from other applicants and explaining it clearly in your CV, cover letter, interviews • I liked my Summer experience in London because: – It’s a beautiful city and the centre of financial activity in Europe • The biggest challenge of my Summer internship in London was: – Delivering good pieces of work when working late at night • Thinking of the job that awaits me, the key success factor is: – Being passionate and liking what you do a. a. 15/16 p. 19

DINA SIENA – (IBD – ECM, MS) • My undergraduate background is: – Bocconi University, CLEF, 2014, grade: 110 cum laude • I am currently a 2 nd year MSc Finance student, Free Track • In my view, key aspect of a successful internship application is: – Strong CV: right format, neat, interesting and diversified experiences – Networking: people must know who you are – Take the whole process in a very professional way • I liked my Summer experience in London because: – Chance to work on the execution of many different equity products, developing a deeper understanding of the dynamics and strategic rationale of transactions, of the investors’ needs and objectives and the market dynamics – I could improve my network and I had the chance to meet very senior people • The biggest challenge of my Summer internship in London was: – Managing different projects at the same time, dealing with very strict deadlines a. a. 15/16 p. 20 and working long hours

ANDREA SIMONETTI – (RISK/QUANT, BLACKROCK) • My undergraduate background is: – Bocconi University, CLEF, 2014, grade: 110 cum laude • I am currently a 2 nd year student MSc in Finance, Free Track • In my view, key aspect of a successful internship application is: – Time and Honesty • I liked my Summer experience in London because: – It’s one of the most diverse cities in the world • The biggest challenge of my Summer internship in London was: – Time Management & Prioritization of Tasks • Thinking of the job that awaits me, the key success factor is: – Proactivity a. a. 15/16 p. 21

XIEN ZHOU (SECURITIES, GOLDMAN SACHS) • My undergraduate background is: – Bocconi University, CLEAM, 2013, grade: 106 • I am currently a graduating student, major in Quantitative Fin. • In my view, key aspect of a successful internship application is: – Showing a genuine passion for financial markets • I liked my Summer experience in London because: – I had the chance to see several desks through weekly rotations • The biggest challenge of my Summer internship in London was: – Networking with many desks throughout the whole summer • Thinking of the job that awaits me, the key success factor is: – Being comfortable in taking risks a. a. 15/16 p. 22

HOW TO PREPARE FOR MY (EARLY!) FALL INTERVIEWS? • These are just a few ideas: since a few years, there is something called worldwide web, to get info… – Heard on the Street: Quantitative Questions from Wall Street Job Interviews, T. Falcon Crack (13 th edition): § Brainteasers and quant questions for sales & trading positions – Vault Guide to Finance Interviews (latest edition): § Even if you already know the topics, browse through all the answers—their structure can help you become more reactive – A Practical Guide To Quant Finance Interviews by X. Zhou – "Succeed at Psychometric testing- Practice tests for numerical reasoning” by Bernice Walmsley – Wet. Feet “Beat the Street” and other career guides: § Available at Bocconi Career Service, Service check www. cs. unibocconi. it + Placement Library (P. zza Sraffa 13 building, 4 th floor) a. a. 15/16 p. 23

SHOULD YOU BE SCARED OF ON-LINE TESTS? • No, they just separate smart people who panic from those who do not: do not panic! • Simple way to kill the test jitters: practice! practice – Kenexa (PSL): practice numerical/verbal reasoning tests – SHL. com: practice numerical/verbal reasoning tests – J. P. Morgan: sample numerical reasoning test questions – Cassin-Scott Associates: practice logical tests – Mc. Kinsey Careers: includes a nifty guide to numerical tests – Behavioural Interview Guide, Wall Street Oasis – Top Employer: practice numerical/verbal reasoning tests – e. Financial. Careers – … even your old GMAT books (If you haven’t already used them to light fires (this is Kim’s) a. a. 15/16 p. 24

APPLICATION DOS &DONTS: OBVIOUS BUT… DOs • 1 page CV and 1 page Cover Letter • Thorough proofreading: «if you don’t even bother checking for typos why should I spend my time interviewing you? » • Professional email contact: name. surname@gmail. com • Taylor the application to the bank (in a smart way!) • Sell yourself at best, know your limits and how to tackle them • Collaborate with your friends and classmates: they are a great source of help and feedback. Competition is outside! • Take advantage of IBW and Banks’ Events – Networking is one of the most valuable things throughout your career, the earlier you start and learn how to do it, the better it is a. a. 15/16 p. 25

APPLICATION DOS &DONTS: OBVIOUS BUT… DONTs • Put the wrong bank name while copy and pasting – doublecheck! • Put a person name on a cover letter just because you spoke to them once – Follow up! • Make things up on your CV – Be creative but wisely • Show off (in a good way): You are clever and well prepared but nobody likes know-it-all people – Be humble, you still need to learn a lot • Not ask questions – Where is your interest? a. a. 15/16 p. 26