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Considering a career in Finance? Chat live with Booth Career Services staff and current students who are pursuing careers in areas such as Investment Banking, Investment Management, Corporate Finance, Hedge Funds, Sales & Trading and Real Estate. This is your opportunity to ask students about recruiting for these careers at Booth, their curriculum choices, concentrations, student groups, and more!

Tuesday, January 24, 2012 08:44 AM - 10:06:37 AM PST

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Moderator -> EveryoneHello! We will begin our chat at 11am. If you have questions, feel free to submit them. Thanks!
Moderator -> EveryoneWelcome. The chat will begin in 10 minutes. Feel free to submit your questions. Thanks!
Moderator -> EveryoneThe chat will begin in 5 minutes. Feel free to submit your questions. Thanks!
Moderator -> EveryoneWelcome to the chat! The chat has now begun.
Linda -> EveryoneHi! I'm Linda and I work in Career Services. I manage relationships with companies that recruit on-campus.
Josh -> EveryoneHi everyone looking forward to answering your questions. I'm an Investment Management guy in my previous career and interned on the sell-side last summer. I am now focusing on strategic finance/biz dev opportunities. Happy to speak to leveraging previous experiences and Booth curriculum into non-Street careers.
Fern -> EveryoneHi, my name is Fern O'Nell, a Career Coach in Career Services. I look forward to our chat!
Eddie -> EveryoneGood morning and thanks for joining us. I'm Eddie Pulliam, one of the directors in the Admissions office.
Tim -> EveryoneHi, I'm Tim -- a 2nd year at Booth and happy to answer any questions about finance at Booth and particularly sales & trading. I will be working in London full-time so happy to talk also about international recruiting.
Michael -> EveryoneHi everyone, I am a second year student here at Booth and Co-Chair of the Investment Banking Group, I am happy to answer any questions you might have about Booth, Investment Banking, the recruiting process, summer internships, etc.
Jennifer -> EveryoneHi! I'm Jennifer. I'm a second-year student at Booth, concentrating in finance and marketing.
Pammy -> EveryoneHi! I'm Pammy. I'm a Booth alum, and currently working in a company finance role. Before school I worked in investment banking, so can speak to the move from IB to the corporate world, as well as recruiting for company finance roles.
JTBB -> Tim Question for Tim: I'm very much interested in Sales/Structuring at a bank, especially related to energy commodities. However, I understand that there's a double whammy of a likely shrinkage of the S&T industry compounding a reduced appetite for MBAs that's been going on for some years. My background is in consulting/due diligence, and I'm not an engineer. Can I make this goal happen at Booth, or shohuld I set my sights on something else? Thanks and congratulations on your offer!
Tim -> JTBBJTBB, you are right about the difficulties the industry is facing and that MBAs do not make up a majority of banks' campus hires (focused on undergrads). But Chicago has been successful at placing people in S&T and that includes people from non-finance backgrounds. I have seen many of my peers experience great success in S&T recruiting despite being career switchers. The Chicago analytic finance brand is strong so it comes down to networking hard if you're a career switcher.
VictoriaLui -> LindaHi there, my name is Victoria. I am curious to learn more about the job opportunities abroad, specifically in China. Does the career center faciliate international recruiting in any way?
Linda ->VictoriaLuiVictoriaLui - We do have relationships with companies for international opportunities as well as domestic. In fact, I have a colleague based in London responsible for developing relationships in Europe, the Middle East, and Africa. I also have a colleague based in Hong Kong that develops relationships in Asia. Our students also trek to Asia and Europe to visit with companies and some companies will come to campus to meet with students as well.
Michael A. -> EveryoneHello everyone- apologies for the delay. My name is Mike and I am a 2011 Booth grad. Currently working in Technology, Media, & Telecom investment banking at UBS. I had a great 2-years at Booth and would be happy to answer any questions you may have.
Tom -> Eddie I applied Round 1 and am currently on the waitlist. I have some very specific questions about my application (and don't think this is the appropriate forum). Can you recommend the best way for me to get in touch with the admissions committee?
Eddie -> TomTom - You can call the admissions office and ask to speak with the admissions director on call for the day. I will tell you that we can't review your file with you. You may want to look at the FAQ section on the website. Typical questions have been answered there.
XinruiJiang -> Jennifer Hello! This is Xinrui,equity research with Merrill. I have a question for Jennifer and Pammy: How is the "Finance" job in corporate that you're doing different from investment banking in skills requirement, network exposure and career development? And how did Booth MBA help you? Thank you very much!~ Have a great day!
Jennifer -> XinruiJiangHi Xinrui! The corporate finance roles that I considered were far less transaction focused than investment banking. Instead of a specific deal or transaction, the work focuses on projects within the company with long term impact, Examples might be resource allocation, decisions on capital commitment, whether to start or stop a product line. There is still a strong analytical skills requirement, as well as a comfort with numbers and how different decisions impact the bottom line. My Booth MBA really helped develop my holistic understanding of business beyond just finance. Often these types of roles involve working closely with marketing and operations, so better understanding these functions allows you to make better decisions as a representative of finance.
Christopher -> Michael Hello all, thank you for providing this chat. How difficult is it to transition into the financial sector without any finance experience?
Michael -> ChristopherHi Christopher, it depends on the particular area of finance that you would like to enter. From an Investment Banking standpoint it is very common for career switchers to be successful. Investment Banks actively recruit candidates with non-traditional backgrounds. It is also known by recruiters that the powerful Booth finance curriculum will help prepare students with a non-finance background to enter the industry.
Christopher -> JoshThis question is for Josh: What kind of opportunities are available for those seeking to combine entrepreneurship, strategic management, and finance? How were you able to focus on the different disciplines and yet still deeply cover each?
Josh -> ChristopherThanks for the question Christopher. You will find a lot of courses at Booth actually fill multiple concentrations so attaining all three was not too difficult given our flexible curriculum. I did not have an academic background in fiance prior to Booth so I loaded up on finance courses in year 1 to prep for my internship. With regard to career opportunities, the Booth network has really helped me with my career search, and most professionals I have talked to really like the academic diversity.
Cherry -> Michael A. Hi, great thanks for holding this session. I am now working in a MNC finance division, and considering change my career to financial service, i.e. deloitte consulting before starting up my own financial consulting company. I don't have any accouting/finance background in my academic history. How will booth MBA help me address this gap?
Michael A. -> CherryHi Cherry. The Booth courses available range from basic accounting and finance to highly specialized tax and M&A accounting. Between the course load, and help from your peers- this should set you up well.
raul -> Fern A very good morning to all. With the finance industry currently undergoing correction, how difficult is it for international students to try for Investment Management jobs in the US. Are IB's, Hedge funds etc recruiting international students ? Also, I have an Industrial engineering background .. how difficult would it be for me as an international student to successfully switch to the finance industry. Do many MBA students get the opportunity to switch industries ?
Fern -> raulHi Raul Investment banks are very open to international students. IM firms will vary in terms of their openness to recruiting international students. A large percentage of our students (about 65%) are career switchers, so it is very possible for students to transition from engineering to finance. The key is to be able to articulate the transferrable skills required in the position you desire, as well as your passion for the industry.
JLL-> LindaGood Day, my question is addressed to Linda Leonberger: what efforts has Booth undertaken to counteract the difficult environment in today's economy and job market?
Linda -> JLLJLL - We have a large team that is constantly working to maintain existing and develop new relationships with companies. We have a team of 3 that works with companies that currently recruit on-campus. This team also works with these companies to expand the relationships - whether to new locations, functional areas, or levels. We also have a team of 5 that works on building relationships with companies that don't currently recruit on-campus. 3 are based in Chicago, 1 is in London, and 1 is in Hong Kong. Last year at graduation, 86% of 2nd years that were seeking had an offer and this number increased to 93% 3 months after graduation. You can see more information on where students go for full-time jobs and internships in our Employment Report at http://www.chicagobooth.edu/employmentreport/index.aspx
Sanjay_Singh -> Michael A. I would like to direct a question to Mr. Michael Amez: Mr. Amez, what led you to a career in Investment Banking? Subsequent to an MBA, I personally would like to work in the Investment Banking industry. One reason is that I feel that the fast paced environment will provide an arena to learn as much as possible in a given amount of time. Can you comment on the validity of this statement, and did the steep learning curve in Investment Banking play a role in your choice of career path?
Michael A. -> Sanjay_SinghHi Sanjay- I chose IB for some of the reasons you mentioned. 1- fast-paced work environment. 2- incredibly sharp colleagues and 3- the chance to really change/impact a company or industry. You will certainly learn an incredible amount during your time in banking- albeit with long hours and high stress
TJC -> JoshWhat is the typical recruiting timeline for Finance internships in your first year? Does that timing change when looking for full-time positions?
Josh -> TJCRecruiting starts almost immediately after classes. Companies aren't officially allowed to recruit you until mid-October, but Career Services provides intense preparation so when companies arrive, you are ready. Most recruiting events are on campus in the form of dinner/drinks/networking. Plan on taking a trip to NYC in December for "Bank Week". Interviews occur in mid-January and most Bankers and Sales/Traders have offers by the end of January.
DanaJ -> Fern I've recently graduated from college and am in the final stages of interviews for a private equity analyst position. My question is: how are Booth students doing in terms of PE placements? I know that the research side is rock solid, but what about actual job prospects?
Fern -> DanaJHi DanaJ, About 4% of our students land positions in PE. We have a strong and growing alumni network and employer network in PE, so the outlook is good. That said, given that you are interviewing for PE positions, you are aware how difficult it is to get into this industry. Your chances of landing a post-MBA role in PE will be much better if you come to b-school with PE background or something very similar. Because of the growth of our employer relationships, we are growing the job postings we offer to student for PE internships and full-time positions. Good luck in your interviews!
Luke-> LindaHi there! I am Luke. Wonder if the career center assists in the internship seeking in Asia region?
Linda ->LukeLuke - We do have relationships with companies for international opportunities as well as domestic. In fact, I have a colleague based in London responsible for developing relationships in Europe, the Middle East, and Africa. I also have a colleague based in Hong Kong that develops relationships in Asia. Our students also trek to Asia and Europe to visit with companies and some companies will come to campus to meet with students as well.
Tami -> Tim Hello! I am Tami Zakaria. I work for an Asset Management Company in Bangladesh. I focus on equity research and have also worked in private equity deals. I want to learn more about the finance curriculum at Booth. More specifically, what areas does the school give more emphasis on?
Tim -> TamiThe school has two broad finance tracks: quantitative finance and corporate finance. So I think we cover the spectrum pretty comprehensively. Quant finance includes courses taught by eminent thought leaders like Cochrane, Fama, and Veronesi. This includes asset pricing and the pricing of fixed income securities. Corp finance is more geared towards CFO decision making and investment bankers. I think you'll find Chicago is probably the world leader in MBA finance education and you'll find more advance courses here in finance than anywhere else outside of a PhD program.
DanielF -> Michael A. Greetings from Colombia, I'm very interested in pursuing a career in Finance particularly in investment banking. Do you consider that a person with a background on engineering can achieve this "transition" successfully?, I mean do firms recruit people with such backgrounds or focus on candidates with finance oriented backgrounds?
Michael A. -> DanielFDaniel- Greetings from New York. I've been to Colombia- beautiful country. The fact is that most IB candidates pursuing and MBA are career switchers. I came from consulting, some of my classmates transitioned from engineering or military jobs. Your engineering background won't be a barrier. In fact, it may show that you are analytically strong.
Artur-> LindaLinda, does you colleague in London responsible recruiting in Russia also?
Linda ->ArturArtur - Yes, my colleague in London would also have responsibility for Russia.
Yaxit -> Eddie I have scored a 650 in GMAT and 106 in TOEFL. I'm a resident of India and planning to pursue MBA from booth school of business. I haven't made the application yet since I am waiting on the transcripts from a flying school in US. So are there any special preparations I should make since I'm already late for the application? Secondly I'm curious to know the whole purpose behind having different rounds. I mean I will be applying in the third round which is already going on, then is there any drawback that I will be facing because I've come across many people saying that always apply in the first round- its the best. I mean is there is any discrimination in different round then the whole purpose of having teh round system is unjustified. So I'll greatly appreciate if someone can please help me clear my doubts regarding this round system. Thank you.
Eddie -> YaxitYaxit - Most schools have more than one application deadlline. We say apply when you are ready. Round 3 is the last round you can apply in this year to start for the class of 2014. It looks like you have time to wait for all transcripts that show a letter grade but we only need the one that has your undergraduate degree/scores to review your file. We do make offers of admission in round 3 but there will be fewer because we have fewer spaces left by round 3. Scholarships are also pretty scarce at that time too. There's no discrimination for applying in the final round.
Shashi -> Fern I have a strong interest in investment banking but also am in the process of obtaining a CFA and would like to explore opportunities in teh hedge fund arena. Is it possible to recruit for both areas? I understand the banking recruiting season begins farely early in the semester.
Fern -> ShashiHi Shashi, you can recruit for both IB and hedge funds as they are on very different recruiting timelines. You are correct that IB recruiting begins very early and ends generally by early February. Hedge funds don't generally recruit on campus, so the search tends to be just in time and students land their positions in late winter or into the spring. Overall, you want to have a clear sense of your plan A and B. it would be very difflcult to have hedge funds as your plan A and IB as your plan B due to the timing differfences.
lz -> Michael Hello there, I am considering a career change to finance. My background is sales and business development. How can Booth help me transition smoothly into the industry.
Michael -> lzHere at Booth you will have a tremendous amount of resources available to you to help prepare your transition. From almost day one of school our amazing career services team will be working with you on formulating and executing a plan of attack. The flexible curriculum here allows you to start taking classes relevant to your chosen career path immediately so that you can best be prepared for recruiting, interviewing, and the summer internship. Also, student groups like the Investment Banking Group will hold almost daily programming designed around helping you get the offer and having a successful internship.
hleung06 -> Pammy Hi, this question is for Pammy. Would you please comment on how your two years of experience in investment banking affected your transition into corporate development? What would you have done differently? Thanks!
Pammy -> hleung06Hi hleung06. Investment banking provided me with a solid foundation in working in the finance world from creating financial models to learning how to analyze financial statements to working in teams... it was great prep for a career in finance at any company. Ultimately I decided I wanted to be part of a company whose products I was excited about, rather than advising companies from the outside. It was a very easy transition from IB to corporate (more exciting products, closer access to company's leaders, better lifestyle)... wouldn't have done anything differently!
cyrilmp -> Eddie Hi, thanks to Chicago Booth for organizing these chats before Round 3.My question is for Eddie and the admissions team - what percentage of the class is typically admitted from the R3 application pool?
Eddie -> cyrilmpHi Cyrilmp - It depends on the number of applications. Again, it's smalller becasue there are fewer seats available.
Jordan_M -> Tim Hi. This message is for Tim. Your bio mentioned a pre-MBA internship in Germany. Does Booth have any resources for admitted students to assist with finding a similar role?
Tim -> Jordan_MBooth has significant international recruiting resources. German firms are particularly active in MBA recruiting, although language skills are a big plus. Specifically I received numerous inbound emails from the German/Swiss offices of consulting firms (BCG, McK, Bain). Career Services is pretty global in their approach. In finance, the London offices of big banks recruiting significantly at Booth as well. Plus our alumni network is extensive in Europe and can be of additional help.
phoenix -> Michael A. Michael - I am curious to hear the overall environment for recruiting right now - are banks hiring significantly less FT people due to the uncertainty in the markets?
Michael A. -> phoenixPhoenix- This may be a better question for the Career Services, but I'll do my best to summarize from my side. In my group, we have the same targets that we have had the past few years...and we recently made summer internship offers to several Booth students. The fact is, IBs still need plenty of associates to complete the work. While some firms may be cutting back a little, the bulge brackets still need highly qualified associates
madelyn -> JoshHi folks, thanks for hosting today. I have a strong interest to move from Fixed Income IT into strategy consulting while at Booth, but I'd very much enjoy enriching my finance knowledge. Any guidance from folks focusing on course work in perhaps both finance and consulting concentrations?
Josh -> madelynHi Madelyn, I would recommend Corp Fin, Competitive Strategy and Marketing Strategy (with McGill) as good strategy primers. If you want something intense but rewarding I would take Commercializing Innovation with Meadow, it's an entrepreneurship/VC class, but really helps you think strategically about industries that are likely unfamiliar to you.
jordan -> Jennifer Hi everybody, thank you for taking time to answer our questions. I have heard that at top-tier MBA programs there is a highly competitive environment for students opting to concentrate in Financial Services or similar programs. Is this a fair assessment? Also, I was wondering if someone could provide their perspective on how Booth either combats this reputation or embraces it and what that really looks like in the life of a student.
Jennifer -> jordanI did not find the environment to be overly competitive at all. A big part of the student experience is working with your classmates whether it is on coursework or preparation for interviews. In financial services, perhaps even more than other areas of concentration at Booth, there is definitely a camaraderie there of everyone working together to meet their goals. Booth doesn't try to combat this reputation because it doesn't need to :-) the experience of students here speaks for itself!
Steve_Farr -> LindaLinda, I was hoping you could touch on Booth's ability to maintain relationships with hedge funds (primarily activist firms)? How are Booth's relationships with those types of funds and what opportunities do students have to meet/intern with them?
Linda ->Steve_FarrSteve - We do have a number of relationships with Hedge Funds. Do to the nature of recruiting at these firms, there are not many that come to campus - they generally follow a just in time hiring model. However, we do maintain these relationships and receive many job postings for our students and alumni from hedge funds. Additionally, our students will trek to visit hedge funds. A number of students just visited some firms in December.
JP -> Fern Can you talk about the recruiting process for investment management careers? When does it start, and when do offers typically come in? How does it differ from investment banking?
Fern -> JPHI JP, the investment management recruiting process varies depending on whether the firm recruits on campus. For the on-campus firms, many will come on campus in the fall to meet students at events, then come on campus in late January/early February. For an off campus firm, the process will likely run into the spring. About half of our students landing IM jobs do so off campus.
mshin -> Michael A. Hi and thank you for this opportunity. I was curious to know what concentrations are required to pursue careers in investment banking and consulting. I am a career changer and I am still not sure which path to follow.
Michael A. -> mshinmshin- Personally, at Booth my concentrations were Finance and Accounting. This is fairly typical for IB, although some people choose to concentrate in Analytical Finance.
Sanjay_Singh -> Eddie I would like to direct a question to Mr. Eddie Pulliam: Mr. Pulliam, personally coming from a multi-racial background, I value diversity, as does Booth. In an increasingly globalized world, a diverse environment can be an advantage. In this way, how does Booth foster a diverse environment in which students from different backgrounds can not only interact but also learn from each other? Is there anything about the culture at Booth that is unique compared to the cultures at other schools?
Eddie -> Sanjay_SinghHi Sanjay - We value diversity because of the culture here at Chicago really looks for collaboration from its students. Coming from different industries, cultural backagrounds and geographic locations gives the student body a much larger perspective when dealing with solutions in class. Different ideas bring much better solutions.
Rubn-> LindaHi everybody and thanks for this opportunity. I would like to know how have changed the perspectives in the last three years since the financial crises for someone pursuing a career in finance after graduating from booth. Did a particular specialization considerably improved?
Linda ->RubnRubn - The number of students pursuing and securing careers in finance has held fairly steady since the financial crisis. You can see data on what types of careers our students secure in finance in our Employment Report at http://www.chicagobooth.edu/employmentreport/index.aspx.
TomM -> Tim Hi everyone! Question for Tim: how did you find the difficulty of transitioning to London and how strong is the Booth brand there? Specifically, I am interested in asset management, likely at a global fin serv co, i.e. DB or UBS. My background is in trading and im here in the States. Any thoughts on how tough will this transition be particularly in light of the shrinkage in the industry?
Tim -> TomMHi TomM, the Booth brand is strong in London. We have an Executive MBA location there, and a good number of alumni spread across the City. While asset management firms within a bank doesn't actively recruit on-campus at Booth, the investment banks do. Also PIMCO London recruits heavily at Booth. A number of hedge funds do too. You are right that London in general is under pressure due to the weak UK economy and the broader crisis in Europe. I will say that London offices continue to hire MBAs but it is more challenging than finding US roles -- but that's all due to the economy and not Booth.
Joe -> Jennifer I have a question about concentrations. I know this is for folks interested in Finance. But, how did you guys pick your secondary concentration. Was it just an interest or was there another calling in mind? And, how did you integrate the secondary and tertiary concentrations in your studies.
Jennifer -> JoeAfter working in investment banking I wanted to switch to a corporate role. I chose marketing and strategy because of the overlap with these areas when working in a corporate finance role. There are many opportunities to take classes and develop concentrations in areas that will support your primarily career goal. You might even pick up some my accident! To my surprise, I ended up with a third concentration in entrepreneurship just by picking up some additional classes that interested me.
phoenix -> Michael For the students recruiting for banking, do you feel that people looking to land in NYC have a tougher time than say students at Columbia and Wharton?
Michael -> phoenixAbsolutely not. During the investment banking recruiting process you will be overwhelmed with the amount of banker presence (from NYC) here on campus. At the height of recruiting you will be having breakfast, lunch, dinner, and evening cocktails with bankers from New York almost everyday. Each bulge bracket bank is on campus multiple times during recruiting season and each time they bring with them 20-30 bankers from New York. The Booth alumni network in NYC is incredibly robust and accessible and the banks are more than motivated to get more Booth talent to NYC. If anything, we have it better than Columbia and Wharton because the banks come to us!
rjv -> JoshHi, this not necessarily a finance-specific question, but how much of help do you get in creating a curriculum in the field you're interested in so as to maxmize what you learn while at Booth? Or are you left to your own devices when picking and choosing courses?
Josh -> rjvThe flexible cirriculum allows you to structure you classes however you wish to set you up best for your internship or job. I knew I would be interning on the Street last summer, so I consulted with second years and decided took to load up on my finance courses (Investments, Financial Instruments, Port Mgmt, Futures/Forwards/Options/Swaps) to be as ready as possible). After my internship, I met with academic services to plan my schedule for year 2.
DK -> Michael A. Hello, thanks for the chat.For Michael A. ' I have a wide technology background (both army and civil), a marketing Bachelor's and look to enter the IB industry in the Technology & Telecom area. My questions are: 1) Is my tech background serves as an advantage? 2) On what will I need to focus during my MBA to prepare myself better for the job? (I have a relatively weak finance background). Many thanks!
Michael A. -> DKDK- Your tech background can certainly help you in the process. 1- It adds value to your story for 'Why Technology?' interview question. While at Booth, I would focus on a strong finance and accounting course load to help you through the technical aspects of your interviews.
Luciana_Ortega -> Fern Hi, I'm Luciana from Peru. I have worked in finance/investment banking in my country. Can you tell me about the challenges i will face in this career because I am not American. How Booth could help me defeat those challenges?, . I am interested in really finance, but I want to know about the challenges that i will face because i am from an emerging country.
Fern -> Luciana_OrtegaHi Luciana. Investment banks are very open to hiring international students. If you would like to work in the US, you want to make sure your language skills are strong and that you understand the US market. We have a range of programs designed exclusively for international students to help prepare to recruit. Networking is a key component of recruiting in the US and i have heard that this can be quite a challenge for students that come from countries where networking is not common. That said, we will help you every step of the way to learn how to be prepared for networking.
rflorez -> Michael A. For those who were "Career Switchers" into an IB role, did any of you do a Pre-MBA internship to help facilitate that? Do you feel like it provided a measurable leg up in recruiting?
Michael A. -> rflorezrflorez: Pre-MBA internships are pretty limited. That being said, if you can secure a pre-MBA internship, I think it provides a big advantage when it comes to summer associate recruiting... especially for career switchers.
muhamad -> Tim Question for Tim: What were some of the major obstacles recruiting for a role outside of the USA? What were some resources you used to overcome said obstacles?
Tim -> muhamadDear Muhamad, language skills in London are very important though not essential. I speak German, but I know other peers who received offers for London without speaking any European languages (excl English). To be honest, the obstacles are not that big. London offices recruit at Booth through the on-campus recruiting system so I applied and interviewed like the rest of my peers for US jobs. I'm not an EU citizen so I need a visa, but that was not an issue. I recruited for both NY and London and was successful in both -- if the London firm is recruiting on-campus there's no real obstacle. If you are looking at off-campus London recruiting (industries outside finance and consulting), that's of course more work due to simple geography but nothing a few flights to London and strong networking can't overcome.
frank -> Jennifer Hi , I am Francisco I would like to ask what are the opportunities to pursue a carrer in finance specially in cor[porate finance in Chicago when you are a international students
Jennifer -> frankIt varies, because companies will often change their policies for sponsoring visias for international students from year to year. It also varies industry by industry. Banking and consulting are more open, so in contrast international students seeking corporate roles in the US tend to be most successful if they are open to different geographies.
Mickey -> Fern Hi, I am interested to know more about recruiting activities at Booth for the investment management and corporate finance fields especially for career switchers with non finance background. Is a CFA (or progress towards it) a must along with an MBA ? Thanks for your answers
Fern -> MickeyHi Mickey, there are many recruiting activities at Booth for both investment management and corporate finance. Many companies will come on campus in the fall to get to know students interested in these areas. If you do not have a finance background, a CFA can be very helpful in developing the financial skills necesary to be successful in the field. As a career switcher, it also sends a signal of your commitment to make the change.
Anderson -> Tim Tim, how was your international recruiting experience? Did the company that you are going to work with come to Campus?
Tim -> AndersonDear Anderson, yes. I'm going to BofA Merrill Lynch in London which came to campus so the process was identical to the process for NY on-campus recruiting. That is one big advantage to the Booth brand and reach. Booth attracts top firms across the world and they come recruit on-campus despite the distance because they know that we offer top talent. It makes life a lot easier when the firm comes on campus.
Tatev -> Michael A. Hi, I am really interested in finding out the opportunities for post-MBA investment banking associate jobs for those who have not been in that industry and generally have only 1.5 years of consulting experience. Also, is it harder for non-US citizens or does the brand Booth sort of help overcome this barrier?
Michael A. -> TatevHi Tatev: In my experience, being a non-US citizen is not an issue at investment banks. The large IBs have many, many non-US citizens working at their offices, and human resources is great at ensuring everything runs smoothly. 1.5 years of work experience is a bit light, but if you can work it into a compelling story, it can definitely be addressed
SS -> Eddie What are some of the key characteristics that admissions look for in candidates? particularly in essays?
Eddie -> SSHi SS. Your focus on what the MBA degree is going to offer you needs to be clear. We also look for candidates who understand Chicago Booth and its culture. There are a lot of great business schools out there. We want to make sure that you'll be happy at Chicago and contribute to the learning process. Good writing skills/, gooad academic record, management/leadership style, short/long term goals and a good perspective of what you might add to the class helps understand who you are and that you'll enjoy your experience here.
aopisi-> LindaI have background on economic and 3 years experience in an auditing firm. Is it possible to switch to consulting, specialized in providing services to commercial banks in Asia? And whether Booth has relationship with the consulting firms in Asia?
Linda -> aopisiAopisi - A good portion of our students are career switchers so it is definitely possible to switch careers. Depending on the firm, function, and industry, some companies are more open to career switchers than others - but that is something that will be easy to figure out during the recruiting process. Many of our students that go into consulting are career switchers so you won't be alone! We do maintain relationships with firms in Asia, in fact, I have a colleague based in Hong Kong that does just that.
Kevin -> JoshJosh, how difficult is it to land an intern/full time in buy-side investment firm, such as PIMCO? What prior experience do you think it requires? such as trading experience? prior sell-side experience? Can you give us an example of people you know who already landed a position in buy-side investment firm?
Josh -> KevinHi Kevin, it is definitely more difficult to land a buy-side internship today than several years ago, because secretly EVERYONE on the Street wants to go to the buy-side eventually. PIMCO is a little different that most IM firms, in that you need a macro story and knowledge of fixed-income fundamentals. For fundamental IM firms, you need to develop some credit/equity research skills, which you can acquire at Booth. They also value trading experience or any other relevant market experience. The Investment Management Club also trains you on stock pitches, and you can practice in front of your peers during group meetings. Several friends have ended up in buy-side firms, but due to economic conditions and excess demand, that hiring cycle has become much more "just-in-time", so you may have a longer recruiting process.
Matt -> Fern What types of investment banking organizations recruit at Booth?
Fern -> MattHi Matt, all types of investment banks recruit at Booth - from smaller boutique banks to bulge bracket banks. We have global as well as regional banks recruiting at Booth.
johndls -> Pammy How accessible are finance jobs in New York for students in Booth? Do most major recruiters come on campus or would students have to travel to NYC to network/interview?
Pammy -> johndlsHi johndls. Finance jobs in NY are extremely accessible for Booth students, and there is a huge contingent of students and alums who are either from NY or move there after school, so plenty of networking opportunities! Career Services could probably provide you with more specifics, but all the major NY companies come on campus for networking and interviewing for both investment banking and company finance. Sometimes interview callbacks ("2nd rounds" or "final rounds") take place in NYC, and the company will take care of your travel expenses for that. Also, if you're genuinely interested in a finance job in NY, I'd recommend latching onto one of the Treks or company visits that typically happen over winter break - they're a great way to meet alums who work for the company you're interested in, and for them to see that you're interested.
peter -> Jennifer Hi everyone, I'm Peter. When it comes to campus recruiting, how do students differentiate themselves and go about getting interviews...does the GMAT quant score weight heavily?...and is it worth retaking to increase the likelihood of getting hired for i-bank/heavy finance roles?
Jennifer -> peterI found that students differentiated themselves through networking, reaching out to alums at given company, attending presentations and conducting thorough research on companies on their target list. Really showing enthusiasm for a company/opportunity goes a long way! I was never asked about my GMAT quant score, and did not have it on my resume either, so it is difficult for me to gage. It also your personal preference whether you put it on your resume, and many people I know did have it on their resumes but were not asked about it either when recruiting for ibanking/finance roles. I would be surprised if it be the one thing that kept you from being considered from an interesting opportunity.
allanc -> JoshHi everyone, thanks for doing this chat. I have a question for Josh. Josh, I saw that you concentrated in three areas. I'm actually interested in the exact same areas. How has having many concentrations affected your recruiting experience?
Josh -> allancYou'd be surprised. There are many folks here who have 4-5 concentrations. First year I took a heavy course load in the fall and didn't have any troubles securing an internship. This year I have found the workload to be manageable with recruiting, but all my recruiting is off-campus.
Dave -> Michael A. Did any of the panel members not work in a Finance roll before their time began at Booth? And if so, what were some of the difficulties in switching career paths(finding internships, jobs, interviewing with a different background)?
Michael A. -> DaveHi Dave. I was not in finance before moving into Investment Banking (previously in Management Consulting). Booth does an excellent job in preparing students for the career change- after all, it is the reason many people pursue and MBA. Specifically, the Investment Banking Group does an incredible job getting first-years ready for interviews (resume reviews, mock interviews, etc.)
enrique -> Tim Hello everyone. Can you mention the pros and cons of being in Chicago but wishing to work in London afterwards?
Tim -> enriqueDear Enrique, I understand this question. I came to Booth with the desire to work in Europe afterwards and debated going to a European MBA program. I have many friends at IESE, LBS and INSEAD and they are great schools, but I would argue that our brand is truly global. You don't know where your career will take you and I take great comfort in having an MBA that is respected across the globe, including Europe. I will say that European firms recognize Chicago Booth, but American firms don't always recognize European MBAs. This can be meaningful given the relative weakness in the European economy. I know Americans that went to a European business school and have tried to return later on in their careers and have found difficulty finding traction with their MBA because their schools lack the network in the US.
Victor -> Eddie I am looking into Strategic Management and Entrepreneurship. However, I am a candidate with 7 years experience in investment management and contemplating whether a full time program is ideal for me. Can you talk a little about the candidates that attend Booth and whether you see older applicants apply to your full time program?
Eddie -> VictorHi Victor. We have seen candidates with similar backgrounds who have been admitted and do well in the program. We look for the quality of work experience that you have not neccessarily the quantity. How effective have you been at your position? What do you contribute to your company? This is a reflection of what you'll bring to Chicago Booth.
TJC -> Fern What % of MBA students get finance positions through on campus recruiting efforts?
Fern -> TJCHi TJC. About 45% of Booth student go into some kind of finance role. The percentage of students who land their position on campus depends on the sector. For investment banking the percentage is very high, for private equity it is very low. For investment management it is about 50%.
Matt_C -> Michael A. Hello - My name is Matt and this question is directed at Michael A.: When recruiting for your current banking position, did you have the ability to specify preference in your sector (TMT) and did they look to your pre-MBA experience as an indication of your interest in that particular space? Thanks.
Michael A. -> Matt_CHi Matt. The answer to your question will depend on the investment bank. Some banks (mine included) recruit directly into a group- so I specifically interviewed for TMT. Other banks have different policies. We certainly do look at pre-MBA experience, but it is not a huge deal. Many of my colleagues have TMT experience prior to banking...while I was mostly working with industrial companies
Gaurav -> Tim my question is for Tim. how difficult is to switch from marketing background to finance? and do we require any pre-course for the same?
Tim -> GauravDear Gaurav, not difficult if you're strong quantitatively and willing to work hard. I don't think finance is rocket science, and I've seen many non-finance people succeed in the finance courses here at Booth and in finance-recruiting. Ultimately it will require more work in the early months as you catch up to peers with a finance background, but this differential will equalize over time as you take more finance classes and become more comfortable with the concepts. No pre-courses are necessary.
TJC -> LindaThis question is for Linda: I have a background in investment banking and private equity but am looking to switch to investment management to focus more on asset allocation decisions/portfolio construction. Are the large asset managers coming on campus to recruit (e.g AllianceBernstein, Dodge & Cox, Eaton Vance, Fidelity, etc.). Do you keep a list of the companies that participated on campus in 2011? Also, for Fund of Fund positions, are students going through outside recruiters, how does that typically work?
Linda ->TJCTJC - We have relationships with all of the firms that you mention. Some of them will come on-campus, while some of them will do job postings for our students but won't come to campus to interview. Our students also take treks to visit companies. In December, students visited all the firms you listed. You can see a list of employers that recruit students in our Employment Report at http://www.chicagobooth.edu/employmentreport/employer.aspx.
Mike_Vieth -> JoshHello all, thanks for taking the time. I have a follow-up question for Josh- What resources did you find most useful in making the transition into a strategy-oriented role, and how did you position yourself during the recruiting process?
Josh -> Mike_ViethThanks for the question Mike. I have used the Career Services office and my Booth/personal network immensely. I think the key is to find the skills in your previous job that are transferable. In my case, I actually spend about 3.5 years in a BizDev role. The more you talk to people, the more feedback you can use to shape your story the appropriate way. Use your network!
Moderator -> EveryoneWe're halfway through our chat. Thanks for the great questions! We will continue to answer as many questions as we can. Thank you.
Gaurav -> Eddie i am working in a automobile company ISUZU in India as a marketing Officer. Its just the 6th month into my job. i started in september 2011. i just wanted to if the school counts 2 years of my work experience if i apply for 2013 fall.
Eddie -> GauravHi Gaurav. Yes, we will count any work experience that you have at the time of submission of your application.
petersa -> Tim Hi there! Hi Tim, I am a risk analyst in a pension fund in Peru. I would like to do some of invesment banking. IAccording your experience as student, do you think that Booth can help me to do this little change in my carreer?
Tim -> petersaDear Petersa, short answer is YES. Many of the people that end up in IB are career switchers and come from careers much much further away from IB than yours! So yes, Booth through its courses and through the Investment Banking Group offer a tremendous amount of support for you to get up to speed for IB recruiting. IB is one of Booth's strengths and all the banks come here and hire in numbers because they recognize the strength of our talent pool and curriculum.
jonpan -> Michael Michael, I'm a veteran just like yourself. Could you touch upon one or two of the top reasons you decided to choose Booth as a veteran? Or did you choose Booth because you were working at NT and it was a good extension of what you were doing post-separation? Also - how long did you work in the private sector post-separation before you matriculated at Booth?
Michael -> jonpanHi jonpan, I'd first like to say that the vet community here at Booth is absolutely amazing. I think that we do not get the attention that we should from the veteran community because of the unfair stigma that we are a quant / finance focused school that might not be a fit for someone coming straight out of the military. That is false, although we have an incredibly powerful finance program we also have an incredibly flexible program so that you can start at whatever level you feel most comfortable. Where at other schools you often all start with the same content here you can customize your experience based on your background; this is something that I think is very important for individuals with a non-traditional (i.e. non-business) background. I chose Booth for multiple reasons, one of which was the amazing group of veterans that I met here during admit weekend, another was the flexible curriculum that allowed me to pick up where I left off and not repeat past training and education. I was in the private sector for about 4 years before coming to Booth. Your question probably deserves a more in depth answer than this, feel free to reach out to me at mtobey@chicagobooth.edu and I can further discuss this with you as well as put you in touch with other veterans.
lz -> Fern May I know the possibilty of finding a finance job after my studies and where are the hot spots? What support does Booth give to help it graduates locates these spot?
Fern -> lzHi IZ. The possibility of landing a finance job after your MBA is quite high, even as a career changer. It obviously depends on your background and how you are able to articulate your transferrable skills for finance. I am not certain what you mean b y hot spots, but we many finance jobs are located in NY, Chicago, and San Francisco. London, Hong Kong, Singapore, the middle east and India are hot spots for international locations.
Trader4Life-> LindaHi, I am intetested in landing a finance career (investment banking, sales & trading etc) in Hong Kong. Will HK-based investment banks or financial firms come to Booth to recruit specifically for those positions?
Linda ->Trader4LifeTrader4Life - We do have relationships with companies for international opportunities as well as domestic. In fact, I have a colleague based in London responsible for developing relationships in Europe, the Middle East, and Africa. I also have a colleague based in Hong Kong that develops relationships in Asia. Our students also trek to Asia and Europe to visit with companies and some companies will come to campus to meet with students as well. This December, a group of students went to visit Investment Banks in Asia. The Investment Banks will also come to campus to recruit students for their Asia offices.
BoothFin -> Jennifer Hi, I'm very interested in entering a Corporate Development role (internal corp finance team conducting M&A for a corporation, likely paired with the Corporate Strategy team) after my MBA. Can you talk about the recruiting landscape and types of opportunities that are available to Booth MBAs in this field? How many of your classmates do you know of that are pursuing this field? Which club would be the best resource for information? I have had trouble finding information on this career path, amongst the voluminous data re: investment banking, etc. Thanks!
Jennifer -> BoothFinI considered this career path too, and you're right, there is not too much information on this path. Part of the reason is many companies include corp dev under the umbrella of corp strat as opposed to having two separate groups. For instance, 3M has an amazing program they recruit for here that is classified as corporate strategy but working on M&A opportunities is part of this program, among other things, including project management and new market development work. So the recruiting landscape depends on how flexible you are in terms of job description and responsibilities. For "pure" corp dev (M&A) I remember looking at about 6 different positions through the "on campus" system that were located in really diverse locations. I also recruited, however, for some roles that could be considered corpfin/corpstrat that had some M&A component. I hope this helps! Corporate Management and Strategy Group or Corporate Finance Group would be good student clubs to follow up with for more information too.
Matt -> Michael A. Michael A: Could you please elaborate on your long-term career plans? I come from a consulting background and would like gain the experience in investment banking before ultimately transitioning to Private Equity. Is this a logical career path?
Michael A. -> MattHi Matt. This is a logical career path, especially if your consulting background is operations heavy. In terms of my long-term plans....still undecided. While PE can be enticing, I think if I left IB, I'd look for more of an internal M&A position, but that is several years down the road.
Alan_S -> Pammy I am glad to know that that Chicago Booth gives students the flexibility to choose advanced alternatives over fundamental courses. Since I already have a background in finance and would like to choose advanced courses, I was wondering if the number of students who opt for a specific course could affect the flexibility of structuring my courses.
Pammy -> Alan_SHi Alan_S. It's great to have a general game plan of which courses you want to take, but the bidding system does not guarantee whatever schedule you want - it all depends how many points everyone bids for the course and how many people are bidding on it. There is no good way to know that information in advance of bidding, so it's good to have a few different game plans of what courses to bid on (this is not difficult given how many fantastic courses are offered!). Academic Services is really good at helping you strategize how much you should bid. They also do an excellent job at providing you with all the information you need to make as informed a decision as possible (i.e. historical bidding prices for each section of every course for every quarter by professor!).
briansolomon -> JoshJosh, what was it that drove you to switch careers out of Investment Management and into Investment Banking? Did you find that your skill set developed in Investment Management was transferrable to IB? How would you compare the working environments of the two?
Josh -> briansolomonThanks for the question Brian. My original passion was to work for 1 of 2 major sports leagues that were in lockout last summer. I always had an itch to see what the sell-side was like, since I had been a buy-sider my whole career. I found the Street loved seeing IM experience prior to school and the transition was very easy. Regarding the environment on the Street, I'd expect about 10,000 layoffs across the board this year, so the mood isn't great. It's definitely brighter on the buy-side.
raul -> LindaMy question is for Linda. Would Booth offer career opportunities for someone who is looking to work in Venture Capital with a focus on the Energy sector. Or is that too niche ? Also does Booth have much presence in Africa. I have worked in South Africa and Nigeria and personally would like to work in the African continent post MBA.
Linda ->raulRaul - We do have students that go into Venture Capital and we do maintain and develop relationships in that area. Your search is fairly specific, but we have a lot of resources and would be able to help you with your search - from doing research on companies that you might be interested to finding contacts, to helping you with your outreach messages. I have a colleague based in London that is responsible for developing and maintaining relationships with firms in Africa. In fact, our Associate Dean of Career Services and our Associate Dean of the Full-Time Program went to Africa last year to meet with companies.
Diego -> Fern 1)On the 2011 employment report it shows that 3.5 percent of graduates went into S&T, but specifically what type of roles/positions do MBAs took, or normally take, in trading? 2) I have seen several quant finance courses in your curriculum, but is this enough for recruiters to consider MBAs suitable for derivatives/hybrids/quant trading or structuring?
Fern -> DiegoDiego, students land trading roles in may types of roles from derivative trading, credit trading, exotics and more. In terms of classes, you will be working with academic advisors to help you develop a curriculum that will best prepare you for your internship.
rmillikan13 -> Tim EDITED QUESTIONHi everyone,First off, thanks for your time! By way of a brief introduction, I'm originally from Montana and spent the last five years in London/Saudi/Dubai with HSBC's Capital Financing group. I plan on attending Booth this fall and would like to do some career planning ahead of joining as I hope to land an internship in London focusing on Emerging Markets (preferably buy-side credit). I've done a quick search on LinkedIn and am already very impressed by the number of Booth alumni at the major funds.Would you recommend reaching out to people now for coffee chats whilst in London this spring?Has anyone been on the London career trek? Is it mostly targeted at the larger investment banks?I've heard small European outfits are reluctant to offer internships unless students already are eligible to work in the EU; is this frequently the case?Thanks!Ryan
Tim -> rmillikan13Dear rmillian13, short answer is YES. Do as much networking as you can. And if you're going to be in the area, definitely set-up coffee chats with London-based alumni. It can't hurt. I wouldn't push for an internship but I'd lay the ground work for later. There are 2 London treks, one for banks and one for investment management. I went on both, and they're both great and make a big difference. You are right that many small European firms (like small US firms) will want students to have work authorization. There's not much we can do about that. But big firms typically don't have this issue. London in particular is pretty good about arranging for work visas. I myself am a US citizen so I will need a visa.
DanY-> LindaHi there, what about the job opportunity in PE/VC firms for international students? What is the possibility for students with high technology background to transfer to PE/VC firms focusing on high tech? Many thanks!
Linda -> DanYDanY - We maintain many relationships with PE/VC firms, but we also have many tools to help you with your search if it is more niche and specific. We can help you come up with a target list, search for contacts, and prepare your outreach. We can also help you position yourself and prepare your story so you can show companies how you can use your background in your new career.
muhamad -> Eddie What advice can you offer reapplicants? Catering specifically to the interview
Eddie -> muhamadHey Muhamad. As a reapplicant we want to see how you've changed over the last year. Has your perspective changed? New projects? Assignments? Promotion? New Position? The interview is a chance to sell yourself and why you want to get your MBA from Chicago. The interviewer hasn't read your file. He/she will only have your resume and we hope to be able to pull the more energy about the MBA and atttending Booth from your interview before making a decision on your application.
Kota -> Michael How does the Investment Banking Group help members in recruting activities? Does it involve some almuni assistance?
Michael -> KotaHi Kota, the Investment Banking Group has several roles here at Booth. In the beginning we simply want to educate students on what investment banking is and what the job is like. Once students have decided it is a direction that they want to pursue we begin the process of helping them be successful in the recruiting process. We accomplish this through multiple educational lunches, case competitions, an Investment Banking conference, mock interviews, mentoring, and a week long trip to New York City (trips are also organized to other ibanking hubs) as a capstone to the process. All of this would not be possible without an extremely active and dedicated alumni base.
Steve -> Jennifer Jennifer, considering your finance background from working at both UBS and T. Rowe Price, how has Booth's flexible curriculum allowed you to advance your finance training/knowledge faster than you might have in a different program that has a more rigid structure?
Jennifer -> SteveI recently completed my CFA, so I was able to skip introductory finance and accounting. This allowed me to take the more advanced coursework I needed to take the next step in my career, but also have time to really delve into new areas like marketing. Going into my internship, it definitely gave me a leg up versus students at other schools who had a standardized curriculum and were not able to take as many advanced topics before the summer. This has the potential to be really powerful for students w/o a finance background too - it allows you to ramp up faster if you are trying to make a career change rather than students at other schools who may go into their summer internships without taking anything more than basic finance.
Lauren -> JoshMy question is for Josh. You mentioned that you are looking to make the transition from financial services to strategy/BD opportunities. How have the courses and Career Center at Booth helped you to prepare and recruit for this transition? I've spent 3 years in IBK, and I'm interested in pursuing a BD career in pharmaceuticals post-MBA. Thank you for your time.
Josh -> LaurenThanks for the question Lauren. Career Services is very involved in helping me expand my network and putting me in touch with the right people. Marketing Strategy (McGill) and Commercializing Innovation (Meadow) and New Venture Strategy (Schrager) are the most beneficial courses I've taken to help me prepare for the switch. Those have all really helped me think outside the finance box.
Suraj -> Eddie Hello Eddie, Is it mandatory to have a Finance background to be successful in MBA finance.. I have a engineering background. How much of that would be a negative?
Eddie -> SurajHi Suraj. Your engineering background isn't a negative. From your transcripts and GMAT score we hope to make a good decision on your ability to handle the finance classes that we offer that can help you find your way into that industry.
Joe -> Fern Fern - As a long term goal, I am interested in gaining experience in the hedge fund industry and eventually starting my own fund. I know Booth has a dedicated hedge fund adviser. Can you elaborate on his or her role and resources available for hedge fund minded students?
Fern -> JoeHi Joe, we have career advisors across a wide range of industries and functions. We also have a hedge fund student group that will help students interested in the hedge fund industry. The hedge fund Career Advisor can help you work on your strategy and give you tips on landing an internship at a hedge fund. The CA can also provide feedback on your resume and help prepare for interviews.
CJL -> JoshFor off-campus recruiting efforts, do students tend to get most of those leads from student clubs, contacting alumni themselves, or other means? Thanks for hosting this chat.
Josh -> CJLI have used my ENTIRE network Booth and personal. Both Career Services and a couple of my professors have been very instrumental in getting me in front of the right people/alumni. Additionally, you will often find you peers to be the best primary sources about off-campus jobs.
Ryan_Chandler -> Jennifer Hello everyone, my questions are regarding a transition to corp finance. I work in financial reporting for the City University of NY Controller. Is a move from a gov accntg office to a corp. treasury/FP&A dept plausable? What can I do between now and the autumn '12 app. season to enhance my corp finance background? what publications are good for the corp. finance career track? Thank you very much!
Jennifer -> Ryan_ChandlerYes, definitely. Given that you already have a strong analytical background and experience in accounting and financial reporting, you should be able to really hit the ground running at Booth and take classwork that will allow you to round out these experiences and move into corp finance. I'd recommend that you augment a finance curriculum with marketing, strategy and macroeconomics classes. In the mean time I'd try to seek out opportunities to lead and manage teams to help prepare you to take the next step with corp finance, and read the WSJ regularly.
Diego -> Tim Hi everyone, this question is intended for Tim. What edge do you think the MBA at Chicago gave you that recruiters found noteworthy in S&T compared to students from other programs such as an MFE or other MBA programs? How did you manage to actively stay in touch with recruiters in London being in Chicago?
Tim -> DiegoDear Diego, I think we compete well with the quant finance masters programs. I have friends that did a similar program at Columbia, and he always bemoaned the lack of support from career services. Booth has a TREMENDOUS career services, and ultimately that is what matters. MBA career services have more resources and work hard to bring firms from around the globe to campus. It is obviously harder to network with London offices than say NY offices, but you can still be effective by going on the London Banking Summit, organizing your own trips, and being active in emails and phone calls. It means that you have to seize every opportunity to network because you don't get many chances compared to NY recruiting. Lower margin of error. But ultimately London offices recognize that although it takes more time for them to recruit at Booth, it's worth it due to the level of talent we offer.
Whit -> Michael A. Michael A - can you elaborate on why you would prefer internal M&A over PE?
Michael A. -> WhitHi Whit. I think it really depends on your personal goals. For me, if I decide to leave IB (I love what I currently do, by the way), an internal M&A job at a large company looking to make strategic acquisitions offers many of the benefits of IB and PE...but I think you have more of a connection to that specific firm....more 'skin in the game' to use a finance term.
amal12 -> Pammy I would like to pursue consulting in corporate finance. Is there any specific courses I would have to take to achieve this. It appears to me consulting and corporate finance are considered separate tracks.
Pammy -> amal12amal12- Consulting and corporate finance are considered separate career paths for purposes of on-campus recruiting. As for specific courses to take, I'd recommend Competitive Strategy, Financial Statement Analysis, and Business Policy. Those are classes that I really enjoyed and learned a lot in, but if you ask another Booth student/alum, I'm sure you'll get a different answer- there are too many good courses and not enough time!
JimRusso -> Fern Hi. What are the 1 or 2 most important aspects of Chicago that helps grads pursue a career in investment management?
Fern -> JimRussoHi Jim, i think the Chicago Booth network of alumni and employer partners are critical strengths of Chicago Booth that helps grads gain internships and full-time positions in investment management. Also, perhaps it goes without saying that the academic coursework will be invaluable in helping you prepare for an IM role.
samy -> Jennifer A question for Jennifer. Can you share how the student-led groups support students during the semester and perhaps recruiting time?
Jennifer -> samyStudent-led groups put together resource guides with interview preparation tips and guidelines specific to a given industry. They also conduct resume reviews, review cover letters and conduct mock interviews. One of the most important functions, however, is they help students network and connect with opportunities and alums in their area of interest!
Diego -> Tim What are the most common roles for MBA graduates to take when heading into S&T? Having previous experience in trading, would recruiters find the analytic finance concentration suitable if I intend to work at quantitative trading/structuring?
Tim -> DiegoDear Diego, MBA grads go into all aspects of S&T: research, trading, sales, structuring. It all depends on you and the bank's needs. Historically it's been more sales and research but I know a number of people going into trading full-time (equity derivatives, sov credit, distressed debt, exotics, etc) The analytic finance concentration is VERY suitable, and you'll be surprised at how in-depth it is. It is the concentration I am doing, and I rotated on trading desks this fall. So you will definitely be in a position to land a trading role if you fit their profile.
don -> Jennifer Are there any immersion programs that will help career switchers get prepared for interviews in the finance sector?
Jennifer -> donThere are different programs in the beginning of school to help career switches understand the necessary steps to move into the finance sector. The flexible curriculum also helps people without experience in finance get up to speed relatively more quickly by allowing them to take more finance classes early on before their internship. The Corporate Finance Group and Investment Banking Group, among others, are also really helpful in terms of getting career switchers prepared for recruiting time!
Bschoolpanda -> Fern Hi there, thank you all! I wonder if Booth offers pre-MBA summer internship program or any resources that may help the incoming students to secure an internship pre-enrollment. Thanks much!
Fern -> BschoolpandaHello! There are some pre-mba internships that are offered by some companies, banks and consulting firms. Banks and consulting firms offer pre-mba internships for diversity students. These opportunities will be posted on the Admitted student web site. You can also secure an internship or part time position by networking with your target companies and offering your assistance. You never know what can happen if you ask!
Roys -> LindaHi all. I'm from Israel, currently working for JPMorgan in Luxembourg and my post MBA plan is to remain in Investment Banking, but go for a different line of business. I wanted to ask how big of an obstacle would be the fact that I'm not a US citizen and can this affect my potential opportunities in finance roles in the US after the MBA?
Linda ->RoysRoys - Not being a US citizen isn't a huge obstacle, but it really depends on the firms that you are looking at. For example, many of the larger banks will hire and sponsor international students. There are some smaller shops that are not able to sponsor, but there are some smaller shops that are. We make this information available to you at the start of the recruiting process so you are aware.
Bowmil -> Michael What sets Booth apart from other top-tier MBA programs in preparing a career changer for a finance career post-MBA?
Michael -> BowmilHi Bowmil, I cannot say enough about our flexible curriculum and how much that plays a major role in helping career switchers prepare for interviewing and internships. The ability to take the classes you need when you need them provides a massive advantage when competing with schools that focus their first years on broad foundation classes. If you are going into an industry that requires a lot of accounting knowledge and you have none, you can front load all of your accounting classes starting day one so that you can be ready for interviews and internships. Also, the student groups here on campus do an amazing job of preparing you for the recruiting process; the second year students and alumni are passionate about making sure the next generation of Booth students is successful.
Phipps -> JoshJosh, as a follow-up to one of your answers: "For fundamental IM firms, you need to develop some credit/equity research skills, which you can acquire at Booth"....any key classes that come to mind to address those skills?
Josh -> PhippsHI Phipps. Financial Statement Analysis. Definitely not my favorite course, but easily one of the most beneficial courses I took last year. I also think Commercializing Innovation is good to help you forecast companies and industries. If you are really ambitious you can take Fixed Income Asset Pricing.
Moderator -> EveryoneWe have 15 minutes left in the chat. Thanks for your great questions! We will continue to answer as many as we can. Thank you.
HT -> Pammy Given the curriculum's considerable degree of flexibility, what role do academic advisors play in helping students select the optimum course mix for their specific career path?
Pammy -> HTHi HT. My academic advisor was really helpful in helping me to decide what courses to take, when to take them, and my bidding strategy, given that I came into Booth interested in two career paths (private equity and company finance). You can meet with your academic as frequently or infrequently as you'd like. I usually met with mine once a quarter as a check-in to make sure I was on track to achieve the concentrations I was interested in, and to get his opinion on whether or not certain courses made sense for me to take given my career interests.
Sofia -> Jennifer Hi, Jennifer. I work at UBS Wealth Management. How strong are Chicago Booth's connections in the private banking business? How did your background in IB help you position in the finance classes?
Jennifer -> SofiaMy experience in IB allowed me to skip more introductory finance classes and work on more advanced coursework, and also diversify my experience by giving me the time to explore things like marketing. I did not recruit for private banking so I'm not sure about the depth of Booth's connections in this industry, but Goldman Sachs Private Wealth does recruit on campus and two of my friends will be working there next year.
JP -> Trevor How does the Investment Management Group help to prepare career switchers with no finance background for a career in equity research?
Trevor -> JPJP - there are several ways to utilize IMG to prepare for recruiting - first, IMG meetings are a great low-risk/comfortable venue to practice stock pitches (a big component of equity IM interviews) and be reviewed by peers. Also, 2nd year students in the IMG make themselves available for 1-on-1 meetings to discuss the recruiting process/strategy and practice with mock interviews.
Phil -> Fern What percentage of your MBA graduates land a profession in finance before graduation?
Fern -> PhilHi Phil, about 45% of our student land positions in finance. By graduation last year, 86% of student landed their full-time positions. This data is not broken down by function.
ND-> LindaWhat is Booth's reputation with Asset Management firms in terms of recruiting relationships? Do many firms recruit here and are many students interested in this career path?
Linda ->NDND - We maintain relationships with many asset management firms. Recruiting for asset management is a mix of on and off campus. There are a number of firms that come on-campus, but also a number that will do job postings with us but not come on-campus. You can see a list of firms that hired students last year in our Employment Report at http://www.chicagobooth.edu/employmentreport/employer.aspx if you click on View all 2011 Employers. Last year, over 8% of the class accepted a full-time position in investment management.
Grant -> Tim Tim, what do you mean that "you rotated on trading desks this fall"? Was this part of an internship or at Booth or what? Thanks.
Tim -> GrantDear Grant, sorry I misspoke. I rotated on trading desks this summer as part of my internship.
Daryn_Katzen -> Trevor It would be great if Trevor could comment on the process of securing an internship from a firm headquartered outside of Chicago. Did Franklin Templeton have on campus recruiting or did he obtain the position another way. Thanks!
Trevor -> Daryn_KatzenFranklin Templeton did have on-campus recruiting, and companies from a range of locations outside of Chicago do make it to campus, which is great. However, many students supplement on-campus recruiting with an off-campus search. The alumni network and career services are great resources to use for an off-campus search.
weir.nathan -> Jennifer I am wanting to go into corporate finance. What are some companies that recruit at Booth for that discipline?
Jennifer -> weir.nathanIts difficult to count ;-) I can only speak to who I talked to or recruited with last year for corporate finance on campus, and these companies included American Express, Anheuser Busch, Avon, Brown Forman, Discover, Eaton, Miller Coors, Nationwide, Pepsi, P&G, Sears, Target, UnitedHealth, Walgreens, Walmart and Yum Brands.
Grant -> JoshHey Josh, I'm currently a Credit Analyst at a BB (2 yrs experience) and am looking into working as a buy side trader for a year pre MBA. Do you think that year of trading experience would help me get a hedge fund or S&T job or would it not garner that much consideration?
Josh -> GrantThanks for the question Grant. I think any trading experience you can get would be beneficial to landing a hedge fund job post-MBA. If you want an S&T job, trading before your MBA for one year is marginally beneficial. If you want to forgo school and work at a hedge fund, then start trading ASAP.
Eric -> Fern With the understanding that you need to come into Booth with a tentative plan in mind, how important is it to know exactly where in Finance you want to end up (i.e. I-banking vs. Research vs. PE)?
Fern -> EricHi Eric! Good question! It is not critical to come to Booth knowing precisely what your career directions will be, but it is a good idea to come with some sense of the direction. It sounds like you are interested in the finance career area. When you come on campus, we will have a number of programs that will help you better understand each career area to provide you the information you need to narrow your focus. Right now, you can begin doing your own research on banking, PE and research if these are your areas of interest. You can also begin to network with people in these areas to learn more about what they do.
Stephanie -> Eddie Hello, I'll get my degree in march 2012 and I'm considering start an MBA program next year. I would like to know what is the best time to apply after finishing college?
Eddie -> StephanieCongratulations Stephanie! You transcript showing that you have your degree is all we need. You have to do some soul searching first and find out if now is the right time for you to apply. When we look at your essays we want to know if you can answer - Why now? Why an MBA? Why Chicago Booth? Our first deadline is usually in October so you'll have sometime to take the GMAT exam. I strongly encourage you to take it before you graduate if you have the time to prepare for it while managing your classes.
Jim -> Jennifer Question for Jennifer - you mentioned that coming in with the CFA designation allowed you to skip certain basic fin/acct courses. Would entering as a CFA level 3 candidate allow me to skip these courses too?
Jennifer -> JimIts really a personal decision what to take or what to skip. You do not need to complete the CFA designation to get formal permission to skip - that is really up to you and where you think your skills lie. So for instance, I skipped Corporate Finance and went right into Cases in Financial Management and did fine. I also skipped Financial Accounting and went right into Footnote Accounting. But there was not a formal requirement to have a designation etc. in order to skip. Hope this helps.
Mike_Vieth -> Michael A question directed at one of the current students - U of C has a strong tradition in pioneering economic theory. Do these theories come out in the finance curriculum, and are there opportunities to take economics courses during a full-time MBA program?
Michael -> Mike_ViethThe economics department here is incredible. I have had the opportunity to take classes with Randy Kroszner (Fed governor during the crisis), Axel Webber (President of Bundesbank and member of ECB governing counsel), Austan Goolsbee (former economic adviser to Obama), Kevin Murphy, and several others that may not be as recognizable but are rockstars in their fields none-the-less. Hank Paulson has also made several appearances in these classes to talk about the practical application of the theories discussed in class.
JimRusso -> Trevor Hi. What classes does Chicago offer that can uniquely prepare an individual for a career in investment management? Which professors, in particular, are dedicated to the field of investment management? Thanks!
Trevor -> JimRussoJim - there are so many great classes that are directly applicable to IM, which I benefited from in my summer internship. I will list a few: (1) Financial Statement Analysis with Abbie Smith, (2) Financial Markets and Institutions w/ Doug Diamond (especially for fixed income) and (3) Entrepreneurial Finance & Private Equity with Steve Kaplan. These are 3 great courses offered by real pioneers in their respective areas of study.
dima -> Fern Hi! Thanks for being here today. My question is about internship: what are the chances for international full-time MBA students to get an internship with the branded investment bank in the U.S.? Did some of your international classmates managed to do this last summer?
Fern -> dimaHi Dima, investment banks are very open to international students. i don't have detailed stats on this, but i know that we have a large number of international students who have successfully landed jobs at major bulge bracket investment banks in the US.
Victor -> JoshCan you talk a little bit about the diversity on the Booth campus? Do you see a great mix of different backgrounds at Booth?
Josh -> VictorHi Victor, Booth is a very diverse campus with students from nearly every career background you could think of. We also have a strong international presence and international student groups. There is really something here for everyone. My best study group experiences have been with people from different career backgrounds, and different nationalities, because we all approach problems in different ways.
Alfa -> Jennifer @Jennifer How about Tech companies?
Jennifer -> AlfaI did not recruit with many tech companies myself, but the corporate roles tended to be corp finance / corp strategy hybrids. Also positions can be quite geographically diverse.
DanielF -> Pammy Regarding the summer internships, I would like to know what do recruiting companies/firms look for? I mean, are they interested primarily interested in academic performance during the MBA? , what other facts are important at that stage?
Pammy -> DanielFEvery company might be looking for something a little different in a summer intern, but for the most part they all want someone with excellent analytic, communication, and problem solving skills. Academic performance is important, but Booth has a grade non-disclosure policy where students are not allowed to disclose their grades or GPA on any written materials (i.e. resume, cover letter, emails) to potential employers. It's a beautiful thing because it allows you to focus more on recruiting rather than getting a high GPA (not that there's anything wrong with that!).
Ehsan -> LindaQuestion for Linda, Do VC firm come to Booth for recruiting? What are the chances for getting an internship with a VC? Do you have a strong alumni network within VC community? Thanks.
Linda ->EhsanEhsan - We maintain many relationships with VC firms, however, the recruiting process for VC is mainly off-campus. This is because they have more of a just-in-time hiring model and don't follow the on-campus recruiting timeline for MBAs where they would interview in October/November for full-time positions and January/February for interns. Your ability to land an internship in VC will really depend on how much effort you put into networking and building relationships with these firms. We will provide you with the tools, support and training to do this.
jason.r -> Fern Good morning and thank you for hosting these chats. I have a question for Michael and/or Fern. How would you break down the roles that the career office and Investment Banking Club play in helping students navigate the investment banking recruiting process?
Fern -> jason.rHi Jason. Career Services and the Investment Banking Group collaborate to prepare students for careers in investment banking. Career Services offers programming and support across all industries and functions, therefore we are generalists. The IBG focuses on preparing students on the technicals and details around a banking search.
Chris -> Michael For each of the second year students in this chat, what to you sets investment banking apart from other potential career choices that were available?
Michael -> ChrisInvestment Banking provides a very unique opportunity to learn an incredible amount in a compressed period of time. It also offers a fast paced challenging environment that is hard to find in many other career fields. Although not for everyone, for the right person it is a uniquely challenging and rewarding experience not found elsewhere.
Grant -> JoshHow soon do you meet with academic advisors after being admitted to Booth?
Josh -> GrantHi Grant. I met with academic advisors before round 1 of bidding on classes, and academic services has a curriculum overview on day 2 of orientation. I also got free academic planning advice from my random walk leaders during my trip.
Grant -> Tim Tim, as a follow up, did you have any prior trading experience before being on the trading desks in your internship? Also, was being on these desks solid preparation for a potential future in S&T?
Tim -> GrantDear Grant, I did not have trading experience but I did have buy-side experience. The rotations are huge because at BAML London we get desk-specific offers. So that's the best way to get a trading job is by rotating on a trading desk, impressing the desk head and getting an offer.
Joe -> Trevor Can anyone speak to the about reaching out to the alumni network to talk about long term career goals? I think it would be a great opportunity to talk to and gain insights from a veteran in the long term career goal industry. Has anyone reach out to the alumni network to find a mentor or someone who can help?
Trevor -> JoeJoe - the alumni network has been incredible for me. Many alums (particularly 10+ years into their careers) have seen a variety of different functions and industries so can offer very valuable perspective on the different career options open to us. Alums are very responsive to email and often very willing to meet up for a coffee in Chicago.
Michael A. -> EveryoneHi everyone- it was great speaking with all of you, and best of luck throughout the application process. I need to run. Cheers.
jason.r -> Pammy This question is for any of the students or alumni. Which courses at Booth outside of finance have you found to be the most applicable and helpful to your finance internships and careers?
Pammy -> jason.rHi jason.r. I'm a 2010 alum. The courses that have been most applicable are LEAD, Business Policy, Financial Statement and Analysis, Competitive Strategy, Corporation Finance, and Developing New Products and Services (I work in the CPG industry, so this is very relevant!).
guyt -> Fern Hi, What are the chances of getting into a hedge fund right out of school without investment banking experience? How about portfolio management?
Fern -> guytMany of our students are career changers. You may be aware that it is very difficult to get a position at a hedge fund because it is a very popular career area and the positions are very limited. The more relevant experience you have, the better your chances but if you have relevant experience and are able to articulate your transferable skills, and you network like crazy, it is certainly possible.
Jackson_Dunlap -> Michael For someone interested in career switching into finance...are there any pre-MBA or pre-Booth activities you would suggest?
Michael -> Jackson_DunlapBe a sponge, immerse yourself in the finance world as much as you can. Read all of the standards: Financial Times, WSJ, Economist, etc. Talk to as many people as you can in various finance industries. That being said, you can relax and enjoy your time before starting school because Booth will provide everything you need to make the transition once you get here.
Joyce -> Trevor What percentage of students interested in IM end up finding an internship/job in IM whether that is on-campus or off-campus recruiting?
Trevor -> JoyceJoyce - that is a difficult question given the varying level of interest students have in IM (versus other related functions such as S&T, banking). I would say the students who come to campus and devote the majority of their recruiting efforts to IM will have a good chance (50%+) of success in finding some variation of an IM job. It is a field that requires significant preparation, so focus is crucial.
Moderator -> EveryoneThanks for participating in our chat! The chat has now ended. You can view the chat transcript within 48 hours at http://www.chicagobooth.edu/fulltime/chat/
Eddie -> EveryoneThanks for sitting in on the chat. If you ever visit campus make sure you stop by and say "Hello"!
Linda -> EveryoneGreat speaking with all of you!
Tim -> EveryoneThanks everyone for your questions. I hope you found this session useful, and that you decide to come to Chicago Booth in the fall!
Fern -> EveryoneThank you so much for participating in this chat session!
Josh -> EveryoneThanks for the questions everyone, good luck with the application process and your decision.
Jennifer -> EveryoneIt was great talking to everyone! Good luck with the process!
Trevor -> EveryoneThanks everyone! Good Luck!
Michael -> EveryoneThanks everyone, good luck with the process!
prateekc -> Pammy Hello everyone, I'm Prateek. How difficult is it to switch to Corporate Finance considering my pre-MBA experience is in technology (in an Investment Bank) and in Risk Management? Thanks!
Pammy -> prateekcHi Prateek, there are plenty of career switchers at Booth, and the school and 2nd year students do a great job of helping you prepare your "why do you want to do corporate finance?" story. As long as you have genuine interest, determination, and a good story of why you want to make the move, it's definitely doable!
Pammy -> EveryoneIt was great chatting with you all. Good luck with the application process and with your decision!