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Recruiting for Finance

Recruiting for Finance - Wednesday, March 12, Noon-1 p.m. CST

Chat live with Booth Career Services staff and current students who are pursuing careers in areas such as investment banking, investment management, sales and trading, corporate finance and hedge funds. This is your opportunity to ask students about recruiting, their curriculum choices, concentrations, student groups, and more.

From -> To Message
Moderator -> Everyone Hello everyone. Thank you for participating in our chat. The chat will begin in 20 minutes. Please feel free to submit your questions at any time.
Moderator -> Everyone Thanks again for joining us today. We're eager to answer your questions related to opportunities and resources available to students at Booth who are interested in pursuing a career in finance. Should you have any questions beyond the intended topic, please feel free to contact the Admissions Office at 773.702.7369 or admissions@chicagobooth.edu.
Moderator -> Everyone Hello everyone. Welcome to our live chat! Thank you for joining us today. We are eager to answer all your questions, so please begin submitting them now.
Moderator -> Everyone Welcome everyone. The chat has now begun. We look forward to answering your questions about the opportunities and resources available to students at Booth who are interested in pursuing a career in finance.
EmilyS -> Everyone Hi All, welcome to the chat! Looking forward to answering any questions about Finance in a company or finance at Booth in general!
Cristina P. -> Everyone Hi all, looking forward to answering your questions!
Kwad A. -> Everyone Hi All, thanks for joining us. I'm looking forward to answering your questions on school resources for sales and trading, and client-facing and research roles in investment management!
Mira S. -> Everyone Hi everyone, great to meet you all virtually and looking forward to answering any of your questions!
Catherine -> Everyone Hi everyone, Catherine from Career Services here...looking forward to answering your questions today!
Eric -> Everyone Hi all, looking forward to answering everyone's questions about investment banking and career switching.
Liz -> Everyone Hi! I am excited to share with you my experience here at Booth and help answer any of your questions!
Joanna -> Everyone Hello everyone, looking forward to answering your questions today...
Niranjan -> Liz Hi I am interested in joining the asset management industry. What are the resources Booth offers in terms of courses, professors, internship opportunity assistance? Thanks.
Liz -> Niranjan Hi Niranjan! Booth offers a wide range of resources pertaining to recruiting in Asset Management. To take your questions one by one:
Tatiana -> Everyone Hi! Please let me know if you have any questions about real estate, or coming from a non-traditional background to Booth.
Michael14 -> Eric I have been accepted to Cornell's Financial Management program and I am interested in gaining my MBA. What are some steps I need to take to be a well rounded exceptional candidate in the Investment banking industry.
Eric -> Michael14 Hi Michael, I think that one misperception about a good candidate in investment banking is that analytical / finance skills are the most important. I found during recruiting that a lot of recruiters look for strong interpersonal skills, since much of the job requires interacting with other bankers and with clients. As far as concrete steps you can take, I would recommend continuing to build a finance skill set (CFA exams) and developing expertise in a segment you're interested in (for example, debt markets, or the tech sector). Hope this helps!.
JP -> Kwad A. As students, how has geography played a role in recruiting? For example, how easy have you found it to recruit with firms for positions that are based outside of Chicago?
Kwad A. -> JP JP, When I was recruiting for asset management I was a bit concerned being able to get back to New York or even getting to California. One of the great things about Booth is that there are many firms from not only around the country but around the world that recruit at Booth. While I was looking for internships, I applied to positions in New York, Southern California, Massachusetts, and even New Mexico. When I was done, I was able to secure internships, in California and New York because of the firms that recruited at Booth.
Yannick -> Cristina P. Hi everyone. Thank you for offering us the opportunity to ask questions. I would like to know how easy is it for US banks to recruit non US citizens.
Cristina P. -> Yannick Hi Yannick - I'm from Colombia and recruited for Investment Banking for my summer internship. Investment banks are open to recruiting non-US Citizens and are willing to sponsor both for summer internships and full-time positions upon graduation.
Denisse_Calmet -> Catherine Hello everyone. I am Denisse Calmet from Peru and I applied on second round for the full-time MBA program. I really want to pursue a career in Corporate Finance and I would love to work in the US. Do you know which companies actually hire internationals and if those job positions are recruited in-campus? Thanks in advance for your answer.
Catherine -> Denisse_Calmet Hi Denisse, it varies from year to year across the board what companies recruit from campus, and for what positions they recruit, so it's hard to say definitively. A good place to start are the spreadsheets we have of companies that have hired international students. The link is here (http://career.chicagobooth.edu/fulltime/jobsearch/international-students/targeting.aspx) and you can access it from the Career Services page from the Portal > International Students. There are a couple of spreadsheets with information from both Booth and our peer schools about companies that they know of who hire international students. And of course, we always encourage students to pursue companies of interest even if they say they don't hire international students...we know based on experience that, for the right candidates, companies may make exceptions on that rule! Best of luck!
Benny -> Eric Good Afternoon Everybody, thanks for hosting this chat. This question is specifically for Eric. We have similar backgrounds in the sense that I majored in Engineering Undergrad and also have completed a rotational leadership development for an Engineering Firm (Rockwell Automation). My question is what prompted you to enter the finance field? I'm currently torn between consulting and finance so any thing helps.
Eric -> Benny Hi Benny, this is just my opinion, but I wanted to recruit for finance because it was more transaction-focused and concrete than certain consulting assignments. I enjoyed working on specific M&A transactions, particularly the financial modeling component. That's one skill set that transfers over well from engineering. My impression was that in consulting you're often making recommendations to clients, but not necessarily executing them.
Susheel -> Tatiana Hi Everyone. Do we need to any concepts of Finance before start of MBA? I have no prior experience.
Tatiana -> Susheel Hi Sunsheel. No, a finance background is not necessary. I had no finance background. Many of your classmates will have a strong finance background, so you may have to work a bit harder in finance classes, but it's definitely manageable.
Alan.I.Glass -> Cristina P. Hi, thank you for being available for our questions today! In terms of recruiting for investment banking internships at BB banks, how much power do you have over the individual group that you try to get placed into? And what are some things you can do to influence this?
Cristina P. -> Alan.I.Glass Hi Alan - glad to help! In terms of selecting groups within Investment Banking, it's an ongoing process both throughout the recruiting period and after the extension of the offer for the summer. During the recruiting process you can openly express interest for one particular group and make the extra effort to meet several people from that group. This will help to better position your interest during the recruiting process. That being said, it's also important to remain flexible throughout the process, meet different groups and learn about different industries. Placement depends both on availability and interest and it will help to have a broader focus throughout the process.
Benny -> Eric Also for Eric again, how was your first internship experience? I am under the impression that it wasn't the conventional Investment Banking job since your focus was renewable energy.
Eric -> Benny Hi Benny, I worked on a very small team at Marathon, only ~10 people in the office, and loved it. It was unconventional in that I didn't have any official training common at larger bulge bracket banks, but instead I had the opportunity to learn directly from my peers, the other associates, and the VP who hired me. It is also less of an M&A shop and more focused on capital raises (debt, equity) for major renewable energy projects. It really blended well with my engineering / energy skill set from GE.
Roman_Kirsanov -> Mira S. Thank you all for holding this chat. I'm a R2 applicant and plan to improve my understanding of Finance during my MBA. How would you recommend to use my pre-MBA time to prepare myself to rigorous finance courses at Chicago Booth (My experience is in marketing).
Mira S. -> Roman_Kirsanov Great question! Prior to the start of classes, Booth offers a pre-MBA accounting course which is a great introduction to basic accounting. It is almost 40 hours of instruction over the course of a week. I took it and found it helpful when I started accounting in the fall. Booth also offers several online math refresher courses. You can start doing the online math refresher courses beginning in early summer. Hope this was helpful!
Eugene -> Kwad A. For those of you that have switched careers completely, how did Booth help you with that? Was it difficult to be in classes where others already had the financial background?
Kwad A. -> Eugene Eugene, so I was in Sales and Trading immediately after undergrad for 3 years, but I was a public policy major and really didn't have any formal training in finance. Then I spent 3 years before booth in nonprofit managing internship programs. When I came to Booth, I had little experience in corporate finance, accounting, and my technicals needed much improvement. The great thing about Booth is the collaborative nature of the students. The first thing we do at the beginning of each semester is form study groups, and they are formed at random. I can't tell you the number of times during my first year when I paired up in groups with people who were more well-versed in a particular class subject matter than I was. Students are totally willing to share what they know to help everyone catch up!
zhenxia13 -> Tatiana How much of your time was devoted to recruiting versus academics?
Tatiana -> zhenxia13 Hi! I spend much more time on academics than recruiting, but this is heavily a function of your preference, and the career that you are recruiting for. I am recruiting for real estate, which does not have a formal recruiting process. I also chose to take 4 classes most quarters, but you can also choose to take 3 classes.
Brant -> Liz Thank you for hosting this! I'm a military applicant and although I think I know I want to do, I am also curious about the viability of transitioning into finance. My military experience has very little direct correlation.
Liz -> Brant Hi Brant! While I do not have a military background, I have had the fortunate opportunity to meet many colleagues here at Booth with a military background. From our interactions I can attest that they were successful in recruiting by focusing on their passion, ability to lead, navigate teams under pressure, and looping in their academic experience at Booth. Remember that most professional environments require soft skills that are not easily attained in the classroom. Your military experience may have more leverage than you think!
Vin -> Cristina P. To Christina Pereira or the other students - what is your advice for a student that is looking to go in to the IMF or any of the development banks?
Cristina P. -> Vin Hi Vin - Booth has strong resources for students interested in the IMF or other development banks. I would suggest joining the Emerging Markets Group and taking part of the DC trek where you get the opportunity to visit international organizations and learn more about the opportunities available in this space. We just went to DC last week and had the opportunity to meet with several impact investing firms. The prior year we visited the IFC and the Inter-American Development Bank as well. In general, for recruiting in these type of positions, would recommend reaching out to alumni who are part of those organizations and getting their perspective. It's important express genuine interest and be knowledgeable about the space.
posterland -> EmilyS Thanks for taking my question. In your experience, how have the finance-related student groups helped you to become more prepared for your career in finance?
EmilyS -> posterland Great question. The student groups here on campus are extremely helpful in terms of preparing students for both summer internships and full-time opportunities. All of the professional groups offer interview preparation, resume review, and networking events with company sponsors and second year students in order to ensure that students are as prepared as possible for whatever finance career they wish to pursue. All of these offerings were extremely helpful throughout my recruiting process.
Lawrence_Dobrosky -> Eric Specifically for Eric, can you speak about your experience recruiting with energy companies? Did you find your internships through on campus recruiting, the Booth Network, or something else? Thank you and congratulations on the baby!
Eric -> Lawrence_Dobrosky Hi Lawrence, I will discuss investment banking recruiting specifically. Most students find their internships through on-campus recruiting. Almost every bank you can think of comes to campus and plans to hire Booth students each year. That's how I found my internship at Baird over the summer. However, I found my Marathon internship through the Booth network. It was a classmate of mine who met a Booth alum, who then passed his contact info along to me when he thought I'd be interested. I followed up and they were very flexible working out a part-time work arrangement while I was in school. Booth network exceeded expectations. Best advice I can give is to be vocal with your classmates, alums, etc. about your interests and a lot of options will turn up.
Michael14 -> Kwad A. Hey Kwad, What have you found in your experience, is the difference between Investment management and Investment Banking.
Kwad A. -> Michael14 Michael: good question. While investment banking is really about assisting companies on accomplishing their financing goals and trying to help them figure out how a particular company acquisition can help a business, investment management is really thinking about making investments in companies through different types of securities. You're trying to understand if the decisions a company's leadership makes will make the company more valuable (or destroy value) in the future.
Lawrence_Dobrosky -> Eric Specifically for Eric, can you speak about your experience recruiting with energy companies? Did you find your internships through on campus recruiting, the Booth Network, or something else? Thank you and congratulations on the baby!
Eric -> Lawrence_Dobrosky Hi Lawrence - I responded to your question but not specifically - see chat history above.
Roman_Kirsanov -> Liz I have heard an amazing feedback about Entrepreneurial Finance and Private Equity course taught by Steve Kaplan. Which finance courses would you recommend to look at that are connected with entrepreneurship?
Liz -> Roman_Kirsanov Hi Roman! I have taken quite a few entrepreneurial classes here at Booth and have found them to be rewarding, even though I will be pursuing a career in Banking post-Booth. Some classes are as follows: Commercializing Innovation, Entrepreneurship and Private Equity, New Venture Strategy...and that is just the beginning of the list.
Aashya -> Catherine Hello Everyone, I'm a Consultant currently working in healthcare service industry and I wish to work as a non-traditional actuary. Booth provides a very different and independent approach of learning, does booth house any specific help to people who wish to pursue this field? Also, how much weightage does the school provide to international experience overall?
Catherine -> Aashya Hi Aashya, I'm not sure what I understand by your last question, but international work experience, depending on what it is, can definitely be seen as a positive! In terms of the type of work you'd like to pursue, any specialized search -- a search where the positions are probably not hired through the campus recruiting process -- is well supported by Booth and Career Services. We offer programming on how to take advantage of the resources and databases that are useful for specialized searches; for example, how to develop a target list of companies that may interest you, and how to find contacts at those companies with whom you can network. We offer support on how to navigate networking conversations, and how to develop those relationships. Hope that helps answer your question!
MBA2016 -> Kwad A. How is the job market for Sales and Trading? Are there still many employers coming to booth for positions in Sales and Trading?
Kwad A. -> MBA2016 It's no secret that there has been consolidation in the sales and trading space. In the new you are seeing that some firms are closing down particular trading desks in certain industries such as commodities. That being said, there are definitely employment opportunities in Sales and Trading for those seeking them. I was the Sales and Trading career advisor (a student resource for 1st years) and combined with the Career Services offices we were able to help all students that wanted S&T internships to obtain them.
Samuel -> Eric Eric, I am looking to do exactly that: career switch into investment banking. Can you tell me more about your transititon as well as how Booth helped you achieve this?
Eric -> Samuel Hi Samuel, Booth Investment Banking group was incredibly helpful making the transition. They basically give you the playbook and, if you follow through on it (crafting your story, resume prep, networking, etc.), most had internships in banking if they sought it. Through them, about 30 banks (bulge, middle market, etc.) come to campus and you have an opportunity to meet all of them. Equally helpful were 2nd year students, with whom I spoke at length about my thoughts / career plans. All of them were happy to chat and give advice.
MBA2016 -> Cristina P. I'd like to get into investment banking in NY. Is it possible to recruit from Chicago (can everything from interview to networking be done in Chicago) or would I have to fly out to NY every week for informational interviews?
Cristina P. -> MBA2016 Hi MBA 2016 - students certainly recruit from Chicago and are not expected to be in NY for informational interviews. The banks are regularly on campus for information sessions and special events which facilitates the networking opportunity. There's no expectation to fly out to NY on a regular basis and students typically schedule informational calls rather than flying out to NY. There's one exception - by the end of the first quarter, there is one trek where students fly out to NY for a week to meet the different banks. This is all organized by the Investment Banking Group and includes a set schedule for all students.
Felipe_Gonzalez -> Eric Hi Eric, can you please tell me about your career switch and what motivated you to do it? Thanks, Felipe.
Eric -> Felipe_Gonzalez Hi Felipe, I answered a question very similar to this - see the chat history and if you have any follow-up questions please let me know.
asalazar -> Mira S. Hello everyo9. I was wondering what career paths are open for people interested in pursuing finance and strategic management concentrations at Booth!
Mira S. -> asalazar Corporate finance roles offer a great career path for anyone pursing finance and strategic management concentrations at Booth. Within corporate finance, there are a number of different roles one could pursue, including financial planning & analysis, treasury, mergers & acquisitions, and more. Many of the MBA corporate finance roles require not only the fundamentals that you'll get from a finance concentration, but also the leadership skills that you'll get from a strategic management concentration. Hope this was helpful!
Artur -> EmilyS Hello, is it more common to gain some work experience after your undergrad, before determining that you want to pursue further financial education?
EmilyS -> Artur Hi Artur, generally speaking it is advisable to have some work experience after undergrad, prior to pursuing an MBA. That said, the emphasis will be on the quality of your work experience, not the quantity of years worked and there are a wide variety of backgrounds and length of previous careers within the student body here at Booth.
rg -> Liz I'm considering the Booth MBA. If you are an industry switcher planning to go into Asset Management, does it make sense to just 'switch' now or would it pay off to do the MBA (e.g. - starting at a higher role post-MBA)?
Liz -> rg Hi Rg. The question you ask may require a deeper dive as what into the particular role you wish to pursue in Asset Management/Investment Management. I would ask yourself, the following questions: (i) What role are you looking within AM (e.g., analyst, research, PM, client facing) and what side (i.e., buy side/sell side), (ii) Are you a career switcher? and (iii) Where are you considering switching into?

Most students looking for career in AM look to move from sell side (pre-Booth) to buy side (post booth). MBA candidates who have experience from the buy side transition to other buy side firms or decide switch industries completely. All said it done, consider the position you are in now, and where you hope to make the jump.
Archit -> Eric Hello. Thanks for organizing this chat. I understand that some students take up an internship during the year as well. What kind of opportunities are available in finance? Are there opportunities in M&A at an investment bank?
Eric -> Archit Hi Archit, I did a traditional internship during the summer (as a generalist at Robert W. Baird, where I worked on a number of M&A assignments) as well as an internship in the spring while I was still a student. I found the spring internship through a classmate who met a Booth alum from the company at a Booth event. I also know a number of students that also do internships through PE/VC Lab, which is a class, but also an internship with a PE or VC firm. In short, there are a lot of finance opportunities here.
Niru -> Kwad A. Hi Kwad, how much are Booth students valued in the hedge fund industry? Why would you say so? Thanks.
Kwad A. -> Niru Hi Niru - While the hedge fund industry is extremely competitive, Booth students are very much valued by the hedge fund industry. Our courses in empirical asset pricing really help to distinguish Booth in business school education. We have industry-leading professors such as Eugene Fama and Lubos Pastor who consistently publish cutting edge research. It's been my experience that it translates into the classroom and hedge funds such as DFA, Carlson Capital, and DE Shaw recruit here at Booth.
Solon -> Tatiana Hi Tatiana, Can you elaborate on what the real estate recruiting process has been like? I know it is less formal, but have you still found there is a good structure in place to aid students through the process?
Tatiana -> Solon Hi Solon. The RE recruiting process is heavily self-directed, although career services is certainly here to support you (with resume review, interview prep). Students tend to make good use of the alumni group (although we do not have an RE concentration, we have a strong RE alumni network). I've also found other students to be a great resource for sharing contacts and industry insight. A good deal of RE jobs are also posted through career services, and sent through our primary RE faculty (Professor Pagliari).
Michael14 -> Mira S. Hi Mira, how can I enroll in the Pre-MBA course work?
Mira S. -> Michael14 Enrollment information will be sent to you by academic services sometime in the late spring or summer once you've matriculated.
Felipe_Gonzalez -> Cristina P. Hola Cristina! I'm Felipe from Colombia! Can you please tell me why did you choose Booth for your MBA? Gracias!
Cristina P. -> Felipe_Gonzalez Hola Felipe! Glad to see a fellow colombian in the chat! For me Booth offered a great opportunity to tailor my own path during business school. I valued the school's focus on flexibility and how this translated into the ability to create my own path at school and leverage my background and interests to tailor my MBA experience. I also visited the school when I was applying and genuinely appreciated the culture, the people, and the pay it forward attitude that was evident in the student body. I have seen this throughout my time at Booth and can say that the incredible support both from fellow classmates, career services, and professors has been instrumental in making this an incredible experience.
Steve -> Eric I am interested in oil and gas IBanking/PE, does Booth offer anything focused on the oil and gas sector.
Eric -> Steve Hi Steve, most O&G work is in Houston. Booth has a strong network at the banks' offices down there and several of my classmates interned there and are returning full-time. Through a combination of involvement in the Investment Banking, Energy, and PE groups, students make those connections. Most banks come to campus to recruit in the fall and you don't have to network into position on your own. PE requires a bit more initiative, but PE/VC Lab is a great opportunity to meet and work with many of those firms.
Michael14 -> Cristina P. Cristina P, were you recruited from Booth, or did you personally find a US Bank to sponsor you?
Cristina P. -> Michael14 Hi Michael - if I'm understanding your question correctly, I recruited at Booth as an international student. Investment banks are very open to hiring international students and sponsor both for summer internships and full-time positions.
Kin -> Kwad A. What subject areas does one need to study in school to excel in sales and trading?
Kwad A. -> Kin Kin - one needs to get a sense for how to use different financial instruments as well as have soft skills. Courses in asset pricing definitely help for S&T and getting comfortable talking with various types of individuals. But in order to get an internship it matter most that you are doing whatever you can to develop your own opinion on global economies, markets, and companies. Booth groups such as the Investment Management Group, the Hedge Fund Group, and the Credit Group will definitely help you with that :)
Triste -> EmilyS Hi, I have been working in the energy industry for almost 7 years, mainly in accounting but also in areas of HR, logistics and legal. I am interested in business development in the energy sector as a long-term goal and intend to do Corporate Finance after graduation. How could Booth help me with this career change?
EmilyS -> Triste Hi Triste, similar to you I worked in accounting (for a CPA firm) for six years prior to Booth and am transitioning to a Corporate Finance role after graduation. I would say that the rigorous finance coursework at Booth has been extremely helpful in terms of preparing me for a career in Corporate Finance. Additionally, the industry and profession-specific student groups offer great resources for making such a career change. There are several large energy firms that recruit heavily at Booth as well as student groups specific to Corporate Finance and Energy. I believe that the combination of these resources would position you well for making this career change.
Digvijay -> Catherine Hi. I understand that transitioning into Finance from IT is tough, but how hard is it to get into PE after an MBA from Booth if you have no prior experience in Finance? Are there a lot of career-changers who are able to transition successfully into tough fields such as PE?
Catherine -> Digvijay Hi Digvijay -- Private Equity can be a challenging career to enter right out of business school, but there is a lot of support both from Booth and from Career Services on students who are interested in exploring PE. In the past couple years, we have done workshops with a PE professional who has spoken specifically to career switchers interested in moving into PE. We encourage all students interested in PE to network with industry professionals and learn as much as they can about the industry, but to also consider what stepping stones -- such as investment banking -- they could pursue in the short term, with PE as a long term goal. Good luck!
hlw -> Cristina P. Hi. I wanted to know how actively students are recruiting for the larger boutique M&A Advisory firms like Lazard and Evercore. Do Booth students generally prefer the bulge bracket firms or are the boutique firms popular as well? Really appreciate that you take the time to answer our questions. Best Regards Henrik
Cristina P. -> hlw Hi Henrik - students at Booth interested in Investment Banking typically recruit for both, boutique and bulge bracket firms. Both type of firms actively recruit on campus and it's more of a personal decision from the students as to which they consider the best fit for them.
Katherine -> Kwad A. Hi Kwad: you wrote earlier about recruiting with firms around the country. What was your process for developing those connections? What advice would you give to someone wanting to follow the path of finding the right opportunity, irrespective of geography.
Kwad A. -> Katherine Great question Katherine. My advice would be to attend the firm networking sessions, and follow-up with people with whom you really hit it off. Follow-ing up with those professionals you met is invaluable as it usually leads to great nuggets of information.
Ruchi -> Eric I guess this question applies most to Eric since it is about career switching. Post undergrad I spent a year in IBD and then 2 years in financial services. I'm looking to get back into Investment Banking - any advice/tips on how to sell my background when taking part in recruiting since i've been away from the space for a while now?
Eric -> Ruchi Hi Ruchi, I don't think you'll have any problem explaining your background to recruiters. Many of the hires out of business school had no prior banking / finance experience whatsoever, so in that regard your story will be easier to tell. My advice would be to have a clear explanation for what's compelling you to return to banking. No tricks necessary, just be honest with them.
emasters -> Liz Hi I am currently in the investment consulting industry and want to remain in the investment/asset management industry. I have taken many of the financial designations (CFA, CIPM, CAIA) and am trying to decide how to use an MBA program to best supplement I skill set thus far. So would you recommend taking advanced courses in the analytical finance/econometrics concentrations if I want to go a more quantitative route or think more outside the box and take classes that would enable me to be more well rounded as an investment professional? Thanks for your feedback.
Liz -> emasters Hi emasters! I also have my CPA designation and completed level II of the CFA pre-Booth. I am currently completing my Analytical Finance concentration and would recommend taking advanced courses if you want to go the more quant heavy route. That said, there are also many courses that will enable you to be more well rounded. The benefit of the Booth curriculum is the 'flexible curriculum' which has allowed me to focus on advanced finance classes and has also allowed me to take 'softer-skill' classes such as Managing in Organizations with Professor Epley and Negotiations with Professor Ginzel. The classes discuss and present managerial frameworks that will be relevant when you are a Portfolio Manager or Client Manager, and/or negotiating and selling products (or yourself!) and the like.
Yannick -> Tatiana Hi Tatiana. I have two questions for you. 1) What are the relevant books that would help me to build some solid Real Estate finance foundations before school ? 2) What kind of extracurricular activity a future Real Estate job seeker should undertake in order to further his knowledge on the Real Estate industry ? Thanks for your feedback !
Tatiana -> Yannick HI Yannick. No books jump to mind, but you should really try to stay up-to-date on current deals through looking at industry publications. Green Street Advisors writes really well respected reports, as does AEW. In the US, Crain's often has a section covering recent real estate deals in a given city, and the New York Times has reporters focused on real estate. In terms of extracurricular activities, I volunteered at a building-related museum. There are also many professional organizations that it could be valuable to join because of their seminars. The Urban Land Institute is a great organization to join.
Brant -> Kwad A. Kwad, regarding asset management, with Chicago's reputation as the birthplace of EMH/CAPM, were there opportunities to study things like value investing?
Kwad A. -> Brant Brant - You definitely done your hw that Booth is more rooted in efficient markets and asset pricing. We also have opportunities to study how companies go about creating value. Check out classes such as "cases in financial management" in which professors really dissect how value is created through corporate transactions and strategy changes.
R_Halls -> Kwad A. Thank you all for organizing this chat. During recruiting, did you feel you had time to explore multiple career paths? For example, Investment Banking and Consulting?
Kwad A. -> R_Halls R_Halls, I definitely explored a variety of companies at the onset of the first semester. I went to a ton of corporate conversations at first. That being said, if you're going to explore you have to be very organized in the process.
Michael14 -> Eric Thanks Eric. Booth seems to be a very quant based school. Does Booth offer the inter-personal skills required to thrive in Finance?
Eric -> Michael14 Hi Michael, I don't think that reputation tells the whole story about the school. While Booth has an unparalleled finance / econ faculty, and a number of students very focused on analytical finance, they represent a relatively small population out of the nearly 600 full time students per class. Booth's curriculum, I found, most helps interpersonal skills in two ways: a) LEAD curriculum, lots of opportunities for self-reflection and style-flexing, b) flexible curriculum - can tailor your classes to fill gaps you see in your skill set. Hope this helps!
Ayo -> Tatiana Hello. Do any of you plan on working in any of the emerging markets and how has experience at booth aided in achieving that?
Tatiana -> Ayo Hi Ayo. I worked for an Indonesian real estate developer over the summer but plan to stay in the US after graduation. Booth has contacts for multinational firms who employ in emerging markets. If you are looking for local firms in emerging markets, your job search will be more self-directed. Students from emerging markets can be a good resource for both jobs and insights. There is an Emerging Markets student group and annual Emerging Markets Summit Conference that will be a great resource.
Emma_qin -> Catherine What are the NGOs/foundations/endowments that recruit from Chicago regularly?
Catherine -> Emma_qin Hi Emma -- I would encourage you to look at the Employment Report, which you can access through the Portal under the "Careers" section. You can do a search by Industry for Education/Government/Non-Profit, and see the places that some of our students have interned or gone to full time. You'll see names like the Gates Foundation, Teach For America, and the Chicago Public Education Fund on there. Many of these companies may not regularly recruit from Chicago Booth's campus; however we support students who conduct specialized searches and identify companies of interest that may have a new or developing relationship with Chicago Booth. Our Employer Relations team is constantly developing new relationships in the social impact space, as well!
Rahul.A -> Cristina P. How difficult it is for someone who doesnt have experience in Finance to pursue a career in areas like Investment Banking or Hedge funds ? Is such a complete switch realistic ?
Cristina P. -> Rahul.A Hi Rahul - a large portion of the students going into Investment Banking are typically career switchers, many without any finance experience. It's an industry that's fairly open to career switchers and you can certainly leverage Booth's flexible curriculum to be well prepared by the summer. For hedge funds, it depends on your specific background, but generally requires more relevant investment management experience.
AditiK -> Joanna Hello, I am interested in Investment Management research. I come from an IT background, but have a bachelor's degree in Finance. What are the chances of being able to make a career jump from IT to Finance, if I am considering the Evening MBA option?
Joanna -> AditiK Hello Aditi, Most of our students are career changers. Though I wold suggest you reach out to our Evening and Weekend MBA Programs office for more information and to talk with some of their students! eveningweekend-admissions@ChicagoBooth.edu
Katherine -> Liz I work in finance now and I'm interested in continuing, more or less, in the same industry post-MBA. I'd imagine that this is the case for many students. What's the best way to seize all the opportunities at Booth as far as expanding your knowledge yet also focusing on your niche sector of interest? For the current students: what have been your favorite classes or club activities, and what do you wish you had taken advantage of?
Liz -> Katherine Hi Katherine! I have a similar profile you mentioned. I think the best way is to take calculated risks when you choose your courses. For example, while I have chosen to go into a finance heavy role post-Booth, I purposely chose to take classes outside my comfort zone such as: Strategies in Negotiations, Commercializing Innovation (Entrepreneurship focus), Managing in Organization (Management and Decision focused class). I believe those classes (among others) have made me a more 'well-rounded' candidate and explore areas I know I will not be involved with post-Booth.
In regards with club activities, there are a slew of career focused clubs such as: Investment Management, CReDIT (Credit, Restructuring, Distressed Investment and Turnarounds- credit focused club), IB Group, etc. I would also consider joining clubs that will force you to stretch your comfort zone. For example, there is a club geared to public speaking and competitions such as the BS competition (to work on presenting on the fly).
MBA2016 -> Catherine Hi Catherine - I couldn't access the link you provided above to answer denisse
Catherine -> MBA2016 MBA2016 -- you need to have a Booth username and password to access the site. If you log in to the Portal, click on Career Services, then International Students, and then click on the link in the paragraph that says "resources".
James -> EmilyS Hello All, thanks for taking the time to chat today. I'll get right into my question: (maybe best for you Emily) Can you dive into the details about some of the types of finance roles/opportunities within a company you find/learn about at Booth? For example, Treasury, Internal Strategy, Corporate Development (Internal M&A), these types of things. I assume these types of roles are all lumped into "Corporate Finance" but I feel like they are each different and diverse, maybe there are some I'm missing, etc.?It would be interesting to learn more about these opportunities at Booth.As background, I currently work in a high-level Financial Planning & Analysis (FP&A) group at a F100 - and I came into this role from an Accounting Rotational Program (w/cpa), so I'm thinking some of these "Corporate Finance" would be a great next step to build & broaden skill sets/etc./etc.
EmilyS -> James Hi James - yes, many of the types of company finance roles you mentioned all fall under the umbrella of Corporate Finance and/or Corporate Strategy and Management. It is very company-specific in terms of what specific roles companies will recruit for. For example, some companies will recruit more generally for finance associates, while others will have specific internship postings for roles such as Treasury, Pricing, FP&A, M&A, etc. Other companies offer rotational finance programs. Thus, I would say that it really depends on the company!
Manu -> Catherine Hi, I'm a R2 applicant currently working in investment banking in Latin America. I'd like to stay in the infrastructure finance space, but considering moving to the buy side. How feasible is it to move into Private Equity post MBA at Booth with no specific prior PE experience?
Catherine -> Manu Manu -- I answered a similar question for Digvijay earlier...please check out the answer to that and let me know if you have any follow up questions!
Jackz -> Kwad A. Kwad, I understand the investment management recruiting is very competitive -- what are the top backgrounds and experiences employers in this field look for in Booth candidates? What's the best way for a candidate to position him/herself?
Kwad A. -> Jackz Jackz: Certainly there are nuances, but in general, consulting, investment banking, any type of research functions, and any industries in which you've had an opportunity to gain insight into how that industry works are looked upon favorably. The best way to position yourself is to start working on analyzing companies (for stock pitches) and figuring out what makes them special or bad. Also if you can secure any type of pre-mba internship within investment management then that would help you out big time.
Digvijay -> Joanna I am an IT professional with a great gmat score. But, I have no experience in Finance, except that I have a great track record of always making a profit during my trades- which is something that is valuable if I want to apply to an investment firm, but is it valuable from the admissions perspective? What is your advice for someone like me, as it relates to making the "admissions hopefuls" list at booth.
Joanna -> Digvijay Digvijay, our flexible curriculum allows you to take courses you need in order to build your career. You are not required to have a background in that which you want to pursue. The Admissions committee will look at your academic experience and record, as well as your academic potential.
asalazar -> Catherine Hello everyone. I am R2 international applicant and I would like to know how difficult is to find a job in the US in the private equity industry for an international student. Thanks you for your response.
Catherine -> asalazar Asalazar -- see the earlier question I answered for Digvijay. Private Equity is a very network-based search; meaning, you really need to feel comfortable networking, telling your story, and meeting people and leveraging those contacts for potential opportunities. Feeling comfortable networking during a PE search is important whether you're an international student or not, though!
Aashya -> Joanna Hey Cristina, thanks for the reply. I'm concerned with opportunities in the field of actuaries as the community is small. But your reply helps. One very common question that I've is how does applying in last round of booth affect your chances, in terms of selection process. For me this year is very crucial and I'd like to start my progression into the new career at the earliest, as a result I do plan to apply soon.
Joanna -> Aashya Aashya, the third Round is in fact more competitive due to spaces being filled already by Rounds 1 and 2. However, each year we accept students in Round 3. You should apply when you feel ready.
Sri -> Eric Hi Eric, I work in a Manufacturing Company in Midwest (competitors to GE in some areas). I have been working for 8 years now. I've taken increasing responsibilities in my organization, started my career as an Engineer like you did out of school as a Rotational Engineer and now I'm a Technical Advisor. My question is- I'm interested in Corporate Strategy and want to get my MBA from Booth. Does Career Switching difficult at this point in my career? In other words, Does an 8+ years experience make it harder for me to switch (and also to get into Booth, where the Avg Experience level is 4-5 years)? By the way, Congratulations on the baby girl, I'm sure you and your wife are excited to welcome her.
Eric -> Sri Hi Sri, very excited to be a dad, thanks! Regarding your question, it's never too late to switch careers. I know a number of classmates who are 30+ years old and are successfully switching. You just need to rationally explain why you want to switch / go to business school now. For you, being able to say that you wanted to work in engineering to establish a foundational knowledge of and expertise within an industry, and then apply that to something more high-level (corporate strategy) would seem very logical to me. A common response I hear for career switching is "I hit a ceiling" and I personally don't think that's very compelling. Hope this helps.
DC -> Liz Hi Liz, thanks for your insightful reply to Rg's question. What if you have no prior sell-side or buyside experience and want to work in AM (on either sell or buy side), what path do you that person taking (starting 6 months prior to MBA) assuming he/she makes it Booth?
Liz -> DC Hi DC! I was a career switcher and can help shed some light. I would recommend investigating, whether through your own network of friends and family, and/or creative resources (the Vault guides, googling and the like), to understand what specific roles you would be interested in AM. AM is a large industry, and unlike Investment Banking where you are most likely to start in an analyst role, AM offers many types of role across different industry focuses and personalities that require different professional experience, academic experience and day-to-day experiences.
rg -> Joanna Hi All, when applying & interviewing for the Booth MBA and you're planning to go into Finance (AM for example in my case), in how much detail would they test your knowledge? Would it be an industry-level interview, or more general regarding your plans/motivations?
Joanna -> rg RG, our interviews are not industry or test based. You can expect an organic conversation between you and a current student or alum in which you would talk about your work, goals, etc.
Manu -> Kwad A. Hi, how competitive would you say are investment banking jobs? Would you say that most/some/all students at Booth interested in investment banking find jobs at top tier investment banks after commencement?
Kwad A. -> Manu Manu - Investment banking is very competitive, but we have a fantastic investment banking student group that does a remarkable job of helping students get into shape. I have a friend who worked at Bloomberg Sales who was able to get a full-time offer with UBS. Also, career services does a phenomenal job. in 2013, 100% of students who wanted an IB internship got one.
Digvijay -> Kwad A. Hi Kwad. Do external certifications such as CHP(Certified Hedge Fund Professional) certification, add value to your candidacy while looking to go into the Hedge Fund industry?
Kwad A. -> Digvijay External Certifications definitely help.
Moderator -> Everyone We've passed the half way point in our chat and have less than 20 minutes left. We've had great questions so far. Please continue to submit your questions! We will try to answer as many as possible today.
sidb -> EmilyS For Emily - You worked in audit/advisory roles and plan on joining corporate treasury. How did the MBA help you decide on that path? I'm myself at a big 4 firm and interested in your story since I know many that make that switch without an MBA.
EmilyS -> sidb I came into Booth already knowing that I wanted to pursue Corporate Finance after my MBA, however if you are not certain exactly what path you want to pursue, there are plenty of resources available to help you learn about potential career paths. In the beginning of your first year, Career Services is extremely helpful in offering programming to help in this exploration process. For example, they will host panels of professionals who work in various functions such as consulting, banking, private equity, venture capital, finance in a company, general management, etc. so that you can learn as much as possible and make an informed decision about what you would like to pursue.
Ravi -> Mira S. Hi everyone. Thank you for this opportunity to interact with you. I am an engineer by profession and will be joining Booth this September. I have a similar background as Benny and Eric. As some one who has no prior experience in finance, what are the steps I should take to be able to change industries. What kind of skills would finance recruiters be looking for in career changers ?
Mira S. -> Ravi Great question. Coming to Booth is a great first step towards switching careers into finance. The rigorous course work in finance and accounting will help fill knowledge gaps and prepare you for a career in finance. Finance is a big field with a variety of different roles, so depending on the role (investment banker, asset manager, etc), recruiters will look for different skills sets. I can speak to corporate finance; recruiters generally look for an ability to think critically, coordinate cross-functionally, persuade without authority, and problem solve in ambiguity. As you can see, many of the core skills are not industry specific so you'll be able to leverage your past work experience. Company fit is also a key aspect of corporate finance recruiting.
Juelz -> Tatiana Hello, Thank you all for chatting with us today. I was very impressed by all of your previous accomplishments prior to enrolling in the programs at Booth. I've spent all of my post baccalaureate career developing chemotherapeutic agents to treat African Sleeping Sickness while pursing my Doctor of Philosophy in Medicinal Chemistry at Ohio State University. I'm very interested in business development and or consulting in the healthcare industry, but when looking at some of your profiles, I began to wonder if I would not be a strong candidate for Booth given that all of my experience in drug discovery came within the halls of academia. I'm interested in MBA coursework so that I can complement my technical background and transition but wonder if you all know anyone who came directly from other graduate programs?
Tatiana -> Juelz Booth is very open to a diversity of backgrounds. There are a good deal of us who approached the MBA as providing a valuable skill set to complement another skill set. There are a sizable portion of students who have other graduate degrees, ranging from science to law. I think most students combine another graduate degree with work experience.
Raj -> Catherine Hi everyone. I plan to apply R1 fall 2015. I have been lucky enough to secure a return offer at my current firm (private equity) and I was wondering if someone was in a similar situation debating whether to forgo the recruiting process or if its wise to at least learn about other opportunities available?
Catherine -> Raj Raj -- I can't tell from your question whether you have the open offer to return without any financial commitment, or if your company is sponsored. We definitely see a handful of students every year who are sponsored by their former employer and choose not to go through the recruiting process because they intend on going back. This is a personal choice and totally up to you! Booth provides a great opportunity to explore different career paths and meet with a variety of different employers, but this may not be everyone's goal, so it's just something you'll need to decide for yourself.
Raj -> Liz To those with a traditional finance background (undergrad or professionally), how have you viewed finance concentration course offerings? Do you have the flexibility (and time) to have more than one concentration to round out the learning experience?
Liz -> Raj Hi Raj. I was a Finance and Accounting double major undergrad and then pursued certifications pre-Booth. I have found the Analytical Finance concentration particularly rewarding given the rigor of the classes, knowledge of the professors and peers that decide to take the class. I find that I do have flexibility- I am also completing concentrations in Entrepreneurship and Economics and am heavily involved in leadership positions at Booth. To give you some confidence, I am not alone in this profile here at Booth! Advice: pursue what you are passionate about, take some risks in the unknown, continue down paths you like, and manage your time (easier said than done!).
WCEnright -> Joanna Hello! I am interested in pursuing a career in impact investing in emerging markets. As many banks have funds dedicated to social impact finance, I envision myself taking finance courses and working with the Social Enterprise Initiative (SEI). Could one of the administrators please speak to how the SEI works with traditional and nontraditional finance institutions in this space?
Joanna -> WCEnright Hello WCEnright: You should check out our SEI website here: http://research.chicagobooth.edu/sei
Andrew_W -> Eric Eric - I'm interested in TMT IB but am concerned I will exclude some great opportunities if I communicate my specific industry interest to recruiters. While interviewing, how did you balance your industry interest with your general interest in IB?
Eric -> Andrew_W Hi Andrew, my advice is if you're interested in a specific segment - go for it and make it known. This will limit your search somewhat, but firms can start to see through students hedging their bets and staying general after a few interactions. I did this with recruiting in the Midwest (while a lot of banking students targeted NY, HOU, or SF) and it helped a lot. Recruiters would steer me to the appropriate contacts within their firm and it helped me meet the right people for me early on. On the flip side, an MD over the summer gave me advice to 'become a banker first, and a sector expert later'. He said that early in his career his sector was in a major slump and he had to reinvent his skills to focus on another sector if he wanted to keep a job. So I guess the lesson is to know what you want - do you want to be a banker first, or a TMT expert first?
JP -> EmilyS Can you give an example of how you believe being in a finance club at Booth helped you in your career (in terms of recruiting or building a skill set)?
EmilyS -> JP Hi JP - I am a member of the Corporate Finance Group at Booth. Last year during internship recruiting, the Corporate Finance Group offered company-specific mock interviews to help me prepare for my interviews. They also conducted a resume review to ensure that my resume effectively highlighted all of the skills relevant to corporate finance. These are some examples of how a student group can help with the recruiting process.
Benny -> Eric Hey Eric, would you be willing to share your contact information in order to dive in a little deeper about your career switch? I have a lot of questions!
Eric -> Benny Hi Benny, unfortunately I can't share my contact information through this platform, but glad to hear you're excited. Hopefully you'll find, as I did, that Booth students and alums are all very willing and capable of providing advice.
Jin -> Joanna Hi, thanks for hosting this chat. I am working at a asset management company as a passive portfolio manager. I would like to pursue an MBA while sharpens my expertise in advanced finance. Does Booth provide dual-degree programs for people like me? Thanks for your feedback!
Joanna -> Jin Hello Jin, our joint degree offerings can be found here: http://www.chicagobooth.edu/programs/full-time/academics/joint-degree. Our flexible curriculum however allows you to focus on finance as you described by pursuing a finance concentration. Learn more here: http://www.chicagobooth.edu/programs/full-time/academics/curriculum#concentrations
DBK -> Catherine Hi, firstly thank you for hosting this chat. I am interested what type of presence in terms of career placement and general recognition Booth has in Europe and Asia. Especially in finance fields whether it is investment banking, PE or corporate finance. Thanks
Catherine -> DBK Hi DBK -- we have 2 Career Services team members who work on employer development abroad, including someone in London who works with our EMEA employers, and someone in Hong Kong who works with Asia. This past year, there were student treks to London for both banking and investment management, and a student trek to various spots in Asia for finance. If finance in Asia or Europe is your goal, we definitely see students have success in that each year; you should plan on coming to Booth ready to understand how those processes differ from US-based recruiting as, for example, the Asia banking recruiting process happens earlier than US banking recruiting. Good luck!
Sakshi -> Catherine Hello, I want to pursue MBA from Booth School Of Business. I am an international student from India. I want to ask whether Booth provides lifelong career support to its students so that I can avail the career services even after few years of graduation. Do you have a good alumni network in India?
Catherine -> Sakshi Hi Sakshi -- yes and yes! Booth Career Services is for life, so you will always have access to Career Services as an alum, and we do have a great network of alums in India.
Niru -> Mira S. Hi, are there any specific courses/professors who talk of value investing? Thanks.
Mira S. -> Niru Hi Niru - Professor Robert Vishny teaches an entire course on Behavioral Finance during which you'll learn extensively about value investing and other anomalies. Professor Tarek Hassan also reviews value investing in his Investments class.
Benny -> Eric Hey Eric, did you complete any coursework or training prior to Booth in order to prep for a career switch into the Finance industry?
Eric -> Benny Hi Benny - I didn't do any prior finance / accounting coursework prior to Booth. Did it all here! I did take advantage of the 1-week Booth crash course in accounting before the start of 1Y, which gave me a head start in my first accounting class. I took advantage of the flexible curriculum by taking a lot of finance / accounting classes (corp fin, taxes and business strategy, M&A accounting, etc.) in my first year so that I was fully prepared for my internship.
Moderator -> Everyone Our chat will be ending in 10 minutes. Please submit your final questions so we can try to answer all of them!
rg -> Liz Hi Liz, thanks for the response. I'm a career switcher from a non-finance industry. I am looking at a research role on the buy-side. So given this background I'm wondering if it makes more sense to get direct experience, less the Booth MBA gives a headstart over not doing an MBA.
Liz -> rg Hi rg! To follow up, it depends on what your end goal is. If your goal to pursue an MBA is to only switch careers, and you are able to do this without an MBA- I am not sure any MBA program would bring you any value added. What I have found valuable is not only the experience to allow me to switch industries, but the academic rigor, the environment and quality of peers and the relationships I will built while I here that I am certain will continue throughout my life.
MBA2016 -> Catherine For the career switchers, did you have a pre-mba internship in your prospective career? Can you share your experience on how to get a pre-mba internship? I am looking at various directions but it doesnt seem easy with most firms with no set pre-mba programs. Thanks!
Catherine -> MBA2016 MBA2016 -- a successful internship recruiting process for career switchers is not predicated on having a pre-MBA internship, so do not worry about that. Each year we see a handful of students do these sorts of opportunities, and they are usually sourced through that student's personal or professional network, but you are right, outside of some pre-established programs at some of the banks and consulting firms, this practice is not common. I would also encourage you to remember that any pre-MBA experience can be evaluative, and without the tools and skills you'll learn from Career Services at the beginning of your first year, you may feel unprepared.
Run -> Kwad A. 1) With an investment banking background, is it challenging to switch to buy-side role post graduation? 2) What important qualities in a candidate do the recruiters from financial industry look for? 3) How do recruiters view candidates from Booth School of Business as compared to candidates from other business schools? 4) What resources are available to students who wish to pursue career in investment industry? 5) Could you please elaborate on the career events and meeting with recruiters that the school provides? 6) Could you please rank the top five recruiters of Booth School of Business (MBA program) in finance field over the past 5 years? 7) What is the average expected salary of graduates from Booth School of Business (MBA program) that pursue a career in finance field for the most recent graduate class?
Kwad A. -> Run 1) IB definitely helps you if you have coverage experience and have refined your excel modeling skills. Any industry information you've been able to glean will help if you can translate it to investment insight. 2) They look for analytic ability, ability to break down complex concepts and explain them, and humility (knowing that you might now have all the answers and learning from mentorship) 3)In my experience, the reputation of Booth's exceeded my expectations while at my internship with PIMCO 4) Career Services, the Real Estate Group, the Hedge Fund Group, and the Credit Group as well as our conferences and speakers that come to campus 5) the majority of firms host corporate conversations and host lunch and learns with renowned investors. 2nd year Students conduct mock interviews with 1st years and student leadership positions help students refine their technical abilities. 6 and 7) I've only been at Booth for 2 years but the full time employment report give a good view on the number students going to firms
Jenn_S. -> Catherine Hi everyone. I would love to hear about the Private Equity recruiting process at Booth. I understand it takes place in the Spring (after I-banking and Consulting), is that correct? How much of the PE recruiting process is a formal process vs. making connections with different firms and hoping they reach out if/when they have a hiring need? Also, how much of the recruiting is done through the student Private Equity Group?
Catherine -> Jenn_S. Jenn -- I've answered a couple PE questions above, so please check those out. The PE recruiting process is nearly all network based, which means it takes place outside of the campus recruiting process. Much of the PE hiring is also what we call "just in time", meaning firms hiring for these roles probably won't know their hiring needs until sometime in the spring or even early summer; thus, it's incredibly important to have a good network in PE and make connections and have good conversations leading up to that point.
Lawrence_Dobrosky -> EmilyS Hi Emily, can you talk about how how difficult it was to secure a position on the west coast?
EmilyS -> Lawrence_Dobrosky Hi Lawrence, in general I did not find the process of securing a position on the west coast to be too difficult or to require much additional effort compared to my classmates. Many west coast companies have a presence on campus at Booth and specifically recruit Booth talent. Career Services also has very strong connections with west coast companies. Student groups host west coast treks which enable students to visit west coast companies and network with Booth alum within those companies. For example, there is a tech trek, a start-up trek, investment management trek, investment banking trek, among others. You will find that between student groups, alumni and Career Services, there is a large support network to help you get to the west coast.
Katherine -> Catherine Catherine, I was wondering: about what percent/fraction of the class finds employment with companies that recruit on-campus versus those that venture off and pursue more niche companies or industries?
Catherine -> Katherine Katherine -- it usually breaks down to an average of about 50/50. In 2013, 46% of students sourced their internships through campus based recruiting, with the remaining 54% of students sourcing their internships through network-based connections, including job postings, alumni connections, and so on.
pcprod -> Kwad A. Hello. Thank you all for your time. For someone who is interested in capital markets, how would you compare working in investment banking (equity/debt capital markets) vs investment management (global macro/multi strat fund)?
Kwad A. -> pcprod They are completely different, my friend. Capital markets deals with helping companies raise capital for their operating or acquisition needs. IM is really about trying to find investments and relationships between markets and securities.
Sakshi -> Catherine Approximately how many firms come to recruit at Booth School of Business every year?
Catherine -> Sakshi Sakshi -- During the 2012-13 school year, Career Services hosted interviews for internships and full-time opportunities with nearly 200 organizations.
Sakshi -> Cristina P. Hi everyone, I want to know whether financial firms and banks open to sponsor work visa for international students?
Cristina P. -> Sakshi Hi Sakshi - I'm an international student (from Colombia) and recruited for Investment Banking over the summer. Banks are open to sponsoring work visa for international students. There are many international students that go into Banking both for the summer and full-time upon graduation.
Meng -> Liz I heard that Booth's finance courses are very theoretical. What was your classroom experience like in your finance classes? Thanks for your time!
Liz -> Meng Hi Meng! I have found that the finance courses are theoretical but also have relevant practical takeaways. It is my philosophy that it is important to have an understanding and awareness of the theory and the assumptions underpinning the paper. Booth then provides you with the necessary frameworks to support and question/tear-apart the assumptions in practice and then analyze rationally which are important as you pursue a career in business (question everything!).
KimDong -> EmilyS About the corporate finance, especially in managerial accoutning part, What should I take courses in Booth? I want to find more information of this part.
EmilyS -> KimDong Hi KimDong, there are a number of accounting courses in the Booth curriculum. The following link provides a sampling of accounting courses offered at Booth: http://www.chicagobooth.edu/programs/full-time/academics/curriculum/accounting#tabContent2. Academic Services can help you to determine exactly which courses are best given your background and previous accounting experience. Some courses that I have found to be particularly helpful for corporate finance include Investments, Corporate Finance and Cases in Financial Management.
DC -> Mira S. Hi everyone...thanks for holding this chat session. I actually spent an entire day on campus last week doing class visits etc. Really awesome experience! Here's my question: with internship recruitment kicking off in October, how does a career switcher to finance manage classes, networking, job search etc. What compels recruiters to hire career switchers who would have managed only cursory technical classes and maybe some leadership activities from the beginning of the quarter?
Mira S. -> DC Hi DC - there are a number of people switching into a career in finance; recruiters understand this and don't expect you to be completely versed in finance or accounting by the time you interview. I posted an answer earlier that discussed some of the skills that corporate finance recruiters look for which are not technical or require finance knowledge. While you are recruiting, there are many sources to support you during your interview prep, such as career groups, career services, and second years.
DBK -> Liz Liz, how much do you feel double major in Accounting and Finance helped your recruiting to Booth? What about CFA, CPA, or ACCA?
Liz -> DBK Hi DBK! They were helpful, for sure, but I believe Booth looks at you holistically as an applicant (professional and personal experience)
emasters -> Eric Hi Eric, I also went to UC for my undergrad and was interested in hearing your perspective on the differences in quality between faculty, students, courses at Booth? I would love to go to Booth full-time, but going to UC part-time is a financially strong case - did you go through a similar dilemma when trying to decide on the right MBA program?
Eric -> emasters Hi, I did not actually attend UChicago for undergrad, sorry if I gave that impression. I'm not 100% sure if you're asking about the faculty differences between undergrad and Booth or full-time vs. part-time. The Booth faculty are separate from the faculty at UC undergrad. However, the exact same Booth faculty teach the full-time Harper Center and part-time Gleacher Center classes. Classes are identical. As far as the financial case - I certainly understand that continuing to work while pursuing your MBA eases the financial burden. I chose the full-time program because I wanted a career switch, which was more achievable as a full-time student where I could spend more time recruiting / networking / exploring other fields. Hope this helps answer your question.
RicardoS -> Kwad A. Do you think a course in Big Data helps to boost the likelihood of being hired by a top Financial Employer?
Kwad A. -> RicardoS Booth does a good job of implementing data analysis in its courses. While I can't comment on the improved job prospects in finance resulting from Big Data (I'm taking Data Mining in the spring), the skills in your pick up from courses such as Data Mining, Portfolio Management, and regression do help to equip you with a different way of analyzing data.
Roman_Kirsanov -> Tatiana Thank you everyone for very informative chat. Could you please share your perspective on flexible curriculum - how it helped you to shape your path. Is it easy to be overwhelmed by variety of opportunities in Chicago Booth and how you deal with this?
Tatiana -> Roman_Kirsanov Hi Roman. There is a fantastic range of opportunities, but the flexible curriculum actually has a good deal of structure in that there are "buckets" of classes that you required to complete (or pass out of). For example, you need to take a few economics classes, and need to take a class from all but one of the following categories (you choose which to skip, if you so desire): operations, marketing, management, accounting, and finance. Many of the courses also have prerequisites (again, which you can pass out of with the instructor's permission), which guides which classes you take when. I have found that the real benefit of the flexible curriculum is that it allowed me to take targeted courses (for example, housing and the urban economy) in my first year, instead of taking all the targeted courses in the second year.
Moderator -> Everyone Thank you again for participating in our chat. The chat session has now ended. The chat transcript will be posted within 48 hours.
Joanna -> Everyone Thank you for joining us!
Kwad A. -> Everyone I hope we were helpful. Thanks for spending lunch with us!
EmilyS -> Everyone Thank you for the great questions! It was great chatting with all of you and we hope you found the chat helpful!
Tatiana -> Everyone Thank you all for stopping by the chat. I hope we have been helpful!
Cristina P. -> Everyone Hi all, thank you for participating in the chat and sharing your questions. Hope it was helpful and all the best!
Mira S. -> Everyone Great to chat with you all - hope you found this helpful and good luck in all your future endeavors!
Eric -> Everyone Thanks to everyone for joining and the thoughtful questions! Looking forward to seeing everyone on campus soon.
Anitha -> Liz Hi Everyone - thank you for organizing this opportunity for us to ask questions. I have been working in the financial services industry on the product management side for the past 4 years. Coming into Booth, I'd like to explore possible careers in finance, but have not zero'd down on a particular track within finance. I'd greatly appreciate it if you could talk about what it's like to focus on corporate finance, investment management, and hedge funds - from both an academic perspective (i.e. what classes you took) and from a career perspective (what the average day in the job would look like.) Thanks!
Liz -> Anitha Hi Anitha! I can not speak on focusing in corporate finance but I would implore you to do your research by speaking to colleagues and connections within each of the role!
Liz -> Everyone Thank you for joining us to chat! Good luck and hope to see you on campus!
sidb -> Catherine When you start at Booth, how does one go about networking with alumni. Does the career services office initiate that or does one go through a database and reach out to contacts?
Catherine -> sidb Sidb -- both; Booth has many structured events, such as Networking Nights, Meet N Greets, and Corporate Conversations, that provide an opportunity for students to meet with recruiters and alumni. There are also a number of Booth events that occur, such as Chicago Conversations and Booth Business Forums, that provide a structure for students to meet and network with industry professionals and alumni. We also provide databases such as the Employment Report and the Community Directory, as well as resources on how to find contacts, so you can locate your own contacts and reach out to them.
Catherine -> Everyone Thank you so much for all your great questions...looking forward to working with some of you soon!