|Guest: Thank you for the chat. Kathy and Dina what motivated you to pursue a career in banking/high finance?
* Kathy Mohanna: I always had a very quantitative approach to thinking about real world problems. Finance allowed me to pursue my passion for applicable quantitative analysis of those problems. Furthermore, it provided me with a unique opportunity to closely follow developments in capital markets, macroeconomic trends, and political shifts – all the aspects that deeply interest me.
Guest: How collaborative/competitive is the culture?
* Dina Jachi: The culture at Booth is actually very collaborative. While we certainly all strive to high standards we establish for ourselves, I was very surprised with just how much everyone wants to help one another. This manifests in classwork where a lot of assignments are group work. It also manifests in recruiting where second years help first years get ready, even alums.. The other thing to keep in mind is that the curriculum is so flexible such that everyone is pursuing their own twist on some path.
Guest: Are corporate strategy employers looking for specific prior work experience in MBA candidates? If so, what is it? What can I do if I don't have that type of work experience?
* Mef Shebi: Prior work experience in consulting or project management is beneficial when recruiting for Corporate Strategy roles. You can work on building your project management skills
Guest: I will be starting at booth this fall - if I want to talk with someone from career services about PE before the April chat, who can I contact?
* Mef Shebi: You can connect with the career services team once you matriculate in the fall. In the meantime, please reach out to current students and or the admissions team with any questions
Guest: Do a majority of students pursuing careers in finance and banking have a background in these fields prior to Booth?
* Dina Jachi: The majority of students pursuing banking are career switchers, with no background at all in finance. I was not familiar at all with accounting or finance prior to coming to Booth, and I found all the support (classes, Investment Banking Group, career services) I needed to recruit successfully in that industry.
Guest: How did Booth MBA courses and or student organizations prepare you for investment banking/private equity interviews if at all?
* Kathy Mohanna: Flexible curriculum at Booth ensures that students can take courses that will best prepare them for a chosen career. Very strong selection of financial analysis, corporate finance, and investing courses was invaluable in my preparation for a career in Private Equity. Furthermore, Private Equity Lab course allows students to take a class focused specifically on private equity while interning in a private equity firm throughout the quarter. This is an excellent way of learning the necessary basics of the industry while applying them directly on the job. Lastly, Private Equity Group on campus is very strong in bringing industry experts, facilitating networking, and making available job opportunities that students would not have access to otherwise.
Guest: What are some opportunities available for Booth students who are interested in careers in strategic finance roles?
* Dina Jachi: There are multiple different paths people pursue, including but not limited to corporate finance, investment banking, and finance at Tech firms. Depending on the path you choose to pursue, the timelines will be different. You can take a look at the employment report to get a sense for the distribution of where people end up: https://www.chicagobooth.edu/employmentreport/
Guest: What are the non-banking finance roles that students commonly recruit for?
* Mef Shebi: PE, VC, Corporate Finance, Investment Management are non-banking finance recruiting paths
Guest: How important does a financial background pre-mba plays into someone's chances of going into banking post mba?
* Mef Shebi: Having a finance background pre-mba is a valuable skillset/knowledge to have for a banking career post mba (however, it is not a requirement to have a finance background pre-mba in order to successfully recruit for banking)
Guest: Hi. Thanks a lot for hosting this Live Chat. Could you please talk a little about if you or someone you know ever utilized the alumni network to pursue opportunities in finance? How about opportunities in other cities in the US?
* Kathy Mohanna: Alumni network is one of the primary tools that I am using to learn more about areas of finance that I am interested in pursuing after graduation. Booth alumni network is particularly strong domestically as well as internationally. But what’s more important is the fact that alumni are very engaged with the school and eager to give back by mentoring and connecting current Booth students to job opportunities that we might not be aware of otherwise.
Guest: Are students typically close with professors? What opportunities exist for students to develop close relationships with professors?
* Kathy Mohanna: In my experience, professors at Booth are an incredible resource for students. They are very open and generous with their time. In fact, I make it a goal to meet with my professors one-on-one at least a few times a quarter. They are also available for lunch on most of the days that they are on campus. Professors are not only willing to go above and beyond coursework material but also closely engaged with students on subjects of future career development, networking, and additional research that student might be interested in. Most of the professors I took classes with know me by my first name and always stop in a hallway for a quick chat if they see me.
Guest: Thank you all for hosting this chat. I am an admitted student interested in switching career from oil and gas engineering to energy banking (IBD). Anything that I can do right now to facilitate the recruiting process that basically starts as soon as school starts?
* Kathy Mohanna: I would recommend to buy a few books on Investment Banking that are widely available. They should provide you with the basics on what to expect in IBanking role. Furthermore, you can reach out to Investment Banking Group on camps and start networking with current students about their experience in different banks over the summer.
Guest: Are co-curricular activities such as Bank Week open to all students? And if so, how are students selected to participate?
* Dina Jachi: Bank Week is open to all students, provided that they are members of the Investment Banking Group on campus. Recruiting for banking is highly organized through the group and throughout the fall, students are exposed to all the different banks that come to campus, through lunch & learns, corporate conversations where banks put on an introductory presentations, and other events. Bank Week is the one time where Booth students actually go to New York to the banks' offices and there they solidify the relationships they have built throughout the fall. Some events in Bank Week are open to all, others are invite-only which is determined by your performance with the bank in prior events.
Guest: Is most of the investment banking recruiting done in New York or in Chicago?
* Mef Shebi: Yes most of the banking recruiting is based out of NY and Chicago. However, there are quite number of students that recruit for West Coast (SF, LA), Houston, London locations as well
Guest: As an MBA candidate with a consulting background, is it possible to get experience in PE while in school? (through part-time internships or something similar)
* Kathy Mohanna: That is certainly possible. Students can choose to pursue a part-time internship in private equity firm while at school. They can also choose to take a Private Equity Lab course that allows them to attend a private equity course to learn industry fundamentals while applying them on a job through a part-time private equity internship. Students can also choose to participate in Sterling Partners Investment Thesis Challenge where they partner up with private equity firms and work with them throughout the quarter to develop a comprehensive investment thesis on a particular industry. Lastly, students have an opportunity to participate in multiple Private Equity competitions on campus, including Oxford Booth PE competition and Wharton PE competition that provide an invaluable opportunity to learn a unique approach to private equity investing.
Guest: What concentrations and how many do most Booth MBAs pursue? The analytic finance concentration interests me, and I'm wondering if people who concentrate in analytic finance typically pursue different roles within the finance industry.
* Kimberly Ge: Booth students on average have 3 concentrations. The top 5 concentrations include the following: Entrepreneurship, Finance, Strategic Management, Economics, Managerial & Organizational Behavior, and General Management.
Guest: What is the normal timeline like for recruiting in ibanking? When during the academic year does it typically start and end?
* Dina Jachi: Recruiting for Investment Banking begins very early in the fall process. Students will usually join the Investment Banking Group within the first two weeks of school, and will receive the necessary support in terms of getting their resume, strategy, and pitch ready. Around mid-October, official recruiting begins and continues up until December where it culminates in a week called Bank Week. Over Bank Week, students go to New York to the banks' offices and meet with more people, solidifying their relationships. Then after break, invitations for interviews are sent out and by end of January, it is all over.
Guest: I hold the CFA charter and have mid cap equity research experience from an emerging market. In your experience of recruiting, did you find that the charter provided a head start? If yes, then for which specific roles?
* Kathy Mohanna: CFA was very helpful for me particularly in recruiting process as I was well prepared for the majority of the questions on interviews. In terms of specific roles, financial and corporate finance sections of CFA were very helpful in investment banking interviews, portfolio management sections of CFA were invaluable in wealth management interviews, and valuation parts of CFA as well as fixed income were crucial for equity and credit research roles both on buy side and sell side.
Guest: For students interested in non-investment banking roles (corporate development, finance function at a start-up, etc.) does it make sense to participate in the soft recruiting fall internship period to build relationships if plans change before accepting a full time offer, or is this frowned upon?
* Mef Shebi: Yes, it's a good idea to build relationships with the firms you're interested in while they are here in the fall in case plans change down the line (which is common) so that you're ready to advance your search without having to start from scratch
Guest: Can you please speak a bit about resources available to career switchers, specifically for those interested in entering Private Equity?
* Kathy Mohanna: Private Equity Group on campus is doing an excellent job bringing industry experts on campus to educate students on different career paths within PE. Financial Modeling classes provided by Teaching the Street on campus are also invaluable in getting up to speed on financial analysis for PE roles. Furthermore, students are assigned mentors based on their career aspirations that help answer any questions about working or interning in PE. Lastly, Private Equity Conference organized at Booth annually provides an invaluable opportunity for students to network with industry professionals and learn about potential recruiting needs.
Guest: Are internships in areas such as asset management and private equity mostly found through student initiated searches/networking or through on-campus recruiting?
* Mef Shebi: Yes, PE and IM recruiting is largely network-based search and off-campus but there are a quite a number of IM firms that recruit thru the on-campus process
Guest: Good afternoon - and thank you for holding this chat! For those of you that are career-switchers, what resources did you find to be the most helpful in getting up to speed and being competitive with peers who have professional experience in finance?
* Dina Jachi: Being a career switcher does not put you at any disadvantage. Between your classes, career services, the second years, and the recruiting club you decide to join, you will be more than prepared. In fact, and speaking from an Investment Banking perspective, the majority of students recruiting for IB are career switchers. Because the associate role is different than the analyst role, what we found was that banks are more interested in someone that exhibits intellectual curiosity, a passion to learn the industry, is personable and can work in teams, among other "softer" skills. They trust that between your classes and training they provide, you will get up the learning curve.
Guest: Who are some of the largest recruiters of Booth students for finance functions?
* Mef Shebi: It varies by function (i.e. Banking, PE, VC, IM, etc) but to give you some examples in Banking (BAML, Goldman, JP Morgan, etc), for IM (PIMCO, Fidelity, etc)
Guest: How many Booth students overlap with the finance discipline and social sector? Are there certain backgrounds that are more suited for impact investing (e.g. previous IB stint)?
* Mef Shebi: there's quite an overlap with the finance function and social sector (especially impact investing, FinTech, etc.). Having a strong background in finance is a plus...
Guest: how demanding are the banking courses in respect for somebody who's had little banking work experience?
* Dina Jachi: The finance and accounting classes are quite rigorous, as expected at Booth. However, not having a background in the field should not be a big concern. There are several resources you can tap into including pre-accounting class before school starts to gain the foundation you need.
Guest: Does Booth connect incoming students with alumni or does that only happen once you are on campus?
* Kimberly Ge: There are many opportunities for you to connect with alumni! We have a database (community directory) that you have access to when you become a student at Booth; however, many of our events provide the opportunity for you to meet and network with alumni prior to that stage. You can find upcoming events in your area on our website, located here: https://www.chicagobooth.edu/programs/full-time/admissions/events
Guest: Thank you for this wonderful opportunity! Could suggest pre-MBA course work that candidates to Booth can benefit from? (not necessarily for finance-related)
* Kimberly Ge: There are many options for pre-MBA coursework, programs, self-study options, etc. Some of the most popular are the self-study options, which include: MBA Math, MBA IQ, Khan Academy, Breaking into Wall Street.
Guest: Is it possible to get an investment banking or private equity internship without prior investment banking experience? Are firms willing to talk to career changers for these fields?
* Mef Shebi: Yes, it is possible to get IB without prior banking experience (in fact most students are career changers). However, for PE you need to have prior banking or strong finance background
Guest: What do you enjoy the most from Booth?
* Dina Jachi: The things I enjoy most about Booth are just how flexible the curriculum is, and the extent of the pay it forward culture. You can design your two years in the way you think is best and in a manner to gain the most you want to, professionally, academically, and from a networking perspective. I can't emphasize enough though the pay it forward culture. Everyone wants to help everyone and that goes a long way.
Guest: What is a typical course load for students doing IB recruiting? Would you recommend taking 3 courses for the first 2 quarters?
* Dina Jachi: Yes. Most people will take 3 classes in the first two quarters because up until January you will be very occupied with recruiting.
Guest: For those of that did an internship in IB, how did the reality of working in banking mesh with your perception of it prior to going into the field?
* Dina Jachi: For me, there were not many surprises during my internship. That said, as with any job, there is only so much you know until you start it. For example, I knew I would be working on so many different work streams at the same time and while I always prided myself on multi-tasking and organization, I did not fully appreciate the extent of what that meant.
Guest: Are there domestic and international PE treks to visit PE firms? If so are these treks normally hosted by the PEVC club or by the school?
* Kimberly Ge: Each year our students organize visits to private equity firms for information sessions. This is a great opportunity to network with PE professionals and learn more about specific PE firms. Recently, students have trekked to New York, San Francisco, Sao Paulo, Brazil, and other locations.
Guest: Did you tailor your course load by quarter to meet the demands of recruiting, if so, can you go into detail about what worked and what didn't work?
* Dina Jachi: I did tailor my course load around recruiting. I took three classes in both my Fall and Winter quarters (some people take four). I also made sure I was taking some of the foundations related to finance and accounting. That certainly helped with gaining familiarity with concepts and terms bankers were using during recruiting.
Guest: How do the majority people find banking or other finance roles? Through on-campus internship, or Networking w/ Booth Alum?
* Kathy Mohanna: All of the above. On-campus recruiting for investment banking roles is very robust on campus. Structured process will walk students through everything they need to know about recruiting and working for an investment bank. However, networking and alumni is also an active channel through which students choose to secure internship and full-time opportunities particularly if they are interested in specific areas of banking or geographies.
Guest: What are the best ways to develop your technical skills for IB recruiting? Do students typically prepare through the IB group on campus, other clubs, classes, help from second years, or on their own?
* Dina Jachi: It's usually a mix of things, including the IB group, classes (accounting and finance), and training seminars that are held on campus. That said, technical skills are not the sole success factor in recruiting. Before interviews in January, they are weighted less heavily. Most interactions before interviews are getting to know the firms and the firms getting to know you. In mid-November, the IB group as well as second years designated as Technical Advisors will begin reaching out to the first years to make sure they are comfortable with their technical and to conducts mock interviews practicing these questions and concepts.
Guest: Thank you for all the great information. I have not started application yet. If I want to apply for student loan, whether it will start after I will be admitted or enrolled? Where I can find the link on the process and application form? Thank you
* Kimberly Ge: Sure! You can apply here: https://www.chicagobooth.edu/apply/shome.aspx; and more information about tuition and the loan process can be found here: https://www.chicagobooth.edu/programs/full-time/admissions/tuition-financial-aid
Guest: It is so great to see such a strong female presence on this chat! How many women usually go into financial services? Specifically investment banking?
* Dina Jachi: The number of women going into finance has certainly increased. In investment banking, it was approximately a third. Numerous banks have begun diversity initiatives aimed at increasing women recruiting for the field.
Guest: Hi! I understand that a lot of IM recruiting is network-based as well as off campus. Is it feasible to recruit for both IM and IBanking?
* Mef Shebi: It's not a good strategy to recruit for both IM and IBanking concurrently (the networking process for banking is time consuming and the prep process is very different from recruiting in IM). However, you can selectively recruit for one or the other (i.e. IB or IM) and engage mainly in one of the recruiting paths
Guest: Hello and thank you for hosting. Of your fellow peers with a pervious finance background, what percentage of them are CFA charterholders? Additionally, did you happen to find classmates from non-finance backgrounds that had already completed a few of the CFA exams?
* Kathy Mohanna: I would say less than half of students at Booth who are pursuing careers in finance currently have CFA designations. However, those who do have it find it very helpful in their interview preparation as well as during their internships. There are also a handful of students who are pursuing their CFA while at Booth.
Guest: Thank you for hosting the webinar. I had a couple of questions about investment management specifically. Are there particular types of prior work experience that are common among successful MBA-level IM recruits? Additionally, I would be interested in hearing more about Booth's Investment Management Group if you are familiar with it. Does this group manage a fund?
* Kathy Mohanna: We have Student Managed Investment Fund on campus that is run by 10 portfolio managers (second year students) and advised by 20 or so analysts (first year students). The fund focuses on investing primarily in equities and meets on a weekly basis to discuss various investment ideas. In terms of Investment Management Group, the organization is focused on bringing educational and networking resources to students interested in pursuing a career in investment management. That includes company meetings, corporate visits, interview preparation, networking opportunities, stock pitch competitions, investment management conferences, etc.
Guest: For those moving from the military to a civilian finance role, are there groups on campus to help with this transition?
* Kimberly Ge: Yes! Our Armed Forced Group is a student-run organization open to both current and former members of the US and international armed services. More information can be found here: https://www.chicagobooth.edu/programs/full-time/student-experience/beyond-classroom/groups/armed-forces-group
Guest: Within IB, do students target specific groups to recruit for? How do banks slot Boothies into different industry groups?
* Dina Jachi: Students typically do not begin by recruiting for specific groups in investment banking. The exception to that is usually Real Estate and Financial Institutions. In general, students will meet with banks, get to know different people from different groups. As recruiting progresses, students will then form opinions on what groups they might be interested in and eventually narrow their recruiting to one or two groups. That said, this all depends on the bank's internship and full-time program. Some banks will place you in a single group; others have generalist programs or rotations.
Guest: The recruiting process that you mention, including bank week, does that happen in the first year?
* Mef Shebi: yes, bank week happens in the first year prior to thanksgiving break
Guest: Can you tell us about your internship experiences?
* Dina Jachi: I recruited for investment banking and interned with Morgan Stanley in New York. Specifically, I worked within their Financial Institutions Group which I had been targeting across firms. The internship was a great learning experience, both in terms of being able to determine if IB was for me, and more broadly setting expectations on what it would be like full-time.
Guest: Is IB recruiting typically for Chicago offices or NYC? Do you know what percent go to NYC vs Chicago for IB jobs?
* Dina Jachi: IB recruiting happens across offices; NY and Chicago tend to be the biggest two cities. That is not a measurement of where the jobs are necessarily, but also where students have wanted to go. In my year, 50 of 89 students interned in New York while 16 did in Chicago.
Guest: How widely available are international IB opportunities? Are there extra steps students must take to recruit for international opportunities?
* Mef Shebi: Most of the international IB opportunities are in London and Asia. Students go on Banking treks to network with these firms and also connect with alumns there thru various networking events
Guest: What is the environment like at Booth for investment banking recruiting? Is it supportive and collaborative or would you describe it as more competitive and cut-throat?
* Kathy Mohanna: It is a very structured and incredibly supportive environment. Second year students at Booth who run Investment Banking Group on campus pulled a tremendous amount of resources to ensure that everyone is well-prepared for the interview and recruiting process. This includes outside and inside resources, books, lists of interview questions, financial modeling training, resume reviews, mock interviews and much more.
Guest: Do students ever recruit for PE as a first choice and some other field as a backup, given the difficulty getting PE jobs?
* Mef Shebi: PE recruiting is highly competitive and students who recruit for PE often consider opportunities with PE-backed Startups as an alternative
Guest: How many Booth MBA's actively recruit for VC, and how many of those are successful in getting VC jobs? Also, what is the prior work experience for those who land in VC?
* Mef Shebi: VC recruiting is very competitive (on avg. 2% successfully land opportunities in this space). prior experience usually in start-ups/entrepreneurship
Guest: When is the PE lab offered?
* Kathy Mohanna: It is offered every year in spring quarter. Students also have an option to start on their part-time private equity internship earlier (i.e. half way through winter quarter).
Guest: Can you break down the process of financial career recruiting for the two years of the program? Does it start from the first semester? and when are most of the recruitment decisions finalized by?
* Mef Shebi: finance recruiting varies by function (i.e. PE, IBanking, IM, Corporate Finance). Typically IB, IM occur earlier in the fall. Followed by Corporate Finance. And PE, VC hire later in the year
Guest: Are there opportunities for full-time employment after interning through the PE lab/how does the lab typically place for full-time roles?
* Kathy Mohanna: Private Equity Lab serves as a learning and apprentice-based program for students but does not necessarily translate into full-time requiting. That being said, it is certainly helpful in developing an important professional network that will be invaluable in securing a full-time position in private equity after graduation.
Guest: Re: impact investing. Thank you, Mef. Would you say it's a prerequisite at that point in which the trajectory should be IB -> Impact Investing versus jumping into impact investing from the get-go from the employer's lens?
* Mef Shebi: if you have banking or a strong finance/investments background it's fine to go directly into impact investing (especially if you have an interest in a particular sector). Most students do not go into banking if they're pursuing impact investing (i.e. it's not a pre-requisite)
Guest: Thanks for hosting the chat.. Is it possible to explore careers / internship opportunities within both investment banking and management consulting? Or do the classes and recruiting schedules fall such that it does not work and one has to choose which to pursue
* Dina Jachi: The timelines for Investment Banking and Management Consulting are almost identical and they are both very hands-on experiences. Trying to recruit for both is very difficult, and often times firms can tell when someone is not fully in the process. I will say however that just because you interned at one place does not mean you are excluded from pursuing something else full-time. While investment banking requires that you interned in the industry, management consulting does not. There are numerous instances where people intern in IB and then recruit full-time in consulting.
Guest: Are students with prior experience offered roles in portfolio management? Something like an assistant PM or the like or is the entry point an equity research associate for organized IM roles on the AM side?
* Mef Shebi: Yes, and at the MBA level, the roles are at the equity research associate position
Guest: Is the PE lab internship found through the school or do the students in the class find these opportunities and then sign up for the class?
* Kathy Mohanna: Both. Booth facilitates a significant portion of those internship opportunities but also encourages students to explore other firms that they might be interested in interning at as part of the program.
Guest: If a student foregoes IB recruiting for internships (e.g. in favor of consulting or some other field), or is not able to secure an IB internship, how successfully have you seen peers recruit when fulltime recruiting comes around? Does not having done an IB internship preclude securing a full time role?
* Mef Shebi: Having a banking summer internship is almost a pre-requisite for landing a banking full-time role
Guest: Does Booth Career Center help students to assess how realistic are their career aspirations in Banking/Finance? Do you advise on possible career alternatives for a particular candidate? Thanks!
* Mef Shebi: Yes, the career services team helps students with their overall career strategy and offer support throughout their recruiting process (including advise on alternatives and provide career resources)
Guest: Which professor’s class within the finance concentration was your favorite or most eye-opening experience thus far?
* Dina Jachi: To be honest, I have enjoyed all the finance classes at Booth just because I had no prior background and everything for me has been a learning experience. A really good one is Entrepreneurial Finance and Private Equity taught by Professor Kaplan.
Guest: For students interested in both banking and consulting, what would be your advice on recruiting strategy?
* Dina Jachi: Pick one. The timelines are almost identical and they are both very demanding and hands-on. It's very difficult to manage either of them successfully that way. Some people will intern in IB and then recruit for consulting full-time as a way around this conflict.
Guest: What opportunities are there for students with finance backgrounds to get involved with more entrepreneurial / start-up groups?
* Kathy Mohanna: Private Equity Lab serves as a learning and apprentice-based program for students but does not necessarily translate into full-time requiting. That being said, it is certainly helpful in developing an important professional network that will be invaluable in securing a full-time position in private equity after graduation.
Guest: Given the vast resources available at Booth to help students attain their career goals, what would you recommend that students additionally do on their own to prepare for IB recruiting?
* Dina Jachi: Sign up for the Investment Banking Group and follow the process they show you. It's a very well-oiled machine.
Guest: Is there anything that prospective students can do now to boost their chances of getting an IB job later?
* Dina Jachi: I wouldn't say anything in particular. Perhaps read up on the industry to make sure it is for you. Other than that, you will have all the support you need when you get on campus.
Guest: It seems PT/Weekend program cannot get into the internship/structured banking recruiting process. Is that a drawback for those students trying to get into the PT program?
* Kimberly Ge: I would say there are limited opportunities due to the structure and nature of recruitment for Banking. When it comes to choosing a program, it’s important to know your overall goals and objectives, so that you can pick a program that best suits you and professional ambitions.
Guest: Is there any stats regarding % of Booth students who received an offer by the end of their internships?
* Mef Shebi: typically 50% of students come back with full-time offers
Guest: Do you see major interest from the students at Booth in Impact Investing or is it still a bit of a niche
* Kathy Mohanna: The interest in Impact Investing among Booth students is rising rapidly. There is an excellent student group on campus dedicated to impact investing that provides excellent resources for students. Furthermore, there are several engaging Impact Investing competitions that students can participate in and learn more about different way of looking at investing. Lastly, there are multiple Impact Investing asset managers and private equity firms that are regularly hiring students on campus.
Guest: Dina - Is IB for you? If so, why? I know this is specific to your situation, but it might shed some light on the field.
* Dina Jachi: Investment Banking appealed to me because it filled a major skills gap I had. I saw it as a way to learn everything I missed in the fastest and most disciplined way possible. It also is a very transaction based industry so you see the results of your work transform companies and industries, and that can be very rewarding.
Guest: Could you speak a little about the recruiting process for FinTech?
* Mef Shebi: FinTech opportunities come later in the year - there are a lot of companies in this space (including startups) that post job openings thru our internal site in the spring time. early fall and winter will be devoted to mostly on networking/building relationships
Guest: Will the transcript of this Q&A be available to participants after the chat?
* Kimberly Ge: Good question! The transcript will be available on our website (https://www.chicagobooth.edu/programs/full-time/admissions/events/online-chats) in about 3-5 business days.
Guest: Obviously the odds are heavily stacked against this, but how frequently have you seen Booth students (through resources like the Polsky Center, PE Lab, networking, and various finance challenges) transition from non-finance and into VC or PE?
* Mef Shebi: it's not common at all to go into PE without a finance background. However, students with prior start-ups experience have successfully transition into VCs (even without a finance background) but it's less frequent
Guest: while studying for the mba at booth, especially banking, can the student do an internship? or are the classes too demanding with group projects etc?
* Kathy Mohanna: With Booth flexible curriculum, students can design their course load such that it would fit their other interests, including pursuing a part-time internship. So it certainly possible and several students are pursuing that route.
Guest: Could you touch on Investment Management recruiting?
* Mef Shebi: IM recruiting also occurs in the fall (there are quite a number of firms that come on-campus to recruit), typically 8% of Booth students end up in full-time IM roles. In addition to networking, it requires a lot of preparation to be successful in the recruiting process (e.g. Stock Pitches, Investment Analysis)
Guest: Hedge funds seem to be an area of finance not really touched on in this chat so far. What is the recruiting process like for HFs, and beyond the Hedge Fund Group, what resources are available for Booth students?
* Mef Shebi: Hedge Funds are categorized under the IM recruiting process and follow a similar timeline - the career resource center, IM student groups, Career Advisors are just a few of the resources available to you to prepare for recruiting in this field
Guest: Do students ever recruit for IB during their first year and PE during their second?
* Mef Shebi: Yes, there have been students who have done their summer internships in Banking and transitioned into PE. However, those students have also worked on building relationships with their target PE firms the year prior (in their first year)
Guest: Will you provide the transcript of this chat to participants?
* Kimberly Ge: The transcript will be available on our website (https://www.chicagobooth.edu/programs/full-time/admissions/events/online-chats) in about 3-5 business days.
Guest: I still get an error when clicking on the transcript link. Is this supposed to happen?
* Kimberly Ge: Hmm, sorry about that! Please try this link: https://www.chicagobooth.edu/programs/full-time/admissions/events/online-chats. If it doesn't work, please visit www.chicagobooth.edu, select Programs, Full-Time MBA, and then click on "Participate in a Chat" on the left-hand side.
Guest: Is there any employment report informing where Boothies are going after the MBA (within the finance sector) as well as average compensation?
* Mef Shebi: Yes, our alumni career services team works closely with our alumni population to compile that information
Guest:Is it possible to pursue two lab courses say the PE lab and the New Venture and Small Enterprises Lab by effective structuring?
* Dina Jachi: Students tend to take multiple lab courses over the tenure at Booth. Like you mentioned, it is all about planning effectively.
Guest: How have they built those relationships with target PE firms? Alumni networks, PE lab, etc?
* Mef Shebi: Yes, PE/VC lab, PE student groups, second year career advisors for PE, alumni community directory, etc.
Guest: most mba classes are based on real life case studies? or is it equally divided in group projects homework etc? Or does the professor how he wants to teach?
* Dina Jachi: Class structure is dependent on the professor. That said, most classes do have a case component to them and it varies whether they are done individually or in groups.
Guest: When would be the best time to start an application in order to get in on 2018?
* Kimberly Ge: We have three rounds of applications for a reason, and we accept people in every round. Rounds 1 and 2 tend to be larger, but we certainly have admitted great people from Round 3. You should never rush your application; make sure you apply when you feel you are 100% ready. Take time to get the best recommendations, think thoughtfully on all of your answers, and have multiple people from different areas of your life reviewed your essay. If you are rushing the application to try and fit into a specific round, that will come through in your answers. Make sure you take the time to represent yourself in the best way possible.