Can I move from a Back Office role to a Front Office role?

There have been so many rumours that seem to suggest that it’s next to impossible moving from a back office (BO) role to a front office (FO) role. If you don’t know the difference between these two check this out wiki (scroll down to the middle).

To demystify this so called difficulty that it is almost impossible to move from a BO role to a FO role, I thought I would ask the banks themselves. I sent an email to several banks and surprisingly a few replied!

This was the email I sent: Email By me. The following are the replies.

This is JP Morgan’s email reply.

This is Morgan Stanley’s email reply.

This is Barclay's Capital email reply.

This UBS’s first email, they didn’t seem to get the question! I asked the same question in a different way here and then still couldn’t give me a straight reply! Oh well, they must be suffering from the thousands of job cuts!

Please Note: All contact details and names have been removed; only the main body of the email has been used.

As you can see it is not impossible, in fact it is “do-able” and it’s nothing unheard of. All the investment banks will accept applicants that have different backgrounds and because you have worked in a BO role or any other job it isn’t a disadvantage.

Any job experience is worth having, you will only learn something from it. I guess the real test will be the way you put this across during interviews.

You may also be wondering could I move from one division to another within the same back? Again, I think it's possible but this is dependent on the bank. Your comments are always welome as usual.

WikiJob

I thought I would make a post about a site I've known about for a while that some of you may find useful. From now on, I will try to write reviews on good quality online resources that are relevant to those that wish to pursue a career in investment banking and consulting.

WikiJob is an online community where users can create, edit and publish articles. It is basically the wikipedia of investment banking, accounting, consulting and law. I think most of you here will be interested in the investment banking section! What I like about it is the simple and clean look of the site and the relevant content that is on there. I mean each sentence is worth reading, in other words no small talk, it gets to the point unlike many other sites.

A quick summary below to help you find things. I will go through the sections that you are likely to need.

Interview questions - detailed accounts of the application process. From online applications to offers with all aspects of interviews and assessment days covered. You can find Goldman Sachs Interview questions and JP Morgan Interview questions! I am sure most of you wonder what you will be asked on your interview day!

Industry pages - This is my favourite section because there are clear and simple explanations about different things even the most basic things such the different tiers that investment banks have. A very simple concept that many seem to ask! This is very useful for those that would like a starting point to learn about investment banks.

Application Technique - A selection of useful articles on application technique, including competency based interviews and competency based questions. Gold mine!

To top it off they have a forum, a community of job seekers and graduate trainees at firms who give advice and answer to each others questions on all aspects of job search/interview process.

If there are other sites that you are aware of please comment and post them so that others may benefit from it.

I found this amusing - where i found this, it said it was a training video!!

Summer Internship: Make an Impression

You have secured your summer internship and you are about to start. No time to relax, although you have done the majority of the work. There is a little matter of impressing the HR team. Well how do you do this? And how do you make the most of your summer internship?

Before I continue, I would like to make something clear. Although your objective is to do well in this summer internship so that you are offered a graduate job or that you are fast tracked on to a graduate scheme, you have to remember this summer internship is also your chance to learn as much as you can about this investment bank and the role you are currently in. It is important to do this since you later may find out this is not the investment bank or role you want.

Ok, so how you get the most out of your summer internship and how do you impress? Brown nosing isn’t an option here!

To make this easy for you to use later on, each paragraph is a nugget of information!

First impressions are extremely important – this goes without saying, but be smart in appearance, make sure you dress for success.

Prepare for the internship – learn about the company and industry that you will spend the summer in. You should be eager for a challenge and set goals for yourself to complete by the end of your internship.

Be punctual, open-minded, observant, proactive, show enthusiasm and carry a notebook at all times (mouthful) - Tasks can easily get lost in daily responsibilities. A notebook helps in staying organized and keeping important contact information that may be gained while on the job.

An important Note: You must understand that everyone makes mistakes. Do not let a bad day get you down. Instead, learn from your mistakes. Show your employer that you want to learn.

Be professional - When sending e-mails or other forms of written communication, draft and review the text before sending.

Crucial aspect of the internship experience is networking - The key to networking is finding ways to add value to a conversation. Use these social events to learn more about the firm. These events will give you a chance to meet new and influential people, especially key players like recruiters, alumni and mentors. Find common ground with these key players and give them a reason to remember you.

An important Note: When networking don’t just concentrate on “sucking up” to the recruitment team. Network with the other interns too. A friend of mine managed to set up and internet business with a fellow intern, left he IB industry. Yes, fruitful.

DO NOT pretend to know something when you really don't - asking everyone the same question and talking negatively about your co-workers. While it is good to be inquisitive, you want to ask insightful and thoughtful questions, not generic ones. Also, avoid bringing your personal life into the office and focus all your attention on senior management. While you will be exposed to senior management, the employees you work closely with will help you learn the most. They will provide you with resources and advice.

This has been one of my longest post, I hope you find it useful and remember you only have about 10 weeks to make a good impression!

Games for Investment Banking

You may find this amusing:
---------
Getting ready for the conference call:

Step one:
Prepare a four by four square, randomly filling each cell with one of the below phrases / words.

revisit	synergy	accretive	pitch
double check	bottom line	value-added	impressive growth
margin expansion	scrubbed	aggressive	market
24/7	benchmarking	premium	leverage

Step two:
Tick off each block when one of the phrases is mentioned

Step three:
When you have ticked off four boxes in a row, column or diagonally, stand up, bang your fist on the table and shout "BULLSHIT!"

Investment Banking Cover Letter

Now pay attention, this is what a proper cover letter for an investment bank should be like.

Good? Bad? Problems, flaws? Comment.

All Hail Warren Buffet!

After the mandatory praise, let us move on to some interesting facts about this great or not so great (depends on what you think of him) man. I thought this may be interesting to some of you. I do not think it is wise for you to drop some of these facts in your interviews! But do so if you think its appropriate.

Here are some very interesting aspects of his life:

1. Warren bought his first share at age 11 and he now regrets that he started too late!

2. He bought a small farm at the age 14 with savings from delivering newspapers.

3. He still lives in the same small 3 bedroom house in mid-town Omaha that he bought after he got married 50 years ago.

4. He drives his own car everywhere and does not have a driver or security people around him.

5. He never travels by private jet, although he owns the world's largest private jet company.

6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis.

7. Warren Buffet has given his CEOs only two rules.

Rule number 1: Do not lose any of your share holder's money.

Rule number 2: Do not forget rule number 1.

8. He does not socialize with the high society crowd. His past time after he gets home is to make himself some pop corn and watch television.

9. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.

10. Warren Buffet does not carry a cell phone, nor has a computer on his desk.

11. His advice to young people: Stay away from credit cards and invest in yourself.

This article can be found on so many different sites, just shows his popularity. I boldened number 11 on purpose.

UPDATE: I would watch at least the first 20minutes (you can skip the first 5mins - he is not speaking then!), very intelligent man.

Investment Banking and Consulting: Guides

[PLEASE NOTE: FROM NOW ON - EMAIL ME AND I WILL MAIL BACK THE IB/CONSULTING GUIDES] Reason is that many sites will not let me host thes files with them for obvious reasons! ogaden@hotmail.co.uk

The following will be very useful to many of you when the next recruitment cycle comes along.

I have attached some guides from vault, wetfeeet (remember these names) and other sources in PDF format. They are very useful. I read the Lehman Brothers guide and it really helped me secure an internship since what these guides do is provide you with an insight into the company so when you go for interviews (provided you passed the tests!) you will have more of an understanding of the company culture and how things are done, which consequently will enable you to ask more perceptive questions. At the very least, you’ll be in the loop and not just turn up to an interview!

A note about the dates, most are 2005. Do not worry they are still relevant. In fact, the newer editions are in 2008, it’s the same material but they have a “Just Updated” label on the front cover. Ah yes, marketing, squeeze those extra coins from you.

***DO NOT RIGHT CLICK***
Please do not right click on links as your download won't work.

You may skim through some of the guides/books but do not skim through this!

Vault Career Guide to Investment Banking (Format: PDF Size: 2MB)

Specific Employer Profiles: Investment Banking

Credit Suisse (Format: PDF Size: 486KB)

Goldman Sachs (Format: PDF Size: 357KB)

JP Morgan (Format: PDF Size: 479KB)

Lehman Brothers (Format: PDF Size: 288KB)

Morgan Stanley (Format: PDF Size: 505KB)

Merrill Lynch (Format: PDF Size: 523KB)

Again, don’t skim through this!

Vault Career Guide to Consulting (Format: PDF Size: 1MB)

Specific Employer Profiles: Consulting

Accenture (Format: PDF Size: 477 KB)

Bain and Group (Format: PDF Size: 521KB)

Boston Consulting Group (Format: PDF Size: 518KB)

Deloitte (Format: PDF Size: 454KB)

Mckinsey and Company (Format: PDF Size: 512KB)

Random Book

I haven’t read this, but it has an interesting title! It seems like one of those books that promise you something and then don’t deliver. Let me know if it’s any good.

Pick Stocks like Warren Buffet (Format: PDF Size: 4MB)

Requests/Offers

Anything missing from the above? Anything you would like to add/share with the rest? I am sure there are plenty, especially more employer profiles; let me know which ones you need or would like to offer, they are hard to find. Send your requests or additions to: ogaden@hotmail.co.uk

In future, I don’t want to hear any statements in regards to me not doing anything for you!!! Enjoy.