Hey Matt, I really love your content. Your videos already helped me a lot. Here is a video idea: Breaking into investment banking (in the US) as a foreigner. I bet you have a lot of viewers from outside of the US who are studying at a foreign target school but would love to work / doing internships in the US.
I’m trying to pull this off, but feel like it’s going to be a very long shot as I have 3 people who actually did this. I won’t be needing a visa sponsor so that’s nice but guess I’ll have spend 200k on an MBA program.
I work in recruitment for a BB, and came from a non target school- now interviewing those from targets. It is harder coming from a non target, but there are people like me who do try to maintain alumni connections so definitely network!
Any suggestions for a veteran looking to break in, I see a lot of people suggesting getting an MBA vs trying straight from a bachelors. I'd love to chat!
@@snipinmonstadid you go back to college or did you not start college yet? I’m asking because if you haven’t started yet, as a veteran you’d have a good chance getting into a target from community college if you do well enough I think.
@@thetimemaster1475 I started college already. It’s not a community college but I do currently have a 3.8 GPA it’s only the first semester tho and I have two mid terms coming up
I am a military veteran forced into a accelerated non-target undergrad due to my age and schedule. I plan on going to a target MBA school before I enter the field but this video gave me a lot of hope that even if it doesn’t work out I could still break in. Thank you so much
I admire you guys in institutions. I'm just a private fund manager making it on my own. Wish I didn't drop out of uni and knew what I wanted to do. But you guys are like the 1% of the 1%. I'm just happy that I'll soon be able to generate enough cash flow to quit my job and live a passive cash flow life style. Compared to the 78% of people living pay check to paycheck in america i'm still king lol
matt your content is great but it would be great if u can cover topics in like corporate banking, commercial banking , asset management , equity research because the world of finance is soo bigg
Hi! Discovered you this week, been loving your content lately. Can you talk more about Investment Banking and Private Equity Opportunities specifically in Canada alone? *Scope of a post-MBA grad in Canada in those fields* Thanks! Have a good day ahead.
At Rutgers University, I can confidently say we have sent 5-20 students to top IB firms in recent years. We are also by no means a target, but I wonder if we are entering semi-target territory. Love your content on IB, keep it up!
Based on my data it's about ~5 per year into the top firms. So I'd say it's on the lower bound of being a semi-target. Still seems overall quite hard to get into finance from Rutgers.
Under 5 per year? Hahahaha, my school has an alumni of 36k (Irish uni) and has never sent one to an IB in the UK. I'm here to break the pattern! (I'll fail obviously but optimism is nice).
Yes! I was a non-target student and work for a large-cap regional IB in Europe (think BNP, SocGen, ING, ABN Amro, Commerzbank, Berenberg), lemme explain. Europe is a lot more "regional" regarding non-targets. No matter what the BS Financial Times ranking says, there are only a couple of real core, non-regional target schools for the EMEA office in London at BB s and EB (even less than in the US). What I mean with them is a school that permits you to recruit in London in ANY team (not only your country specific coverage team like Benelux or DACH coverage team). So those are schools that will place you in any bank no matter your language skills. From my experience and datasets from my network these are: - Oxford, Cambridge, Imperial (stem), LSE, LBS, HEC Paris (they used to send mostly French or French speaking grads to BB s but I ve seen other teams flooded with some of their grads like the Benelux team that didnt necessarily spoke french) and St Gällen Now comes the controversial part. The other sets of "target" or what I call "semi-target" Schools will place you in BB and EB too BUT you will need to master the local language. These are: - UK: UCL, Imperial (non-stem), Warwick, King's - France: engineering schools: Polytechnique, Centrale Paris, Mines Paris, ENPC business schools: HEC Paris, ESSEC, ESCP - Italy: Bocconi (sometimes Politecnico di Torino or Milano) - Germany: WHU (would also add Frankfurt School of Finance, TUM and Mannheim for some banks) - Austria: WU - Sweden: SSE and KTH - Norway: NHH - Denmark: CBS - Portugal: Nova - Spain: IE, ESSADE - Netherlands: RSM - Ireland: Trinity - other countries like Belgium, greece, Switzerland (other than St Gällen), Luxembourg or other CEE countries don't have targets for London. All the other local good universities like Luiss Rome, Vlerick, Solvay, KULeuven, Ghent, Köln, LMU, Edhec, em lyon, Supélec, Gröningen, Tilburg, UvA, HEC lausanne, Unibo, Catolica, BI (in norway), St Andrews, Edinburgh, Bristol, Queen's London, UCDublin, etc are amazing higher institutions but won't be considered target by BB or BB in London by any means ( I was part of one of those). They, however will be target from some boutiques or MM in London OR heavy targets from your local top IB players in continental Europe These firms are (non-exhaustive) : Benelux: ING, Rabobank, ABN, Kempen, Etc France: SocGen, BNP, CACIB Germany: Commerzbank, Berenberg, Italy: Medionbanca Austria: Raffeisen Nordics: Nordea, SEB Etc Bear in mind, you can break into a BB and/or EB from non targets but it will be a lot harder than from oxbridge or HEC And will require a perfect story, great internships, good grades or another "edge" Like being a pro-athlete
Hey Matt, fellow Canadian here. Attending a current non-target. Your videos have been very helpful. My question is whether you would recommend a Canadian MBA (Ivey, Rotman, Queens) over a top 15-20 US MBA if the main goal is BB/EB. The general consensus is that the ROI on Canadian MBA’s are sub-par, even at a top university like Western Ivey. I’m curious to hear your POV on this.
Nah I wouldn't recommend a Canadian MBA over top 15-20 US from a pure recruiting standpoint. Maybe only if the cost of a US one is absurdly higher. Canadian MBAs unfortunately are pretty weak. But if you have to pick one, go with Rotman.
@@PeakFrameworks what if your main goal IB at a Canadian bank like Bmo or rbc. Wouldn’t rotmans greater presence and more extensive network on Bay Street be more beneficial than a top 15 US mba?
Top targeted school provides students with an higher starting point, but most students from the target school at the end of the day quit Investment banking due to pressure and lack of real life operational experience. Most university teach the same content these day, target school usually have more students that are capable taking on assigned work but not really real life work. Targeted school provides you with a strong starting point, but this starting point generally have standards that are set too high for most student to handle(Ex. JP Morgan and goldman each). That is why no matter if you are from or not from targeted school, it's always reasonable to start at middle market firms to develop from there. In this way, allows students to build strong foundation to go further especially in the field of Finance that requires students to take long position rather than short term unsustainable achievement.
Great Vid. Anyway, Im going to apply for an off-cycle internship in IB in Europe. Could you suggest any books to prepare for an analyst position? I had nice feedbacks about 'Investment Banking' of Pearl and Rosenbaum but idk.
i'd say that list is not entirely true. no williams/amherst but has midd??? that website was tripping. for lacs, williams and amherst are DEFINITELY target schools (they're even better than a bunch of universities listed), and then it's midd, hamilton, colgate (population: colagte (700-800 people per year) >midd (500-600 people per year)>hamilton(about 450 people per year) and they all send about 20-30 graduates to ib each year)
You just outed my plan to the world lmao. I am non target going into financial advisory with a mindset to switch to m&a in a couple of years, hopefully
Is it possible that you can make a video on the merger arbitrage field and the future outlook of this industry? It would be very helpful and informative.
Can you please do a video on big 5 vs bulge brackets in Canada and their deal flow? And also touch on opportunities to lateral to an American office if you place at a bulge bracket in Canada if you could?
Very easy to lateral to American office from a BB in Canada. It's probably the route I recommend most to Canadians who whiff on recruiting or who come from semi-targets. After that, I've seen the most people from RBC and TD. GS TO places extremely well, on par with the best groups in the US. In terms of deal flow I'd have to do a bit more research. I get the sense that RBC and BMO are the clear winners for Big 5. And the deal flow for the American firms really oscillates year over year.
Hello, thank you for the video. I wanted to ask with the salary that you mention in other videos also apply to Canada. Or will you be paid less in Canada
Hey Matt, if you’re starting off in consulting what’s your advice for trying to break into VC. Is it possible as a straight lateral, or would you explore MBA’s/moving into a more aligned role?
MBB and maybe OW it's probably viable with hustle. But I think you'd probably get funneled into more cold calling type roles unless you had a technical background. I wouldn't get an MBA to pursue VC. VC is less traditional of a path, I would probably try to pick up technical skills, start side projects, start a VC blog, etc.
Hello, I’ve recently discovered your channel and I think it may help me more in the future. I’m currently a sophomore in high school but I am very interested in finance and everything you talk about. I follow other channels as well. Since I’m in high school I’m not really sure what I should be doing to prepare. I know I’m really young and shouldn’t be worrying about work or target college yet but besides maintaining good grades (which I do) and researching topics independently on finance such as IB, PE, VC etc. is there anything I could do early to practice or learn for things I may have to do in the future? It’s hard to find such thing as finance internships for kids in high school especially now during a pandemic. Do you think looking for a possible internship in just a working office would be good experience for someone my age? I’m happy I’ve cultivated an interest in this field early and I’m fortunate enough to have been born in NYC Manhattan but if you have any advice it would be awesome! Thanks.
Focus on getting into a good school over everything else. Make sure you have top grades, SATs, good extra curriculars. I wouldn't worry too much about internships until you've secured a great school - it's way more important than anything else. If you're confident in your schooling, I would think about doing side hustles first before internships. Any internship you get now is going to almost definitely be purely administrative. Try to pick up data science, dabble with e-commerce, write blog posts about your opinion on VC trends, etc. Just do interesting side projects.
Great videos! Also do you think you could talk a little bit more about the situation in the other world financial centers? I understand there are differences but it is super hard to move your career from one to another region?
Nah not that hard to switch. I would almost say it's very easy to switch as long as you're at a global-ish firm. There's so much attrition at firms that people are generally happy to help you lateral. Lots of people start in London / HK and move to NY. Lots vice versa as well. London has lots of PE firms and is #2 center in the world, but unclear how Brexit plays into things. HK also has its political problems right now.
@@PeakFrameworks Thanks. That's a good point. Unfortunately for me, I didn't start my career in the international big corps but a local small hedge fund. I guess maybe I will need to extend my networks on my own if I want to find opportunities outside the US. And I agree there are a lot of things going on in the UK, and HK as well. But I believe they are still irreplaceable at least in the medium term simply because of the massive amount of money printed by their banks (still highly credible) and a good amount of business opportunities there.
Hey matt, great video bro. Can you also make a video about investment banking in the UK and the target schools there? Do you know of any target schools in the UK for IB?
Stanford is a top school in the country, but their banking placement isn't anything to be proud of in my opinion. A lot of their talent seeks out tech / PM jobs and accordingly many investment banks don't emphasize recruiting there. Stanford students are still really bright and the ones that pursue finance place well into the buyside. But there aren't a ton of bankers, which is what this data accounts for.
Students that are geared towards finance and especially in TMT teams are definitely strong targets from all BB and EB. I would even put the hypothesis up that the ratio of #students with BB&EB offers / #students pursuing BB&EB recruiting is higher at Stanford or MIT than at Harvard or at Wharton :) Competition for IB jobs is not as fierce but the school is as great and selective as any other top school
Hey Matt, I currently go to a non target in Canada, do I have a better chance shooting at the US middle markets or canadian big 5 capital markets/big 4? I have considered working in the US but I'm starting to think it's not doable, specialy for a non-target in Canada. Just wanted to know your take the optimal path in this case. Thanks
Depends on which non target. If you're at a semi target like Waterloo, Toronto, Schulich, I'd still target middle markets in US. But you have to be a top student there. If you go to a more obscure non-target, then I'd focus on Canadian firms. Main rule is to check where past alumni have gone to get a sense for what is possible.
@@PeakFrameworks I go to uoft, not rotman, it's a relatively newer program, our alumni network is pretty limited tbh. Haven't seen people consistently going to the US.
Hi Matt! Just recently found your channel and I have to say I'm loving it, I'm binging your content and its been helping me a lot. I was hoping you could give a professional opinion because I'm really on the fence about this. (For context I'm still deciding either between IB or Consulting) Since I live in NY, do you think it would be worth it to go to a state school with really good business schools like Baruch or Binghamton where I can possibly go to them for free. Or is the target school prestige of NYU/Cornell worth the big student debt, cause my family is nowhere near well off enough to afford them.
This is a bit too personal for me to really opine on. I don't think Binghampton has a good business school. Baruch you'd have to be a top 10 candidate in your school to break into IB. I think the chances are materially better at NYU and Cornell. It's also going to be more competitive, but that's sort of what you want. If I had to finance everything with debt, I might do Cornell but not NYU.
I go to the University of Arizona, which is an extreme non-target. I have had the most luck with PNC and SunTrust/BB&T. Do you have any suggestions for students with a slightly below target GPA? I am coming in with 3.45 overall and a 3.75 major GPA majoring in Political Economy. I love the videos, they have been very helpful.
If you're still in school, then get your grades up. Network 3x as hard as your peers. Get anywhere into finance out of school and take small steps to IB if needed.
Penn State places a ton of people into IB, Northeastern definitely doesn't seem like it has the same numbers IMO. Penn State is also huge though so maybe on a numbers basis it's comparable, I can't say for sure
Hey Matt, and Community, What are you thoughts on the effectiveness of coding bootcamps in terms of career/salary advancement? Seems like a great ROI in terms of time as many are only a few months long... Cheers
Coding bootcamp for finance seems unnecessary and probably a waste of time to me. Unless you're switching to a quant focused career. From my view, coding bootcamps seem to not work very well for a lot of different career paths. Seems best for things like UX / web development.
hey Matt, wondering if you can give an advise on my situation. I will have 2 years experience in big4 audit and doing a master in management at Cornell. Although a target school I'm guessing I wont be falling under the recruiting cycle for undergrad or the MBA because the master I'm doing is somewhere in between. I wouldn't mind applying to be an analyst with my master program but just wondering if that seems possible to break into BB? TIA
Hi, any advice for a guy starting a 6 month internship on Monday at an IB in London. I will be mainly in the financial sponsors group but I will still be working with other groups too.
Make sure you still do networking calls with everyone in your group. Keep an error log and try not to make the same mistake twice. Try to find a mentor or someone who will look out for you.
Hi, Matt, I am going to be a graduate in the target school. However, I heard that the investment banking does not hire graduates. So is there any related position that I can pursue and get into ib as a professional？
Is it true that IB recruitment in Los Angeles is harder than NY is because the firms are usually smaller and, as a result, only hire a few college grads?
I'm not sure if I would say harder. There's way, way, way less attention towards the LA market. Lots of non targets manage to slide into LA offices because there's such meagre competition. You have fewer chances in LA because there's fewer firms, but it could potentially be easier.
LA has way less competition then NYC. However, the networks here are exceptionally hard to break into. In NYC everyone at a bar works in finance in LA everyone is a creative. However, in LA we have some great middle market firms that don't have all the same regulatory burdens of BB and compensation can exceed BB. We also have lower competition in corporate banking. I know people below 30 years old making >200k in corp banking in LA and have nice homes (plural), nice vacations and better work life balance (think 60-70 hours a week). Think of this, I know of jobs in LA where compensation is >200k and go unfilled for months.
I’d echo what’s said by Matt and Erick, I would add tho that LA in my own experience if you are from LA or on the West Coast it’s easier to break into the LA networks which are really crucial when trying to enter a BB in LA and if you are from the East Coast it can be harder to get into LA than NY so I think personally competition is more so a matter of your location than anything else...but definitely could be different now given mostly everything is online
Hey Matt, your list was really helpful. Alpha Capital Holdings is a scam though, they charge students for internships and heard they don't actually do deals (also lied about deals they've been on). Wondering if you'll create a 2021 version, thanks.
Not sure exactly what you're asking, but I know a few people in their mid-late 30's that left finance to manage their own money (since they'd probably have more than a million saved at that point). Starting your own firm is a different story altogether though.
I would say PE firms generally care more about the bank / consulting firm you're coming from vs. school. But middle market and lower middle market firms tend to care less about traditional pedigree.
Hi, I have been watching your videos for the past month now and have fallen in love with them. I had a request, could you please share the statistics on UK universities as well, it would be of great help. Thanks !! And keep making more videos.
Renaissance technologies is an extremely hard firm to break into for and they mostly hire math types. I think most people there have PHDs from the top schools.
I can see how that might be possible, but the data didn't support that view. I met a handful of Rutgers people while in NY, but less commonly at the top firms.
You might find this very this interesting...insight from 2 guys who first started trading on Wall Street in the late 90's...1 particular quote that stands out, keep in mind this is from a few years ago "it's a different type of Bull market now, the people on Wall Street arent happy like they were in previous Bull markets, they're just not making the same money they were in the past. It's the time to be more entrepreneurial now rather than go work for a big bank. The risk-reward just isnt what it was before." "In the last 5 years, things have changed alot on the sell side. Everyone I know who was big in the financial markets in the last cycle has left. It's a much more career ladder, occupational ladder. With pre defined titles and pre defined pay at every level." Link to the video: ua-cam.com/video/D_AXfsrZ3JY/v-deo.html
Hey Matt, I really love your content. Your videos already helped me a lot.
Here is a video idea: Breaking into investment banking (in the US) as a foreigner. I bet you have a lot of viewers from outside of the US who are studying at a foreign target school but would love to work / doing internships in the US.
Seconded. Good vid idea
Great idea. Outside of the US, I only know the Canadian market really well, but I'll see what I can put together.
@@PeakFrameworks Breaking into Investment Banking (Canada) as a foreigner will be a great idea
@@PeakFrameworks Matt this would be super timely right now :)
I’m trying to pull this off, but feel like it’s going to be a very long shot as I have 3 people who actually did this. I won’t be needing a visa sponsor so that’s nice but guess I’ll have spend 200k on an MBA program.
Was able to break into a BB IB from a non-target...this video could not have been more on point
I work in recruitment for a BB, and came from a non target school- now interviewing those from targets. It is harder coming from a non target, but there are people like me who do try to maintain alumni connections so definitely network!
Let’s network!
Any suggestions for a veteran looking to break in, I see a lot of people suggesting getting an MBA vs trying straight from a bachelors. I'd love to chat!
@@snipinmonstadid you go back to college or did you not start college yet? I’m asking because if you haven’t started yet, as a veteran you’d have a good chance getting into a target from community college if you do well enough I think.
@@thetimemaster1475 I started college already. It’s not a community college but I do currently have a 3.8 GPA it’s only the first semester tho and I have two mid terms coming up
@@thetimemaster1475 do you think it would be worth it to try and goto a target after this year ?
Non target bachelors-> couple years corp & syndication experience -> masters degree semi target-> leveraged finance
I am a military veteran forced into a accelerated non-target undergrad due to my age and schedule. I plan on going to a target MBA school before I enter the field but this video gave me a lot of hope that even if it doesn’t work out I could still break in. Thank you so much
Hey man, as another vet I was wondering how things are going as well as what school you ended up going too. Hopefully things are well!
I admire you guys in institutions. I'm just a private fund manager making it on my own. Wish I didn't drop out of uni and knew what I wanted to do. But you guys are like the 1% of the 1%. I'm just happy that I'll soon be able to generate enough cash flow to quit my job and live a passive cash flow life style. Compared to the 78% of people living pay check to paycheck in america i'm still king lol
That's really impressive! Could you please tell me what you did to achieve this?
matt your content is great but it would be great if u can cover topics in like corporate banking, commercial banking , asset management , equity research because the world of finance is soo bigg
Hi! Discovered you this week, been loving your content lately. Can you talk more about Investment Banking and Private Equity Opportunities specifically in Canada alone? *Scope of a post-MBA grad in Canada in those fields* Thanks! Have a good day ahead.
Sure, can add it to the list. Ivey and Queen's best for undergrad, Rotman best for MBA.
At Rutgers University, I can confidently say we have sent 5-20 students to top IB firms in recent years. We are also by no means a target, but I wonder if we are entering semi-target territory. Love your content on IB, keep it up!
Nah
Based on my data it's about ~5 per year into the top firms. So I'd say it's on the lower bound of being a semi-target. Still seems overall quite hard to get into finance from Rutgers.
Still non-target
Under 5 per year? Hahahaha, my school has an alumni of 36k (Irish uni) and has never sent one to an IB in the UK. I'm here to break the pattern! (I'll fail obviously but optimism is nice).
Nah man you can do it, just gotta work hard and be prepared for some failures
Hey bro I’m the exact same, what college are you. I’m in maynooth
Thanks for these tips. Is there an equivalent for Europe?
Yes! I was a non-target student and work for a large-cap regional IB in Europe (think BNP, SocGen, ING, ABN Amro, Commerzbank, Berenberg), lemme explain.
Europe is a lot more "regional" regarding non-targets.
No matter what the BS Financial Times ranking says, there are only a couple of real core, non-regional target schools for the EMEA office in London at BB s and EB (even less than in the US). What I mean with them is a school that permits you to recruit in London in ANY team (not only your country specific coverage team like Benelux or DACH coverage team). So those are schools that will place you in any bank no matter your language skills.
From my experience and datasets from my network these are:
- Oxford, Cambridge, Imperial (stem), LSE, LBS, HEC Paris (they used to send mostly French or French speaking grads to BB s but I ve seen other teams flooded with some of their grads like the Benelux team that didnt necessarily spoke french) and St Gällen
Now comes the controversial part. The other sets of "target" or what I call "semi-target" Schools will place you in BB and EB too BUT you will need to master the local language.
These are:
- UK: UCL, Imperial (non-stem), Warwick, King's
- France: engineering schools: Polytechnique, Centrale Paris, Mines Paris, ENPC
business schools: HEC Paris, ESSEC, ESCP
- Italy: Bocconi (sometimes Politecnico di Torino or Milano)
- Germany: WHU (would also add Frankfurt School of Finance, TUM and Mannheim for some banks)
- Austria: WU
- Sweden: SSE and KTH
- Norway: NHH
- Denmark: CBS
- Portugal: Nova
- Spain: IE, ESSADE
- Netherlands: RSM
- Ireland: Trinity
- other countries like Belgium, greece, Switzerland (other than St Gällen), Luxembourg or other CEE countries don't have targets for London.
All the other local good universities like Luiss Rome, Vlerick, Solvay, KULeuven, Ghent, Köln, LMU, Edhec, em lyon, Supélec, Gröningen, Tilburg, UvA, HEC lausanne, Unibo, Catolica, BI (in norway), St Andrews, Edinburgh, Bristol, Queen's London, UCDublin, etc are amazing higher institutions but won't be considered target by BB or BB in London by any means ( I was part of one of those).
They, however will be target from some boutiques or MM in London OR heavy targets from your local top IB players in continental Europe
These firms are (non-exhaustive) :
Benelux: ING, Rabobank, ABN, Kempen, Etc
France: SocGen, BNP, CACIB
Germany: Commerzbank, Berenberg,
Italy: Medionbanca
Austria: Raffeisen
Nordics: Nordea, SEB
Etc
Bear in mind, you can break into a BB and/or EB from non targets but it will be a lot harder than from oxbridge or HEC
And will require a perfect story, great internships, good grades or another "edge" Like being a pro-athlete
Hey Matt, fellow Canadian here. Attending a current non-target. Your videos have been very helpful. My question is whether you would recommend a Canadian MBA (Ivey, Rotman, Queens) over a top 15-20 US MBA if the main goal is BB/EB. The general consensus is that the ROI on Canadian MBA’s are sub-par, even at a top university like Western Ivey. I’m curious to hear your POV on this.
Nah I wouldn't recommend a Canadian MBA over top 15-20 US from a pure recruiting standpoint. Maybe only if the cost of a US one is absurdly higher.
Canadian MBAs unfortunately are pretty weak. But if you have to pick one, go with Rotman.
@@PeakFrameworks what if your main goal IB at a Canadian bank like Bmo or rbc. Wouldn’t rotmans greater presence and more extensive network on Bay Street be more beneficial than a top 15 US mba?
Top targeted school provides students with an higher starting point, but most students from the target school at the end of the day quit Investment banking due to pressure and lack of real life operational experience. Most university teach the same content these day, target school usually have more students that are capable taking on assigned work but not really real life work. Targeted school provides you with a strong starting point, but this starting point generally have standards that are set too high for most student to handle(Ex. JP Morgan and goldman each). That is why no matter if you are from or not from targeted school, it's always reasonable to start at middle market firms to develop from there. In this way, allows students to build strong foundation to go further especially in the field of Finance that requires students to take long position rather than short term unsustainable achievement.
Love your videos, so informative! I have a video idea: Networking in IB or finance in general.
Keep up the videos, really appreciate em!!
Seconded
so as a working adult who is going back to school to earn an MBA/finance online I should just look elsewhere?
Great Vid. Anyway, Im going to apply for an off-cycle internship in IB in Europe. Could you suggest any books to prepare for an analyst position? I had nice feedbacks about 'Investment Banking' of Pearl and Rosenbaum but idk.
i'd say that list is not entirely true. no williams/amherst but has midd??? that website was tripping. for lacs, williams and amherst are DEFINITELY target schools (they're even better than a bunch of universities listed), and then it's midd, hamilton, colgate (population: colagte (700-800 people per year) >midd (500-600 people per year)>hamilton(about 450 people per year) and they all send about 20-30 graduates to ib each year)
You just outed my plan to the world lmao. I am non target going into financial advisory with a mindset to switch to m&a in a couple of years, hopefully
Is it possible that you can make a video on the merger arbitrage field and the future outlook of this industry? It would be very helpful and informative.
Can you list a couple of firms you would consider to be in this field? I can do research but not that familiar with it.
Hi ! I’m a financial student from Europe, can you please make a video about Private Banks and Investment Funds there pls
Can you please do a video on big 5 vs bulge brackets in Canada and their deal flow? And also touch on opportunities to lateral to an American office if you place at a bulge bracket in Canada if you could?
Very easy to lateral to American office from a BB in Canada. It's probably the route I recommend most to Canadians who whiff on recruiting or who come from semi-targets. After that, I've seen the most people from RBC and TD. GS TO places extremely well, on par with the best groups in the US.
In terms of deal flow I'd have to do a bit more research. I get the sense that RBC and BMO are the clear winners for Big 5. And the deal flow for the American firms really oscillates year over year.
Hello, thank you for the video. I wanted to ask with the salary that you mention in other videos also apply to Canada. Or will you be paid less in Canada
Hey man great video! is there by any chance you can make a video for salaries for non target schools who get into IB?
IB salaries are the same if you're from either a target or non-target!
Hey Matt, if you’re starting off in consulting what’s your advice for trying to break into VC. Is it possible as a straight lateral, or would you explore MBA’s/moving into a more aligned role?
MBB and maybe OW it's probably viable with hustle. But I think you'd probably get funneled into more cold calling type roles unless you had a technical background. I wouldn't get an MBA to pursue VC.
VC is less traditional of a path, I would probably try to pick up technical skills, start side projects, start a VC blog, etc.
Hello, I’ve recently discovered your channel and I think it may help me more in the future. I’m currently a sophomore in high school but I am very interested in finance and everything you talk about. I follow other channels as well. Since I’m in high school I’m not really sure what I should be doing to prepare. I know I’m really young and shouldn’t be worrying about work or target college yet but besides maintaining good grades (which I do) and researching topics independently on finance such as IB, PE, VC etc. is there anything I could do early to practice or learn for things I may have to do in the future? It’s hard to find such thing as finance internships for kids in high school especially now during a pandemic. Do you think looking for a possible internship in just a working office would be good experience for someone my age? I’m happy I’ve cultivated an interest in this field early and I’m fortunate enough to have been born in NYC Manhattan but if you have any advice it would be awesome! Thanks.
Focus on getting into a good school over everything else. Make sure you have top grades, SATs, good extra curriculars. I wouldn't worry too much about internships until you've secured a great school - it's way more important than anything else. If you're confident in your schooling, I would think about doing side hustles first before internships. Any internship you get now is going to almost definitely be purely administrative. Try to pick up data science, dabble with e-commerce, write blog posts about your opinion on VC trends, etc. Just do interesting side projects.
Great videos! Also do you think you could talk a little bit more about the situation in the other world financial centers? I understand there are differences but it is super hard to move your career from one to another region?
Nah not that hard to switch. I would almost say it's very easy to switch as long as you're at a global-ish firm. There's so much attrition at firms that people are generally happy to help you lateral.
Lots of people start in London / HK and move to NY. Lots vice versa as well.
London has lots of PE firms and is #2 center in the world, but unclear how Brexit plays into things. HK also has its political problems right now.
@@PeakFrameworks Thanks. That's a good point. Unfortunately for me, I didn't start my career in the international big corps but a local small hedge fund. I guess maybe I will need to extend my networks on my own if I want to find opportunities outside the US.
And I agree there are a lot of things going on in the UK, and HK as well. But I believe they are still irreplaceable at least in the medium term simply because of the massive amount of money printed by their banks (still highly credible) and a good amount of business opportunities there.
Hey matt, great video bro. Can you also make a video about investment banking in the UK and the target schools there? Do you know of any target schools in the UK for IB?
Thanks man! I unfortunately can't get access to UK data due to GDPR rules and have never worked there so don't expect this any time soon.
I've never seen stanford listed as a semi-target, for anything, ever...
Stanford is a top school in the country, but their banking placement isn't anything to be proud of in my opinion. A lot of their talent seeks out tech / PM jobs and accordingly many investment banks don't emphasize recruiting there.
Stanford students are still really bright and the ones that pursue finance place well into the buyside. But there aren't a ton of bankers, which is what this data accounts for.
Students that are geared towards finance and especially in TMT teams are definitely strong targets from all BB and EB.
I would even put the hypothesis up that the ratio of #students with BB&EB offers / #students pursuing BB&EB recruiting
is higher at Stanford or MIT than at Harvard or at Wharton :)
Competition for IB jobs is not as fierce but the school is as great and selective as any other top school
It’s cause the IB culture at Stanford is not strong.
Hey Matt, I currently go to a non target in Canada, do I have a better chance shooting at the US middle markets or canadian big 5 capital markets/big 4?
I have considered working in the US but I'm starting to think it's not doable, specialy for a non-target in Canada. Just wanted to know your take the optimal path in this case. Thanks
Depends on which non target. If you're at a semi target like Waterloo, Toronto, Schulich, I'd still target middle markets in US. But you have to be a top student there. If you go to a more obscure non-target, then I'd focus on Canadian firms. Main rule is to check where past alumni have gone to get a sense for what is possible.
@@PeakFrameworks I go to uoft, not rotman, it's a relatively newer program, our alumni network is pretty limited tbh. Haven't seen people consistently going to the US.
Hi Matt! Just recently found your channel and I have to say I'm loving it, I'm binging your content and its been helping me a lot. I was hoping you could give a professional opinion because I'm really on the fence about this. (For context I'm still deciding either between IB or Consulting)
Since I live in NY, do you think it would be worth it to go to a state school with really good business schools like Baruch or Binghamton where I can possibly go to them for free. Or is the target school prestige of NYU/Cornell worth the big student debt, cause my family is nowhere near well off enough to afford them.
This is a bit too personal for me to really opine on. I don't think Binghampton has a good business school. Baruch you'd have to be a top 10 candidate in your school to break into IB.
I think the chances are materially better at NYU and Cornell. It's also going to be more competitive, but that's sort of what you want. If I had to finance everything with debt, I might do Cornell but not NYU.
I go to the University of Arizona, which is an extreme non-target. I have had the most luck with PNC and SunTrust/BB&T. Do you have any suggestions for students with a slightly below target GPA? I am coming in with 3.45 overall and a 3.75 major GPA majoring in Political Economy. I love the videos, they have been very helpful.
Round up those numbers to “clean up your resume appearance” and you’ve just got yourself a 3.5 and 3.8. Much more appealing.
If you're still in school, then get your grades up. Network 3x as hard as your peers. Get anywhere into finance out of school and take small steps to IB if needed.
I am an international student and non target .....
Awesome video with awesome. Also I'd like to know what song is playing in the background.
I get my background music from a platform called Splice and I'll normally make the outro music myself (if there is any).
Penn State University is semi target and Northeastern University isn’t?
Penn State places a ton of people into IB, Northeastern definitely doesn't seem like it has the same numbers IMO. Penn State is also huge though so maybe on a numbers basis it's comparable, I can't say for sure
Hey Matt, and Community,
What are you thoughts on the effectiveness of coding bootcamps in terms of career/salary advancement? Seems like a great ROI in terms of time as many are only a few months long...
Cheers
Coding bootcamp for finance seems unnecessary and probably a waste of time to me. Unless you're switching to a quant focused career. From my view, coding bootcamps seem to not work very well for a lot of different career paths. Seems best for things like UX / web development.
Non target that placed at Evercore Tech M&A for 2024!!
hey Matt, wondering if you can give an advise on my situation. I will have 2 years experience in big4 audit and doing a master in management at Cornell. Although a target school I'm guessing I wont be falling under the recruiting cycle for undergrad or the MBA because the master I'm doing is somewhere in between. I wouldn't mind applying to be an analyst with my master program but just wondering if that seems possible to break into BB? TIA
Yeah I personally think so. Cornell masters should be enough to get interviews at least.
Hi, any advice for a guy starting a 6 month internship on Monday at an IB in London. I will be mainly in the financial sponsors group but I will still be working with other groups too.
Make sure you still do networking calls with everyone in your group. Keep an error log and try not to make the same mistake twice. Try to find a mentor or someone who will look out for you.
@@PeakFrameworks thanks
Hi
Would you mind sharing which school you attended?
I went to Western / Ivey in Canada!
Hi, Matt, I am going to be a graduate in the target school. However, I heard that the investment banking does not hire graduates. So is there any related position that I can pursue and get into ib as a professional？
I'm not sure I understand the question. IB does hire graduates? If you've already graduated, then you can focus on lateral hiring.
Is it true that IB recruitment in Los Angeles is harder than NY is because the firms are usually smaller and, as a result, only hire a few college grads?
I'm not sure if I would say harder. There's way, way, way less attention towards the LA market. Lots of non targets manage to slide into LA offices because there's such meagre competition. You have fewer chances in LA because there's fewer firms, but it could potentially be easier.
LA has way less competition then NYC. However, the networks here are exceptionally hard to break into. In NYC everyone at a bar works in finance in LA everyone is a creative. However, in LA we have some great middle market firms that don't have all the same regulatory burdens of BB and compensation can exceed BB. We also have lower competition in corporate banking. I know people below 30 years old making >200k in corp banking in LA and have nice homes (plural), nice vacations and better work life balance (think 60-70 hours a week).
Think of this, I know of jobs in LA where compensation is >200k and go unfilled for months.
I’d echo what’s said by Matt and Erick, I would add tho that LA in my own experience if you are from LA or on the West Coast it’s easier to break into the LA networks which are really crucial when trying to enter a BB in LA and if you are from the East Coast it can be harder to get into LA than NY so I think personally competition is more so a matter of your location than anything else...but definitely could be different now given mostly everything is online
Hi Matt. I 'll study finance at the American college of Greece. Is it possible for me to break into pe or even ib in usa? Thanks for the videos!
I haven't heard of this school so I empirically don't know what the data is like. I would check your past school alumni to see what seems possible.
@@PeakFrameworks Ok I'll check that out to see if it's a reasonable attempt to try. Thank you for responding!
Hey Matt, your list was really helpful. Alpha Capital Holdings is a scam though, they charge students for internships and heard they don't actually do deals (also lied about deals they've been on). Wondering if you'll create a 2021 version, thanks.
Thanks man - didn't know that about Alpha. I might make a 2022 one, but not going to update it this year
SunTrust and BB&T merged into Truist now
Hey Matt, do you know anyone who has started their own investment firm, nothing insane just a decent sized portfolio on investments
Not sure exactly what you're asking, but I know a few people in their mid-late 30's that left finance to manage their own money (since they'd probably have more than a million saved at that point). Starting your own firm is a different story altogether though.
What about PE firms for Non-Targets?
I would say PE firms generally care more about the bank / consulting firm you're coming from vs. school. But middle market and lower middle market firms tend to care less about traditional pedigree.
Which pays more in general, Middle Market or BB firms?
Bulge bracket generally because they work on larger deals. Fee structure means larger deals = larger fees.
@@PeakFrameworks Thanks! what about elite boutiques like Lazard or Evercore
really useful info! -coming from an econ major at Queens lol
Hi, I have been watching your videos for the past month now and have fallen in love with them.
I had a request, could you please share the statistics on UK universities as well, it would be of great help.
Thanks !! And keep making more videos.
Unfortunately due to Europe GDPR rules I can't get access to UK data.
do most of these firms apply to canadian non targets?
The list is probably a bit more US-centric, but should still be useful as a place to start if you're Canadian.
FINALLY! A video for my semi target ass😂
I saw the video about your career, it would be nice to do one about working and immigrating to the US with a canadian or UK degree
What about a firm like renaissance ?
Renaissance technologies is an extremely hard firm to break into for and they mostly hire math types. I think most people there have PHDs from the top schools.
Bentley gang
Sleeping on Rutgers business school but I see people place from there every year. Definitely more than 5 probably around 20
I can see how that might be possible, but the data didn't support that view. I met a handful of Rutgers people while in NY, but less commonly at the top firms.
You might find this very this interesting...insight from 2 guys who first started trading on Wall Street in the late 90's...1 particular quote that stands out, keep in mind this is from a few years ago "it's a different type of Bull market now, the people on Wall Street arent happy like they were in previous Bull markets, they're just not making the same money they were in the past. It's the time to be more entrepreneurial now rather than go work for a big bank. The risk-reward just isnt what it was before."
"In the last 5 years, things have changed alot on the sell side. Everyone I know who was big in the financial markets in the last cycle has left. It's a much more career ladder, occupational ladder. With pre defined titles and pre defined pay at every level."
Link to the video: ua-cam.com/video/D_AXfsrZ3JY/v-deo.html
That's really cool, thanks man!