10 Reasons University Ranking Doesn't Matter For Getting Into Investment Banking (The TRUTH!)
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- Опубліковано 16 лип 2024
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Recommended Reading:
Financial markets and the roles within easily explained: amzn.to/2WsRNKH
When Genius Failed: amzn.to/2Wt0nJI,
The Intelligent Investor: amzn.to/2XBDbFG
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The Wolf of Wall Street: amzn.to/2K1RXSC
Money and Power: How Goldman Sachs Came to Rule the World: amzn.to/2WyKykN
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TIMESTAMPS
01:25 I get asked this question so often
02:33 Firms want diversity in applications
03:33 More than enough roles are available
05:28 Front office, middle office and back office
07:09 Experience is the currency
09:03 Networking is extremely important for you
09:54 Attend insight events
11:18 Passion, enthusiasm and genuine interest
12:45 You have 3 chances
13:50 Be strategic with your applications
15:03 Time is on your side
17:20 Bonus reason
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I like sharing practical, helpful and easy to understand advice on how to get the career of your dreams whether you're a student, graduate or experienced professional.
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10 Reasons University Ranking Doesn't Matter For Investment Banking | #GoldmanSachs - Навчання та стиль
Hey Afzal! I was the 600th subscriber to your Channel. So happy to see the subscribers numbers jump to 1.7k. Your videos are very informative, thanks a lot for the great content.
Ayyy! Love that! Thanks for being an early joiner! Hopefully we can make this channel and community continually grow! Current subscriber count: 3.2k! :D
Now he has 46.3K
@@thiagogregory1 now he has 63k
Now he has 70k!
Now he has 126k
One important thing I’ve learnt so far in sending lots of applications is to just try. The highest they can say is no. You won’t die.
That's the attitude! But don't forget, quality over quantity :)
I've been waiting forever for a youtuber who does this ib stuff
The wait is finally over! Let me know if you want any videos created in particular. Thanks for watching :)
@@AfzalHussein you work for an investment bank but your line of work was investment management. Am I missing something here?
*worked. That's correct. Asset management within an investment bank.
Afzal Hussein a huge chunk of your videos are about investment banking but the two lines of work are different. Why is it you lean more towards IB related videos if your expertise lies within AM? Not hating - I still think you do a good job teaching us about investment banking.
Hey, that's a fair point. I try to create videos dependent on demand and where I think I can add value, even if only a little. As such, I focus on areas across the different areas within an investment bank given the interest and demand from young people and students. Some videos on asset management, some on back office roles, some on investment banking specifically. I think a common misconception is you can only speak about or teach something you have experience in, however, everything I talk about can be learned regardless of prior experience. Also, I like to think I create such videos in an easy to follow and relatable way for the viewer. Something that I'm told many people, especially those in such roles, aren't great at doing. Hope that answers your question and thanks for taking the time.
Thank you! It gives me alot of insight into the ib world n clear up some of the mystery, and inturn clear up some of the fear!
Love your video. I'm from UTSG Canada and I totally agree with you. The world of work is different from the world of school.
Thanks! :)
Hey Afzal! Just wanted to thank you for all the hard work you put into making these videos, I'm a 2nd year student currently in the process of applying to Finance internships, Not IB but all your content is still relevant and extremely helpful to me as I'm sure it is to many others. You're really a credit to society and you deserve all the success in the world. I'd love to help people one day in the way you do. Thank you for everything
Hi Irfan! Thank you for your honest and extremely kind feedback. It means so much and I hope you can go on to help others in a similar fashion :)
this was really helpful man, thank you
Back office and middle office is NOT investment banking. These people just work for an investment bank. Front office are the investment bankers.
honestly bro i appreciate ur videos!
Much love! :)
Thank you Afzal, looking forward to the networking video!!!
Hey! Thanks! My pleasure! Keep an eye out for it on Wednesday :)
hey afzal could you maybe do a video interviewing someone who went to a mid tier/lower tier university and discuss with them on how they progressed and managed to work up thanks
i did my internship in investment bank and now currently working in a finance company.one thing is for sure what i didn't learn in 2 month internship i have gain far more knowledge in less then a month.I think internship is nothing more a waste of time but u have to have internship some where in order to apply for a job.in internship u jst touch the surface of what bank is and how works are done.
Ok, JP Morgan chase has 250k employees but most of them are bank tellers in the USA in the Chase branches. The people working at JPM investment banking are less than 50k and most of them are in the back office
Pro tip... get a maths or engineering degree from Imperial, Oxford, UCL, Cambridge or LSE and your life will be made so much easier.
U can get econmics degree
Appreciate it, that was insightful
Thanks!
Reason number 2 is slightly misleading because even though a bulge bracket firm like Goldman Sachs may employ 30,000 people for example, only a fraction of those roles will be vacant looking for applications ....when you say 30,000 roles you give the slightly misleading impression that the turnover is 100%
Valuable Channel! Keep going
Thanks! Your support means a lot :)
Hey Afzal, exceptional content you are posting. I really appreciate the knowledge you are instilling to us out here. I’m currently preparing to retire from the military and transition into the civilian workforce and the financial industry has been a passion of mine for years now. I’m interested in P.E. and IB, but I don’t have any experience in the fields. What would be your recommendations going forward to landing a position in the field? Again, much appreciated from all the content you share.
Really really good thank you so much dude!
My pleasure! :)
Hey Afzal, how do you think the Brexit is affecting investment banking and also London in general?
I'm currently going to UCF, however, I'm planning on transferring to NYU since they're more prestigious, do you think that's worth it? It'll cost me st least 3 times more.
Thank you so much bro you're very helpful
Anytime!
these videos need more views, they're valuable
Haha, thanks!
Hey Afzal,
Just wanted to get your opinion. I am an accounting student. I have really been thinking about switching to Finance and minoring in Economics. Yet anytime I ask someone they say if you do not go to an Ivy League you will just end up selling life insurance for NorthWestern. You will not end up working in private equity, wealth management, or financial analyst positions. Just wanted your opinion on this. Some people say accounting will be better to stick with. I have also been told that to get into IB it would be better to go into STEM field. Not sure how much of this is true. Clarification would be greatly appreciated.
If you want to work in front office and don’t get any offers then why would you settle for back office? Better to apply for the client facing roles in the Big 4. Your chances of moving from Corporate Finance Big 4 to IB front office / Private Equity later on will be significantly higher. The advice here is quite odd.
Hey, could you share a few finance books you read that you liked? Thanks a lot for your videos!
Hi Afzal, I’m a current Queen Mary student who’s having a bit of a career crisis. I’m a 3rd year student an I’ve received an offer from Big4 however I really don’t think it’s the career for me, I know the work won’t motivate me and I’m coming back around to the idea of working in IB, it’s way to late at this point to apply to grad schemes. I’ve thought about applying to off-cycle internships and hope to convert one of them before I have to sign the contact for the grad scheme. Do you have any advice?
Hey Afzal, you suggested us to read the right books. It would be awesome if you could present us some of your personal favorites, the ones that are a must read for future investment bankers!
Great idea. Will do! :)
You deserve 100 million subscribers
Hahah! You're too kind :)
Hey Afzal! great video, it was very informative. I am applying to spring weeks right now too ( I am a first year), do you have any other good ideas for where to look for the experience if a person can't land a position at an insight week?
Thanks! Try and double down on extracurricular activities, joining and leading societies, voluntary work, any other experience. Do something rather than nothing. Do anything rather than nothing.
Hi Afzal, can you make a video on alternate pathways into investment banking? In particularly for students who cannot succeed via summer internship or the graduate scheme? That would be awesome thanks
Added it to the list. Thanks for the suggestion :)
Thank you again for such useful advice. I have a question: if i manage to get an internship in Goldman sacs in Russia and further work, is it possible then to transfer and work not only in my home country, but in different branches of the company? In Singapore, London and so on...?))
Hey, yes, that's possible so long as the firm sees it as beneficial to your team. It's often encouraged :)
JP Morgan don’t recruit 250k graduates a year! The same with the other examples you gave. I don’t understand why you stated this.
Yeah he is right, but to be honest from my experience if they have the option to hire a top university candidate over someone else they will take that option very very likely. Please correct me on this, they are looking to diversify that’s for sure but they are not looking to diversify on quality and in their minds that’s what your uni ranking is no ?
Hey Afzal!
I managed to get a part-time job at one of Sweden's greatest banks, within the private banking division, right after my high school graduation this summer and work there now alongside my bachelor studies in business and economics. Do you believe that this will weigh up for all the internships that I'm thus not able to apply for? I want to believe that this is better than internships for my future career, but don't know for sure.
Hey! Congrats and well done. It sounds pretty impressive to be honest.
Hej Martin!
Väldigt imponerande vad du har åstadkommit, även kul att vi kan få ett svenskt perspektiv. Jag själv är väldigt intreserad i finans och investeringar. Jag pluggar idag i handelhögskolan i Göteborg, för att kunna fördjupa mig inom finans. Undrar hur du fick denna tjänst direkt efter gymnasiet, vilket gymmasie du studerade till och var du studerar nu? Skulle du även elaborera på tillvägagångssättet för någon som också vill ta samma väg. Basically, hur gick processen till?
Vädligt kul att någon annan också är från Sverige. Önskar dig lycka och hoppas på att du kan ta din tid och svara.
Vänligast Adam.
Do you need to go to uni to be an investment banker
I would love if you replied, however what university do you think I should choose. I have option to study economics in York or economics in queens. Which one would enhance my ability to join front office role. In addition, I want to thank you for all the help you have offered. )))
Hey, thanks for the question and comment. University title isn't the be all and end all. What really matters is how much experience (preferably relevant) you can secure whilst at university i.e. insight weeks and internships. I've done a few videos on these topics so feel free to browse for more information. Hope that helps :)
@@AfzalHussein thank you so much, I have been checking out some of your videos and find them very useful. I was wondering if your going to make degree apprenticeships video. A lot of classmates went to work for firms through such programme. What are your views? Maybe you can a do comparison)))
Hey man, great video as always. I am going to uni this year and I want to choose between statistics or economics, knowing that in Brazil I can't do two majors or one major and one minor, which option should give me greater chances at a F/O position at an IB? Thanks.
Doing a video on this in the coming weeks. Long story short, degree discipline isn't the be all and end all. It's only 1 factor out of many (unless you are hoping to apply to very niche roles such as quantitative trading, in which case you'll need to study something very technical). As I say to many students who ask this question, focus on a subject you enjoy and can ace. You'll learn everything about the job on the job. Academia to finance is quite common.
Thanks for the answer! I will wait for the coming videos!
I wished that i saw this video 2 years ago ahhhhhhh but the content is great its actually very uplifting
Thanks! :)
You are talking about the total number of employees (=HC), yet there is just a bunch who works in the relevant and interesting fields.
If you graduated from non-Russell group, wish you all the best!
You can still get into ib with out going Russel😂
Michael Onilogbo gonna be hard tho
@@shom924 Still possible though , also some top unis arent target like bath
Is there any program I can take to improve my CV to land a internship during my junjor year?
Yes! Here: www.skl.sh/3eMerCG
But your first video I watched specifically said.. get into a top uni...
19 mins let’s go :D Merry Christmas from Germany
Haha! Enjoy! Have a lovely Christmas and New Year from London! :)
Do a meet and greet!
Haha! If the channel grows enough I shall :)
Hey Afzal i know it might be a stupid question but how important is it to have a relevant degree to get into investment banking?
For instance if i got a degree in criminology i’m assuming it eliminates your chances to get into investment banking?
Hey! Degrees are irrelevant, for the most part. You're most definitely NOT eliminated if you study criminology or anything else. Here's why: ua-cam.com/video/n9Ddp_XX-Ss/v-deo.html
Afzal Hussein 1st thank you very much for replying so promptly i appreciate and respect you for your integrity
I will definitely watch the video below
Please feel free to like, comment and share this video so more students can benefit from its content! :) Oh, and SUBSCRIBE too for weekly videos every Wednesday!
Great videos! I would love for you to make a video on your top business books that helped you acquire key knowledge.
Thanks! Interesting video idea. Will add it to the list. In the meantime, these links of the books I read earlier this year might be useful for you:
www.linkedin.com/pulse/books-i-read-january-review-afzal-hussein/
www.linkedin.com/pulse/books-i-read-february-review-afzal-hussein/
www.linkedin.com/pulse/books-i-read-march-review-afzal-hussein/
www.linkedin.com/pulse/books-i-read-april-review-afzal-hussein/
www.linkedin.com/pulse/books-i-read-may-review-afzal-hussein
Enjoy!
Hi mate can u possible do a video about getting into banking or finance in Hongkong
second this
Me watching this from uni of Leicester 💀
Hiii!! Thanks for this video! The university which you graduated from Queen Mary! What are you views on that uni... do you consider it "prestigious" enough
How old is too old to enter into investment banking?
It's never too late; might have to take a hit and start lower down the hierarchy relative to your age if you have a lack of experience in order to learn from the bottom up.
30 for MBA entry
Getting a front office role at an IB is extremely hard. Even kids from oxford/Cambridge compete and not every student gets in! Someone who’s from a complete non target will get chucked out straight away. The reason is because the big IB’s have had previous interns/grads from top universities who are extremely hard working, which is proven by getting into the university they are at. This isn’t saying individuals at non targets don’t get a shot or aren’t hard working, it’s just much more difficult.
Best bet for a non target university student who isn’t getting a shot at IB front office roles is to get in through a middle/back office role (which even so are not extremely easy to get, just a little more than front office) and network your ass off with front office guys/girls, get great referrals from your current directors/VP’s, help them out as much as you can, go out for drinks with them etc. AND DO YOUR CFA!
Cooopeee. If you didn't get into a target school, it's over for 99% of applicants
Hello Afzal! I know you are a pretty busy guy but would you consider mentoring people one on one? If you already do, how do you find your mentees? I find myself in a similar situation as yours and would love taking personal advice from you if there is any availability of time. I have reached out through LinkedIn.
Hey, thanks for the comment. For now, I'm leveraging this platform and LinkedIn to share advice/mentor broadly across the internet.
If you’re not an ivy you better know someone directly in the industry and you better like to crunch numbers all day and night long….its so boring and actually making it to an MD is close to impossible. All IB first reach out to their universities to get their talent. There are more than enough just in the Ivy League that for them it’s not easy.
If you were not till, you’re not getting in…sorry…try trading….its so much more rewarding and pays really well. Plus you don’t. Red to be an Ivy to be good. 😮 have fun and enjoy your life. This guy is just not being straight up. Your not getting in lol
Doesn’t really matter even if you do a Medicine Degree
Not to be negative. Just trying to understand it from a better angle. But would you not say that, in the medical sector, university ranking doesn't matter simply because the high labour demand for those jobs? Not to mention that to get into medicine you have to be achieving straight A*'s anyway. So there is no difference (largely) between the calibre of people from Cambridge and a 'lesser' university .
Which university in the UK, do you consider as a top university?
Hi Mohammed! The usual suspects: Oxford, Cambridge, LSE, Imperial, UCL.
What did you study at university?
Economics and Finance
Reason number 3 is slightly misleading because even though a bulge bracket firm like Goldman Sachs may employ 30,000 people for example, only a fraction of those roles will be vacant looking for applications ....when you say 30,000 roles you give the slightly misleading impression that the turnover is 100%
So me getting into LSE doesn’t help me hmmmmmmmmm
It does loool , LSE is target and the uni with the highest % of graduates going into top banks :)
Hey Afzal fantastic video. I dropped you an email
Thanks!
Thats just wrong, you are one of hundreds at your university who made it to a BB but at relevant universities (LSE, HEC.....) nerly every second student interns at a BB. It is not impossible for a non target but a lot harder for sure. Furthermore "Diversity" does not mean shit. They write this on their Websites but in the reality people in Investment Banking or Management consulting have a typical background: Target School, Summer Analyst, 3.5 GPA.....
Hey! Thanks for the comment. I totally understand your frustrations, concerns and points. I hear it a lot. I actually went to a non-target. It's harder, as you mention, for sure. Hence, why I have created this video to provide tips and demystify some misconceptions. I've spent years in the industry and I can tell you 'diversity' does actually come in to play. Hopefully there'll be something in this video for you. Let me know if you have any questions though - happy to try and help :)
@@AfzalHussein I am not frustrated or a non target but thats the view on the industrie i got by now. It is very sad in my opinion that a lot or hard working kids do not get the chance because BOAM or Goldman want to do the twentieth networking event at LBS but none at other schools and the new interns are all "George's" or "Harry's". I really love your videos because you are the first content creator with an actual industry background, so your informations are really helpful and reliable. I would love to see a video about networking with some examples or topics to talk about with professionals. Keep up the content :)
@@dontworryaboutus9362 I couldn't agree with you more! Totally agree and you sum it up well. That is one of the main reasons why I've started this channel - to help ALL students, especially those who are at a slight disadvantage either due to a lack of connections, non-target background, etc. It's also why I started touring the UK travelling to universities and presenting to students as part of my #UKUniTour. With regards to a video on networking, I'll be publishing it this Wednesday 26th December 2018 and I think it'll have lots of useful content for you (I hope!). Thanks for taking the time to watch my content. I really appreciate it :)
Not being rude, but with that attitude you are not going to get anywhere. You need to think positively!
🤣😂🤣 Sounds like you did a research poll on EVERY single employee....except you didn't....🤣😂🤣 You're just salty🤣😂
Which uni did you go to ? Or does any1 know
Craig Malcom searched him on LinkedIn looks like Queen Mary
Hey, I went to Queen Mary, University of London.
That's correct.
Dude maybe your videos are too long!
Agreed! I've been trying to make them shorter, however, there's just so much content I want to share. Focusing on being more concise and shortening them going forward :)
Literally bullshit what you are telling here. Its just not true.
One important thing I’ve learnt so far in sending lots of applications is to just try. The highest they can say is no. You won’t die.
That's the attitude! But don't forget, quality over quantity :)
@@AfzalHussein Definitely! The more you send out, the better you get at expressing yourself and minimising errors. I still laugh when comparing my old CV and Cover Letter with the ones I use now😂