Banking on banking: some thoughts on job searching on the finance frontier
WGA Weekly Update
Michele Michaelis (WG'09) WGA Executive Director of Communications and PR
Issue date: 11/10/08 Section: News
As we are all aware, the financial markets and related industries are fundamentally changing. The industry of "bulge bracket" investment banking by firms which coordinated advisory and lending without a depository base has shifted. Lehman Brothers, Bear Stearns and Merrill Lynch have either been absorbed by depository institutions or have liquidated. Goldman Sachs and Morgan Stanley have reorganized as "bank holding" companies. Furthermore, the future of the regulatory landscape that will govern the practices of these - and all - Wall Street firms remains uncertain.
As a result of this recent industry-wide upheaval, and without the requisite crystal ball to see into the future, it is difficult for career management (or anyone) to anticipate the net effects of these changes. This makes it very challenging to advise students seeking a career in the banking industry at this dynamic moment in history. In light of these extraordinary circumstances, we wanted to reach out to those students who are interested in a career in finance with some thoughts you might want to consider.
In your career search process, it is advised that you take time to evaluate what you are truly looking for from your post-MBA job. It can be really helpful to think carefully through your long term career goals and the various paths you could take to reach the end result.
Is investment banking the end goal or is it merely a path to something else? If you answered the latter, could you obtain the end goal via a different path? There are many opportunities to gain skills and utilize knowledge by working in internal finance functions within a wide variety of industries. Many finance functions, including corporate finance, corporate mergers and acquisitions, or corporate strategy, can provide the intensity and challenges of banking, and help you build knowledge, skills, and networks that will serve you well going forward.
If investment banking is your ultimate goal there are still many opportunities with boutique banks, which are dedicated to advisory (not lending) practices, or with mid-cap firms in regions other than New York.
Finally, make sure that you are aware of and are fully utilizing the career services resources available to you. The Career Management website has links to job boards, industry research (Vault guides), and company specific information. The alumni database can also provide a great resource for gathering information about different industries or banking specialties.
And finally, remember - crises pass - and in the meantime you are getting the best finance education from the best business school! We are confident Wharton grads will always be the top picks for their chosen career paths, regardless what the future holds, and you should be too!
As a result of this recent industry-wide upheaval, and without the requisite crystal ball to see into the future, it is difficult for career management (or anyone) to anticipate the net effects of these changes. This makes it very challenging to advise students seeking a career in the banking industry at this dynamic moment in history. In light of these extraordinary circumstances, we wanted to reach out to those students who are interested in a career in finance with some thoughts you might want to consider.
In your career search process, it is advised that you take time to evaluate what you are truly looking for from your post-MBA job. It can be really helpful to think carefully through your long term career goals and the various paths you could take to reach the end result.
Is investment banking the end goal or is it merely a path to something else? If you answered the latter, could you obtain the end goal via a different path? There are many opportunities to gain skills and utilize knowledge by working in internal finance functions within a wide variety of industries. Many finance functions, including corporate finance, corporate mergers and acquisitions, or corporate strategy, can provide the intensity and challenges of banking, and help you build knowledge, skills, and networks that will serve you well going forward.
If investment banking is your ultimate goal there are still many opportunities with boutique banks, which are dedicated to advisory (not lending) practices, or with mid-cap firms in regions other than New York.
Finally, make sure that you are aware of and are fully utilizing the career services resources available to you. The Career Management website has links to job boards, industry research (Vault guides), and company specific information. The alumni database can also provide a great resource for gathering information about different industries or banking specialties.
And finally, remember - crises pass - and in the meantime you are getting the best finance education from the best business school! We are confident Wharton grads will always be the top picks for their chosen career paths, regardless what the future holds, and you should be too!
Viewing Comments 1 - 1 of 1
career management rethink
posted 11/12/08 @ 8:12 AM EST
Thats great. Career Mgt seems to spend more time "managing expctations" than actually implementing something constructive. If boutique/regional banks are the way to go, then where are the steps to bring them to campus. (Continued…)
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