Take That Monkey Off Your Shoulder And Put Your Own Target On Your Back

December 20, 2020

I get a lot of people sliding into my Instagram DM’s with some version of the following question: “I am not from a ‘target school’ but want to know how I can get a job in finance, what should I do?” In fact, yesterday I had a Zoom session with amazing students from a very prestigious university (one I could never have gotten into as an undergraduate) and a theme surrounding the conversation was this specific issue. Here are my thoughts:

Perhaps I was oblivious (or ignorant) when I graduated from the University of Rochester back in the Dark Ages, but I never considered that one school could be a target for employers and another not. In hindsight, this naiveté was a remarkable advantage because the only thing I focused on was to be the best candidate possible and I was unburdened by the knowledge that I might be at a disadvantage. The reality today is that whether this disadvantage is real or perceived, who cares? Now that I first think about it, I believe I was the only person from a non-Ivy college in my 1983 First Boston (pre-curser to Credit Suisse) analyst class. However, when I recently asked Jefferies’ Global Head of HR how many of our roughly 125 US analysts/associates came from our “target schools” vs. those from “non-target schools,” his response was 17% from “target” and 83% from “non.” Our numbers internationally are higher for “target schools,” but not by a lot. Personally, I believe most firms on Wall Street have also greatly widened their nets when it comes to hiring the next generation of leaders. Jefferies hired from 82 different colleges and universities last year and, quite frankly, we find that no school (or group of schools) has a monopoly on ambition, humility, intelligence, diversity, integrity and personality. Knowing that there may be some skepticism with this reality, to further address this question that I am often asked, here is my list of 20 Ideas To Increase Your Odds Of Getting A Job In Finance If You Are Coming From A “Non-Target School.” You may notice that I am not mentioning LinkedIn and all of the popular technological ways of getting a job. I’m assuming it is a given that you are all highly versed in these important and effective tools. Also, I believe this advice can’t hurt if you happen to be at a school that is considered a “target“, want a job in business outside of finance or Wall Street, or if you have already graduated and are trying to make a career change.

Never use the word “non-target.” Have confidence in yourself that you are smart, have worked your hardest, have much to offer and deserve a job in the industry that you are most excited about. Attitude is as important as anything else and there will be enough people in your life putting labels on you and roadblocks in front of you throughout your career. Why would you ever do either to yourself? However, never be cocky or arrogant – that is NOT what I am saying at all.
You need to really apply yourself at school, get great grades and immerse yourself fully in the experience. The world is incredibly competitive, and nobody needs to take a chance on a late bloomer. There are of course exceptions but if you don’t put yourself in a position of strength academically, it will be much harder to have your pick of great jobs. Great students from “non target schools” are in great demand. There are many other things you need to do while in college to improve your standing, but instead of listing all here, feel free to look at my list of 100 Things I Wish Someone Told Me Before I Went To College. They all apply to helping you get a career in finance, regardless of where you go to school.
Make sure you take a few accounting, finance and coding classes. You can major in anything you want, but you need to be able to speak the language. Extreme fluency is not required. If you have already graduated, you can take supplemental classes online to learn the rudimentary basics of finance. You can also look at my list of 100 Things I Wish Someone Had Told Us After College And Before I Entered The Real World.
If you are interested in finance on Wall Street, you need to expand your list of firms and the departments you are willing to join. The trick is to get in the door and establish knowledge, relationships and skills that will help you in the industry. Cast a wide net amongst firms, small and large. Be open to all aspects of finance including Research, High Net Worth Sales, Technology, Operations, etc.… Be open to all geographies (and regional offices), especially now that Covid19 is changing the landscape of where/how people work. This doesn’t mean you cannot prioritize focusing on Investment Banking/Sales & Trading in NYC as well. The beauty about not having a job is that you can apply for any and all if you are clever and organized. This is not a time to have blinders on. Always shoot for your first choice(s) as aggressively as possible but be open to getting yourself on the inside of a good firm with quality people who care about you.
Finance is a lot more than Wall Street. Be open to expanding your search this way as well. Companies big and small need people in finance. Getting a perspective from a real operating role at a company that actually produces something more tangible could distinguish you as a great future candidate for a job at an investment bank. You might just love this side of finance and never think about switching. Fintech is working very hard to disrupt Wall Street. Why not also explore where the puck is going versus where the puck is today? The broader the job search in finance, the higher the likelihood of success. If because of your wider search you have something intelligent to say about finance roles in real companies and fintech in your interview at an investment bank, you will be a much more interesting candidate. This breadth may be the differentiator that gets you a job at an investment bank. You will demonstrate that you are looking at the world today and actually thinking about how everything works as opposed to just being a follower into an area that the “flock of sheep” deem “desirable.”
You need to learn everything you can about all the firms on Wall Street that you are considering. Each are different and have unique strengths and weaknesses. You can read an enormous amount online. Whether it be annual and quarterly reports, research analysts reports on their stocks, rating agencies analysis of risk to bondholders, media reports on latest deals, hires, acquisitions, management changes, or every other piece of public information that is so readily available today…..you should read it. When you get yourself into an interview situation, shame on you if you ask “routine” questions versus smart, pointed ones. If you think whipping through a Wikipedia page ten minutes before any interview will prepare you, you are delusional. If you really care, you better act like it.
Even better than reading is networking your way to people at the respective companies and getting personal one-on-one time whenever possible. This could be leaning on recent alumni from your school, counselors at your career services department, professors who have relationships, trustees at your university, your parents, your parent’s friends, your friends, or random people that you just meet if you are open and available to do so. Every real interview starts with an easier to obtain and safer “informational interview.” You must work incessantly to achieve one of these initial meetings/Zooms/calls and whenever you get one, don’t waste it. Listen, ask smart questions, show unique interest, inquire who else you may speak with, and put your charm skills to the test. Know who you are meeting with and understand their background, accomplishments, setbacks, role(s), demeanor and style—before the call. These meetings can be the difference between a real chance or a wasted opportunity. Sometimes there is nothing you can do to convert an informational conversation into a real job opportunity, but you better act like you can every time or you will miss the opportunity that is the exception.
Don’t go to someone at the company and ask for a job if you haven’t gone online and read and followed all the processes for normal recruiting. You come across as lazy and insincere. Most quality firms have a level playing field and you need to follow the formal path first versus trying shortcuts. It’s ok to both, but if someone wants help and they never bothered to even apply properly, why would anyone help them?
Read as many research reports about every company in all industries that you can. It makes you a lot smarter about what companies do and also gives you keen insights into how investors think which will make you a much better (and believable) candidate. This information is all over the internet or you can ask any friend at an investment bank to help you find access. If this idea bores you, ask yourself if you really care about a career in finance on Wall Street. If the answer is no, that’s ok. Better to learn that now. Be honest with yourself and you will save everyone a lot of time.
Create a list of why you want to work in finance on Wall Street and find someone who does the job (ideally a person junior and another senior) and see if your reasons match up with the reality of the job/career. First, this is an honest way to start a dialog with someone in the industry but second, it can help you better understand if this job really matches where your heart is or if you are just getting “sucked in” because other people say this is the thing to do.
You need to develop a thick skin and get used to being rejected. Getting rejected from a job is not personal and you need to dust yourself off and keep going hard. By the way, if you get a job at an investment bank, you will be working nonstop, get constantly rejected and it won’t be personal. If this is a problem, time to rethink.
Personality, originality and individuality (as long as it is appropriate and not screwy) is an asset. You don’t need to check who you are at the door to get a good job in finance. If you have to ask what the definition of “screwy” is, that is a problem that I can’t help you with.
Communication skills are really important and often overlooked in one’s development. If yours could be better, take a public speaking course or even an acting class, which is a lot of fun. Learn how to present yourself in front of people. If you can’t, this isn’t the industry for you. You don’t need to be Tony Robbins at this stage of your life. You do need to be able to speak extemporarily and with emotion and conviction on things that you understand and believe in.
People in our industry like people who are well-rounded and give back. Better if you do it for sincere reasons but if you start helping others in need only because you think it makes you a better candidate, you will wind up enjoying it and becoming a better person anyway. People like to hire good people. You will also meet a lot of people in this industry this way and it will be a much better introduction than cold calling someone. Trust me on this one.
Be open, interested in, and aware of everyone around you. You have absolutely no idea if the person sitting next to you on a train or on an airplane has a friend, father, sister, cousin, or client who knows someone junior or senior at an investment bank. People who are open to meeting people somehow have better luck in pursing their passion. Amazing how this works, but is it really a surprise?
You or someone you know might know a person who is a client of an investment bank. Get to work and start triangulating an informational introduction because they can make a warm introduction for you to the people they deal with at the investment bank.
There are a lot of podcasts, speaker series, Zooms and virtual events going on right now because of Covid-19. Connive yourself into them and ask smart questions when the time is right and then follow up with a personal email. May not work, but it might. It has a higher likelihood of success than playing a game of Call of Duty or just hanging with your friends. A lot of people are actually more accessible via Zoom today than pre-Covid-19 when they were travelling nonstop. Don’t make up false excuses in your mind why it is unfairly hard now because of the pandemic. Nobody cares about that excuse. The world is still moving forward, albeit in a different manner. Winners don’t wait for a return to “normalcy.”
Your goal is to use all of these ideas to maximize the opportunities you have to actually secure a legitimate interview for a junior position at a quality investment bank. Every point here is to help get you best positioned to have a real interview. Your objective is to get as many bites at the apple as humanly possible and use every lever at your disposal to help you achieve this.
Once you have an interview (or multiple), it is game time. You need to bring your very best and be fully prepared. Nobody can “wing it.” Talking to others who have interviewed prior is a great resource. You also can’t get yourself so wound up that you are ready to spontaneously combust during your interview. You need to keep things in perspective and be fully prepared, politely focused and aggressive, but always balanced and thoughtful.
You need to keep things in perspective. Nobody’s life ever ended because they didn’t get a job in finance at an investment bank. In fact, there are probably a lot more people who will tell you that not getting a job in this industry was the best thing that ever happened to them. If you keep an open mind towards investment banking and all the other incredible options that are available in today’s world to hardworking and talented new (or recent) graduates from every college, you will eventually find the spot that is right for you. You may not believe it when your parents tell you that you are wonderful and it will all work out if you keep applying yourself and be the best you can be, but for what it is worth I agree with your parents.

Thank you for listening to one boomer’s perspective and I hope you all wear your new targets on your backs proudly.

Best,

Rich

RICH HANDLER
CEO, Jefferies Financial Group
1.212.284.2555
[email protected]
@handlerrich Twitter | Instagram
Pronouns: he, him, his