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so you want to work for an investment bank but quickly realize it's easier to sell ice to an eskimo have you ever stopped and wondered what are the real reasons why you can't break in and how to jump over these hurdles when faced in front of them what is going on youtube welcome back to the channel today we're talking about a few reasons why you might struggle to secure an offer at an investment bank and a few solutions as to how you can increase your chances of securing that all-important spring week internship or grad scheme offer so without any further ado let's get straight to it [Music] all right so the first one is university it goes without saying that yes if you attend an ivy league uni or a russell group uni in the uk it helps a lot of investment banks regardless of the size of the investment bank the region they do target students and graduates from top tier universities and the reason for that is because you know what you're getting typically and so yes there are preferences a lot of investment banks especially a lot of employees do look for students and graduates that might have gone to lse or oxford or cambridge or harvard whatever it might be and if you're not at a top tier university you're at a slight disadvantage because it means other candidates might get preferential treatment or their cvs or applications might get looked at ahead of yours however if you don't attend a top tier university an ivy league uni or a russell group uni it's not the end of the world it's only one factor that plays a part in whether you get an offer for an interview or not all right so what's the solution to this it's pretty simple there's nothing you can do about the university that you go to like that's going to be on your cv on your cover letter on your application you can't change that however what you can do is ensure that you kind of smash your degree or whatever you're studying whichever uni you're at make sure you get the best grade as possible and in addition to this try and secure some work experience some relevant experience whether it's a spring week internship whatever it is the more you can you know build on your cv regarding relevant work experience extracurricular activities voluntary work all of that it will help you catch the reader's attention on your cv so if you're not at top tier university or you don't have a uni that's got a strong brand on your cv it's not the end of the world focus on improving the other parts of your cv next we've got grades if you've got poor grades it's going to be very hard to break into an investment bank let alone the investment banking division where you know they typically want the best of the best grades similarly to the sales and trading division asset management any of the front office divisions revenue generating divisions facing divisions they typically accept candidates with top-notch grades in order for you to kind of break into the front office or you know get into a decent role at an investment bank you're going to need to have an impressive rest of your cv so you're going to need to have good work experience good internships all of that so if you're in uni or if you're going to be in uni and you want to break into banking make sure you get good grades if you're at uni get a 2-1 or a 60 or above anything lower it doesn't look too good you don't need to smash it you don't need to get 90 plus in every exam but you want to have reasonable grades because those get looked at believe it or not it all depends on the person that sees your cv so typically at banks they get their employees regardless of whether it's an analyst associate vp whoever it is to look at your cv and essentially that individual has the decision of whether they invite you to an interview or not and so if they look at your grades and they're quite forgiving because your grades aren't that good you get lucky but if they look at your grades and they're not forgiving then you get unlucky and so the best way to kind of mitigate that risk is to try and get the best grades you can get throughout your degree so what you want to do is get a 2 1 or a 60 minimum for your degree and do things that will draw attention away from your grades so what i mean by this is do good or relevant extracurricular activities voluntary work it goes back to experience all of that stuff do things that you can put on your cv that will stand out so much more that they take the attention away from your you know poor grades or your below average grades next up we've got hidden biases or hidden biases so every company is subject to this and it's basically every single individual employee what have you has had different life experiences they will naturally have hidden biases that favor some candidates and that don't favor other candidates and this is completely out of your control and it's something that you can't do much about an example would be let's say i went to interview and the person that interviewed me went to a given university and i didn't go to that university but then the next candidate comes in and they interview with the same person and they both went to the same university that interviewer or the employee might have more of a liking to the other candidate because they went to the same uni my hidden biases come in many shapes and forms and they differ in lots of different ways but the important thing is that yes they do exist ideally every candidate will be reviewed in a neutral form but it's hard to do that because you can't take into consideration every single hidden bias and as humans it's very subjective which candidates get picked and which candidates you know don't get put through to the next round even if they were a better candidate so the hiring process at most companies can be improved in that sense but then the question is how do you improve it it's a tricky question to answer and so it's something worth being aware of what you can do in interviews is try and be conversational try and be interesting be yourself but you want to build a rapport with the individual interviewing you and so if it ever comes to the stage where you and another candidate are inseparable the company doesn't know who they want to hire you want them to hire you based on the potential that they think you're going to have in the job basic things can make the difference so being respectful asking good questions it really stands out when a candidate is able to show their knowledge interest and desire to learn in a specific role naturally even if me and you don't click we don't get on and i can't separate you between another candidate i'm gonna look at you know who seemed the most curious and interested in the role who had a thirst for knowledge who wants to develop who do i think if i put them in a seat will grow and learn and develop in that role and so those are some things that you can work on to kind of get across in an interview which will hopefully help you stand out compared to any other candidate then we've got poor cvs and cover letters so there's no point applying to a firm if your cv is terrible and your cover letter is terrible because that's the first thing that the companies look at and if you can't do well in those then you're going to get a rejection and so you just waste your time applying to these organizations you get thousands of applicants applying for each role for example at goldman's you get like 3 000 applicants per one offer something like that but truth is most of those applications the cvs are very very poor quality so your odds if you construct a good cv and a cover letter you actually have a good chance of getting an interview at the minimum and that's because a lot of the applications are applicants with terrible cvs and terrible cover letters so you don't want to be one of those individuals basic things like consistency throughout the cv structure of your sentences font sizes spelling mistakes grammar etc etc very small things to fix easy to fix but not many people do it because they can't be bothered to print it out and go through it with a red pen or they can't be bothered to get someone else to look at it another thing is most applicants use the same cover letter to apply to different companies if you're not changing your cover letter for every company you apply to you're doing something wrong now the reason i say that parts of it you can keep the same but your cover letter needs to be tweaked to be specific to each organization the more specific your cover letter can be the more likely you are to stand out similarly with your cv you want to tweak it to the role that you're applying to so if you're applying to a sales role you want to create a cv where you're displaying examples of how you use your interpersonal skills relationship building skills so on and so forth if you're applying to a trading role you want to tweet your bullet points where you can to display your attention to detail how you cope under pressure any trading or investing that you've done previously so all these small things play a big part in terms of resources for your cv and cover letter if you youtube absol hussein cv or after hussein cover letter you'll find a few videos that i've done that can help you create a strong cover letter or cv i've done tons of courses on skillshare check those out and then the cv docs are where there's tons of free resources and you can access the cvn cover letter that i used when i applied to goldman sachs another reason why you're not breaking into banking is because you don't have enough experience and you're not keeping up with the competition so if you apply to a bank and your cv is empty there's it's just highly unlikely you're gonna get asked or offered an interview and the reason for that is your competition is doing a lot more than you are so if you think about applying to all these banks other candidates that are applying go to top unis they've got a spring week an internship maybe one or two three or four they've got relevant experience they've done lots of extracurricular activities they've got lots of voluntary work on the cv basically their cv is full of interesting info that is relevant and interesting to the job that they're applying to and then when you look at your cv is probably blank or empty and you know that's no one's fault it's tough to get all those experiences they probably started a lot sooner however it's one of the key factors that determine someone getting an interview and someone getting rejected at the application stage think about it why would a company accept someone for an interview who displays not much evidence of proactiveness in the career that they're applying to compared to another candidate who's shown so much proactiveness if you're in the company issues you're obviously going to choose the candidate who's displayed a proactive nature to go and secure the relevant experiences so it makes sense now it's not easy to secure all these experiences you hear a lot of people talking about it but it's one of the hardest things to do to secure an internship or a spring week and so my advice to you would be obviously keep a plan try and improve your chances whether it be by improving your cv or cover letter but do things that are easy as well try and secure voluntary work try and do extracurricular activities try and take on a leadership position in a society at uni do things outside of uni all these things you need to think about how you can pitch yourself on your cv because your cv is that one page that's going to sell you to any employer that you're applying to and so if you can't get a spring week don't worry about it try and get something else always ask yourself how can i build on my cv and improve it another reason why students and graduates are not breaking into banking or really struggling is because they take the wrong approach to completing their applications a lot of students they're just applying just for the sake of it or they're applying just because everyone else is doing it that honestly is a waste of your time and it's a waste of the bank's time don't apply to any company if you're not gonna take your time with the application you're gonna spend some time you're gonna eventually waste your time if you're not taking care with your cv your cover letter the questions the motivational questions that you get asked and so it's important to have a strategy when applying to these firms so what i would suggest is create an excel spreadsheet or notion file whatever it is list all the firms that you want to apply to have their application deadline dates in the file and work your way through applying to each of those it's going to take a lot of time and honestly a strong application doesn't happen overnight you need to spend a lot of time and effort but the beauty of this is the more applications you do the better your answers and your cv and your cover letter get so spend some time carve some time out dedicate some time to applications work with your friends a group of individuals who are on applying to these organizations who are on the same journey as you who share the same interests as you and just work through all the applications bit by bit don't just apply anywhere and everywhere try and find out what's interesting to you there's no point just applying to 100 specific divisions in an investment bank if you're not going to get any offers be strategic you want to increase your chances of securing a offer whatever that offer is so then you have like a safety net something that you can leverage later on so you might apply to some back office areas you might apply to some front office main priority should be to secure something and then you can think about you know different options and being a bit more ambitious but if you're one of the lucky people who does like three or four applications and then secures offers then that's good for you make sure you go and help someone else out help other people with their applications so on and so forth so yeah be strategic with your application process and then last but not least you just don't want it enough i know this might sound harsh but honestly i get so many students and graduates tell me they want to go into investment banking they want to go into asset management they want to go into sales and trading consulting whatever it is and then when i ask them oh why do you want to go into those areas why do you want to go into this industry they literally look at me clueless they don't have an answer and so that naturally tells me you don't know what you're talking about you're not serious if you really wanted to go into this industry you'd know a bit i don't expect you to be an expert but you would know one or two things about the industry or why you want to build a career in that specific domain and so you need to know your stuff if you want to pursue a career in these industries honestly i won't be surprised if it's the number one reason why people get rejected at interviews you don't need to show like a passion for the area that you're applying to but just a high level understanding of what the work entails is important because it shows that you've done your research and you know what you're getting yourself into if you want to go into banking just for the money you're not going to last that's the truth you can make money at any basic level or average paying job but with high paying highly skilled jobs like banking doctors lawyers engineers so on and so forth sooner or later you'll get found out and it just won't work you're either not going to be good enough because you're not interested in the work or you're just going to be bored you're not going to be wanting to do the work and that's okay there's no right or wrong answer right a career is a journey that you kind of figure out as you go along but my advice to you would be don't just go into banking or focus on getting into banking because you think it pays really well ideally and look there's lots of different areas within banking ideally you want to find a job that pays well but something that also you thrive in and that you can perform well in and that suits the personality traits and characteristics that you have as an individual if you made it this far check out some of these videos and tune in this weekend for an industry episode 6 reaction video [Music] peace