GW MBA New York City Career Trek

Take-aways from New York Trip by nytrek

Eran here.  I am back in DC with some final insights and lessons from our great New York trek.  Of course, not all take-aways are rosy.   I think the overarching lesson from the trip and from Brianna’s post below is that in this market, we need to make a big effort to stand out and find something meaningful.

The finance team successfully differentiated itself during its last visit at a global private and investment bank. The speakers said, “We’ve talked with Vanderbilt and UNC MBAs and you guys were by far the most dynamic and interactive group we’ve had.” What a great compliment to receive from such a prestigious bank.

All the rest of the advice branches out from this overarching theme of standing out.  On behalf of the finance crowd, I will try to sum up the impressions and lessons learned from each company visit.  

                                                                New York Stock Exchange 

This was an impressive opening to the corporate visits. Shachar Golan gave us a dynamic overview of the Exchange.  Shachar works with the investment banking services to get companies to list on the NYSE as opposed to the NASDAQ.  One of the incentives is that the NYSE is the most closely watched exchange there is. Shachar also quizzed us on which 30 companies compose the Dow Jones Industrial Average Index (DJIA). With group effort, we got them all. By the way, while we were there, during the first five minutes of the day, the Dow jumped 71 points. Though, once we left…

 

 

 Nonprofit Finance Fund

Thanks to Nikyia Rogers, a close friend of mine and a second-year MBA, we got to see another side of finance – a socially responsible side.  The four women who presented to us, Renee, Christy, Stephanie, and Jessica, were inspirational. At least two of them came from the for-profit world and felt their work wasn’t as meaningful as it could have been.  Now, they are helping nonprofit organizations understand their finances and financial decisions to help them become more sustainable.  Their bottom line is the people and communities who stand to benefit from these nonprofit organizations, like the South Bronx Charter School. Major take-away – do what you love and it will be easier to get up to go to work everyday. 

 

Jefferies & Co., Inc.

This was the longest visit, so naturally, we have a lot of lessons from this trip.  Tom managed to bring in 7 great speakers, all of whom seem to like what they do and are very proud to be working at Jefferies.

We received two pictures of the economy – a bleak picture and a not-so-bleak picture with a hint of cautious optimism. Mike Effron, Managing Director in the fixed income department gave us the bleak picture, but he did give us important advice.  In one word – accounting. In finance, if you understand the ins and outs of a 10-K and of the financial statements, you can master the foundation of the business world and really stand out.  So, while accounting may be boring (or challenging – there may be some accounting professors reading this blog), knowing accounting will differentiate you from other candidates. The not-so-bleak picture was delivered by Tom’s colleague, John Huwiler, Managing Director and Group Head in the Mergers & Acquisitions department.  According to John, the world has changed and if you “pick your spots right,” there are a lot of opportunities.  He said, “Goldman employees will probably not get their bonuses this year, but will be happy to just be able to come back to work on January 2nd, 2009.”  Therefore, do not try to time the job market, just do what you like or love. You’ll be more passionate about it and better than everyone else. If you don’t do what you like, you just won’t last.  

As a GW MBA, Tom can relate to the problem of competing with other top-tier schools such as Harvard and Wharton, but his success on Wall Street is a testament to how persistence, diligence, and hard work can pay off. 

Bank of New York Mellon

For most of us, it was hard to get up so early in the morning, but it was well worth it.  We were honored to have Patrick Tadie as our host.  Patrick put together a very informative presentation about the economy and BNY Mellon. He is a GW MBA (1993) and a CPA by trade. He went to school while working full time at Prudential Home Mortgage Corporation.  

While BNY Mellon is expanding internationally in places like India and China, hiring is slowing domestically.  Employees who have been terminated are not necessarily replaced.  That being said, the bank is a strong bank due in part to its relatively conservative approach and long, solid history (it was founded by Alexander Hamilton, the first U.S. Treasury Secretary). In terms of finding a job in this economic environment, Patrick said students need to work hard to stand out.  For example, Patrick is impressed with written thank you notes after an interview rather than just emailing. Not many candidates do that, so it is immediately recognized as unique.  Patrick also said students need to be persistent, even when you don’t get an immediate “yes.” He even said some companies test you on your persistence.  In short, it pays off.  

Large Global Private and Investment Bank

(we were asked not to use this bank’s name for various reasons)

This is the same bank that told us that we were the best group they had hosted (“best” is not an explicit quote, but was rather implicit from what the speakers had said).  The speakers were both from the private bank or private wealth management arm of the bank.  Gerry (one of the speakers) began his career as a public school teacher.  The presentation skills from teaching were very useful in his current role as a relationship manager, and the increase in salary was a huge incentive to make the transition. Gerry loves the ability to be entrepreneurial and determine his own schedule.  His salary is tied to commissions only.  Over the years, he’s managed to grow his business successfully and said that the position can be very rewarding, but it is hard work.

The bank has been in the process of hiring former Lehman and Bear Stearns private bankers, but are still looking for summer interns.  So, the competition is fierce, but GW MBAs have proved that they can compete at the same level. 

Conclusion

It was a great trip. Personally, I managed to schedule two informational sessions with two wealth managers who gave me some great feedback on my resume and good tips on how to secure a job upon graduation. My impression is that there are jobs out there, but they are getting harder to obtain.  That doesn’t mean that it is impossible, it just means that it’s going to take a little more effort.  The three things I find essential to keep in mind when searching for jobs or internships in the next few months are: network, persist, and stay focused.  Finally, stand out from the rest by understanding the market and the players in the market and by thoroughly researching your prospective employers.  

Signing off for now.  

- Eran. 

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