Reply to How are these nepo babies in these summer finance internships able to keep up with the work

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[quote=Anonymous]OP you are missing the point of how these jobs are hired and what traits make good bankers. I worked in banking on wall at for years and was involved in the analyst (summer and full-time) hiring process. Good resumes and GPAs were a dime a dozen. We tossed more 4.0a than we chose to move to the second round. For the most part anyone can do the actual analyst work. The training is rigorous enough that it can all be learned. What we couldn’t teach were social skills, drive, and stamina. Even the interns can end up on a project with tight deadlines and long, long hours. Do we want the whiney kid who can’t function on little sleep? Or do we want the athlete who in the interview talks about two a day practices and powering through something on little sleep? The teams on these projects are often little so even the intern analyst will have contact with senior people (think CEOs, CFOs, etc at clients where it has taken years to build relationships). You are seeing these kids as just connected frat brothers. In interviews they were generally the ones who were most comfortable and good in any type of situation. Why do you think we often did an interview over a meal? We wanted to see what these candidates would be like in any type of situation. I’d hire the 3.0 who was flexible in any situation over the rigid 4.0 who had spent all of her time studying anyway. On the surface I’m sure some of the groups looked like they had unfair hiring but current hires got input and of course they would vouch for the kid they knew from their lacrosse team if they knew he had the stamina and personality they wanted vs an unknown. Bonuses are dependent on the group revenue. Good junior hires also lighten the load for everyone in the group.

We did hire many first generation immigrants. Who we did not generally hire were the kids where we had not heard their names or anything other than seeing them on a stack of summer intern applications. You would be surprised how (appropriately) aggressive some of these kids were in applying. Personalized emails, letters and calls to everyone on the group they wanted to work in. Sample pitches tailored specifically to an MD in a group. Letters commenting on recent transactions with ideas of add-one to pursue. These kids generally would go to their career center and filter out all of the alums in their specific finance roll they wanted and then send specific emails. They’d look up what their majors were or fraternities or sports. Then send a tailored letter that i, too, am in xyz the same as you. I am going to be in nyc the week of x. Would you have time for an informational interview, etc. These are the kids who know how to pursue a goal and are hired. 
I am not saying your child didn’t do all of this, but you sound bitter and don’t seem to have things to back it up. I’d look at how far your child got in the process. Did he make it to the first round of interviews? If not then he didn’t pursue applying hard enough. Did he get a bunch of first rounds and go no further? Ok then he needs to rethink how he interviews. Did he make it past the phone interviews and no offers after in person? Dissect it like that.

We did hire from European universities, although most applied to London over nyc. We had analysts from trinity, ucd, etc. The issue is a lot of them didn’t have the social skills that made them good front office candidates. Most weren’t given full time offers. One went on to be very successful, but he was the exception. Many went on to do more back office, accounting type rolls. 
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