Tech-Check: Investment Banks Reshape Recruitment with Early-Stage Technical Interviews - Weekly IB Recuiting Brief
Meridith Dennes
Talent Acquisition (Lateral Hires) | Executive Search | Investment Banking | Private Equity | Corporate Development | Training & Development
This... is Parkour. Internet sensation of 2004. And it was in one of the Bond films. It's pretty impressive. The goal is to get from point A to point B as creatively as possible, so technically they are doing Parkour, as long as point A is delusion and point B is the hospital. - Jim, The Office
Good Morning,
- In our?upside-down economy, where?good news for ordinary people means bad news for financial markets, worries about an overheated labor market pushed?10-year Treasury yields to their highest level in 16 years?in October. That put pressure on stocks, and lifted the average rate on America’s most popular mortgage into yet-more-inaccessible territory, pushing it?above 8% for the first time in 23 years.
- GS is also quietly letting people go.?(New York Post)
- Santander has agreed to hire the former co-head of Credit Suisse’s investment bank, David Miller, who becomes the latest executive to join from the collapsed Swiss lender. (FT)
- Bank of Nova Scotia’s?Dan Rees, who runs the domestic retail banking business, is leaving along with investment banking chief James Neate and chief technology officer Shawn Rose.
- GS?will promote 608 executives to managing directors next year, fewer than the 643 senior bankers it elevated two years ago, according to a company memo.?(Reuters)
- The nightmare before Christmas for Wall Street bankers began long before Halloween. After 10 months of slower-than-anticipated deal flow, bankers -- and equity capital markets (ECM) bankers, in particular --?are expecting less-than-stellar year-end holiday bonuses, according to a Bloomberg report on Tuesday. (The Motley Fool)
Recruiting Recap
- The landscape of investment banking recruitment is undergoing a significant transformation. With market dynamics shifting and the aftereffects of the pandemic, there’s been a discernible pivot in the way investment banks approach their interview process. Specifically, there’s a trend emerging: the technical interview is making its way into the early stages of candidate screening, sometimes as soon as the first round.?
- Nowadays, the interview process seems to be taking cues from Parkour, with its increasingly demanding and complex challenges. There are stories of candidates enduring multiple rounds of interviews and technicals only to be informed that the company has decided to go in another direction. YIKES!
- We anticipate receiving preliminary bonus figures from Raymond James and the Canadian Banks soon. Historically, these institutions have been reliable indicators of upcoming bonus trends. Current projections suggest a decrease in bonuses by 20-25% year-over-year.
- H1Bs, although still tough, are substantially easier than STEM OPTs in this market. Most employers don't want to risk the unpredictability of the H1B lottery.
?? How Prospect Rock Partners Can Help???
- If you're currently between jobs or seeking a new opportunity, it's an ideal time to get things in order: create a list of target firms, refine your resume, streamline your narrative, and prepare for upcoming interviews. PRP offers affordable 1-on-1 career counseling sessions (including mock interview prep). We can help you ?craft a story or help figure out what is going sideways in your recruiting process. Prices start at $399. Schedule a 15-Minute Consult for Career Counseling Services (Prices $399+)
?Resource Center
Navigating Technicals: The New Norm of First-Round Investment Banking Interviews
For years, investment banks have prided themselves on the rigor of their recruitment processes, particularly the technical interviews. These interviews are designed to test a candidate’s knowledge in financial modeling, valuation techniques, and understanding of markets, among other hard skills. Traditionally, such technical deep-dives were reserved for final round interviews. However, this is no longer the case.
9 Rules for Negotiating a Job Offer in Investment Banking
Negotiating a job offer can be a nuanced and intimidating process. Whether you’re weighing one offer against another, hoping for better compensation, or leveraging an outside offer for a raise, the strategies you employ can make a substantial difference in the outcome. Here are nine rules, distilled from the wisdom of a Harvard Business School negotiation professor, to help you navigate these waters more effectively. ?
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