Hot in Herre remix of Nelly’s original.

Remix Lyrics:

with a little bit of uh uh,
and a little bit of uh uh

with a little bit of uh uh,
and a little bit of uh uh

i was like good gracious, check out my tracers,
so dangerous trying to show patience,
looking for the right time to shoot my steam, you know
catch em when they’re running at the back of the knees
i’m leaving please believe me, ooh
me and the rest of my heathens.

…jase

Thank you for visiting my random blog!

I initially started posting to keep a journal for myself, but soon realized that it was too effortsome. Now i just post random things that you may find interesting.

Due to the financial crises, i am now out of a job. I have decided to become a creative person. I guess i never wanted to work in banking anyways! Sixteen hour days aren’t fun.

I will now draw comics and write finctional stories.

Enjoy!

I recenty read Traders, Guns & Money by Satyajit Das, below is a brief review:

This is a great book, and a must-read for anyone wanting to get into the industry.

The book covers both the ‘buy-side’ (firms) and ‘sell-side’ (investment banks) with manifold examples of deals that went wrong.

This advice is based on my experiences interviewing for such roles. This is an ‘outsiders’ view, and i’m sure this advice will change once i actually start working and have to interview candidates.

Step 1: Make sure you want to work in the industry

This seems simple enough, but it is surprising when speaking to fellow students, that not many of them who are applying for such roles actually know what an investment banker does.

Before you apply for a banking internship, or analyst role, make sure you know what the role entails.

I would recommend reading Monkey Business. It is greatly entertaining book that sheds some light on the profession. It’s also worth checking out some of the similar books recommended by Amazon.

If you are more interested in a Sales and Trading role, it’s worth reading Liar’s Poker.

These books will give you an entertaining insight, but it is recommended that you get a better understanding of the industry by speaking to banking friends, attending campus information sessions and reading general industry news and related books.

Step 2: Get an interview

After you’re sure you want to be an analyst, get an interview!

To get an interview you must have a fairly strong resume. Remember, you’ll be competing with other overachievers who are all going for the limited places on offer.

A good resume means 3 things (notice how everything is in 3′s!)

1. Good Grades – it is important to have a good University Average – above 80%. If you have done poorly in your first couple of years of university, no reason to worry, ensure that that your following year’s results have been very good. Recruiters will place more emphasis on your most recent results and results in finance subjects.
2. Extracurricular Activities – banks are looking for well rounded people. Try and have a few activities that ‘tick’ the leadership and teamwork boxes. For example, sports teams and if you have been on any student committees.
3. Relevant Experience – ensure you have relevant experience listed on you resume. This may be working in a financial role in industry or at an accounting firm (or an IB internship – in which case, you probably wouldn’t be reading this!)

After you have made sure your resume is up to scratch, attend the campus information sessions that are held at university. This is a good chance to make an initial impression. There are usually drinks after the sessions and you can ask some good questions that will get you remembered.

Step 3: Ace the interview

Once you have an interview, all that’s left is to ace it!

You can do this in 3 steps (again):

1. Understand issues currently in the media. There is usually one big issue in the media related to investment banking. Currently, this is the Rio Tinto/BHP proposed merger. Try and read the Australian Financial Rewiew everyday for about 3 months prior to your interviews. This way, you will be very well versed on what’s going on. Additionally, try and think about and articulate the main points of the such current events. Tell a friend about it and try to answer any questions he has about it. By doing this, you will be able to discuss current events confidently, and in depth during your interviews. (Following Step 1, if you really want to work in the industry, you’ll actually enjoy doing this reading – so it won’t be much work)
2. Technical interview questions. Know how to value a company and understand the technical aspects in corporate finance/ trading. This includes knowing how about the Cost of Capital, Valuation, Factors that affect Bond Prices, etc. There is an excellent Vault Guide to financial interview questions. I would highly recommend purchasing this book. During my interviews, i received very few technical questions, but when i did i was able to answer them well. The guide was also useful in developing a fuller understanding to investment banking.
3. Behavioral interview questions. You will be asked questions about teamwork and leadership. Ensure that you are able to answer these well and interestingly. Avoid mentioning your skills with relation to class groupwork as this is boring. Try and talk about these topics with relation to your previous experience. There are usually workshops at most university career offices that explain how to answer these questions well.

With interviews, it is important to be yourself. The interviewers are also trying to assess whether they like you and want to work with you everyday.

Summary

In summary, the information presented here is common sense and nothing new. To get the job, you have to be able to satisfy all of the 3 Steps fully. If your grades are weak, then improve them. If don’t know too much about the industry, pick up the suggested books. Purchase the Vault Guide if you don’t know about the technical aspects.

Additional Resources:

The Mergers and Inquisitions Blog is a great resource to learning about the industry and also the interview process. It is US based, but the same lessons apply here.

Here are some statistics from my job search:

Graduate Analyst Roles i applied to : 8

• Lazard Carnegie Wylie
• Macquarie
• Citi
• Morgan Stanley
• Merrill Lynch
• Lehman Brothers
• JPMorgan
• Credit Suisse

(note: i didn’t apply to UBS and GS)

Number of first round interviews: 5

Number of final round interviews: 3

Number of offers: 3

As a result, i will be moving to Sydney in 2009. Guess i will have to change this blog to “A Sydney Life”

If you want to get an analyst role at an investment bank, here check out my advice in this post.

Why Program?

I am interested in programming for 2 main reasons:

1. Learning enough to build a web application
2. Learning LISP to develop a new way of thinking and enhance my problem solving ability. While i am confident in analysing things i am studying at university (financial problems and applied calculus), i believe programming will develop my ability to break down large problems effectively and develop logical reasoning.

Why LISP?

• I was greatly influenced by Paul Graham’s essays on LISP. Wanting to develop a web application, and Paul having done that successfully made me take notice. Additionally, there were other web applications that i used and liked that were developed in LISP: reddit, twitter.
• LISP is intuitive for non-programmers. Having reviewed code from a number of other high level languages (Python and Ruby), i was able to understand LISP code much more easily. The process of defining and executing functions seemed much simpler for me to understand in LISP.
• There seems to be a friendly and accessible LISP community from which i feel i will be able to get assistance. There are also sufficient resources/tutorials on the web which will enable self-learning.
• Having a outside interest in AI was a side benefit in learning LISP

• With regard to developing a web app, Python seems to be a better language to learn. There are a number of web frameworks to choose from as well as a massive community and numerous resources. Most of the web applications also seem to be developed in Python. A large negative of me not learning Python was that the syntax seemed too difficult for me to quickly understand and implement. I felt that i would soon abandon learning to program due to this.

How?

After reading Paul Graham’s essays and skimming over some web tutorials, i have decided to do the following things:

1. Download a Common LISP implementation. On my Windows XP machine, i downloaded Lisp in a box. On my Mac, i downloaded LispWorks Personal Edition. Both are free and fully contained ( i did not have to download any additional software to run LISP.
2. I ran through the Lisp Primer by practicing the examples
3. I am currently reviewing Common Lisp: A Gentle Introduction to Symbolic Computation. This seems to be a great resource for a new programmer. I am going over each chapter in a detailed manner – taking notes and doing all the exercises. I am aiming to cover one chapter every two days.

I am currently on Chapter 3, so far everything is going well and the book is easy to understand. I will update this as a progress.