Career Insights

Business & Finance

Counselor’s Perspective

There are a broad range of opportunities available in banking and finance and it is important to do some research before choosing your career path or even just your first job. Research these industries thoroughly to learn about different companies, their competitors, entry-level opportunities, leadership/rotational programs, recruiting practices and requirements and qualifications. As a recent graduate at a liberal arts university, most companies will be interested in your breadth of experience from your academics, work or internship experience to activities and leadership involvement outside the classroom.

A Day in the Life:

An equity research sales person at Merrill Lynch

6:45 am Arrive at work, check email and news headlines

7:15 am Listen to/participate in morning meeting (query analysts on stock recommendations, etc.)

8:00 am Talk to analysts, traders, bankers for ideas and flow information - write daily email to clients with summary of ideas

8:30/8:45 am Send email, call clients with research ideas and information

9:30 am Market opens

9:45 am Quick Starbucks run

9:50-11:00 am Call more clients with research ideas & information, call Merrill analysts and traders with feedback

11:15 am -12:30 pm Take company management to meet with investor client, discuss company/stock prospects

12:30 pm Take client to lunch, discuss market outlook and stock ideas

1:30-4:00 pm Call more clients with research ideas and information, respond to client requests, develop trading ideas

4:00 pm Market closes

4:00-5:00 pm Internal meetings to discuss the state of the business, client results, etc.

5:00-5:30 pm Prepare for next day, go home or meet with a client for dinner/entertainment event

Opportunities

Based on your skills, interests, personality and values you may choose to focus your search on a particular division within the banking industry. Some of these divisions include:

Investment Banking (often termed i-banking)
Commercial Banking
Fixed Income
Equity Research
Sales & Trading
Asset Management

It is very important to research these divisions to learn about the work, skill set needed and culture.

Resources

Use all of your resources to research and find jobs and internships opportunities.

Research Information & Networking

• Vault Career Library (access to insider guides)
• WetFeet.com
• Wall Street Journal
  
• Duke I-Banking Interview Guide (PDF)
  
• DukeConnect (network with Duke alums)
  
• Career Conference
  
  

Job/Internship Opportunities

• Duke eRecruiting
• Career Center email lists
• Leadership Development & Rotational Programs
• Internship Exchange
• Internship Series Online
• CareerSearch: find the hidden job market by proactively contacting companies using this directory.
  

Online (non-Duke resources)

• MonsterTrak
• Hotjobs
• Career Builder
• Dice
• USA Jobs – Federal Government

Successful Communication Strategies

DukeConnect is your exclusive resource to connect with Duke alumni working in your field of interest. When contacting alumni or networking in general, be sure to follow these simple, yet important rules:

When making contact:

Do your research first. Research information by browsing the web, reading print materials, or by meeting with your career counselor. Visit your contacts’ company web site to learn about their organization.

Draft a short but informative email or letter. If sending an email, it should be no longer than a paragraph but written in a professional letter-type format/tone and if writing a letter, no longer than a page. Your email should remain short so that your contact will find it easy to respond right away and not let it sit in his/her inbox. Your email or letter should always include: a brief introduction, how you found out about them, the purpose of your message, and what you are requesting.

Never ask for a job or internship in your initial contact. This is only appropriate if after having a conversation you feel comfortable brining it up.

Sample questions for informational interviews

• How did you get into banking/finance?
• What do you like and dislike about your work or the industry overall?
• What are the characteristics of people who do well in this field?
• What skills are important or required to be successful?
• I am looking for a job/internship in banking/finance, what advice would you give me?
• What type of entry-level positions or internships would you recommend applying for?
• I researched the various companies on Wall Street and their divisions, could you explain xyz to me?
• I’ve been reading the Wall Street Journal, what do you think about xyz?

After making contact:

Always send a thank you note. Its appropriate to send thank you notes via email, letter, or hand written note card.

Follow-up on any promises or action steps you discussed. Take advantage of this opportunity to build rapport with your contact. Demonstrate your follow through skills.

Who comes to Duke?

Sample list of banking/finance companies that come to Duke

• Amaranth LLC
• Bank of America
• Capital One
• Credit Suisse First Boston
• Deutsche Bank
• Duke Management Company
• First New York Securities
• Ford Motor Finance Company
• Goldman Sachs
• Lehman Brothers
• Merrill Lynch
• Morgan Stanley
• UBS

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