WCM Educational Recap #6 — Recruiting Crash Course

Recapped by Amy Zado

First Year Recruiting

Recap: As a first year, your priorities should be to develop your interests by getting involved in clubs and networking with upper years. Your next goal is then to figure out how to share this interest, as it’s not expected for you to have extraordinary knowledge on technicals. Therefore, most interviews are heavily focused on behaviorals and the overall processes are more informal (no info sessions or recruiters).

Finding Internships

1. Firm Recruiting Portals: Typically, more well-established companies/banks will share either through their own websites or on Western Connect. The roles themselves tend to be less interesting and more on the administrative side, but you could receive a competitive salary alongside a well-known name on your resume.
2. Western Business Club Mailing Lists: Mainly WCM and WIC tend to share many opportunities with their communities so pay for memberships and go out to meetings. These opportunities tend to be competitive, as so many students see them, and offer minimal to no pay, but they tend to offer more relevant work with a very strong community for learning and networking.
3. Networking and Cold Emailing: This involves reaching out to those that have either previously worked or currently work at the firm to show interest and set up a chat. It is a more non-traditional approach that requires a lot more work to make connections and reach out, but allows you to gain unique, relevant, and impactful experiences while growing your network.

Timelines

Entry level jobs typically open around January-February while mailing list opportunities come on a rolling basis. Make sure you’re proactive and apply through your network over the year. Personal relationships can help you get in the door with coffee chats before you formally send in your application.

Second Year Recruiting

At this point, you should be more actively involved in activities that pique your interests, preparing for technical questions (we suggest Breaking into Wall Street), and networking with industry professionals alongside upper years. The processes are still mainly informal, so personal research and networking are critical. Looking at LinkedIn/job boards and reaching out to search funds should be done all year. Note that the Big 5 banks and Big 4 accounting firm processes tend to occur from January to May, with positions of Business Analyst, Credit Analyst, Wealth Management, and Customer Service Representative, and Financial Analyst, AI and Innovation, and Consulting Analyst respectively.

Typical Internships

1. Private Equity/Search Funds (investment firms where an entrepreneur raises funds to acquire a company and assume day to day relationships). Some typical firms include Altas Partners, LaurelCrest Partners, Calistix Capital, and Auxo Management
2. Investment Banking (typically boutiques in small and mid-cap M&A transactions). Some typical firms include Firepower Capital and Q1 Capital Partners
3. Equity Research (producing analysis, reports, and recommendations to buy, hold, or sell). Some typical firms include Gluskin Sheff, Veritas, and Canalyst
4. Sales and Trading (client advisory for financial product investments or internal pricing and hedging strategies for commercial banks). Some typical firms include CIBC, RBC, and Scotiabank

Timelines

May-June of your first year: Big 5 sales and trading and investment banking diversity
Late July-August: Burgundy Asset Management, Altas Partners, Generation Capital
September: Firepower, Ontario Teacher’s Pension Plan, OMERS, Ashbridge Partners (1–3 interns each)
October: Auxo Management, Calistix Capital (1–2 interns each)
November: LaurelCrest Partners, Good News Ventures, Valitas Capital, Skyline Growth Partners
December and onwards: Turtle Holdings, Constellation

Third Year Recruiting

At this stage in the game, you should be practiced at expressing your interests and showing you’re a culture fit, so you should heavily focus on preparing technicals and mocking interviews with upper years. Make sure the internships you apply for are going to be something you enjoy (as a valued and interesting experience with personal growth opportunities), a culture and community you fit with, and good quality and exposure (positively regarded in the industry and provide training that can help you advance your career).

Finding Internships

They are typically released on a rolling basis from the second semester of second year and throughout your HBA 1. These are more structured than previous years, so it’s important you understand the process and get your applications in earlier than later.

Generally speaking, all firms in Canada target Ivey and roles are typically more general or industry based. Internships are 10–16 weeks in length and interviews will have a mix of behaviorals and technicals. Only some firms in the US target Ivey and typically provide industry/product group placements for 10-week internships. Some firms, like bulge brackets, focus interviews more on culture and fit while boutiques focus heavily on technicals.

US Firms that Target Ivey

• New York — Evercore, Lion Tree, Credit Suisse, PJT
• San Francisco — Evercore, Goldman Sachs, Credit Suisse, Silverlake
• Los Angeles — Moelis and Company, Ares, Houlihan Lokey

Timelines

February in second year: US buyside
March-May: Evercore, Silverlake
April: US boutiques
April-May: US/TO bulge brackets
May: TO elite boutique investment banks
June-July: Big 6 banks
July-September: Pension funds

General Recruiting Process

This is typically broken into a few steps (remember that a lot of the time it’s a numbers game); focus on actionable feedback and remember that all processes you’re involved in will grow your network and understanding.

• Cold Emails/Calls (typically 50–300 sent)
• Coffee Chats (typically 10–30 convert)
• Interview preparation (guides) and mocks (with upper years)
• Apply
• Interview (typically 1–5)
• Offer! (typically 0–2)

Finding Opportunities

Figure out where upper years worked for their first- and second-year summer, leverage your personal network and club email lists, and reach out to local opportunities.

Reaching Out

A warm introduction is when a mutual connection vouches for you to the firm. This can help you if you apply where you have existing connections, or network with previous interns.

A cold introduction is to someone unknown so send a cold email or cold message on LinkedIn to try and establish some sort of connection (Ivey alum, similar clubs, etc.) and learn about the firm from their perspective.

• Good cold emails are short and simple. Mention some interests, don’t sound too desperate, and make sure to include a “can we chat sometime about…”

What to Submit

• Resume — must include your GPA, Experiences, and Interests
• Often will request a cover letter and transcript
• May need to include a stock pitch or sample report

Interview Preparation

1. Resume/Work Experiences

• Walk me through your resume
• Tell me about your time *here* or doing *this*

2. Company Preparation

• Why do you want to work here
• What are your thoughts on a recent deal we’ve done
• What are our key values

1. Technical and Behavioral Preparation

• Walk me through a DCF
• What are your strengths
• Walk me through $5 of depreciation

1. Market and Economy Preparation

• Keep up with news to speak to market trends and causes and effects of events

Interview Process

1. Informational Interview

• Show who you are and where your interests lie
• Make sure to coffee chat to get a sense of culture and how you’d fit in

2. Preliminary Rounds

• Typically performed by analysts that will go through mainly technicals
• Make sure you have behavioral answers in your back pocket, have strong stories that will draw them in, and name drop those you’ve spoken with
• Know how to check their boxes and walk through your experiences

3. Superday

• A full day of discussion-based interviews with a variety of firm members and senior executives
• Be prepared for anything

Some Resources!

Books

• Competition Demystified
• The Most Important Thing
• The Intelligent Investor

Podcasts

• The Motley Fool
• Yet Another Value Podcast
• All In

Guides

• The Vault
• Wall Street Oasis
• 400 Key Question Guide; Breaking into Wall Street
• Rosenbaum and Pearl “Investment Banking”