Introduction to the Co-Presidents of Old Ezra
Congratulations on your elections to lead Old Ezra! What spurred you both to run?
Pete: I knew I wanted to run for the position as soon as I spoke to Jefferson Betancourt (outgoing Old Ezra President) about the role. Throughout my first semester, I saw how dedicated Old Ezra members were in helping first-year students in recruiting and education. I spoke to the Old Ezra board and listened firsthand to stories about the impact students were able to make. That passion for helping the first-year class came through in Jefferson’s voice and solidified that this was a position where I could pay it forward to the incoming class.
Ashley: My reasoning is similar to Pete’s. I received a lot of support from corporate finance second-years during my recruiting journey. Shay and Jason (outgoing Old Ezra VPs of Corporate Finance) also allowed me to give a lot of voice during the corporate finance recruiting process, which encouraged me to think about how I could make a larger impact moving forward. It is important that we give a lot of attention to all three verticals in Old Ezra and help build networks across each finance segment. The Corporate Finance Immersion has a new leader in Paul Clancy who we are very excited about, so it is important that the club leverages this opportunity in the right way to set our students up for success.
Could you give us a brief introduction and tell us how you found yourselves in Old Ezra?
Pete: I studied Mechanical Engineering at the University of Illinois at Chicago, initially interested in automotive design, before deciding on a process engineering role at US Steel upon graduation. While at US Steel, I got a crash course in finance but after I was promoted into front-line management I no longer had any finance work to do, so I built a collaborative trading platform and started an LLC around it. While working on my trading platform I realized that I wanted to combine my finance passion with my industrials background and I saw banking as a great opportunity to do so. Once I decided that an MBA was my best path for transitioning for banking, the reputation that Johnson has for producing investment banking talent sold me on the program.
Ashley: I studied economics and international business in undergrad while living in Spokane, WA. I realized I don’t like the cold, so I chased the sun to Texas after graduation to start a role at Charles Schwab, first as a stockbroker and then as a corporate trainer. I enjoyed the roles but discovered that I was more motivated working on organic growth initiatives and strategy, rather than analyzing external companies. The realization that I wanted to work in internal finance and strategy brought me to Johnson to focus on corporate finance.
Alumni view Old Ezra with great pride. how did you think about managing the high expectations of alumni when you were running for the positions?
Pete: Speaking to the investment banking recruiting process specifically, alumni are actively involved in the recruiting process all the way through managing director. You often run into MDs who will provide live feedback on the OE process and that really shows how much pride is taken in the preparation of Johnson candidates. You feel as though the entire alumni base has your back and you begin to understand how influential Old Ezra is on your development as a candidate and on everyone who came before you.
Ashley: From the non-banking side, the process is a little less structured but equally beneficial. Alumni have very high expectations of candidates and speaking to them, you realize how the club has developed by taking some impactful structured practices without adhering to the complete structures of what bankers go through. I want to continue to iterate and incorporate the best practices we glean from talking to alumni so that we can keep improving the program and benefit the Cornell Johnson network!
How are you guys thinking about the presumptive transition from online to in-person next year?
Ashley: There will obviously be differences between recruiting next year and recruiting last year. To make sure we can maintain great outcomes, we are going to leverage the experience of those that came before us and maintain best practices, tips and tidbits, and bring the best of Old Ezra to the incoming class.
Pete: I think we are going to take it day by day and really lean on prior Old Ezra boards and alumni that came before us. It is presumptive for us to imagine that we can run a process that we did not go through ourselves, so we need to be flexible, quick to consult, and always put the candidates first. For incoming students who may be worried about this, I can confidently say that regardless of the communication medium, all the Old Ezra knowledge and methodologies will be effectively shared.
Are there any practices you want to maintain from the digital experience?
Pete: That’s something the board is definitely going to think about. A lot of the new practices I saw are double-edged swords. For example, one of the things we experienced during recruiting is that we were expected to be available 24/7. If a senior banker became busy, he might push a 2pm call to midnight. I don’t think this happened in prior years, rather, the banker might just find an analyst or non-alumni to give you an informational in their stead. I saw the ability to be rescheduled quickly as a plus, because you were meeting the person you intended, but I also understand people who thought being on call at all times was a disadvantage. There are definitely some practices we will need to take a step back and think about.
Ashley: I think breakout rooms over Zoom are really conducive to interview practice. You could seamlessly work with your classmates and quickly switch pairs to put feedback into practice. There are other, less granular benefits as well. We could recruit alternative geographies more seamlessly and built rapport over rolling with technological struggles. Alumni tended to be understanding, so there are definitely Zoom practices we will work to maintain.
What would you say to prospective applicants who are weighing Johnson vs some peer schools for finance?
Ashley: A large part of selecting your MBA program is the career you want to pursue post-MBA. A determinative variable of your career prospects in the network you are joining from your MBA program. Talk to Johnson alumni. I think you will find a group of people who can put themselves in your shoes and share resources to your benefit even if they are not part of the official recruiting team. You will find a generous group of people who want to create a supportive and inclusive environment that will give you the warm welcome you are looking for. After speaking to alumni, I knew I would get the long-term network in finance that I was looking for at Cornell. Anyone on the fence, I would ask you to reach out to alumni and you will discover that as well.
Pete: Speaking to investment banking, the advantage of Old Ezra and Cornell versus our peer schools is that we have the best pipeline into Wall Street because of the strength of our preparation, our timeline, and our small program mentality of looking out for each other. All of these benefits compound and this advantage is borne out into our numbers.
Do you have any advice for candidates who want to begin preparing for recruiting before matriculation?
Pete: I did a pre-MBA course to try and hit the ground running first semester and I thought it was helpful and provided solid tips regarding career positioning. I would recommend a course like that if someone wants to be productive over the summer. Additionally, if you are in a position to do so, quit your job early and come to Ithaca, because Ithaca in the summer is absolutely beautiful.
Ashley: I would recommend starting some habits you would like to continue. Read financial news, get your calendar organized, and research the careers you are interested in. That could mean finding your group in IB, looking into investment research, and identifying mentors who could give you advice. You will start recruiting as soon as you arrive, so be ready to hit ground running. The first semester can be challenging if you have too many balls in the air.
To echo Pete, also take some time to rest and relax. The last thing you want to do is come in burnt out. The first semester is fast paced and does not have a lot of downtime. Make sure you are coming into school recharged and your best self.
Prospective candidates ask all the time: “After joining Old Ezra, how can I make an impact?” What impact would you guys appreciate from a first-year student?
Ashley: One thing I would love to see from first years is supporting their peers with the resources they already have. If there is an area you are stronger in, go out of your way to take a leadership and teaching role with your peers. This could be with your core team or your recruiting cohort. If you withhold yourself, even if you are very busy, you are taking away from what you have to offer.
Pete: A core benefit of any MBA program is learning directly from your classmates. People can get a little siloed in the first semester but it is important that you are still sharing your experiences with your classmates. I would encourage first-years looking to make an impact to stretch outside their comfort zone and network outside their core competency. It may be uncomfortable at first, but that’s one of the things that makes Johnson so special.
What are your plans for the website?
Pete: I really like the article variety, and I remember reading these when I was a prospective student. I enjoyed reading about people’s experiences in case competitions and internships and getting a view inside of Old Ezra. We will definitely keep that going.
Ashley: I want to do a better job publicizing the website! This is a great resource for prospective students that can give people more of a slice of life perspective.
Ashley and Pete can be reached at aew255@cornell.edu and pdf34@cornell.edu respectively. Ashley will be interning in Finance at E&J Gallo and Pete will be interning in investment banking at Guggenheim Securities.