Preparing to Matriculate
It is decision time for MBA applicants, so the Old Ezra Website thought it would be fun to put together a panel of first years with Investment Banking internships to discuss their thought processes behind matriculation and preparation. Aaron Jagoda will be interning at Evercore, Eric Nadel at Morgan Stanley, Jon Reiser at UBS, and Talat Rubin at Bank of America.
Old Ezra: How did you decide between offers of admission? Were there specific factors that brought Johnson to the top of your lists?
Aaron Jagoda: For people with spouses, like myself, Johnson’s support for spouses and families was huge for my eventual decision. Joint Ventures is a club for partners and families, led by partners and families. Business school is a family decision and I wanted to make sure there was support in place for a big adjustment.
Jon Reiser: I got engaged before business school and I wanted to matriculate to a program where there were opportunities in the area for my fiancé. It was important to us that nobody had to take a step back. There were opportunities in Ithaca. That said, I think the entire panel chose Johnson for the strength of the investment banking program. I wanted a target school for investment banks and strong investment banking recruiting outcomes.
Aaron: If you know what you want to do, then have an idea of where you want to end up. If you want to work at certain firms or in specific groups, make sure your school places in those firms or groups.
What specific steps did you take before your matriculation?
Eric Nadel: Once you have made your decision on where to matriculate, it’s important to take a mental break. Recruiting is going to be a grind, so you want to make sure you are recharged in time for your MBA. You’re probably in a demanding job and you just finished the GMAT, application essays, and interviews. Those things can add up in terms of workload. Recruiting is going to be a grind so make sure you have time to recharge.
Recharging provides a good opportunity for introspection. Why do you want to do this, be it banking or another career path? What are your reservations? If you have any reservations, address them so you can fully commit to recruiting in the fall. I took a two-week trip to Peru.
Aaron: I did China, Japan, and Thailand. It was a mixture of celebration and recharging.
Talat Rubin: I went backpacking across Eastern Europe. It was a great way to clear my head.
Jon: You want to come in ready to go.
Talat: There is also a mental adjustment to living like a student again. You are going from earning a salary to being a student. Examining your routines, expenses, and budget would be prudent steps before matriculating.
Did you guys take any Cornell Johnson specific preparation steps?
Talat: I spoke to the Old Ezra Vice President of Investment Banking. She gave me a few steps I could take to prepare for recruiting. Everyone is coming in with a different background and set of skills. The VP of IB gave me guidance as a career switcher and an outline of the recruiting process so I had a rough idea of what to expect.
Jon: I also spoke to a friend and alumni about the recruiting process.
Aaron: I began talking to current students. It was helpful to build a network and knowledge base. When I finally arrived, I already knew a few people so I felt comfortable texting them when I had questions.
What advice do you guys give to students interesting in recruiting IB?
Jon: If you can narrow your focus for what coverage or product groups you are interested in, you can be more effective in your preparation.
Eric: Start reading a few business publications such as the Wall Street Journal, the Financial Times, or the New York times. Pay attention to what articles interest you as you read, and build on your knowledge and understanding of those areas/industries.
Talat: You should be familiarizing yourself with trends in your industry. Focus on macro factors. What are people who work in your target industry talking about in the elevator?
Do you recommend any more focused preparation, such as specific books or technicals?
Aaron: I don’t tell people to prep the Mergers and Inquisitions 400 Questions Guide. I think it is more valuable to learn that material once you get to Cornell. Studying it now is not going to help as much as you think. I sometimes recommend the Rosenbaum and Pearl investment banking book. Just remember that, if you are a career switcher, you are not going to understand everything. Still, the book can give you high-level frameworks so you can learn in an accelerated manner after you arrive at Cornell. However, the accounting pre-work that Cornell assigns in a no-brainer. It is important not to start from behind. When you begin covering Old Ezra preparation materials at school, you need to make sure you can focus your efforts on those materials, rather than playing catch-up.
Eric: I think it’s important to start writing down questions you have about the job, different firms, groups, and the profession you’re targeting. This will be useful during networking events and even in interviews. You’ll find that your questions will evolve during the Fall, but the summer is a good time to start.
Jon: The most important preparation is “knowing your story.” During recruiting, you will be presenting yourself. You need a logical story for “why investment banking?” Introspection to make sure your skills, story, and motivations follow some sort of logic is valuable.
Any final pieces of advice?
Jon: Buy a suit. Retail options are limited in Ithaca, so come prepared.