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Enterprise Insights: IM FT RecruitingOctober 2018Jessica KatzSenior Associate DirectorMBA Career ManagementAmanda RiveraRelationship ManagerMBA Career Management
Success! Enterprise IM Stories George Schultz(WG’13) Anthony Lee(WG’15)Holly Nichols(WG’15)Prior to Wharton: Angelo Gordon, FidelityInternship: Armistice CapitalPost Wharton: Kenmare, NitorumStrategy:oNetworked with 250 people during MBAoSent pitches to listservoConstantly in NY for meetings – even tosomeone’s home when tried to rescheduleoSent hard copy Fedex intro letters to fundsPrior to Wharton: Metal Mark, Credit SuisseInternship: RivuletPost Wharton: PAR CapitalStrategy:oKept organized tracker with all contactsoTurned down multiple offersoReceived ‘perfect’ offer in June aftergraduation when fund found him in IMresume book MBACM sent to them Prior to Wharton: Aquiline Capital Partners Internship: Luxor Capital Post Wharton: Tiger Global, Eminence Capital,Tiger Global Strategy:oWorked w/ MBACM on evolving target listoImmersed herself in NY HF community byasking for helpoContinued part-time consulting work aftergraduation until right opportunity Prior to Wharton: JMI Equity, McKinseyInternship: PassportPost Wharton: SQN CapitalStrategy:oAfter FRP, decided to focus on tech HFoMBACM referred him to well-connectedalum, where he clearly articulated hisfocus; led to internship referral at PassportoCont. tech focus for FT until March offer Prior to Wharton: Visa, BarclaysInternship: FidelityPost Wharton: Citadel Global EquitiesStrategy:oTurned down FT offer from internship tofocus on HFs in NYoWorked with MBACM on pitch, emails etc.oPersistently reached out to Citadelmultiple times until March offerHiten Chawla(WG’16)Elizabeth Gilson(WG’16) Prior to Wharton: PIMCO Internship: TCW Credit Post Wharton: Kore AdvisorsChristopher Strategy:Marvin o Volunteered to build out models for newstart up fund for free; led to many referrals(WG’11)oFound more success once he opened upsearch beyond NY; wished he did earlierMatt JevsevaroDid whatever it took; said he had trip and(WG’18)then flew to cities for meetingsHigh Risk Tolerance * Hustle * Patience * Grit * Persistence * Focus * Conviction * AuthenticMBA Career Management
AgendaIntroductionsHiring DataMindset for Enterprise RecruitingTarget List & Informational Interviews (emails & meetings)Success Stories and Q&AMBA Career Management
Introductions David Cochrane, dcochr@wharton.upenn.eduClairvest Group; RBC Capital Markets (Canada) Clearfield Capital Management – Analyst Intern Nikhil Goyal, nikgoyal@wharton.upenn.eduMBACM Career Fellow Blackstone; Parthenon Group; Clinton Health Access Initiative (India) Surveyor Capital – Summer Associate Brian Morrison, bmorri@wharton.upenn.eduOaktree Capital Management; Semler Brossy Consulting Group Clearlake Capital – Summer Associate Lawrence Paustian, lawp@wharton.upenn.eduCrown Venture Management; US Army Hawkeye Capital Management – Summer Investment Analyst Intern to William N. Thorndike, investor and author of The Outsiders Nate Urry, nurry@wharton.upenn.eduSurveyor Capital; AEA Investors; Bain & Co. Owl Creek Asset Management - Analyst MBA Career Management
Hiring Data
Accepted Full-Time OffersInvestment Management / Hedge Funds*Preliminary Data as of 8/1/2018% of all accepted 201620172018MBA Career Management
Timing of IM/HF Full-Time Offers: Class of 2018*Preliminary data as of 8/1/2018121086420MBA Career Management
0Tybourne Capital ManagementTwo Sigma Investments, LLCTourbillon Capital PartnersTiger GlobalSolus Alternative Asset Management Progressive Capital ManagementOppenheimerFunds, Inc.Och-Ziff Capital Management GroupNeuberger Berman LLCMill Road CapitalMaverick CapitalMarshall Wace LLPLuxor CapitalKore AdvisorsKnighthead Capital ManagementKineaJ.P. Morgan Private BankIncus CapitalHitchwood CapitalGlen EagleFred Alger ManagementFidelity International (formerly Elliott Management CorporationEaton VanceCrayhill Capital Management LPCourage CapitalCooke & BielerComposite CapitalCoatue Management, LLCCapital Today GroupBaron Capital, Inc.Argo Infrastructure PartnersAltimeter CapitalAgriculture Capital ManagementAdage CapitalT. Rowe Price Group, Inc.Hillhouse CapitalGlenmede TrustFidelity InvestmentsCapital GroupBlackRock, Inc.PIMCOCitadel - SurveyorAB BernsteinVanguard Group, TheIM HF Full-Time Offers62 offers 45 Companies765432178% of companies made one offerMBA Career Management
IM/HF Full-time by the NumbersOffers: 52 students held 62 offersStatusIM (40)Accept35Decline / Received5Not Authorized to work in US12 (30%)Conversion27 (68%)Non-conversion13 (32%); 4 non-financebackgroundHF (22)1488 (36%)14 (64%)8 (36%); 1 non-financebackgroundDistribution: offers are well distributed among many students# offers in hand1234# Students45511Top Hirers: Companies making the most offersCompanyVanguardAB BernsteinCitadel - SurveyorPIMCO# offers6333MBA Career Management
International Student IM/HF PlacementWG18 Full-time49 Total AcceptedOffers 39 in US 10 Globally: China 7 Brazil 1 Japan 1 Spain 139 Accepted USOffers 21% went tointernational students(n 8)17 Accepted Offerswent to InternationalStudents 7 Offers – HF 4 US 10 Offers – IM 4 USMBA Career Management
Source of Full-Time Offers: Class of 2018Preliminary Data as of 8/1/18Investment ManagementHedge FundsWharton Alumni Contact5%WhartonAlumniWharton onnections47%On CampusRecruiting49%On CampusRecruiting37%MBA Career Management
Companies That Made Full-Time Offers in 2018*Preliminary Data as of 8/1/2018Hedge FundsAltimeter CapitalCitadel - SurveyorCoatue Management, LLCCrayhill Capital Management LPElliott Management CorporationHillhouse CapitalHitchwood CapitalIncus CapitalKineaKnighthead Capital ManagementKore AdvisorsLuxor CapitalMarshall Wace LLPMaverick CapitalOch-Ziff Capital Management GroupSolus Alternative Asset Management LPTiger GlobalTourbillon Capital PartnersTybourne Capital ManagementInvestment ManagementAB BernsteinAdage CapitalAgriculture Capital ManagementArgo Infrastructure PartnersBaron Capital, Inc.BlackRock, Inc.Capital GroupCapital Today GroupComposite CapitalCooke & BielerCourage CapitalEaton VanceFidelity International (formerly FidelityWorldwide)Fidelity InvestmentsFred Alger ManagementGlen EagleGlenmede TrustJ.P. Morgan Private BankMill Road CapitalNeuberger Berman LLCOppenheimerFunds, Inc.PIMCOProgressive Capital ManagementT. Rowe Price Group, Inc.Two Sigma Investments, LLCVanguard Group, TheMBA Career Management
IM Companies That Made Offers to InternationalStudents in 2018*Preliminary Data as of 8/1/2018IM Companies – Full TimeAB BernsteinArgo InfrastructureCapital GroupCapital Today GroupComposite CapitalCooke & BielerFidelity InternationalNeuberger BermanPIMCOT. Rowe Price GroupVanguard GroupIM Companies – InternshipABAB BernsteinBlackRockCartica ManagementClearwater Capital PartnersFidelity InternationalFidelity InvestmentsGreen Court Capital ManagementOntario Teachers’ Pension PlanPIMCOT. Rowe Price GroupHedge Funds – Full TimeAltimeter CapitalCitadel – SurveyorHillhouse CapitalIncus CapitalKineaLuxor CapitalMarshall WaceTourbillon Capital PartnersClearfield Capital ManagementElliot Management CorporationIndus Capital PartnersSnow Lake CapitalSprings CapitalTourbillon Capital PartnersTybourne Capital ManagementViking Global InvestorsWilliam Blair & CompanyYork Capital ManagementHedge Funds – InternshipBlantyre CapitalBridge Water AssociatesCalixto GlobalCaro-Kann Capital LLCCitadel – SurveyorMBA Career Management
OCI Full Time Data 2017-2018: Full Year*# companiesthat come oncampus# jobs that areposted oncampus# companiesthat post on theJob Board# jobs that areposted on theJob BoardAdvertising & Public Relations001016Consulting141562109Consumer Products333360Energy222028Financial Services: Diversified113095Financial Services: Hedge Funds / Other Investments333645Financial Services: Investment Banking/Brokerage5641103Financial Services: Investment Management9972106Financial Services: Private Equity/Buyouts/Other91189114Financial Services: Venture Capital113241Health Care11146181Manufacturing773445Media and Entertainment2252101Professional Services001625Real Estate / Travel & Hospitality224053Retail444879Social Impact1276176Technology Industries1424118270Totals881068701547*Date range: Sept. 1 – Aug. 31MBA Career Management
OCI Full Time Data 2017-2018: Post-OCR*# companiesthat come oncampus# jobs that areposted oncampus# companiesthat post on theJob Board# jobs that areposted on theJob BoardAdvertising & Public Relations00912Consulting115185Consumer Products002847Energy001623Financial Services: Diversified002688Financial Services: Hedge Funds / Other Investments113240Financial Services: Investment Banking/Brokerage003566Financial Services: Investment Management116283Financial Services: Private Equity/Buyouts/Other226985Financial Services: Venture Capital002934Health Care114757Manufacturing002635Media and Entertainment004689Professional Services001625Real Estate / Travel & Hospitality003645Retail004168Social Impact0061152Technology Industries00114231Totals667441265*Date range: Feb. 1 – Aug. 31MBA Career Management
IM FT Enterprise Search at Wharton
Mindset for Enterprise RecruitingRisk Tolerant and ‘Rejection Proof’Ability to resist the “herd mentality” and FOMO4 S’s Self-aware: know what you want and let other opportunities go Self-motivated: have the internal drive to overcome obstacles Structured: able to create your own roadmap Self-care: have coping strategies to manage stressMBA Career Management
Top Resources for Creating Your “Hit List”Dream employers (the ones you already feel an affinity for)Employers from Internship recruitingHolders of investment ideasAdditional Wharton ResourcesCareerPath (Jobs: active, archived; resource library; resume books)Offer DirectoryWhartonConnect CommunityWharton IM treks, IM conferences (Boston/Sohn)Wharton Hedge Fund Network eventsUndecided Page (Previous past job offers and past job postings)IM Research Page (industry chat, previous past job postings, resume books)JobTreksReciprocityIndustry-specific sites (e.g., Bloomberg, Capital IQ, Preqin, Pitchbook, Eurekahedge)LinkedInBizjournals.com (by city)Reading news and trendsMBA Career Management
Finding ContactsGoal: Identify contacts connected to each of your target companiesSuggest using Google Drive or other cloud-based solutionLastFirstSmith JenZhang PhilBrown JonParkMinTypes of ContactsResourcesFellow Students (FYs and SYs)Alumni Wharton Undergrad Penn Other Top MBAsRecruiters CareerPath LinkedInPersonal networksPrevious EmployerCold contactsResume BooksWhartonConnect CommunityOffer DirectoryCareerPathLinkedInUndergrad Alumni DatabaseCapital IQ, BloombergJobTreksTypeCompanyWhartonAlumDE ShawUVA alum AnchoragePersonal TCWPennPenn alum EndowmentCityTitleEmailNotesNYNYLAManaging Director jen@PMphil@Analystjb@6.19.17: Talked on phone about credit 8.30.17: Had coffee chat and discussed 9.29.17: Met at Adam's wedding PhillyHF analyst10.1.17: Talked on phone about park@MBA Career Management
IM Industry PageMBACM Site Research Tools & Industry Overviews Investment ManagementMBA Career Management
Undecided PageHome Manage Your Job Search Strategy UndecidedMBA Career Management
Leveraging CareerPath Sign up for industry alerts Set up job alerts Be in all relevant resume books Be aware job postings are rolling Utilize target employer and task functionality Review Resource Library Search archived jobs Research offer and compensation data Schedule advising appointments Sign up for eventsMBA Career Management
Getting busy people to take action via email1. Fewer than 150 words2. No mention of jobs (share professional goals instead)3. Connection goes first (if none, lead with most relevant credentials)4. Be credible and clear about the ask5. Offer specific availability (with flexibility)Source: Adapted from The 2 Hour Job Search, Steve DaltonMBA Career Management
More email best practices (know your audience) Append LinkedIn profile to signature and/or resume Consider attaching a stock pitch Time of day matters as well as being sensitive to seasonal timelinesMBA Career Management
Sample email – IM (credit) with pitch 150 wordsXXX,I hope this note finds you well. My name is and I am currently a secondyear MBA at Wharton. I am looking to land at a credit fund following graduationand given your experience and expertise it would be helpful to hear yourperspective on the industry. Are you available for a 15 minute call next week? Iam available at your convenience.A brief background on me: This school year I have been working for a formerMD at a 15bn special sits fund focusing on building products and healthcare.Last summer I was in ’s credit group splitting time between Chinese banksand structured credit; prior to Wharton I spent five years at where I was aportfolio associate.I have also attached some work I put together on .Thank you for your time and I hope to speak soon.XXXMBA Candidate, Class of XXXThe Wharton SchoolPhone EmailConnectionfirst & overallgoalCredible/clear diblepotential valueaddMBA Career Management
Sample email – IM (equity) no pitch sent [150] wordsHi [ ],My name is [ ] and I am a first year MBA at Wharton. Prior to school, I workedat [ ], which followed a philosophy very similar to [target firm], and [head PM]is one of the investors that I personally greatly admire.I’ve stayed involved with value investing at Wharton as a member of the [IMclub or PEVC or whatever] and hope to pursue a career in stock-picking aftergraduating. If you have a moment over the coming weeks, I’d love to chat withyou about your experience at [target firm], your time at Wharton, or anythingelse you’d be willing to share.Would it be possible for us to chat on the phone for 15 minutes? I'm available[]. Thank you for your time.XXXConnectionfirst &professionalcredentialsOverall goal andclear askOffer specificavailability withflexibility.In-personis ideal.MBA Career Management
Sample email – Private Equity [150] wordsDear Mr/Ms XXX:I am a Wharton MBA student graduating this May. Prior to Wharton, I spentfour years at McKinsey with a focus on industrials and consumer products. Iam targeting opportunities in middle-market private equity with a similar sectorfocus.During my time at McKinsey, [I advised a competitor to your portfolio companyX on their restructuring, providing commercial insights to successfully navigatethrough a 150m debt refinancing]. I would be curious to share perspectiveson the sector.I am in [ ] from [ ]-[ ] and would love to take you to coffee on the [ ]. If there is atime that works well for you that day, please let me know. Thank you for yourconsideration.Professionalcredentials &overall goalIdentifyrelevant/crediblepotential valueaddOffer specificavailability withflexibility.In-personis ideal.MBA Career Management
Tracking your follow upNovemberSunMonday1Tuesday2Wednesday34Send email tocontact 189ThursdayFriday5Sat67Allow 3 businessdays for reply, thengo to next contactSend email toContact 210117-day follow upContact 1121314Follow up 7 businessdays later if no replySource: The 2 Hour Job Search, Steve DaltonMBA Career Management
Tracking your follow upNovemberSunMonday1Tuesday2Wednesday34Send email tocontact 189ThursdayFriday5Sat67Allow 3 businessdays for reply, thengo to next contactSend email toContact 21011121314Follow up 7 businessdays later if no reply7-day follow upContact 1161517181920217-day follow upContact 2Source: The 2 Hour Job Search, Steve Dalton29MBA Career Management
Sample follow up email – Informational RequestHi XXX,I am writing to follow-up on my email inquiry of last week. I’m still very interested inspeaking with you about your work at . I would love to connect via a quick 15minute call at your convenience.Thank you in advance for your time,My NameVery BriefShort introwith aforwardingof theoriginal--------------------From: Name, MySent: Monday, October 2, 2017 9:15 amTo: Your NameSubject: Re: Wharton 2nd year and former hedge fund analystHi XXX,I'm a Wharton MBA studying in SF and saw on our alumni directory that you’re an investmentanalyst at . Prior to school, I worked at , which followed a philosophy very similar to ,and [head PM] is one of the investors that I personally greatly admire .MBA Career Management
Informational Meetings – Q&A FrameworkTIARATrends What trends are most impactingyour businessright now? How has yourbusinesschanged sinceyou started?How do you viewthe competitivethreat from ETFs and increaseddemand forpassiveinvestmentvehicles?Insights Whatsurprises youmost aboutyour job?What’s been your mostvaluableexperience atyour employerso far?What is yourinvestment process?Source: The 2 Hour Job Search, Steve DaltonGeneral IM specificAdviceWhat can I do right now to bestprepare for acareer in X industry?If you were me,what would yoube doing tomaximize my chances ofbreaking into Xindustry?What do yourecommend Ifurtherinvestigate tostrengthen myinvestment idea?ResourcesWhat resourcesshould I be sureto look into next?What next stepswould yourecommend forsomeone in mysituation?If you weren’tworking at Xfund, what otherfunds or PMswould you wantto work for?Assignments Which projects aremost common/important in yourwork?Which have addedthe most value?Have you hadinterns in the past?If so, what sort ofprojects have theydone?What idea/companyare you interestedin right now, butdon’t have time toresearch?MBA Career Management
Research for Informational MeetingsCompanySWOT analysisHeadlines on employer websiteGoogle employer headlines and informational interviewers themselvesGoogle/LinkedIn background of networking contact13F filingsYour StoryThe Big ThreeTell me about yourself - most commonly asked in informationalsWhy do you want to work in this industry?Why are you interested in our organization?InvestmentsPersonal AccountInvestment PitchMBA Career Management
IM Team Curated ResourcesONLINEBIG EVENTS-IM Page-IM Coaching Letters-Student Memos-Interview Questions-MBACM Company Insights-Alumni InsightsWORKSHOPS-Enterprise Insights: IM FT Recruiting-Enterprise Insights: HF Recruiting w/Steve Wagshal-Enterprise Insights: Odyssey SearchPartners - Landing a Job in IM-Industry Chat-Interview Prep Workshop-Fireside Chats-US Treks-Intl. Treks-Pitch Competitions-WRDI Conference-Boston InvestingConference-Sohn ConferenceRoad to theFull-TimeOfferONE-ON-ONE-Office Hours-Scheduled Appointments-Career Fellow Mock Interviews-IM Lippincott LibrarianMBACM GENERAL RESOURCESWorkshops-Tune-Up Your Pitch For 2Ys-The 2 Hour Job Search-Navigating The Enterprise JobSearch-Networking Formula for Success-Enterprise LabOnline-CareerPath Profile -Job Search Agents-Industry Communications -Resume Books-Job Board -Offer Directory-MyWharton -LinkedIn -CapIQ -Bloomberg-Undecided Page -Enterprise Recruiting Resources-Job Search CompetenciesEmployer Events-Employer Information Sessions (EIS)-Coffee Chats-InterviewsMBA Career Management
Upcoming Events 10/29: Enterprise Insights: HF Recruiting with SteveWagshal, COO of Samlyn Capital 11/8: Enterprise Insights: Odyssey Search Partners –Landing a Job in IMMBA Career Management
Alumni Advice Unpaid internships can lead to referrals and expand network Understand that it may not be a direct line – one person may lead to another lead that leads to an opening View networking as way to build IM network for your career and not just as means to get immediate job;you never know when these people will help you or you will help them. One alum found opportunity fromsomeone he spoke with two
Oct 02, 2018 · Internship: Armistice Capital Post Wharton: Kenmare, Nitorum Strategy: o Networked with 250 people during MBA o Sent pitches to listserv o Constantly in NY for meetings – even to someone’s home when tried to reschedule o Sent hard copy Fedex intro letters to funds Prior to Wharton: Me
