Ever wonder how the top executives on Wall Street actually made it? Business Insider interviewed some of the best talent from Goldman Sachs, Morgan Stanley, and other firms to find out their paths to success.
Carla Harris was a renowned dealmaker for Morgan Stanley before she became vice chairman of the firm’s global wealth management division. Of course, she worked hard to get to where she is today, and now she looks for similar traits when she hires young people. She looks for the “Hustle Gene,” she says. Specifically, she gauges whether potential hires will go above and beyond the job description, whether they have initiative, whether they seem likely to follow through, and if they understand the importance of relationships.
Michelle Bucaria of JP Morgan says to frame the experiences you have had in your career, and to not worry so much about ones you have not had. Bucaria is the head of firm-wide campus recruiting. Previous finance experience is not the single most important thing in your resume—rather, it’s more about how you frame the experience you do have. For example, Bucaria will be impressed if a candidate has held a part-time job before: “When I look at a resume and I say, ‘Gosh, they were working, frankly, in the dining hall while they were getting a 3.5 GPA’—that’s pretty impressive,” she said. She also looks for involvement in campus clubs and activities. She noted, “The ones that are in officer type roles are going to stand out versus someone who’s a member of a club … But if you can come across and say, ‘I wasn’t the president, I wasn’t the secretary, however, here was the project that I led [and] ran, and [I] created this amazing community service activity that had 100 students involved’—that’s pretty darn impressive.”
Bucaria adds that you should prepare the right types of questions for your interview—for example, ask about news articles you’ve read about the company, ask whether you will be able to rotate through different departments, and ask about opportunities for mobility.
Taylor MacKenzie of Goldman Sachs emphasizes staying calm if you face an interview question that you don’t know the answer to. MacKenzie, the head of university relations, says that the best strategy is to be honest and promise to find out the answer. She recommends saying something like, “I don’t know the answer to that specific question, but I am familiar with …” and then going into a similar topic you do know a thing or two about. She also says, “Another way to handle the question is to simply say, ‘I don’t know, but I can follow up with you after the interview on that.’ It’s very important to note that if you say you will follow up that you do so within 24 hours of the interview.”
Gregg Lemkau of Goldman Sachs, who co-heads the powerhouse mergers and acquisitions business, encourages individuals to embrace career opportunity when it presents itself, to work hard, and to have fun along the way.
Jessica Alsford, the head of the sustainable + responsible investment in equity research at Morgan Stanley, encourages individuals to network outside of their usual circles. “It’s incredibly beneficial to your career to broaden your network outside your immediate team,” she explains.
KKR’s Michelle Domanico advises to love what you do. She said, “I always wanted to be coming into my job because I wanted to be there. Not because I was dependent on the bonus, which may or may not come at the end of the year.” She also advises finding a sponsor within the firm as soon as possible, someone who is not your boss—but someone who will support you when it is time to decide pay and promotions. She noted that an individual’s sponsor might change over time.
Point72’s Mike Butler, the head of human resources of the company, says that it is important not to be embarrassed by failure. Whether you have a few bad grades, a gap in your resume, or a similar shortcoming—rather than try to finesse it or gloss over it, Butler advises being direct and open about it.
Hao Zou was one of the youngest portfolio managers PIMCO ever hired. He left the firm in 2016 to start his own Fintech startup company. He advises differentiating oneself. He noted, “You have to find opportunity to differentiate yourself and try to promote yourself a little bit. Even though I did everything wrong, my core values get highlighted.”
Bryan Cameron, a vice president in equities trading at BlackRock, advises perfecting your technology skills. He explained, “What’s changed is the dependency on technology—the technology to support the scale of the business.” In addition, one must remain calm under pressure to do well in such a role.
What other skills are necessities for working on Wall Street? SkilledUp.com explains that strong math skills are essential, especially if you want to dabble in black box and algorithmic trading. To do so, you better have a good understanding of advanced calculus—and some individuals even major in physics or engineering to do well in these roles. You also need to be able to do simple math on the spot in real time as the markets fluctuate.
Planning is also a necessity. Most traders follow a plan they have developed over time that tells them when to enter and exit trades. It helps them mitigate risk and avoid bad decisions. Some traders even have multiple trading plans to deal with changing market conditions.
Being disciplined is also important. Thousands are invested in a trade, and it can be difficult to not get emotional about it. Therefore, traders must remain calm and collected in high-pressure situations. A good approach is to stick with companies you are familiar with, and to trade around core positions in these organizations.
By following the advice above, you will be more likely to land a great Wall Street position.
Source: Business Insider
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