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  • Back during my banking days, I served as the JP Morgan UC Berkeley recruiting

  • captain for two years and today I'll be sharing some insider recruiting secrets

  • Hopefully no one from JP Morgan sees this. Anyway what's up everyone my name

  • is Ben I'm a former JP Morgan investment banking

  • analyst and welcome back to rareliquid the best channel for tech investing

  • As a friendly reminder, I'm gonna be doing my best to post three videos a

  • week and on the weekends they're gonna be career-related videos and on the

  • weekdays they're gonna be related to stock investing and crypto investing

  • Alright so today's agenda looks like this. First I'll be providing some info

  • about my role as recruiting captain I'll then share an inside view of the

  • process, what bankers look for, and lastly some

  • uncommon recruiting tips. Also if you're interested in getting career or

  • recruiting advice from me then I'm starting something called YouTube

  • Memberships I'll leave a link to it in the

  • description and in the comments down below

  • I'm still working on the pricing and what exactly I'm going to offer but by

  • the time this video posts, all of the information will be there if

  • you click the link. What I do know though is that I'm going to be creating a

  • separate Discord just for rareliquid careers,

  • and this is something that's going to be for paid members only and totally

  • separate from my Patreon and investing Discord that I have

  • Alright so first up let me briefly talk about my role as recruiting captain

  • I worked at JP Morgan from 2015 to 2018 and in my first year I was just

  • a normal member of the recruiting team which really just meant helping review

  • resumes, doing some coffee chats, and holding some first round interviews

  • I really enjoyed helping out on the recruiting team so in my second year I

  • became a co-captain of the jpmorgan uc berkeley recruiting team and then in

  • my third year I became the sole captain As a recruiting captain I managed a team

  • of five other analysts and we were really the core recruiting team-

  • we did have additional help from other UC Berkeley alumni

  • but we were really the main ones running all of UC Berkeley

  • JP Morgan recruiting for all of the offices across the United States

  • the last thing I want to mention is that just because I was a recruiting captain

  • doesn't mean that I was calling all the shots- I was still coordinating with a

  • lot of higher level VPs and directors and they were also

  • helping out with the process it's just that I was kind of the point

  • guard or point person running the entire recruiting process. One thing I

  • want to add is that it's not like an amazing feat

  • being a recruiting captain even though you're just an analyst and

  • that's because most bankers just don't want additional work on their plates

  • because they're so busy already I just personally happen to really enjoy

  • helping out with the recruiting process and

  • since I was involved a lot in my first year, whenever

  • HR reached out to me about recruiting stuff I just kept

  • you know being in contact with them and I kind of just naturally became the

  • captain during my time there. Okay so now you

  • know about my role let me provide you with an inside look

  • into the recruiting process for banking. Now a lot of things have

  • changed in banking recruiting even since the

  • time that I have left so I'm gonna be first starting off with how

  • things used to be done when I was there because that's kind of just what I know

  • best and then I'll explain a little bit more

  • about how things have changed But one thing that probably has not

  • changed is that most recruiting teams are structured based on school

  • so at JP Morgan there was a recruiting team for UC Berkeley one for USC,

  • Stanford, Harvard and etc Okay so now going a little bit into how

  • things used to be done let me first go into the entire process

  • the first thing that happens is that usually we set up an info session on

  • campus where we just invite a lot of the

  • bankers whether they went to UC Berkeley or not whoever from the

  • office nearby was was just willing to attend they would just all come and talk

  • to students about JP Morgan and investment banking

  • We would have an application deadline for everyone to send in their resumes

  • and we would also reach out to all of the

  • major business organizations on campus at UC Berkeley

  • and they would send us their resume books as well. So that's why it was also

  • very important for as a student interested in

  • banking at UC Berkeley at least to be part of business organizations on

  • campus. Usually we would get around 150 to 200 applications per cycle

  • and what we would do is we literally just get into a room with about

  • five or six of us, the core recruiting team, and we would

  • just go through each resume and look at it for around 30 seconds and

  • rate it from a scale of one through ten or one through five

  • and after I'm looking at all of the resumes, there usually would be kind of a

  • natural cutoff point where we would find something like the top 40

  • resumes and those are the people we would invite to first round interviews

  • or digital interviews We didn't have digital interviews back

  • then, so at least what we used to do is split up those 40 candidates

  • amongst the different UC Berkeley alumni that are at JP Morgan for first round

  • interviews and we tried to have at least two to

  • three touch points with each candidate that we kind of liked whether

  • it was through an actual phone call interview or through a coffee

  • chat. Each person would usually send me feedback via email and I would include

  • it in a tracker that I had with the top 40 candidates and

  • in that tracker I would have things like their name, their GPA,

  • what we ranked their resume, and we would have information about who talked to

  • them and what kind of notes that the interviewer provided and

  • naturally what would happen is that around 10 to 15 of the strongest

  • candidates would just kind of rise to the top

  • So after that first round interview process what we would then do is get in

  • a room and discuss with the core recruiting team

  • which five we wanted to send because at least

  • back then we could only send five candidates out of the 150 to 200

  • to the San Francisco Superday and then for the New York Superday, we could also

  • only send five, so around 10 candidates for the two major

  • offices in the US SF and New York out of the 150 to 200

  • applicants After thatm pretty much our work was done

  • All the Superday invitations would be sent out to the

  • candidates and what that entails is for candidates to either go to the San

  • Francisco or New York office or whatever office

  • that they're interviewing at and they would go through around five to

  • six 30-minute interviews in a row, usually with VPs and above and the

  • VPs and directors who interviewed them they would be the ones

  • making the final call as to who would be chosen

  • to get the offer. Sorry I meant offers not just one offer, usually

  • if we sent around 10 candidates or so ideally we would want at least

  • six to seven maybe eight get offers but usually it was closer to around five

  • Next up, let me share a little bit about what I know about how things are being

  • done now First of all in terms of the recruiting

  • timeline process, I've heard that a lot of banks are now recruiting for

  • junior summer internships in sophomore winter, which is just kind of crazy to me

  • because back then when I was in college, the juniors when I was a freshman were

  • that were recruiting for banking were recruiting during their junior year

  • winter the issue with recruiting sophomores during their

  • winter is that if you think about it, they only really had their freshman year

  • to build any sort of experience and they maybe might have one summer internship

  • during their freshman to sophomore year, but besides that they don't really have

  • that much and you also have to put in a lot of time for

  • networking, behavioral prep, and technical prep, and it's just really hard to do

  • that not even two full years into college and

  • so that's why back then when I was the

  • recruiting captain, there was a lot of kind of drama amongst the banks going on

  • because everyone was starting to recruit around March or April and usually

  • even though I mentioned earlier that recruiting happened junior year winter,

  • at least when I was actually the recruiting captain recruiting was

  • starting to happen junior year in the fall and that's when

  • pretty much all the banks were doing it and then suddenly some banks started to

  • do it in the spring of sophomore year for candidates and then everyone just

  • wanted to be ahead of each other and get the best candidates and so things just

  • kept being pushed earlier and earlier I actually remember having some pretty

  • intense discussions with HR trying to convince them basically that

  • we needed to move faster with our recruiting timelines because

  • so many banks were recruiting in April and May back in

  • even in 2016, and we were finishing our recruiting process that year

  • in September, October and it bled a little bit into november as well which

  • you know was just kind of bad for us because a lot of the top candidates were

  • really gone by then What has also changed a lot is digital

  • interviews also called higher views and this has replaced a lot of first

  • round interviews for a lot of banks When I was at JP Morgan during my last

  • recruiting cycle we did have digital interviews it was the first time we were

  • really doing it and we also combined it with first round

  • interview phone calls, I don't know actually if a lot of banks are doing

  • that now later on in the future I do plan to make another

  • kind of like insider secrets of how the recruiting process for banking u

  • with more information that I gained from some of my

  • banking friends that are still in banking and so later on I'll have some

  • updated information about you know what the whole entire recruiting process is

  • like, but basically what you need to know is that digital interviews

  • are just interviews where you're asked a few questions and you record on your

  • laptop camera your answers to them, and a lot of the bankers will just kind

  • of review a ton of them so something like 10 to 20

  • in a row and just mark them up and send it back

  • to the recruiting team Next up, let me discuss what we typically

  • looked for in candidates Now all of banking really boils down to

  • three main things which is your resume, networking, and interview skills. Now when

  • we go through the resume I would say the first thing that we look at is just the

  • education section and the gpa, and I would say that the gpa is probably

  • around forty percent weight of importance and

  • there are three natural cutoff points At JP Morgan 3.3 was the cut off if your

  • GPA was below that, honestly we would just kind of not look

  • at the resume at all unless it had just crazy amazing experience and even then

  • it would be a little bit iffy 3.5 is the level where we say okay this

  • is an acceptable GPA and a 3.7 or above typically anything above that

  • we would say okay this person checks off the box for GPA

  • Now in terms of majors we did want to see something like business or econ, but

  • if you had something like math or cs all of that was also totally fine

  • and if you did major in something harder but had a really low GPA,

  • sorry but it would just not it wouldn't really help you to have a low GPA and a

  • hard major it was probably actually better if you had an easier major and a

  • higher GPA The second thing we looked at is

  • professional experience and we would probably weight this

  • around 50 percent of importance. What we typically looked for

  • are either big brand names or also just some professional experience where you

  • have worked in some kind of finance related role. Usually the best candidates

  • had around two to three experiences of working in some kind of

  • finance role either through a boutique investment bank or private equity firm,

  • or maybe a finance position at some kind of tech company in San Francisco or

  • something like that The reason professional experience is so

  • important and besides kind of the obvious of just that

  • you know previous work that you have done is a good

  • indicator of what kind of work you'll be interested in the future

  • but the additional kind of layer of nuance is the

  • is that as an investment banker you're going to be working 80 to 100 hours a

  • week right so we want to be sure that we're hiring

  • candidates who know that this is the kind of lifestyle that

  • they're going to be signing up for and they know what they're getting

  • themselves into because the last thing we want to do

  • is hire someone who didn't understand what kind of lifestyle banking had

  • and you know just quit after a few months. The last thing we would look at

  • is leadership and extracurriculars and those would be about 10%

  • of importance and you know if you were a leader of a club or something like that

  • or a sports team then it would be a plus, but it wouldn't be

  • kind of what overshadows everything else on the

  • resume, so that's how we generally looked at

  • that section of the resume Now once you are selected for interviews

  • after you pass this resume screen, your resume doesn't tend to be that

  • important like maybe a first impression in your Superday

  • when the director or vp is looking at your resume, you know maybe

  • it'll make a bit of a difference there but ultimately, what ends up being more

  • important after that initial resume screen are the next two

  • things we're going to talk about which is networking

  • and interview skills. Networking is super super important for banking because as I

  • mentioned earlier you're going to be working 80 to 100 hours a week with

  • these people right? So I saw my co-workers back at JP Morgan

  • more than I saw my family, my friends, my significant other at the

  • time you know all of them combined all the time I spent with them

  • each week I would spend more with my colleagues at JP Morgan so you want to be

  • sure that you're working with people that you

  • actually like and that's what really networking is all about

  • so for example if I had a really bad coffee chat with someone or

  • a phone call that was kind of weird or maybe the person just didn't seem that

  • poised then I probably would just immediately

  • say that this person probably doesn't deserve a first round

  • interview, so that's really kind of goes to show how important networking

  • can be and on the flip side of that if I had a

  • really really great conversation like I remember I had a super good

  • coffee chat with one kid who we talked about a lot of things for

  • around 45 minutes, and I pushed him really hard to get a Superday

  • and I probably wouldn't have done that if I didn't meet this person and

  • you know have this really good conversation with him. So overall I'd say

  • that generally for networking you know I hate

  • that word, of course, like as everyone does because it sounds so forced but

  • generally how you want to view networking as just you trying to get to

  • know the other person that's why I always recommend asking

  • almost zero questions about work if you can and

  • really focusing a lot more on life like hobbies and trying to

  • create a shared mutual sense of hobbies or interests that you both have

  • That's what I really focused on during when I was networking for

  • JP Morgan and the last thing I would want to

  • mention is that a really really underrated quality

  • that I think most people recruiting for banking don't really expect that they

  • should try to showcase somewhat is humility