Kerry Willoughby '05 was on her way to dinner when the phone rang. A Goldman Sachs representative was on the other end with a job offer.
After a summer internship with the investment banking company, Willoughby was given a two-year offer in commodity sales.
Not all seniors are in Willoughby's position yet, though.
Nicole Snyder, associate director for recruitment and employment relations at University Career Services, said many companies have not yet begun the hiring process.
"Some employers are more active later in the semester than others. Employment options appear in February and March just as they do in November and December," she said.
Some of those without job offers are currently in the midst of the stressful interview process.
"I think for almost everyone the interview process is certainly not a cake walk," Todd Levy '05 said.
Levy does not yet have a job offer for next year. He has already interviewed with several banks this year and has a follow-up interview with one bank on Friday.
For many jobs in the investment field, the interview process begins in the basement of Career Services' at 201 Nassau St. Students are asked to solve logic problems, brainteasers and general economics and banking questions.
The final rounds for these interviews may take place in New York City at the companies' offices.
On this day, called "Superday," students meet with company managing directors and vice presidents to answer more questions about themselves and their qualifications.
Ross Mandeville '05 had three investment banking interviews in a row on Tuesday morning at Career Services. While he already has two jobs offers, he's considering all of his options.
"These interviews are a lot to handle, especially with midterms approaching," Mandeville said.
Rob Huber '05, who just received but not yet accepted an offer from Lehman Brothers, remembers how hard it was to focus on schoolwork during the interview process.
"You just get into the interview mind set and that's it," he said.
Last February, Huber interviewed with several banks and earned a Lehman Brothers summer internship.
He prepared for his interview by reviewing math and logic problems, along with the material from his financial investment class, which is now ECO 362.
He also read "The Vault Guide to Finance Interviews," a popular book among seniors interviewing for investment banking jobs.
After spending his summer in fixed income sales and trading, Huber received the highly coveted offer.
"Banks hire primarily from their summer pool," Huber said. "It's hard to get in the door if you didn't do a summer internship."
Levy did not intern at a bank this past summer. Instead, he traded stock options for a propriety trading firm on the American Stock Exchange.
He said that bank summer internships are "highly prized commodities."
However, the selection process is extremely competitive with so many students interested in investment banking, he added.
According to the 2004 Career Services senior survey, 98 graduating seniors, 8.9 percent of the class, selected investment banking as their initial career choice.
Snyder said it is difficult to explain why people are drawn to particular career fields. However, she listed a passion for the industry, the fast-paced environment of investment banking and the salary potential as three possible reasons for investment banking's popularity.
"It's is a good rest stop for students who don't want to go directly onto graduate school, but aren't sure what they want to do yet," Willoughby said.
She said experience is necessary for any good job and big banks are the only ones willing to teach college graduates.
Willoughby said she found Career Services to be very helpful.
"They'll read over your resume and even conduct practice interviews," she said.
Career Services serves as a direct link between firms and students. They help companies organize on-campus recruiting programs and informal presentations.
Snyder said Career Services is "very committed to helping students become aware of all of their options, with [investment banking] being one of them."
Levy used Career Services to become acquainted with the Tiger Tracks database of jobs and internships, the alumni network and possible job options.
"There are a lot of banks out there and I should be able to find something," Levy said.
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