2024-2025 TOOLKIT
This toolkit is designed to support and guide you as you explore career opportunities within the Finance sector. Whether you're just beginning your career journey or looking to refine your understanding of this dynamic field, this resource provides you with comprehensive insights and actionable guidance. In this toolkit, you will find valuable information and an overview of common career pathways, including careers in an investment bank, investment management, private equity & venture capital, and real estate. Each pathway is tailored to help you understand the unique opportunities and challenges within this field. You'll also gain access to the latest industry trends, discover emerging fields, and uncover potential career paths that align with your interests and skills. This toolkit is your essential resource for making informed decisions and navigating your career in confidence.
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ABOUTVANDYINFINANCE
Welcome to the Vandy in Finance Career Community! Careers in finance offer a wide range of opportunities to use analysis, critical thinking, and leadership to increase efficiencies, maximize profitability, and solve challenges facing organizations in a global economy. We invite you to explore this community to determine the types of problems you want to solve and the impact you want to make. Leverage our resources, events, and career advice to explore pathways, develop your business savvy, and connect your skills to roles that exist in the global market.
ABOUTTHEVUCAREERCENTER
The Career Center’s mission is to help students gain clarity about their future. The office plays a significant role in the Vanderbilt experience by offering a full range of services to help students with their future at Vanderbilt and beyond. Be it a career, an internship, graduate study, a fellowship, a gap year, or an entrepreneurial endeavor; our team is here to start the journey.
MEETTHEVANDYINFINANCETEAM
Kathryn Shepherd Career Coach
Kate received a Bachelor of Arts from Middlebury College and had a multi-decade career in investment management before joining Vanderbilt.
Jamie Haughton Employer Relations Specialist
Jamie received a Master of Education from University of Washington
Leon Mhingiro Student Ambassador
Leon is a Junior at Vanderbilt majoring in Computer Science and Mathematics. He spent the summer in the investment banking program at Morgan Stanley and is the President of the Finance Club.
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HOWTOUSETHETOOLKIT
This toolkit is designed to provide comprehensive insights and guidance to navigate your career journey in the finance sector. It explores common pathways in the finance industry including careers in an investment bank, investment management, private equity & venture capital, and real estate. Whether you’re just beginning to explore finance as a career choice, deepening your understanding of technical skills, or looking to advance in your current field, these resources will equip you with the knowledge and tools necessary to make informed career decisions.
HOWTOENGAGEVANDYINFINANCE
Students can engage with the Vandy in Finance community by participating in various programs throughout the year, including employer sessions, alumni panels, and communityspecific office hours. These opportunities allow you to learn more about the industry while enhancing your knowledge and skills. Stay informed by logging into Handshake and updating your interests to ensure you stay up-to-date.
QUICKSTARTRESOURCES
The Career Center is proud to provide a robust suite of resources to support the career development of Vanderbilt students. Our team works continuously to identify and engage the best tools on the market. Here are 5 key tools we recommend to get started.
HANDSHAKE CAREERSHIFT GUIDETOLINKEDIN BIGINTERVIEW VANDYPASS
The Career Center’s primary online career hub. To find recruiting and prep events happening on campus related to finance, search the “Vandy in Finance” tag under the Events tab.
A powerful network and job search tool. Gain free access with a Vandy email. Find contact info for Vandy alum at banks of interest to reach out for informational interviews.
Master LinkedIn using this complete , step-bystep online course. Enroll for free with a Vandy email. Use your profile to highlight your experiences and knowledge in finance.
Sign into Big Interview our powerful 24/7 virtual interview platform. Find the Investment Banking, Sales & Trading, or Private Equity question sets to practice interviewing for the industry.
The Career Center’s innovative approach to showcasing skills students obtain through digital badging. Attend Vandy in Finance events to earn points toward relevant industry competencies like communication and critical thinking.
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plore EDI resources and learn about corporations and their ongoing inclusive and equitable environments. You are encouraged to ions that align with your values and identity and foster a culture of
Over the past decade, financial institutions have put an emphasis on diversifying their employee base and promoting an inclusive work environment. Many financial firms have implemented Experiential Learning or Early Insights programs which are designed to expose underrepresented groups to the finance sector. These programs not only educate students about the firm’s culture, but also provide an early recruiting path for the applicant. Experiential Learning/ Early Insights programs are hosted by the financial firms themselves and are posted in the weekly Vandy in Finance email and other internship trackers. Applications for these programs typically open in the late summer or early fall.
Other organizations, independent of the financial firms, of interest include:
Girls Who Invest - Advancing Women in Finance
100 Women in Finance
Rock The Street Wall Street
Wall Street Bound
Greenwood Project
Fintech in Action
Vanderbilt University is not responsible for the content from external sources.
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DATESTOKNOW
September
Commodore Career Week
Fall
Vandy in Finance Preparation Pathway
Technical Interview Preparation Seminar Series
October
Vandy in Finance: Finance Recruiting Kickoff
January
Vandy in Finance Week (January 13-16)
Spring
Vandy in Finance Preparation Pathway (Weekly)
Opening ‘Dores Career Introduction Seminar Series
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ALUMNISPOTLIGHT
SYDNEYFABER‘23
INSTITUTIONAL EQUITY SALES TRADING ANALYST / MORGAN STANLEY
What would be your pitch to students to pursue this field?
“Sales and Trading is a great way to get a lot of fast-paced, market-facing experience an early level. Each day is predictable in terms of hours (~7:00am-5:30pm) but you nev know what is going to be thrown your way. You are so busy that the time goes by quickl I also love the format of the floor; it is open with minimal offices, such that you are sittin next to Managing Directors even as an Analyst. You will also receive clients within yo first year of work and have opportunities to travel globally to see them. I think that Sale and Trading is one of the most exciting ways to start out your career!”
Key skills and ideas relevant to the field?
“Ability to multitask (you do it all day), emotional intelligence and sales skills, efficienc (speed matters for clients), ability to prioritize, ability to stay calm in a fast-pace environment.”
How can students deepen their understanding of finance?
“Students can better their understanding of the field by talking to alumni and networkin Online websites like Wall Street Oasis can help with interview prep, but talking to peop in the role is how you really learn. Willis Huling’s Investment Analysis Business min class is also helpful.”
4COMMONPATHWAYS
From the vast array of opportunities, we will highlight career pathways where our graduates have found success. These pathways serve as a representative sample of the diverse possibilities within the world of finance. Each of the five pathways will be viewed through the lens of Discover, Develop, Design and Deliver.
CAREERSATANINVESTMENTBANK
INVESTMENTMANAGEMENT
PRIVATEEQUITY&VENTURECAPITAL
Even before holding your first official internship at a financial institution in any particular business role, there are many ways you can show interest in finance and become a more attractive candidate. Vanderbilt has countless finance clubs that you can join and the Career Center has developed a comprehensive programming piece called the Vandy in Finance Preparation Pathway which guides students, particularly, first-years and rising sophomores, through the recruiting process.
Clubs on Campus & Free Newspaper Access
Vanderbilt has many clubs that cater to finance including: Vanderbilt Investment Club, Financial Modeling Club, Commodore Capital Group, Vanderbilt Women in Business, Vanderbilt Black Business Student Association, Vanderbilt Financial Development Program, Vanderbilt Finance Club and VU Real Estate Club. There are also professional business fraternities including: Phi Chi Theta Delta Sigma Pi and Alpha Kappa Psi.
Sign up for free newspaper access to the Wall Street Journal, NY Times, and Financial Times through the library, Online Newspaper Access, and read publications daily.
Subscribe to the Vandy in Finance Newsletter
Get tips, resources, upcoming events, and the weekly jobs/internships spreadsheet delivered to your inbox on Fridays. Subscribe through Handshake.
Experiential Learning /Early Insights Programs
Through websites such as Forage, programming through AmplifyME, or via the firms themselves, there are many opportunities for students to gain knowledge of the skills needed for these roles.
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VANDYINFINANCE DEVELOP-FINDINGINTERNSHIPS
Networking
Networking is a full-time job and these two guides from Financeable and Wall Street Oasis can lay the foundation.
Students need to have a strong GPA and demonstrate an interest in finance to secure an interview. A solid resume highlighting relevant work experience is a must. Networking is key to building relationships at target firms. Interview preparation is also a critical component to gaining an internship or full-time job in this highly competitive space so practice interview questions often.
Build relationships with alumni at your target firms using LinkedIn and VU Connect. Aim to have connections at each firm before applications open. Track your conversations.
Attend Recruiting Events
Participate in virtual or on-campus recruiting events throughout the school year. Pay close attention to Experiential Learning programs in late summer or fall as these can be an accelerated recruiting pathway.
3.
Handshake
Set up job searches in Handshake and on other platforms, like CareerShift. Subscribe to the weekly Vandy in Finance newsletter and utilize the attached jobs/internship spreadsheet.
4.
Wall Street Oasis
Vanderbilt has a relationship with Wall Street Oasis where one can utilize free courses to build technical skills that are essential during the recruiting process.
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The recruiting process for finance is highly competitive. Ensure that your final resume and cover letter template are free of mistakes before starting this journey. Students need to begin networking early while also acquiring the technical skills necessary to succeed during the interview process. Mastery of the behavioral questions is a must, so students should practice their elevator pitches often and utilize platforms such as Big Interview.
Resume
Follow the resume template for finance. Relate every entry to some aspect of finance and make sure to quantify your accomplishments. Review your resume with a career coach as this is your one shot for a job.
Networking Pitch
Practice your pitch. Record yourself on Big Interview or with your cell phone. Know the behavioral and technical questions. Practice interviewing live with a friend as it is different to answer questions interactively.
Interview Insights
The first round of interviews is often via HireVue, a prerecorded interview platform. Many firms also employ the use of Pymetrics, a short set of exercises that capture cognitive, emotional, and social traits and other logical reasoning tests. The next round of interviews will most likely be a Zoom conversation while the final round is inperson. In IB, this day-long, final interview is referred to as the “Superday.”
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CAREERSATANINVESTMENTBANK
Investment Banks are intermediaries that work with clients to provide strategic, financial and valuation advice, raise capital and/or access specialized products and services. These banks play a critical role by linking clients who need capital with investors who have capital. Investment banks are frequently divided by size, status, region, and industry focus. Three common categories include bulge bracket (BB) banks, middle market (MM) banks, and boutique investment banks, with more information found in the Mergers & Inquisitions article on the top investment banks. There are many career paths at an investment bank.
Investment Banking is a business role within the financial institution that manages the relationship with the client and offers the products necessary to complete a specific transaction with a distinction between front office, middle office, and back office employment opportunities. We will dive into some traditional front office job career paths. Investment Banking roles are typically organized along product groups or industry groups. Capital Markets roles are a subset of IB and typically involve just one category of deals, either equityrelated transactions (IPOs, follow-ons, convertible bonds, etc.) or debt offerings (investment-grade or high-yield bonds). Sales, Trading and Research are additional roles at an investment bank generally involving products and investment opportunities trading on the secondary market. Roles in Corporate Finance focus on securing the long-term financial health of an organization by increasing shareholder value while Private Wealth Managers help clients meet their financial goals.
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CAREERSATANINVESTMENTBANK
Within finance, investment banking firms open their summer internship applications extremely early though the exact timeframe varies by job role; sophomores looking to enter IB are typically being recruited for their junior summer internships during the spring, even fall, of their sophomore year, a full ~18 months before the start of the summer internship. The other roles often open a bit later than IB, but for all, summer internships can translate into a full-time offer for a successful candidate.
ADVICEFROMHIRINGMANAGERS:
Many financial firms offer Early Insights or Experiential Learning programming targeting freshman and sophomores which are a terrific way to stand out in the recruiting process by showing an interest in finance while mastering technical skills.
Candidates are strongly encouraged to actively network with multiple contacts at each target firm at least a semester before applications open to build a rapport with those making hiring decisions in order to stand out in this highly competitive sector.
CAREERSATANINVESTMENTBANK
Investment Banking roles are typically organized along product groups or industry groups. This article provides an in-depth overview of the investment banking role and “Is IB Right for You?” can provide you with additional insights. While a solid understanding of technical skills is a must, you should also make sure that you are prepped to speak about the firm’s recent deals during the interview process.
Key Resources
M&I 400 Questions IB Guide. Mergers & Inquisitions is an informative website written by an ex-investment banker with a study guide to common IB interview questions.
M&I Banker Blueprint. Written by industry insiders, this provides an overview of the industry, roles and recruiting.
Vanderbilt Investment Banking Guide
Rosenbaum & Pearl - Investment Banking table of contents
CAREERSATANINVESTMENTBANK
Capital Markets roles are a subset of IB and involve just one category of deals, either equity-related transactions (IPOs, follow-ons, convertible bonds, etc.) or debt offerings (investment-grade or high-yield bonds). Generally, analysts in Capital Markets have more predictable hours and the financial modeling required for the role may be less intense than IB.
Key Resources
WSO Technical Guide. Wall Street Oasis is a website that offers insights into the IB industry as well as free courses to build skills.
WSP Interview Prep. Wall Street Prep offers courses and guides to prepare students for financial recruiting.
Equity Capital Markets (ECM): The Definitive Guide
Debt Capital Markets (DCM): The Definitive Guide table of contents
CAREERSATANINVESTMENTBANK
Sales & Trading is a division within an investment bank that facilitates the flow of capital by making markets in financial instruments such as stocks, bonds, and derivatives. Salespeople build relationships and pitch investment ideas to buy-side clients while traders execute the orders.
Key Resources
Sales & Trading (S&T). This M&I article discusses Careers, Roles, Salaries & Exit Opportunities
Sales & Trading Interview Questions & Answers
Wall Street Prep has a terrific set of guides: How to Break into Sales and Trading
Career Path in Sales and Trading
Sales and Trading Division | Career Guide
Roles in Sales and Trading | Asset Classes + Examples
Day in the Life of a Sales and Trading Analyst
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CAREERSATANINVESTMENTBANK
An Equity Research Analyst at an investment bank provides investors and the firm’s clients with research on investment opportunities, like publicly traded companies. Typically, the bulgebracket investment banks focus on companies with larger market capitalizations while the smaller independent and boutique firms focus on lesser-known names.
Candidates should ensure that they are wellversed in recent market activity and have prepared talking points on a stock or two.
Key Resources
Investment Banking vs. Equity Research | Career Differences
Equity Research - What Is It, Vs Investment Banking, How To Do?
Equity Research Careers, Salaries & Exit Opportunities
Equity Research Internships: Recruiting, Daily Tasks, and More
How to Pitch a Stock. In an interview, be prepared to pitch a stock.
The Corporate Finance area of an investment bank advises companies on capital and strategic finance-related decisions. The money raised can be used to fund new growth opportunities or day-to-day operations and generally enhances shareholder value. Corporate finance roles focus on capital budgeting, cash flow analysis, financial planning and analysis, risk management, and mergers and acquisitions. Corporate finance is typically a career path on its own and not a backdoor into investment banking.
Key Resources
Corporate Finance vs Investment Banking
Corporate Finance Analyst: Description, Salaries and Exit Opps
Corporate Finance Jobs - Best Jobs, How to Get
Corporate Finance Career Path: Roles, Salaries & Promotions
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Private Wealth Managers help their clients, high-net-worth individuals, families, or foundations, navigate complex financial needs by designing a customized strategy to grow and preserve wealth over the long term while minimizing risk and maximizing returns. The firm charges a percentage fee of assets under management so pay at many firms is directly correlated to the size of one’s client base or book of business. The job of providing these services is typically shared between relationship managers and investment professionals. When researching firms, pay attention to the way the Private Wealth Management group and its teams are structured.
Key Resources
Private Wealth Management Overview
Wealth Management vs. Investment Banking
Private Banking: Careers, Salaries, Recruiting, and Exits
Vault Career Guide to Private Wealth Management Jobs
Investment Management (IM) is the professional management of financial assets to meet the needs of the firm’s clients which can include, private investors, institutions, pension funds, corporations, or charities. This area of finance is referred to as the "Buy-Side" as these firms purchase investments intending to generate returns for the client. Investment advisers are individuals or companies paid to offer financial advice to their clients and include Asset Managers, Investment Managers, Portfolio Managers, and Wealth Managers. The class of financial assets that each manages (e.g. Mutual funds, Hedge funds, Private Equity, and Real Estate) depends on the needs of the client. Students typically enter this industry as analysts providing research on the specific asset class for the investment team before assuming a more senior portfolio manager position.
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As with other areas of finance, Investment Management firms open their summer internship applications 12-18 months in advance. There are, however, many opportunities for first and second-year students to gain exposure through Experiential Learning programming as well as for seniors to apply for full-time roles during their final year.
ADVICEFROMHIRINGMANAGERS:
Candidates should be familiar with the financial markets and be able to pitch a stock during an interview. This guide, How to Pitch a Stock, is helpful if you’re not sure where to begin. Keep an eye out for opportunities to participate in on-campus stock pitches during the school year.
Even prior to applications opening, students should be actively networking in order to rise above the other candidates in this incredibly competitive sector.
Private Equity (PE) investing often involves an investment firm purchasing a majority (or at times minority) stake in a private company by using pooled funds from institutional and accredited investors. While the majority of private equity investing occurs in the private markets, PE firms at times will acquire a publicly listed company "taking it private" or may even provide a public entity with funding for a specified project, commonly known as a "PIPE" deal (or private investment in public equity). The most common type of private equity is buyout investing, a type of investing known for its use of leveraged buyouts (or "LBOs"). Similar to a mortgage on a house, in an LBO investment a private equity firm acquires a company through a mix of equity and debt (i.e., leverage), using the assets of the acquired company as collateral. Then, over the course of the investment chapter, the private equity firm will use the company's cash flow to pay down the debt. Private equity firms generally drive returns through (i) increasing EBITDA (i.e., the company's profits), (ii) cash generation (often used to pay down the debt), and (iii) multiple expansion.
Private equity can take many forms, though one of the most common ways to segment the industry is by investment stage. Venture Capital (VC) is typically early-stage, while buyout investing is often late-stage. Growth Equity is another form that is often between the two. The stage of investment will largely influence the risk/reward as well as the target company profile, which in turn influences the day-to-day role of the investment professional within each tier.
PRIVATEEQUITY&VENTURECAPITAL DELIVER-HIRINGTIMELINE
Most of the larger PE firms recruit students in the spring of their sophomore year for junior year internships, much like IB. These roles often lead to return offers to join full time as analysts. Another way to gain experience is through the sophomore leadership seminar. Application timelines for these programs vary by firm, but often open in the winter of sophomore year with the leadership seminar taking place over a weekend in the late spring. If you decide to go the traditional IB career route in college, then you can still attempt to transition to PE through on-cycle recruiting which occurs soon after a student graduates and begins their full-time IB job.
ADVICEFROMPROFESSIONALS:
When interviewing for private equity roles, it is helpful to understand a given firm's investment strategy by breaking it down into stage (venture, growth, buyout), type (value, growth-oriented) and sector focus (generalist, industry specialist), among other attributes that may differentiate a firm.
There is a case aspect to the PE interview session. Typically, an interviewer will have the candidate walk through a recent deal that the firm has completed. Case studies include the candidate being given a one-pager on a business and being asked to set up a diligence framework/ talk through a handful of questions, as well as an additional modeling exercise such as a timed one-hour LBO often followed by a written memo.
Real Estate is an alternative asset class with a multitude of career paths. Wall Street Prep does a terrific job breaking down the six types of real estate firms that fall within this space which include: Real Estate Private Equity (REPE), Real Estate Investment Management, Real Estate Development, Real Estate Investment Trusts (REITs), Real Estate Operating Companies (REOCs) and Real Estate Brokerage. This comprehensive article, Real Estate Investment Firms | List of Strategies, breaks down the six areas and provides an overview of the career paths within each.
The hiring timeline in real estate varies widely and generally follows the underlying job role to which a student is applying (e.g. RE Private Equity is similar to PE and RE Investment Banking follows that of IB). There are early recruiting programs like IB, but there are also same year summer internship opportunities.
ADVICEFROMPROFESSIONALS:
Utilize Handshake and the other job boards to keep current on the opportunities. Even before applications open, students should be actively networking to rise above the other candidates. Students can also join industry associations such as: the Urban Land Institute (ULI), the Commercial Real Estate Development Association (NAIOP), International Council of Shopping Centers (ICSC), and Young Real Estate Professionals (YREP) to boost their resume.
Interview questions cover behavioral, technical and case studies with the subject matter jumping from investmentbanking style financial knowledge questions to pure real estate inquires.
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AllianceBernstein
Bank of America
Barclays
BlackRock
Canaccord Genuity LLC
Citigroup
Deutsche Bank
Goldman Sachs
Harris Williams
Houlihan Lokey
Jefferies, LLC
JMI Equity
JPMorgan Chase & Co.
KPMG
Morgan Stanley
Nomura
Point72
Raymond James Financial
Rothschild & Co
Sierra Mutual Funds
UBS Financial Services
Wells Fargo
Check out Commodore Compass to get connected!