Category: Career Decisions

“So, I know I’m really behind in my job search…”

Anne Marie Gercke, Associate Director

“So, I know I’m really behind in my job search…” Sound familiar? This time of year, this is one of the most common phrases I hear from students as they sheepishly sink in into the chair in my office and go on to list all of the reasons they feel behind the 8 ball. After they stop to take a breath, typically I ask the student what industries he/she is seeking. Since I’m lucky enough to work with undergraduates from The College of Arts and Sciences, I often hear a variety of answers ranging from legal services to non-profit to healthcare to retail to…a whole bunch more. That’s when I offer up four simple words that seem to lift the weight of the world off the student’s shoulders: “You are not behind.”

While there are particular industries that begin recruiting very early, some as early as the summer before the school year even starts (like finance, as well as some consulting and technology), the majority of employers in other industries do what we call ‘just-in-time recruiting’. This means they don’t know quite so far in advance what they will need in terms of full-time employees or interns come the following summer. Those infamous OCR companies that come every fall? They reserve their interview rooms during March or April of the previous school year, a full 3 semesters before the summer for which they are hiring. Employers in other industries don’t necessarily know how many hires they will need so far in advance, so they tend to recruit closer to graduation and/or the summer.

So am I telling you that anyone with interests outside of finance, consulting and technology should kick up their heels and not think about jobs or internships until mid-spring? Absolutely not! Exceptions do exist and I would not be a good career advisor if I failed to encourage you to do your research before the deadlines hit. There are several steps you can take in order to best prepare. Identify key companies of interest. Learn about different job functions and industries by creating a Vault Career Guide account on our subscriptions page. Network with alumni at various organizations and conduct informational interviews. Understand when industries recruit – I often recommend our timing of career fairs as a loose guide as to when various industry recruiting occurs.

Most importantly, while you may feel behind, know your facts before you decide that you’ve messed up in any way. A positive outlook is imperative, because to successfully succeed in your career search, it’s best to feel confident and prepared because that’s what employers will notice when they meet you. If you find you’re lacking confidence or can’t figure out how to best prepare, we’re here in Career Services to help! Call to schedule an appointment with an advisor so that we can help you navigate this daunting process that many of you may be doing for the very first time. You may find that finding the right job isn’t as difficult as it seems, and that you aren’t, in fact, behind at all!

(Please note, it can be challenging during busier months to schedule an appointment since the volume of students we serve is quite large, but we do have walk-ins every weekday, which are first-come, first-served, and these are found on our website and updated daily.)

 

Have You Considered Working for a Startup?

Tiffany J. Franklin, Associate Director

Startup fever seems to be everywhere these days, whether it’s an episode of Shark Tank or watching Silicon Valley on HBO. Entrepreneur centers are popping up all over the country and the Wall Street Journal and New York Times are filled with stories about these types of companies. Have you ever considered working for a Startup?

With the Penn 2017 Startup Fair being held in just a few weeks (Thursday, February 9th in Houston Hall, 11am – 3pm), it’s the perfect time to explore the world of startups.

Neil Blumenthal, cofounder and co-CEO of Warby Parker, defines a startup as “A startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed.” Definitions on Investopedia describe companies in early stages of operations in which founders “attempt to capitalize on developing a product or service for which they believe there is a demand.” Inherent in these descriptions is the element of risk in conjunction with great potential.

For many students, working at a startup serves as an invaluable part of their internship experience. Some become enthralled with that world and choose to remain in that sphere for years (either as employees of startups or entrepreneurs founding their own companies), while others leverage the experience and go on to more established employers. In either case, working for a startup will provide you will a wealth of examples of how you have demonstrated competencies that employers value. For example, since wearing multiple hats is the norm, you will likely work on numerous projects across functional areas. This provides an opportunity to show how you demonstrate initiative, adaptability, problem solving, and teamwork, among other skills.

As with any job search, it’s important to evaluate the values that mean most to you to see if the startup world could be a fit. Career Services has an excellent values exercise that is helpful to review both at the beginning of your job search as you evaluate offers. In addition, it’s important to conduct due diligence on the company just as you would with any potential employer. You want to ask yourself some of the following questions that Ann Fisher outlines in her Fortune article – “7 questions to ask before joining a startup.”

  • What’s my tolerance for risk?
  • What stage is the start-up in now?
  • Has the enterprise shown fast growth so far?
  • Who’s in charge?
  • Who’s funding the company?
  • Will I have a mentor?
  • What will my role be?
  • Do I have the right personality to shine in a start-up?

There are a wealth of resources available to help you learn more about startups.

 

 

 

 

 

 

Infographic Source: http://blog.gojobhero.com/10-best-startup-job-boards-infographic

Working for a startup can be a rewarding experience that is invaluable to your career progression. If you would like to learn more, Career Services is holding a workshop/panel called “Job & Internship Search: Startups” on February 2nd from 12-1pm in Huntsman Hall, G50. Hope to see you there and at the Startup Fair on February 9th!

Should I Be a Doctor if I Don’t Like My Science Classes?

Carol Hagan, Associate Director

One or two times a month, an advisee will share with me their dislike of their science classes and wonder if they should continue on the path towards medical school.  There is not an easy or quick answer to this question and it’s a great discussion to have with your pre-health advisor or important people in your life. 

First, elaborate on what it means to “not like your sciences classes.”  How many classes have you taken?  Is it one class or all of them?  Is it only lecture classes or labs and seminars as well?  Did you like science in high school?  Is it that you like the material, but not the exams?  Do you like the classes, but would like them a lot more if they were smaller or there was less grade pressure?  Do you dislike the classes because you feel you are not doing well (and are you being too hard on yourself or are you truly struggling)? 

It is quite common for students to be a great fit for medicine and not like all their science classes.  Some people really do not like physics or chemistry, but are genuinely excited about physiology or neuroscience.  Many people dislike the high stakes exams, but adore classes that integrate projects and readings from current journals.

Occasionally, students don’t like their science classes because they are conflicted about pursuing a medical career, or truly do not want it.  Maybe they used to want it, or a parent wants it, or they have some other career interest tugging on them.  If your heart isn’t in the long-term goal of working in healthcare, it can be very difficult to engage with the challenging scientific coursework.

If you are someone who confidently feels that you don’t like science at all, then you need to reconcile this with your desire to become a doctor.  Medicine is a scientific career.  You will undertake demanding studies in science in medical school and devote yourself to life-long learning in the sciences.  Nearly all of the students we work with who go on to medical school demonstrate enthusiasm for science.  It may be that there is another career that will encompass the aspects of medicine that attract you, but without the significant amount of scientific training. 

As always, you can make an appointment with a pre-health advisor to talk through this question by calling 215.898.1789.

 

Investment Banking vs Consulting – A Student Perspective

by Fiona Tang, WH MBA ’17 and Wharton Graduate Assistant

Investment Banking vs. Consulting – A Student Perspective
 By: Fiona Tang

Investment banking and consulting are usually popular career choices after graduation because of their great training programs, brand names and wide range of exit opportunities. Having been fortunate enough to work at both McKinsey and Goldman Sachs, I would like to share some pros and cons of each industry from my perspective.

Compensation: Banking tends to be more lucrative

Base salaries are similar in banking and consulting, but the bonus varies significantly for each industry. In banking, the bonus received may be valued as much as 12 or 24 months of your base salary while in consulting the maximum bonus is probably 6 months of salary. There is generally a 20% – 40% pay difference between banking and consulting at all position levels. Exit opportunities are also more lucrative after banking positions compared to consulting roles.  Private equity and investment management positions pay a lot more than strategy roles in big corporations. If compensation is an important role in your decision making, banking might be a better option.

Job Security: Consulting is more secure

Job security in consulting is much less cyclical than banking. Regardless of good economic times or bad economic times, consulting firms continue hiring and minimize layoffs of junior staff. Investment banks, on the other hand, layoff more workers and enact hiring freezes during financial downturns. For example, this summer after I left Goldman Sachs, the Hong Kong office laid off 20 analysts and associates because the market isn’t doing well now.

Work Lifestyle: Unpredictable hours vs. Traveling

If you are looking for a 40 hour per week job, neither consulting or banking is ideal for you. The hours are LONG, generally 70-100 hours per week depending on your project or deal.  As you become more senior and gain more work experience, the hours can be shorter. But my manager at McKinsey and VP at Goldman both still send emails to their teams at 2am on occasion – the nature of the work illustrates banking and consulting will never be nine-to-five jobs.

The big difference is that consulting is intense during the week but in general doesn’t require you to work on the weekends. The hours are more predictable as you will be working on one specific project and it’s easier to manage and plan ahead.  The downside to consulting is endless traveling from Monday to Thursday. Trust me, waking up at 5am to catch a 7am flight to the client site on Monday is not fun.

Banking requires much less travel at junior level. However, the hours are less predictable as you don’t know when a deal will intensify or a pitch suddenly becomes live. As an analyst, you will be staffed on multiple deals and it’s difficult to predict your work hours or make plans in advance. During a live deal, working on the weekends is considered pretty normal.

Daily Work: PowerPoint or Excel?

Both bankers and consultants spend the majority of their time on Excel and PowerPoint. The key difference in banking is a focus on finance specifically and financial modeling in general. Junior bankers devote their time to studying the value of a company and its capital structure; junior consultants think about the strategy of a company and its organizational structure.

The life of a consultant is interesting because of the broad range of projects managed by a range of different partners. Every project and every client is different and the learning curve is quite steep in the first couple of years. However, sometimes I do struggle with limited opportunities to put ideas into practice – like junior bankers who put together endless pitch books for M&A deals that never happen.

Junior bankers’ work in some way is more process-driven.  During the first six months, you will generally have a steep learning curve. But afterwards, IPOs, pitch books and M&A transactions will have a standard process with a different twist for each deal. If you are passionate about finance, you might like it. Otherwise, the daily work can become a little repetitive. That being said, the training and deal exposure are definitely invaluable assets for your future recruiting. 

In terms of work culture, banking tends to be more tough. Bankers are not bad people – the nature of the work can simply be grueling though. A banker is usually staffed with a couple of deals simultaneously and when things become more active, it’s difficult for him or her to be patient when a junior banker asks certain questions.  You may feel “on edge” awaiting new work assignments that may come at any time which may result in having to pull an all-nighter again. Consultants are generally only staffed on one project at a time, which makes it a lot easier to manage the workload and plan ahead of time. Hence, in consulting, managers have more time to focus on individual team members’ development, team bonding events, etc.


Future Job Prospects:

Banking and consulting do have somewhat different exit opportunities and career trajectories. Most of my consulting friends shift to startups, private equity, corporate strategy, or technology after 2 years while my banking friends go to startups, private equity, investment management, technology or corporate M&A.  There is definitely some overlap given that the skillsets from banking and consulting are somewhat similar with a different focus. Consulting provides more training on strategy and big-picture thinking, which companies with corporate strategy roles or private equity operation roles might find very attractive. On the other hand, banking provides robust financial training and most finance-related jobs such as private equity and investment management find banking analysts good hires.

When choosing between consulting and banking, I would encourage you to think about where you see yourself in 2 years. If you know that you want to be in the finance world and work for a big private equity / hedge fund, banking would generally provide a better foundation.  If you would like a role as senior management of a Fortune 500 company or managing a startup, consulting might provide more fundamental training.  However, I definitely see some consultants switch to finance and bankers switch to strategy.  You are not restricted if you choose one option or the other. What I share above is merely general guidance on the skillsets you would gain after 2 years and what companies are looking for from ex-bankers and ex-consultants.

Banking and consulting both provide excellent training and you will be working with talented and driven individuals. Whatever you choose, you can have a great career and I hope this provides general insight for the lifestyle of banking compared to consulting.

 

Studying Abroad and Marketing its Impact on Your Professional Skills

Marianne Lipa, Associate Director

Studying abroad can be transformational academically, interpersonally, and professionally. From the professional standpoint, the experience is valuable and employers seek candidates who have flexibility and adaptability, communication, teamwork, cross-cultural, and analytical skills.  During your semester abroad, students cultivate and develop a broad foundation of transferable skills and attributes including self-awareness, intercultural communication, analysis from a variety of different perspectives, and independence.   The question becomes how do you market yourself with your abroad experience.  You can indicate on your resume any specific coursework that may be relevant to the position and extracurricular involvement (e.g. student groups on campus) associated with the semester abroad experience that enhanced your semester abroad within the academic and cultural realm.  If you have substantial international experience, you can include a section on the resume that focuses on the international/global aspects.  In both the cover letter and interview, you can explain in depth how studying abroad has prepared you further for success in the position and how the global perspective you developed shapes your analysis of economic, political, and social issues.

And remember you can also meet with a Career Services advisor to assist with navigating your international job search, domestic job search with international components, and how to best promote the impact of your study abroad experience as it relates to your professional skillset. Also please mark your calendars for our upcoming international opportunities career fair on November 11 in Houston Hall.  More details are available on our website at http://www.vpul.upenn.edu/careerservices/careerfairs/IntlFairinfo.php

We look forward to seeing you at the fair and in the Career Services office!