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Working at Goldman Sachs | How to get into Goldman Sachs (IBD and Asset Management) - YouTube
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welcome and welcome back to another
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coffee break here on my channel firm
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learning
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my name is heinrich and on my channel i
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want to help you to become successful
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in the first years of your career
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today's video is quite special we're
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going to talk about a topic that i
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haven't covered a lot yet on this
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channel we're going to talk about
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investment banking
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and i invited a special guest through
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this channel to help me cover this topic
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it is afzai afzal is a former goldman
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sachs consultant he will help you
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understand what investment banking is
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all about
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we will discuss the key divisions in
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investment banking and also some tips
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what you can do to get into a job
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like goldman sachs or other budget
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bracket banks this way
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after there's a youtube channel called
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afsalhusain i will link it below in the
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video description he makes lots of great
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videos on investment banking and related
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topics i can really recommend you to
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check it out
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but now without further ado let's jump
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in let's learn what working at
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investment banks like goldman sachs
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looks like and what you can do to get
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such a job this way
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hey thank you for tuning in today my
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name is afsal hussein
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and i run a youtube channel called afzal
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hussein
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heinrich will link it in the video
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description below long story short i
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graduated six seven years ago now i went
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to a mid-tier university queen mary in
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london and i studied economics and
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finance
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my goal at uni was to do as many spring
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weeks and internships as possible got my
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internship at goldman sachs within their
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asset management business i did that for
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10 weeks and converted that into a
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full-time offer after i graduated i
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joined goldman's full-time in the asset
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management business as a salesperson
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and i did that for a few years until i
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left to pursue entrepreneurship
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full-time but i don't want to waste too
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much time i want to get straight to
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the value that i can add for you and
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what i want to do in this video is
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explain to you a bit about the
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investment banking division at an
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investment bank the sales and trading
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division at an investment bank and
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asset management and private banking
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because these are the four
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or four of the front office divisions at
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an investment bank so you've got the
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front office
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which are revenue generating higher
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salaries higher bonuses
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client facing and then you've got the
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back office things like human resources
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finance operations so on and so forth
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why i want to focus on the front office
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areas for you today is because i get a
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lot of management consultants a lot of
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consulting interns graduates etc who
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reach out to me
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and ask me how can they break into
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investment banking or how can they break
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into asset management and so i'll touch
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on all of these and then i'll touch on
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some of the similarities in the skill
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sets that you guys will have as
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individuals with a consulting background
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or experience in the world of consulting
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and then i'll touch on some of the
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differences between consulting and
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working for an investment bank so that
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you
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can kind of focus on the key gaps that
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you need to fill
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if you're ever interested in breaking in
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without any further ado let's get
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straight into it the investment banking
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division is basically corporate advisory
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what individuals do in the investment
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banking division is help companies raise
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money
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whether it's through equity issuing
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equity or issuing debt
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they help companies restructure their
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business so they look at the company's
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equity to debt ratio and assess
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if a company can be organized in a
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better way in order to
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function more efficiently and increase
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shareholder value
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and they help companies merge or take
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over so corporate advisory in essence
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focuses on all of these areas when you
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go into the investment banking division
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as a junior
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you are going to be heavily focused on
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building models financial models and
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valuation models on excel and working on
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presentation skills on
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microsoft powerpoint these are the two
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tools that you're going to be using
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for the most part in your first few
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years in the investment banking division
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and so naturally you bring a lot of that
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over from management consulting
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to investment banking because you do a
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lot of that in the world of consulting
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anyways the hours in the investment
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banking division
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are the longest in the industry you
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would get in at like 9 a.m
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and then you would leave in your first
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few years midnight 1am 2am it's very
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very long but as a result you get
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compensated with large bonuses
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at the end of the year and so if that's
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something you're interested in it's
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something worth looking at i've done
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quite a few videos on the work life
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balance salaries all of that those on my
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channel you can check those out in your
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spare time
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then we've got the sales and trading
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division this is the
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market aspect or area of the investment
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bank this is where you see traders on
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the trading floor
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glued into the financial markets they
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are basically creating markets for
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clients who want to buy or sell
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financial securities and connecting them
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with other clients
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or individuals who want to buy and sell
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financial securities the traders are on
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the trading floor their sales people on
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the trading floor
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there's researchers on the trading floor
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all of these people are coming up with
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ideas
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executing ideas in order to make a small
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commission
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of the large sums of money that the
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clients are trading so
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if you're interested in getting stuck
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into the financial markets whether that
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be
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as a salesperson or a trader then this
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might be something that you're
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interested in typically you would get in
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really early before the markets open so
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six or seven am and then you would leave
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at like five six seven pm and then
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you've got
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asset management and private banking
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these areas basically
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manage money over a long-term horizon
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for their clients the key difference is
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in private banking or private wealth
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management
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your clients are high net worth
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individuals so rich people celebrities
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footballers etc
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and then in asset management your
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clients are government organizations
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local authorities
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insurance companies pension schemes
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sovereign wealth funds etc etc so
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large corporations versus individuals
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and family offices in asset management
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and private banking you can be a
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salesperson where you're managing client
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relationships or you can be a product
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person an investment professional
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getting the money in and investing it
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into the financial markets there are a
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lot of people who come from management
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consulting that break into asset
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management or investment banking as
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salespeople for example because they
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have those
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qualities that allow them to build
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client relationships they have
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interpersonal skills they're good
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communicators they're good team workers
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so on and so forth
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key skills that are very similar
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powerpoint presentation you use
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a lot in consulting you use a lot in
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banking why because
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a lot of the work that a bank does or a
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consulting firm does is pitch to clients
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on powerpoint if you are
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very good at microsoft powerpoint you
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will be able to work faster more
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efficiently
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and just impress your seniors a lot
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easier and so that's one key similarity
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between the two industries another one
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is excel
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i'm not too sure how much you guys use
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excel in management consulting i'm sure
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you use it quite a bit but it's heavily
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used
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in investment banking division and on
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the trading floor and so if you are good
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on excel then that would be a bonus in
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both worlds you
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go and manage client relationships you
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are pitching your ideas and solutions to
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the clients
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and you're trying to help them right and
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then in the process you take a fee
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for that service however if you want to
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move from management consulting to
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investment banking specifically it's
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important to understand that in
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investment banking you need a good
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understanding
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of accounting principles you need to be
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able to
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look into the inner workings of a
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company by reading its financial
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statements
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and have an understanding of what it all
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means that's what the investment bank
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does
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it takes all of that information puts it
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into the excel models and then it
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predicts or estimates the future
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performance of that company in different
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scenarios in management consulting i'm
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not sure how much of that you do but if
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you're considering breaking into banking
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it's always good to have
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some background knowledge in accounting
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principles and financial statement
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analysis if you want to make the
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transition from management consulting to
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banking
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whether it's in asset management sales
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and trading private banking or the
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investment banking division
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my advice to you three quick tips make
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sure your cover letter is strong make
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sure your cv is strong make sure you
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network
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talk to people in these industries
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whether it's through linkedin or simply
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whatever it is make sure you talk to
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them
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network ask them questions because
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you'll be surprised how much you can
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learn from connecting with people in the
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industry they will help you get further
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than just trying to make the transition
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on your own without reaching out to
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people or connecting with people
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if you made it this far in the video
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thank you so much if you want to find
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out a bit more about me
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or watch more of my videos i do videos
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on banking finance careers
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and general productivity lifestyle so
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head over to my channel
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heinrich will link it in the video
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description below whatever stage you're
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at
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in your career whether you're not in
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university yet whether you're in uni or
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if you're a graduate good luck with your
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journey persistence is key
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stay inspired stay ambitious and yeah
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thank you for watching this video thank
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you so hope you found this video
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insightful if you have any questions
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just feel free to leave a comment below
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in the comment section and i'm sure that
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afzal is going to regularly look into
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your comments and also answer all your
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questions in addition as you know
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every comment that you write really
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helps me with the youtube algorithm so
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every single comment is much appreciated
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similar to that if you took any value
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out of this video at all please hit the
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like button for the youtube algorithm
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and also subscribe to this channel to
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stay up to date on all my content to see
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even more from me follow me on instagram
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my handle is firm learning i also have a
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mailing list there is a sign up link to
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that in the video description below i
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now want to say thank you to all the
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members of firm learning
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every member makes a significant
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contribution to the work to the course
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of this channel so your support is very
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much appreciated and if you are thinking
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about becoming a member as well just hit
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the join button next to the subscribe
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button to learn what it's all about and
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yes you have
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access to some member only perks if you
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join as a member thank you to everybody
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who watched until the end i release new
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videos every single saturday so looking
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forward to next week's video and until
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then enjoy the weekend
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bye bye guys
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