TCFA Exclusive

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TCFA Exclusive Preparing for Your Job
Search Kate Quinn Partner, Westwood Partners,
LLC February 2009
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Introduction

• Objective
• Better prepare you for the interviewing process
• Provide insights on the stages of the process
• Get you prepared on an individual level
• Give you measurable action steps
• Provide you insights on timing
• Give you a reality check
• Talk about how to close or convert

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Preparing for the Interview
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Define Your End Game

• Youve worked hard to achieve excellence. Youve
  chosen a career path. Youve passed every test.
  Youve been a caretaker of your future. Now
  what?
• Mastering and preparing for the interview process
  is key to success. You need to create a personae
  that is memorable and one that people want to
  hire.
• You are a multi-dimensional entity. You are not
  just a resumethats where youve been. Your
  focus should be on where you want to beAnd,
  how do you get there?

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Define Your End Game

• Create a succinct agenda for what type of role
  youre looking for and functionally what that
  does.
• End game is not a bank
• Not a paycheck
• Its a functioning environment that you believe
  is where you want to apply your skill set and
  advance your career
• Describe it, write it, gain a clear picture in
  your mind what this is and involves this is a
  critical 1st step of your search process

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Where You Are vs Want to Be

• Candidates often assume their accomplishments
  translate into opportunitynot true
• Where you are needs to be translateddont risk
  being interpreted
• Make the bridge for the reviewer/interviewerdont
  assume they get who you are and where youre
  going
• Understand the reality of where you want to bebe
  sure that you can communicate your objective
• Its more than wanting to be a trader, analyst,
  salesperson
• Know the functionality
• Why you?????

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Define Yourself vs Being Defined

• 1st interview is often the last opportunity.
  Preparing for your interview is the secret to
  success
• 90 chemistry
• 10 capability
• 10 luck
• Yes, its more than its parts
• Create an opportunity, create a
  perspective Create Your Story

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Define Yourself vs Being Defined

• Creating Your Story
• Its a Process
• Exercise Separate Valid from Relevant
• Create your ideal paragraph
• Add your Road Map
• Memorize and refine your story
• Rehearse for the Big Day!

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Why Define Yourself?

• True Story
• Candidate came into a bank from EE undergrad
  and started in PhD program but left early with
  MSc from top-tier school. Candidate left the
  program as he moved from CompSci to Business
  oriented MBA courses and wanted to join Wall St
  sooner. Impeccable academic careers. Candidate
  met with bank representative who read their
  background, and determined Not a Fit.
• Bank didnt pursue candidate because the
  interviewer assumed the candidate had trouble
  with PhD program. Candidate didnt have a story
  so one was created
• Your story is more important than ANYTHING else
  Tend to your story!!!

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Why Define Yourself?

• True Story
• Candidate gets hired into an analyst program
  at a bank. The bank goes through changes and
  candidate is shuffled around for 6 months before
  hes let go. Candidates boss gets fired. He
  has no in-bank references. He applies for a job
  and someone from the applicant fund calls a
  friend in the bank who remarksOh, that kid.
  Yeah, his whole team was fired. They were no
  good and no body would hire him/her
• Fund passes on the applicant on hearsay
• If you prepare your network and your walk-in
  story ahead of time, you can control the
  perception which is critical

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How Do You Create Your Story? The Process

• Creating a story is an exercise that should take
  approx 2 hours
• the more time you invest in this stage, the
  better it will be and the more you will get
  out of it
• Take inventory of yourself by writing down
  everything that you can think of about yourself
  and your target job
• dont stop until you cant think of another item
  
• Go through the list and label Relevant vs
  Valid

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Your Story Example Kate Quinn

• Good with markets
• Good with people
• Retains interesting knowledge
• Likes St. John suits
• Likes to talk
• Great networker
• Shorter attention span
• Action oriented
• Good at sales
• Good interpretation skills
• Likes to move around
• Free spirited
• Dislikes being controlled
• Likes to be outside
• Good writer
• Good leader
• Doesnt like arrogant people
• Watches CNBC everyday
• Schooled in Business

• Partner at a firm
• Would love to take flying lessons
• Dates a credit derivatives guy
• Lives in Manhattan
• Understands complex concepts
• Prefers Pinot to Chardonnay
• Plays golf
• Skis
• Traveled around the world
• Works in an office building
• Has a TV in her office
• Used to be in advertising
• Stubborn
• Doesnt like to argue
• Can have a temper

• Part of a big family
• Favorite colors are light blue and red
• Born in the year of the Ox
• Sponsor of TCFA
• Lived in Chicago
• Likes New England
• From Connecticut
• Good with numbers
• Catholic
• Good writing skills
• Good follow up
• Subscribes to New York Times, Wall Street Journal
• Loves animals
• Won a trip to Iceland
• Doesnt like commitments
• Reads people well
• Trustworthy
• Commercial

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Your Story Example Kate Quinn

• Good with markets
• Good with people
• Retains interesting knowledge
• Likes St. John suits
• Likes to talk
• Great networker
• Shorter attention span
• Action oriented
• Good at sales
• Good interpretation skills
• Likes to move around
• Free spirited
• Dislikes being controlled
• Likes to be outside
• Good writer
• Good leader
• Doesnt like arrogant people
• Watches CNBC everyday
• Schooled in Business

• Partner at a firm
• Would love to take flying lessons
• Dates a credit derivatives guy
• Lives in Manhattan
• Understands complex concepts
• Prefers Pinot to Chardonnay
• Plays golf
• Skis
• Traveled around the world
• Works in an office building
• Has a TV in her office
• Used to be in advertising
• Stubborn
• Doesnt like argue
• Can have a temper

• Part of a big family
• Favorite colors are light blue and red
• Born in the year of the Ox
• Sponsor of TCFA
• Lived in Chicago
• Likes New England
• From Connecticut
• Good with numbers
• Catholic
• Good writing skills
• Good follow up
• Subscribes to New York Times, Wall Street Journal
• Loves animals
• Won a trip to Iceland
• Doesnt like commitments
• Reads people well
• Trustworthy
• Commercial

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Your Story The Process

• Separated Relevant from Valid
• Create your Ideal Paragraph to describe you and
  your job
• Again, its a Process
• Creating your paragraph should take you approx 1
  hour
• Start by writing out a run-on paragraph adding
  all of the things that you think are relevant.
  Then, refine it
• As the exercise goes on and you refine your
  paragraph, you will find yourself taking things
  out as you realize things you thought were
  important were only valid and not relevant
• Refine
• Refine
• Refine
• Perfect!

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Your Story The Process

• Dont Forget the So What?
• In that your search will likely pursue a few
  avenues, develop versions of your story
• Put each into the context of your search
• Answering the So What positions you for the
  role you are applying for and helps you
  counter-position your competition
• A perfected paragraph creates a great mnemonic
• Can be entrusted with otherscreate Evangelists
• Your paragraph is not done until you cannot ask
  So What? Then your story is complete

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The Process

• Starts with Your Paragraph weaves in your Road
  Map (Resume)
• Includes Relevant Facts and Accomplishments
• Write it down it creates a script for you
• Adds the Human element
• Create sound bytes
• Memorize and make it memorable
• Practice aloud
• Practice, practice, practice!!

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Ummm, yeah, um yeah, well um yeah, yeah

• Your story creates a smooth opening for a dialog
• Scripting yourself alleviates language pressure
• Ensures you dont forget things important facts
  or achievements
• Youve taken care of your accomplishment
  inventory and now, you can talk about
  businessthe business youre trying to contribute
  to

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The Interview
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The Interview

• Know thyself! More importantly Know thy
  audience!!!
• Get your Story" out of the way
• Active listing is more than "I can do that"
• Listening to Body Language cues
• Calling the fit
• Close or Conversion?
• Follow up

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The Interview Know thyself! Know thy Audience!

• It is important that you speak to your audience
• Hiring Manager
• PNL
• Risk mitigation
• Culture
• Do they need to train? Or, plug and play?
• Team Member/Friend
• Friend Foe
• Competition
• Will interpret and tell their version of your
  story
• Form alliances ask for their story
• Human Resources
• Screens for credentials relative to job
  description
• Screens applicants and develops an impression
• Story is CRITICAL!! HR is a valuable messenger
• Gatekeeper of excellence and corporate culture
• Recruiting Professional
• Retained vs Contingent
• Fee oriented

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Interview Imperatives

• Do NOT be dismissive
• Provide a mnemonic
• Create a professional dialog
• Encourage active listeningboth ways
• Follow their lead on timing and cadence
• Remember to say Thank You!

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Interview Style

• Try to mirror the US interview style
• Step forward and shake hands
• Make eye contact and smile
• Thank them for the invitation
• Come out of your shell
• Youre both professionals who will be working
  together
• If its not you fake it
• Smile, nod, joke, engage
• Look around and remark on an observation
• They will be sitting with you and need to know
  that they can do so for 12 hours a day and enjoy
  it ?

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The Interview

• Tell your story
• Provide a rehearsed and succinct delivery of your
  story to get their eyes off of your resume
• The Interviewer can go back and ask you questions
• Or, may stop you along the wayfollow their lead
  on timing
• Demonstrates confidence
• Step out of your comfort zone!!
• 90 Seconds
• Lose the ummm, yeah, um, like um, well, well it
  was like, um
• Dare to fail! Answer questions. Silence is not
  the answer.

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The Interview

• Each interview starts with a weird dynamic
• Hiring manager has the headcount and
  desirebut, they dont always have the time to
  interview they are risk adverse and innately
  cautious about messing with their success
• You walk into a hiring managers office. The
  interviewer is sitting in his/her chair holding a
  copy of your resume. They ask you, so, why are
  you here today? You answer, well, Kate sent
  meor, I answered an ador I got fired. THAT IS
  NOT THE RIGHT ANSWER
• Change the dynamic
• Tell your storytell it in 90 secondsturn the
  floor over

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The Interview

• The right answer will set the tone and create a
  dialoga better answer might be
• Thanks for having me in today. Kate explained
  the opportunity to me which sounds exciting and
  in line with my background. I tended to agree
  given my background in XYZ. Im not sure if
  youve had time to run through my cv but perhaps
  I can take a moment to run through my
  background
• which brings me here today, Id love to hear a
  little bit about your business and your goals.
  And perhaps go a little bit further into my
  background to talk about how my experience can
  add value

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The Interview

• You told your story, now turn the room over
• Everyone loves to talk their business
• Employ active listening and weave in your
  relevance

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The Interview What is Active Listening?

• Active listening changes the focus from you to
  them
• Forces a dialogthats good!
• Focuses on what a person is saying
• Listens to why vs tells why you think
• Acknowledges understanding and subliminally
  praises
• Paraphrasing confirms you get it
• Provides an opportunity to re-tack
• Uses active body language that reinforces
  interest and understanding
• Rhetorical questioning reinforces comprehension
• Builds a bond

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The Interview Reading Sending Body Cues

• 80 of Communications are Non-Verbal
• Arms Crossed Closed OR, Considering
• Forward Interested, Engaged
• Fast Fidgeting Nervous, Inexperienced, Afraid
• Hand to Cheek Evaluating
• Hand on Head Stress
• Rubbing Eyes, Hand on Chin, Furrow Disbelief
• Holding Breath Restless
• Looking from the Side or Down Face Disbelief
• Sighs Youre Done

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The Interview Calling the Fit

• Every job is not right for you
• An interview gauges a fit doesnt determine
  whether youre good enough
• Reverse interview
• Career-pathing
• Is this the right institution
• Where do I go from here
• Who will hire me from here
• How stabile is the platform
• What is the rate of attrition
• How do they pay
• What are the non-compete
• How long has my manager been there
• What are the politics
• IS THIS THE RIGHT MOVE FOR ME??

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The Interview Close or Conversion?

• Within 15 - 20 min you should know if the right
  is right job for youso will your interviewer
• If its a fit move to the close
• If its not a fit, go for the conversion

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The Interview The Close

• Wow, Im really impressed and intrigued about
  what I heard here today positive reinforcement
• Listening to you has really made clear the fit
  with the position and my skill set recap and
  marry
• What are your thoughts? turns over the
  conversation and opens up frank conversation
  Lets you know where you stand
• Ill touch base to see what else I can provide or
  do to help you make your decisionagain, Im very
  interested in this opportunity and believe in the
  fit. keeps the conversation open
• Id love to come work for you and the team I
  think I can add value Asks for the job

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The Interview The Conversion

• If its clear its not a fit, go to the
  conversion
• Be confident, be clear, be thankful
• Based on what we discussed, this may not be a
  fitfor either of us. Im really looking for X
  and it seems that while there are some parallels,
  youre really looking for Y. I am in earnest
  looking for X, is there someone else within the
  institution I should be talking to? Or, have
  your heard of anything on the street? If I can
  think of someone who may be helpful or relevant,
  I will certainly forward to Kate for your
  consideration
• Offer to stay in touch so that you keep the
  bridge of the communication openyou never know
  when youll meet again

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The Interview The Follow Up

• Always write a Thank You note
• E-mail it vs Snail Mail
• Gives you a good opportunity to reaffirm the fit
• Be short and sweet
• Add a Pearl of Wisdom to create relevance
• Invite the call back
• Check back with your recruiter/HR contact to fill
  them in
• Ask for next steps
• Dont take no personally, its not really about
  you

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The Interview The Follow Up

• This is Your Search
• Own your search
• Take responsibility for keeping it alive
• Create a dynamic and step out of your comfort
  zone
• Always create an action step

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Owning Your Search

• Know where your resume has been and with whom
• Meet EVERY recruiter you work with and be sure
  you want them representing you in the market!
• Know the job mandates
• Keep inventory and dont commoditize yourself!
• Nothing goes without your prior approval
• You cannot undo whats done
• If you keep asking, it still might not change
• Be directed and focused

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The Offer Stage
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Offer Stage Todays Job Market

• There are a lot of jobs on Wall Street but
  the dynamic has changed
• History has little to do with today (the comp
  story)
• What to expect
• Base
• Bonus
• Deferred
• What to negotiate what NOT to
• Acceptance
• Resignation
• Terms and conditions

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Todays Offers

• Compensation is at 2005 levels and falling
• Base salaries will range by titles typically
  without exception
• Fight for the job, not the title
• US is less title sensitive and more interested
  in payouts and platforms. Fighting for titles is
  seen as awkward and sometimes hiring managers can
  do little as its a policy issue vs. choice
• Few multi-year guarantees
• Come with non-compete agreements attached
• Isnt an offer until it is in writing
• Isnt real until you
• Pass the drug test
• Validate credentials
• Clear Immigration Visas et al
• You usually cant go back
• They Explode!! Time Kills All Deals!!

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The Recruiting Process
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Retained Search Firms

• Paid for upfront with a defined mandate to go
  seek
• Research oriented
• Recruiter educates themselves on the market and
  strategy
• Gathers data and ciphers out target candidate
  pool
• Reports back on a market synopsis to client
• Provides a market recap
• Ferrets out the Short List
• Initiates the recruitment process

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Contingent Search Firms

• Receives job description from client, web-site,
  word-of-mouth
• Sifts through resumes and forwards
• Impersonal
• Looking to get paid
• Works for themselves vs the client or candidate
• Very agile
• Opportunistic
• Good when youre looking
• Can shop your resume around
• Be careful that you work with reputable firms and
  meet them!

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Week 6-12
Time
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Timing of a Search

• Average retained search will span 6-12 weeks
• The average hire will experience approximately
  8-10 interviews
• There may be huge time gaps between
  interviewsstay relevant with market pearls
  without being a pest
• Its methodical and is a process
• Remember, its the clients time-table, not yours
• You should hedge, hedge, hedge
• If its not a fit, do the conversion and move on
• Research, research, network (outside of your
  comfort zone), research
• Time Kills All Dealsdont have false illusions
  of power in a Bear Market

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You Are Worthy

• Network outside of your comfort zone
• Make a plan and work the plan
• Whos hiring
• Who do I know? who can vouch for me
• What are they all about? Market cap, strategies,
  employees, AUM, performance, etc
• If not them, who?
• Who are the best at what I want to do?
• Take Responsibility for Your Search and Your
  Future

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Action Steps for Getting Started

• Figure out your end gamewhere do you want to be
• Take inventory of yourself and figure out a story
  that rationalizes why you should be hired
• Practice interviewing. Very few are good at it
  especially the first time
• Be sure to appropriately follow up
• Diversify and hedge
• Focus on actions that create dynamic and lasting
  reactions
• Ask for the job
• Respond in a timely fashion
• Always create a good leave
• Its really about your next movenew job, new
  level