Recruiting Journeys | Finance: Rachel Rogers ’24, Evercore
Rachel Rogers ’24 completed a summer internship with the investment bank during her first year and returned full-time after graduation.
In this series, recent Yale SOM graduates break down the recruiting process that led them to their current roles.
What is the recruiting process like in your field?
Investment banking recruiting is a very structured process that starts in the first or second week of classes. Each bank kicks off its process with an employer presentation on campus or via Zoom. Throughout the fall semester, students do a series of 30-minute coffee chats with employees from each bank they’re interested in. Even though they sound informal, the chats function as mini-interviews; the bankers ask both behavioral and technical questions about things like accounting concepts and valuation methods. The first few rounds of chats tend to be with Yale alumni, and then the banks will push you out to different groups that you’re interested in. I had between 5 and 10 coffee chats with each bank.
While the coffee chats are happening, banks begin to shortlist people for invite-only events, such as in-person dinners in New York or New Haven. Those events tend to happen right before people get formal interview invites. Most students complete two first round interviews before the process culminates in a super day, which takes place in person at the bank’s office where you could have anywhere between four and six back-to-back interviews. Offers for summer internships come out at the end of December or early January.
I knew pretty early on in the process that I was interested in Evercore from conversations with second-years who were planning to work there full-time. I felt like I could learn a lot from the people I spoke with, and I really aligned with the values of the firm. At the end of my internship, I received a full-time offer to go back to Evercore after graduation.
What SOM classes best prepared you for your current role?
Renewable Energy Project Finance with Dan Gross is great for learning how to build a model efficiently and think systematically, as well as for brushing up on your Excel skills. I found out about that class through word of mouth, because people love it. I also took Entrepreneurial Finance with Song Ma; the class is aimed at startup founders, but it taught me about different ways of valuing a company, which is critical for banking. It’s also good to take a law class, because you’ll probably encounter lots of legal documents in a banking role. I took Secured Transactions, which was cross-listed with Yale Law School; I found it really beneficial for learning legal jargon and understanding the nuances of collateralized lending.
Which SOM resources helped you the most during the recruiting process?
I used the CDO during the summer before my first year to prepare and review my résumé. The CDO, in collaboration with the Finance Club, also organizes trips to Wall Street, which gave me an opportunity to visit the offices of a few different banks. It’s helpful to get a better sense of what each firm is really like.
Because the recruiting process is so structured, students are encouraged to wait until recruiting kicks off in the fall to reach out to alums for coffee chats. SOM alums are really helpful in that they’re usually the first point of contact with each bank; you can build rapport with them early on, and it’s a friendly way to start the process. Later, if you run into problems like scheduling issues, they can be a great resource.
Also, all the people you meet during coffee chats end up becoming your network once you start working full-time. I didn’t fully appreciate it at the time, but it’s been really helpful to know a couple people at various firms across Wall Street.
The Finance Club was the main resource I used while recruiting. They put together the schedule for employer presentations, run a lot of training, and give guidance on dos and don’ts throughout the process. They also pair you with mentors to help you learn how to be successful in coffee chats and interviews.
Learn more about the Yale SOM Finance Club and visit our finance information hub.
What advice would you give to current students recruiting in finance?
Because the process kicks off so quickly, it’s important to come to campus prepared. For me, that looked like heeding the advice of the CDO and getting my résumé together. I also made sure I had a suit ready to go for interviews and used the summer to get plugged into current events through news and business podcasts.
The rules of recruiting seemed arbitrary at first. However, as soon as I was able to conceptualize that the process is a microcosm of what it’s like to work in banking, I was able to view recruiting as a training ground and get to the finish line.
