Rita Wiley, MBA 22, spent last summer interning at Piper Sandler’s San Francisco offices, taking in sweeping waterfront views from the 31st floor as she worked on healthcare investment deals with her team.
“On the first day, my managing director threw me into a live deal,” said Wiley, who spent a decade in project management with the U.S. Army before coming to Haas, where she was drawn to the work ethic and quick skill-building that investment banking demands. “I was given responsibility to run with projects.”
With that internship, Wiley joined a group of 14 Haas MBA students who worked as 2021 Summer Associate interns at Bay Area offices of investment banks. Now the top go-to business school for such hires, Haas typically nabs the largest—or over a 20%—share of the some-65 available IB Summer Associate slots each year. Internships, which are largely in either technology or healthcare investment banking, are critical because they lead to full-time positions at graduation with a very high return-offer rate relative to other industries.
“Haas produces world-class talent right here locally for the sought-after Bay Area offices, which focus largely on high-growth tech clients, and we perennially have the largest share of associates here at the global intersection of tech and finance,” said William Rindfuss, a member of the continuing professional faculty in finance who also manages financial services recruiting at Haas.
“Haas produces world-class talent right here locally for the sought-after Bay Area offices,” —William Rindfuss, who manages financial services recruiting at Haas.
Haas’ influence in investment banking grew for many reasons, including a strong finance faculty and curriculum, a Career Management Group (CMG) that’s well-connected to the top banks and supports students through the often intense recruiting process, and a powerful alumni network, Rindfuss said.
Importantly, those alumni show up for popular events like firm networking nights and the Investment Banking Speaker Series course, which recently featured Kate Claassen, MBA 07, head of West Coast Technology Investment Banking at Morgan Stanley, and will feature Nils Hellmer, MBA 15, an Executive Director at Goldman Sachs.
“Our alumni are so supportive and inspiring to the students,” said Rindfuss, a former J.P. Morgan banker, who has been at Haas since 2008. “You’ll find Haasies at all the top investment banks and we’re so grateful that they take the time to give back to the school and our students—while at the same time seeking new talent.”
Berkeley Haas’ investment banking network has grown over the decades, said Steve Etter, who teaches finance at Haas and is a founding partner at Greyrock Capital Group. Cal alumni helped build big investment banks of the 1970s and 1980s—banks like Montgomery Securities, Hambrecht & Quist, and Robertson Stephens, where alumni flocked. “Cal alumni helped build this West Coast community,” Etter said. “Then the Morgans and Goldmans started to build bigger West Coast presences. We now have senior (Cal) people across all the banks.”
Recruiting help from campus
Berkeley Haas MBA students coveting jobs in investment banking compete with students from top programs including Wharton, Booth, and Columbia. The jobs are in demand because investment banking pays very well, with a standard $175,000 salary, a typical $50,000+ signing bonus, and year-end performance-based bonuses—all very strong compared to the average MBA graduate compensation, said Abby Scott, assistant dean of MBA Career Management and Corporate Partnerships.
“But the jobs not only pay well, they offer recent MBA hires some pretty amazing opportunities,” Scott said. “New MBA associates often become part of live deal teams working with high-profile clients in tech, healthcare, and other high-growth sectors.”
“But the jobs not only pay well, they offer recent MBA hires some pretty amazing opportunities,” —Asst. Dean Abby Scott.
MBAs typically commit to investment banking quickly as they have to start preparing for internship recruiting early. “For investment banking you have to know early on if you want to do it because an IB internship is pretty much a requirement for a full time offer,” said Wiley, who was among 13 finance students chosen as 2020 Finance Fellows, receiving partial scholarships, priority registration for finance courses, and mentorship.
Andrew Elliott, MBA 22, said he was “95% committed” to investment banking when he arrived at Haas after working in strategy and business development at Boeing. Elliott worked for six months with Abby Franklin, an investment banking industry specialist with the Haas Career Management Group (CMG), to better understand both the career progression and work-hour demands.
He applied to multiple firms, a few on his own and most through CMG. CMG’s on-campus recruiting resources—that covered everything from resume design to networking events and interviews—helped Elliott land a summer internship at Citi, where he had already connected with his peer advisor, Ryan Alders, MBA 20, an associate in technology investment banking at Citi. “When I first saw CMG’s requirements I was a little scared because they seemed so specific, but in the end, the process protected me because I ended up with a solid job offer,” said Elliott, who will start a full-time job at Citi this spring, after graduating early.
Christine Jan, who also worked closely with CMG, said she spent hours talking to Haas alumni at different investment banks about everything from deals to the nuts and bolts of jobs to personal life management advice before landing an offer.
With Franklin’s guidance, Jan reached out to Shilpi Saran, MBA 13, a vice president in technology investment banking at Morgan Stanley. “Shilpi got me interested,” said Jan, who grew up in Taiwan and worked in wealth management at UBS in Hong Kong before coming to Haas. “It’s a process. We have alumni who are performing exceptionally well and they draw us in.”
During recruitment, Jan also met UC Berkeley alumnus Michael Grimes, head of Global Technology Investment Banking for Morgan Stanley, who also founded Berkeley’s M.E.T. program, an undergraduate dual-degree program in business and engineering, and Michael Bausback, MBA 19, an associate in global tech investment banking. Jan committed to a summer internship in tech investment banking with them that led to a full-time job offer. (Jan will join Adhithya Ravi and Alex Wong, both MBA 22, who are also heading to Morgan Stanley Bay Area investment banking offices).
“I loved (the internship),” she said. “It was a deep dive into investment banking. I got to realize what it was and connect the dots to what I’ve done before, connecting my work in Asia and here. It was a great, overwhelming, inspiring experience.”
The boutique path
While bigger firms like Morgan Stanley, J.P. Morgan, and Goldman Sachs draw Haas students each year, a smaller firm like Moelis or Evercore can be a better fit for other students—many who say culture, regardless of size, influences where they end up.
Rawool Sahu, MBA 22, who shifted from a career in corporate financial planning and analysis to investment banking through Haas, will join Moelis, a boutique investment bank, in its thriving San Francisco office next July. (Moelis’ founder and CEO Ken Moelis just announced that the firm had raised pay for first-year analysts because “business is booming” and deal flow is rising.)
Sahu said there are benefits to joining a smaller firm. “Moelis has a smaller office on the West Coast and you get more time with the senior bankers here. At banks on the East Coast, that’s harder.” In a smaller office, he said, work also feels more focused. “Managing directors communicate more directly about what they want, so we don’t waste time. It makes things more efficient.”
At Moelis, Sahu joins a group of Haas alumni, including Adam Burgess, an investment banking associate from the class of 2020, “who helped me to make inroads in the West Coast office,” Sahu said.
“You can do this”
With the 2023 MBA class now on campus, finance students are attending the Investment Banking Speaker Series—along with three networking events each week that connect them with bankers—and preparing for investment banking internship recruiting.
Ravi, who is co-president of the Haas Finance Club, said recruiting with investment banks was one of the most difficult experiences that he has gone through in his life, which is why he’s helping first-year students as one of three peer advisors.
This year, he said the Finance Club rolled out a new guide to everything a recruit will need to succeed, including a networking primer, study schedules, interview prep, and advice for finding a bank that’s a good internship fit. “I’m constantly reminding recruits to leverage those around them and support one another,” Ravi said. “Having a support group and people to prep with helped so much,” he said.
To prospective Haas investment banking students, Wiley offered encouragement. “I had an interest in finance on the personal side but never thought I would make a career out of it,” said Wiley, who accepted a job with Piper Sandler after graduation. “I’m a prime example that you can do this.”