Paying to Learn Modeling

Recently, I took a poll and asked, "Do you think that paying to learn financial modeling through a service like Training The Street or Wall Street Prep will help you get a job in investment banking?"

The results are shown below

Definitely 12 (19%)

Not Sure 29(46%)
No Way 23(34%)

The majority of voters (46%) are unsure whether or not paying to learn modeling is helpful, so I thought I would provide some insight to help all of you fence sitters. If you talk to bankers at a bulge bracket bank you are going to find that many of these individuals did not major in finance or accounting and when they got into banking did not know how to model very well, if at all. Banks are looking for a diverse set of people from all different backgrounds. Thus they have created training programs to teach you how to model or rather give you an introduction to modeling during your first one to two months.

Thus here are my main points. First, you don't need to have a deep understanding of modeling to get a job in banking and secondly, the bank is going to train you starting day one on the job. What you do need is a basic idea of modeling and be able to explain what you know in an interview. In this blog I have given you all the tools you need to get through the interview.

These services are not a must have or a must know type of training you have to buy. It will not guarantee you a job and isn't that what this is all about at this point in the game?? If you want to learn more then go ahead and try them out, but I know from personal experience that you do not need to go through their training to get a job in investment banking.

Keep reading my blog and make sure that you are prepared to answer the basic questions of:

• Tell me about yourself / Walk me through your resume
  
• Why banking?
• Why our bank?
• How do you value a company?

This blog has all of the tools you need to get prepared for your interviews so you can land the job. Save yourself some money, read my blog, and let the bank pay for the training.