What Type Of Person Thrives In M&A Banking According To An M&A Investment Banking Associate At Houlihan Lokey
Success in M&A investment banking requires a unique blend of traits: intellectual curiosity, comfort with ambiguity and a high-paced environment, and, surprisingly, trustworthiness, as "the people who more consistently seem to thrive...were usually people who were well trusted." While aggressiveness is not a key to success, a "thick skin" is essential to navigate the demanding and sometimes abrasive culture.
Curiosity, Comfort with Numbers, Flexibility, Resilience, Trustworthiness
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
David Crosson
M&A Investment Banking Associate
Houlihan Lokey
Yale University
MBA from Kellogg School of Management at Northwestern University
Economics
Finance (Banking, Fintech, Investing)
Finance
None Applicable
Video Highlights
1. A strong sense of curiosity and a willingness to ask questions are crucial for success in M&A banking, as you're constantly learning.
2. Comfort with numbers and the ability to work through complex information are essential skills, as is flexibility and the ability to handle a fast-paced, ambiguous environment.
3. Trustworthiness and a strong moral compass are highly valued in the industry; while aggression isn't necessarily rewarded, a thick skin is essential for handling direct or even insulting comments from colleagues and clients
Transcript
How would you describe people who typically thrive in this industry?
There are a handful of characteristics I've noticed among the people who do really well in M&A banking in particular. One, you have to be curious.
People who are curious naturally ask questions when they don't understand something, and you're always learning something new. So those people are inherently ahead of the curve.
Similarly, a comfort with numbers is important, not necessarily being good at them, but being comfortable that when given more information than you can handle, you'll eventually be able to work through it to reach conclusions.
Flexibility is maybe the other one. This is a very high-paced job, and no two days are the same. Things can change very quickly. The people who do the best are comfortable rolling with the punches and operating with a lot of ambiguity for extended periods.
I think people who do well often have thick skins. This industry is full of some very aggressive personality types. You don't need to be aggressive; in fact, I think aggressive people don't usually do very well and don't move through the ranks.
But you better be comfortable shrugging off comments that may be more direct than polite, and in some cases, outright insulting. This comes from being in an environment where everyone's moving fast and trying to win.
Then maybe the final one is being trustworthy. This industry is notorious for having people who are immoral or dishonest, and yet, strangely, those people don't usually do that well.
The individuals who consistently seem to thrive, getting promoted and moving up into officer positions, were usually people who were well-trusted by both clients and their buyers, as well as the people they were working alongside, particularly in high-stress environments.
If you're willing to walk in with a moral compass that allows you to be trustworthy, not necessarily likable, but at the very least somebody that people know they can rely upon and who is good for their word, that actually goes miles in this industry.