Ahhh Career Switcher ... Why did you wait so long?

With summer placements on for the Batch of 2011, I thought it is only apt to talk about what career switchers go through in the process - stories which are never glamorous enough to make it to media headlines.

Let me start with a question - Are you a non IITian, Indian-IT-male who is into his fourth year at IT work (it is important clarify here that IT work is IT whether done in a small Indian co. or a big international name. Infact bulk of what I write here is applicable for non IT "overexperienced" guys also.)?

If yes, then are you thinking of doing an MBA from the very esteemed institutes IIM(A|B|C) in India to switch into a bulge bracket investment bank?

If the answer is yes, you are in for a disappointment. While no investment banker will admit it openly, the bulge bracket banks do not want to even look at people with very high work experience (3+ years), especially when they are non-IIT. It is immaterial if you had a good consistent academic record and strong rewarding work experience. If you thought qualifications like CFA will show your strong inclination, you are wrong again. Therefore, before you buy that CAT form, it is my sincere advice, you switch into anything remotely relevant, even if in a boring data crunching/data mining profile at an investment bank and wait out there till you make it to IIMs.

Since a lot of us do not have very fixated career choices, one might ask what about consults? But then we are talking of people with non IIT backgrounds, who have had some successes in life. There will be enough top ranked IITians to overshadow these guys and barring very outside chances, consults are closed to these people.

Well what about marketing companies and general management companies - one might ask? The answer is no again. These companies typically have very structured training programs which are geared towards freshers and they generally do not like to look at experienced guys again.

Finally, what is left for these guys is the chaff essentially - some very niche consults or some surrogate investment banking jobs which are essentially data crunching/data mining jobs or some marketing roles in technology firms. Infact, one gets surprised that even some technology firms from the same background also do not want to look at these guys.

This.. people is the hard reality. You might hear of a few exceptions here and there. But broadly for the bulk of 'Indian,nonIIT,"overexperienced"-in-IT' males in IIMs this is the fate.

Since banks generally recruit from their summer intern pool itself and do not show up for finals, for these people the onus is onto them to persevere for their dream job post MBA by starting small and gradually making their way up.

It is a myth that gaining some experience adds value to your MBA. Well it may add value in terms of your understanding things well, but does not help you get your foot into the door of your choice. If you want to pursue an MBA here in top institutes in India, get in early or start looking out at top B-schools in US, where you won't see experience hurting you like this. While relevant experience would matter there as well, you have your fair chance of reaching out to firms and conveying them your passion. You hardly get your fair chance to communicate your interest to the firms here with over 100 firms crunched in 3 power packed days and with restrictions on reaching out to these firms on your own outside the placement process.

Back on campus after Internship...

Back in campus after completing my internship in the research department of a top investment bank. I was among the few lucky ones to get an opportunity to intern with an I-bank, just a couple of months after Lehman went belly up (and the rest is history ...). My internship experience was great, primarily because it helped me find a fit (yeah you may call it cliche) for myself within an investment bank. I decide here to write about one of the lesser talked about functions of an investment bank on the markets side - "research".

(1) Compensation: Probably a good place to start is 'money' - we are talking of I-banks after all. At the outset, research may not pay you as high as Corporate Finance(CF) or sales & trading(S&T) functions. But, once you are recognized as a star analyst, compensation is easily comparable to what one may get in these roles. In any case, one makes good amount of money - it's just a bit less obscene ;)

(2) Work life balance: Typically, 8 AM - 9 PM kind of job, work life balance sits somewhere in between that of a trader and an analyst in CF. The corporate results months are tough but unlike an analyst in CF, the day does end for a research analyst.

(3) Glamour: Though a research analyst may not really be advising a company board on a huge M&A deal, the job does have its fair share of glamour. Analysts get to meet the top honchos, CFOs & CEOs of the companies they cover in order to perform fair valuation. They also meet the buy-side clients of an I-bank to market their ideas alongside the sales guys. In this sense, research is unique because it gives perspective from both the buy-side as well as corporates.

(4) Thrill: While the joy of making real money in an intense high pressure environment may be missing, research still is entwined with the market. The thrill of market, therefore, does not go away.

(5) Exit options: Research is fairly open in the sense that one can join research coming in from a consulting background or any core industry background. The exit options are also fairly open. On the other hand, trading goes by the maxim - 'Once a trader always a trader'

However, research folks are often criticized as their views change all too often. The reports published after hours of analysis become futile in a couple of weeks because of dynamism in the environment. However, research performs the crucial function of reducing information asymmetry in the market. The job is a bit academic in nature requiring diligent evaluation and (a lot of)report writing.

At the end of the day, it is a personal choice. If you are not the kind of person who can work in an intense trading environment or at a stretch for 20 hours a day, but still love I-banking, research is definitely an option worth considering.

A quarter of an MBA

Just got over with my exams for the third slot here or a quarter of the coursework. It has been a roller coaster ride really. The huge red bricked architecture of the place is quite awing intially and so are the much famed Harvard steps and the Louis Kahn Plaza(LKP). Within first few days, the place offers one a 'realty check' as one sees and meets a large number of highly competitive, accomplished and ambitious people around oneself. For someone like me, it has been to that extent a humbling experience. On the flip side, it does get a lot of people distressed and paranoid, at least initially.

IIMA is known in MBA circles, for its scary academic rigor in the first term. However, we had it a bit easy - thanks to the newly implemented slot system. The migration to the slot system from the traditional term system took effect this year as an experiment. And yes, I am one of the 300 odd guinea pigs of this experiment. Coupled with major course restructuring, the system offers the faculty the flexibility to carry out a course over multiple slots, while the shorter courses get over within the same slot. The net effect has been a rationalization of the course load in the first term here, which no longer is the much dreaded first term that it used to be.

A typical day here involves 3-4 hours of group work for some of the next day's classes, along with 3-4 hours of individual work for the rest. Typical bed time is around 4 AM for most people and classes begin at 8:45 and go on till 13:10. On quite a few of the days, there will be a quiz at 14:30 following which the bull work begins for the next day and it goes on and on and on behind those red brick walls. Add to that club meetings, work for clubs, guest lectures et. al.

However, high amount of 'mugging' (IIMA's lingo for 'studying') remains an inconsequential part of the life of first years (or 'facchas' as they are called).

Time for me to 'mug' something now. More details on my life here later.

First post from WIMWI

It has been over three months since I have posted anything here. Have I been busy? To some extent, yes. But, primarily it has been nothing else but procrastination, procrastination and procrastination. So, it's high time to revive this blog with my experience at IIM Ahmedabad or WIMWI as they call it.

It's hard to start. A bit too much has elapsed since June. There is just so much I want to talk about: financing of education, hangouts around campus, student diversity, dorms, dorm culture, tucchas, clubs, elections, rejections, selections, faculty, academics, quizzes, assignments, CP, group formations, group reformations, the TNite, Ramp, Harvard Dinner, birthday celebrations; the whole experience and my impressions of the place and the people.

Coming soon: first in the series of 'Life at IIMA'

Eat Outs in Bangalore

Just a fortnight to go before I leave Bangalore, which has been my home for over past 3 years. Among a lot of other things, if there is something I'd surely miss about Bangalore, it's the restaurants and eat-outs here. So, I just decided to make an entry here for all the good eat-out places which I frequented while I was here. Hope some Bangaloreans might find it useful.

Samarkhand: It's one of my favorite places in Bangalore. For non vegetarians who enjoy Indian cuisine, it is simply sinful to leave Bangalore without tasting the delicious 'Nalli Ka Salan' at Samarkhand. Located in Gem Plaza on Infantry Road, this is one nice, quiet place. Prices are a bit on the higher side but then their portions are really big. The shorbas here are great too and so are the non vegetarian starters. I have never tried vegetarian but have heard that it's nice for veggies as well.

Caesars: Located on M.G. Road, this is again a nice quiet place. Food and ambience is good. Prices are a bit on the higher side.

Jalsa: Located on Outer Ring Road, a couple of km after the Marthalli bridge (if you are coming from Innovative multiplex), this place has great ambience reminiscing of the Mughal era. The food is average and overpriced. However, I'd still say it's worth a visit for all its grandeur.

La Casa: Located in Jayanagar 4th Block, this place has some really nice continental food. The sizzlers here are good. But nothing beats the Al Navarra pasta and the Mexican soup pot. The place is a bit noisy though and does not have a great ambience.

Tandoor: Again located on M.G. Road, this place has grand decor and good food. Prices are a bit high. But, this is again a nice place to spend an evening over good food & a couple of drinks.

Copper Chimney, Bangalore Central: Great ambience. Strategically located next to the Hint lounge, where you get to see the cool crowd of Bangalore. Food is average and overpriced for its quality. The outdoor seating arrangement is perfect for a romantic evening.

13th Floor: A lounge located in Barton Center on M.G. Road, it offers great view of the lit up Vidhoun Sabha. The outdoor seating arrangement is nice for pleasant Bangalore evenings. The place is a bit small though. However, a nice place to unwind with a couple of drinks and fine music.

Ebony: Again located on 13th floor of the Barton Center, this place also has a nice outdoor as well as indoor seating arrangement. The food is nice and so are the prices :). But, nevertheless, a nice place to spend a special romantic evening.

Umerkot: Located on Koramangla 80 ft. road, this is a retaurant located in Hotel Umerkot. It has some really nice cool drinks, especially the one with coconut base. The food and ambience also score high.

Chandni Chowk: When I first visited this place, it reminded me of the numerous mujras of the Hindi movies. The bead curtains and use of drapes and fabric: it takes a little while to get used to the ambience. The food is again overpriced for its quality. But, still, the place is worth a visit.

Sahib Singh Sultan: Located at Forum Mall in Koramangla, the decor of this place is like that of a luxury train. The food here is good and it's a nice place to spend an evening. Please make sure you make reservations before showing up as it is always full: be it weekdays or weekends. However, they do compromise on the quality of food when you come in a large group.

Dal Roti: Located on 80ft. road in Kormangla, this one is a very reasonable place with good food. The dal makhani and chicken tikka masala here is quite close to the authentic north Indian kitchen. They also serve phulkas here, though you might need to emphasize on 'fresh' phulkas.

Hyderabad House: Just opposite to Forum is this place Hyderabad House. The chicken biryani here is just amazing. However, refrain from ordering a large biryani. Go for two regular biryanis instead. I have always found the quality of chicken in large biryani to be horrible. Also, I really doubt whether they serve lamb in the mutton biryani. It just tastes too much like the counterpart of lamb: if you know what I mean.

Little Italy: Located on 100 ft. road, this is a nice place for Italian food lovers. The ambience is nice and quite contemporary.

100 ft Boutique Restaurant: Again a great place to relax and enjoy nice continental food. The pastas here are quite good. Ambience is nice.

The Village: Located on 100 ft road in Indiranagar near CMH crossing, this place has pretty average food. The prices are also reasonable. A decent place. No harm in visiting occassionally.

Aranya: A place with nice food, reasonable prices and good ambience is how I'd describe Aranya. Located on Outer Ring Road, it is a fine open air place which makes for a nice dining experience.

Three Quarter Chinese: Though it may not appear from its name, this place serves some really good north Indian food as well, which is referred to as the fourth quarter here. I also love the jal jeera served here. A nice place with ample seating place, you rarely need to make reservations. I also ran into cricket star Dhoni here once. They also have buffet on weekdays which is quite good and resonably priced.

Angeethi: Located on Museum Road, Angeethi is located in Museum Inn. This place has a nice buffet which is there on Saturdays as well. The food here is good. Only downside being, it is not A.C.

Banjara: Located in Jayanagar 4th Block Complex, this place serves good food. It 's a nice place though I don't really like the seating here. It's kind of noisy and overpriced for what it offers. They also serve buffet lunch which is quite O.K.

Tadka: Next to Banjara is this open air place called Tadka. I never liked the food here. They put in coconut in most of their dishes, plus, they have this really horific orchestra playing every evening. The cacophonic voice of the singer makes the experience miserable. I like the ambience and seating of the place though.

Sunny's: Located on Vittal Mallya Road this is again a nice place for continental food.

Mast Kalandar: Located in several places in Bangalore, it is a chain of restaurants which serve ready meals priced between 70-150. The food is decent here.

Mainland China: If you love authnetic chinese food, you must visit this place. You can get tofu (not the stinky one) and authentic chinese cuisine. The king prawns and the momos here are just amazing. They have buffet on weekdays which is quite reasonably priced, plus, it's a nice place to relax and spend time talking.

A taste of Rampur: Located above Hyderabad House in Koramangla is this place called 'A Taste of Rampur'. The food is pretty decent, so is the ambience as well as the prices.

Bayleaf: Located in Raheja Arcade in Koramangla, it is a decent place. The food is average and kind of overpriced for its quality. But sure the place is worth occasional visits.

Grameen: Located in Raheja Arcade again, Grameen is a small vegetarian place which is mostly full. The food is decent, decently priced and the ambience is nice too.

Tangerine: Located in Indirnagar, this place has some really nice sizzlers to offer. It's a small place with decent ambience.

Magnolia: A chinese, thai place in Koramangla 3rd block, it has got nice ambience and nice food which is quite decently priced.

Bobby Da Dhaba: Run by a sardar with a very authentic punjabi accent, this dark, smokey, crowded place attracts all the punjabis of Bangalore. I never understood why is it so overrated. I 'd strongly recommend not to try out any of the vegetables here and stick to conventional dal makhani and paranthas and lassi (called pattha here for some reason). Also, you have to reach rather very early or wait & wait & wait. I personally didn't find this place worth the wait.

This is surely not an exhaustive list. Maybe I'll add more to it as an when I recollect about more places. Plus, I'd sure miss the 'Strawberry with Cream and Ice-cream' and 'French Apple Cake with Ice-cream' served at Corner House. I am such a foodie :)