Breaking Into Finance – Details, episodes & analysis

In this conversation, Craig interviews Jessica Holton about her journey from investment banking at Morgan Staley and private equity at Carlyle to eventually attending Stanford GSB for her MBA and pivoted to serial entrepreneurship. Jessica founded two businesses (BLAZE Skincare and Ours) and is also of Access Distributed, a nonprofit organization that helps students from underrepresented backgrounds break into finance.

Jessica shares the challenges faced by fellows and provides advice on networking and building relationships in the finance world. They also discuss the importance of in-person internships and how to make the most of remote work. Jessica offers frameworks for choosing the right path in banking and shares her experience transitioning to entrepreneurship. The conversation concludes with a discussion on the role of business school in personal growth and development.

Takeaways

• Access Distributed is a nonprofit organization that helps students from underrepresented backgrounds break into finance.
• Networking and building relationships are crucial for success in the finance world.
• In-person internships provide valuable opportunities for learning and building connections.
• When choosing a path in banking, consider the people you will be working with, the types of deals you will be involved in, and your interest in the industry.
• Business school can provide a supportive environment for exploring entrepreneurship and personal growth.

In today's episode, I wanted to take a 1-week break from the interview model to talk about some investors and strategies that I admire and that have (or are in the process of) changing the industry. These are some important figures and strategies to study and understand on the road to becoming a better investor.

Key Highlights:

1. Robert Smith and Vista Equity Partners: Recognized for his pioneering insight into software companies' valuation, Smith's approach to leveraging these high-gross-margin businesses has positioned Vista as a leader in software investment

2. Seth Klarman and Baupost Group: Klarman's philosophy of being able to price anything, regardless of the asset type, showcases the depth of value investing and the principle of margin of safety. His influential work, "Margin of Safety," is a must-read for aspiring investors

3. Nelson Peltz and Trian: Through Trian, Peltz exemplifies how activist investors can drive significant changes within companies by advocating for more efficient operations and shareholder value maximization

4. Pete Stavros and KKR: 50 years after Henry Kravis, George Roberts and their mentor Jerome Kohlberg started pursuing the first leveraged buyouts, KKR continues to innovate with strategies like Stavros' decision to offer shadow equity to employees. This action has shown in several pilot investments to lead to substantial operational improvements and value creation

On today's episode we're re-airing our most-watched episode, Intro to the Three Financial Statements. We've gotten a lot of new listeners to the show, and I want to make sure everyone knows that my best content came first - the deep dives on all the technicals needed to crush your interviews and break into finance.

In this episode Craig sits down with Sam Rosen (VP, Venture Capital at GIC) to discuss the current startup landscape, the pros & cons of going into venture vs. working at a startup, and some frameworks and advice for how to do your diligence on finding a startup to work for.

Ahead of Round 2 deadlines for several MBA programs in early January, we're breaking down the relative value of the MBA vs. Masters in Finance vs. CFA and how to know which one is right for you.

In a follow up to Episode 49's breakdown of the various functions in bulge bracket investment banks, Craig shares his thoughts on how to compare and contrast different IB opportunities along with a checklist of skills developed in each role.

On today's episode, we're using the ongoing OpenAI debacle to discuss the mechanics of how corporate governance works, why it matters for finance professionals and frameworks for understanding the relative power of CEOs, Board Chairs, and equity holders.

On this episode, we break down all the various divisions that are commonly found inside the "bulge bracket" banks, then go into a lot more detail on the investment banking division and the variety of roles that exist across IB.

This episode is Part 1 of a multi-part series on the various roles, responsibilities and exit opportunities that exist across IB roles, divisions and firms.

On today's episode, we're sharing a Q&A session that Craig held with Will, a recent graduate from Castleton University who is eager to find a way into a private equity investing role. We touch on a number of topics including the value of a Masters in Finance program, the CFA and whether taking coding classes to learn some basic coding in languages like Python will give you a leg up in the process.

For folks new to the show interested in similar questions, I'd highly recommend also listening Episode 4, where I talk to Austin Kipp about his journey from working in IT to investment banking at Credit Suisse and PE investing at Thomas H Lee Partners.

On this episode I catch up with Taylor Weekes, who is currently a first-year investment banking analyst at a bulge bracket bank. We touch on a variety of topics including Taylor's path to IB, advice for learning the technicals, strategies for seeking professional mentors and advisors, and her experience as a Black woman in finance.

Taylor and Craig first met when she was a Sophomore at Howard and participated in the inaugural Wharton Partners In Equity Case Competition that he helped organize as an MBA student, so this episode was a fun reunion!

Lastly, here are links to a few YouTube channels we discuss:

• https://www.youtube.com/@BreakingIntoFinance
• https://www.youtube.com/@AfzalHussein
• https://www.youtube.com/@KenjiExplains
• https://www.youtube.com/@PeterSu