When writing about their goals in the financial services industry, far too many MBA applicants submit essays that (to be blunt) reveal that they have no idea what is involved in actually working…in the financial services industry! So, if you are working on applications now or preparing to do so in the future, know that you will need to speak intelligently about your professional “fit” and understand your niche within this field. Of course, if you are in school and interviewing for financial services jobs, you will definitely need to know what is actually happening on the Street.
A great place to follow the big stories on Wall Street is the New York Times’ DealBook. And, a great “place” to get started within DealBook is a recent article entitled, “The Triumphs and Failures of Deal Makers in 2012.” Among the notable failures, DealBook criticizes Apple’s secretive and heavy-handed acquisition of AuthenTec and takes aim at an unfortunate ChinaCast Education deal in which ousted executives transferred assets to another firm, leaving shareholders high and dry. DealBook includes Burger King going public by selling itself to a special purpose acquisition company, Bill Ackman’s activist role in Canadian Pacific Railway’s revival and the New York Stock Exchange agreeing to sell itself to IntercontinentalExchange last week among the “triumphs.” If you want a job in finance and do not know what an “activist” investor or a SPAC is, you had better get reading.