My Career (Why I Chose Finance and My Current Prospects)
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- čas přidán 30. 05. 2024
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Hey there! My name is Matt Ting and I'm the creator of Peak Frameworks. I thought it would be fun to share my own background and my full career story. I grew up in Canada and studied at the Ivey Business School at Western. I've worked in investment banking and private equity in New York and Silicon Valley.
In this video, I'll share the decision processes behind my major career choices, including why I picked business, why I picked finance, and what I view as my current career options.
0:00 - High School (and why I Picked Business)
1:56 - University (and why I Picked Finance)
5:42 - Breaking into Finance
6:54 - Working in the Real World (Evercore and Providence Equity)
9:12 - My Current Career Prospects
10:57 - General Career Advice
Peak Frameworks is a business career prep service started by Matt Ting and Patrick Fong, who have each spent several years working in investment banking and private equity in New York and Silicon Valley. Matt and Patrick met at Evercore, a top tier investment bank, and over the years have tutored and coached dozens of candidates to land their dream business job.
Matt Ting: / matthewting
Patrick Fong (HBS 2021): / patrick-fong-0b773041
#InvestmentBanking #PrivateEquity #Careers
This is unreal. I went to the same high school as this guy. And went to the same club (DECA). Congrats on all the success!
Congrats!
Yes!! Been asking for this video for a while!
Love how detailed and honest you were in this vid, thank you 🙏🏻
You’re killing it man. I really enjoy your videos and they help me a ton as I begin my IB analyst recruiting phase.
Stellar content as usual. Really appreciate your time creating these videos. It has already helped me so much as an undergraduate student.
Bro!!! Ive been looking for a channel like yours for quite some time. Your videos will help me tremendously in choosing a college and career path. Thank you!
Matt you are truly the best. All the best with the channel
It's so refreshing to see such an honest take. More than the facts presented, I like how you are teaching people how to think!
Absolutely loved the video. Keep producing such great content :)
This is cool. Agree there’s a void you are filling. Great transparency. All the best of luck.
Thank you for this video. It is great to see like-minded people share their decisions and experience
keep grinding bro. I finished recruiting for SA 2021 but if I found your channel before it would've been much better. there's definitely a lane for your content man
really appreciate you going into details about your career
Facts. This man is great.
Straight up, your content is the best on CZcams and in the broader Finance course/training market. Purchased the PE course 3 months ago, was really impressed as it was engaging and also really felt like a new exciting way to learn. All of that while following along on a very well designed website with a coherent structure - we notice the little things you’ve really put thought into. Was glad to see your course being advertised on the fin meme accounts lol, more people need to start discovering Peak Frameworks. Top content, keep up the good work man!
Damn man, this is one of the nicest comments I've ever received! Thanks a lot for your support and I'm really glad I was able to help you out.
@@PeakFrameworks chc
Cc fcchu
I’m glad I found this channel. Great content. Keep it up 👍🏼
i love your content! im a rising sophomore at columbia and i feel like i found your youtube at the perfect time!! Will def look into purchasing your course :)
Right on man! You are putting out some great quality content. As a rising junior looking to get into finance, but unsure about how he will fit into such a career, and stressed about the recruiting processes, your videos are like a breathe of fresh air. Keep up the good work my man!
Great advice on doing things outside of the ordinary -- it's the side projects that can teach you a lot over the years, and create serendipity vehicles for yourself.
This is fantastic Matt, best of luck on the future
Awesome content! Probably the best on this topic. You showed that I have to try a lot more regarding the internships and networking than I thought I had to.
Another great video! Thank you so much for sharing really useful content about how to break into IB/PE. I'm absolutely certain I don't want to do that anymore, but I'm glad I had meaningful information to make that decision with 💛💛💛 Best of luck with your future endeavours.
Career is like a marathon.. loved this bit
Very Well put together, keep making videos, you're going to be BIG!
Great content! Super open and tells you a great deal about the industry and your pathway... AMAZING!
I like one thing about you, you seem innocent and honest. I wish you all the best in your life.
Really love your content keep on killing it
Dude! Legit where were you back in my day 😂! I hope this helps a lot of people. Keep it up and all the best mate
Great content. I’m a sophomore college student business finance major and this helps me a lot
Absolutely inspiring!!!
This answered all my questions thanks!
Saw your channel on the video you did with investor center. This video is great and I’m glad I found your channel!
thank you for these videos man
hey, I applied to western ivey after watching this video of yours like a year back. Heard back from them last week and i got into Ivey hba. Your channel is really inspiring mate
Great work!
Such an underrated channel
Your channel is awesome. Thanks.
Finally good to see one of these videos from a canadian perspective, Im also in Mississauga and in hs wanting to go into finance in the future:)
Good luck!!! You got this!
Great video brother
thanks for your work
LOVE THIS
Great vid!!
You just earned a subscribtion bro
This is an awesome video and channel
Great story Matt, thanks for sharing. You definitely showed me it was good that I didn't go into finance. I like the work and analysis of finance, but not the lifestyle. To many people overlook the human toll of working in IB/PE. I think from a job culture and variability or work, I still would have preferred Management Consulting (plus I don't mind traveling). But it's as you said (best advice in this video), surround yourself with people who have similar values and outlook on life!!
Yeah IB and PE are a total grind, you need to be a specific kind of person to handle it. Thanks for kind words!
Bro keep it up! I’m 17 and want to be just like you. Can’t wait to watch all your videos
Love it! Thanks homie
Thanks Matt for sharing your own life story and making this wonderful video.
I don't usually comment on YT videos but your last point about finding people with similar career/life goals really struck me hard.
I am more or less in a similar situation where people around me are so focused on making the big bucks that it becomes increasingly hard for me to resonate with their values. FYI I'm in one of the BB banks. However I always find myself with an entrepreneurial spirit and wanted to do something that is more meaningful. I mean money is absolutely essential but life is definitely more than that. But I guess it's hard to see that when you are in the banking environment.
So yeah, I'm currently applying for my grad sch in the states and hopefully I'll be there next year. Gonna pivot out of finance and probably move into the tech industry.
Anyways thanks for listening to my rant if you ever come across this post, and all the best for your YT channel! Keep up the good work!
Good luck!!! Find those people with similar values and try to create goals that really reflect what you want. If you're at a BB, then I'm sure you're hard working and smart enough to make those goals come true.
I appreciate your support!
Great video
Wow, your videos are super insightful. I'm currently making up my mind on whether I should go to Ivey or UBC (I'm from Vancouver). Watching your videos have allowed me to come to the conclusion that Western is the place to be to pursue a career in PE. I hope you know how much of a difference your content is making to the younger generation wishing to follow your career path.
Thanks Jonah, that's extremely nice of you to say! Yes, I think Ivey is the safer bet. If you do end up at UBC, you need to focus on getting into the PMF program.
omg you're also from Ontario! Nice to see canadian finance YT channels
Ontario squad where yall at?
@@shaimajer3709 ay right here
@@shaimajer3709 Right here but im late lmao
great video
third-year UWaterloo student here!
Good talk. Thanks. from toronto.
dude that's brave of you. I just got out of uni was doing audit then got laid off and now am thinking about doing CFA and going into banking world.
Good luck!!!
Peak Frameworks thanks was hoping this special 11 month chance to finish cfa will give me a chance to get a job in the country. Will definitely use your product once I had passed all 3 level. Have a great day
If you ever make it big on CZcams, stay humble and avoid commercialization at all costs :)
Great channel so far!
DECA is the best! I’m from Germany and did DECA when I went to the US an exchange student. Actually also went to ICDC (Atlanta 2018) and now I work in auditing at a big 4 firm as a dual student (50% private university and 50% working at my company). Definitely still thinking about going into finance afterwards but I also really like the idea of a very good work-life balance (better than you might think). I really enjoy your videos, keep it up :)
That's awesome! ICDC was a highlight of high school for me, good luck with the career choice!
One more career route option for you can also be Corporate Development at a Tech company 🙂
I really admire your decision to go entrepreneurial. Objectively its a career gamble by doing so with your background (top EB group and top quartile GP). But i would 100% advise so even if you have a slither of curiosity about entrepreneurship. Guarantee if you stayed on you will always wonder what the other side is like, and that feeling would eat you from the inside. I say this cuz i also left the PE world as associate and started a SME biz for the last 6 years. Good luck
Thank you!!! Appreciate the support a lot. Hope your venture is going well and that we cross paths at some point!
Haha cool, I assumed you were Canadian. I'm German but I actually know Mississauga because I spend one Semester at Rotman School of Commerce. Me and some students actually took part in DECA aswell! Love your channel, I wish there would be a similar one dealing with those topics from a European standpoint.
That's awesome man! Sounds like a cool experience. I unfortunately don't have EU experience, wish I did!
Wusste gar nicht, dass es hier noch andere Deutsche gibt 😂👍
Love this channel. I start business school next month and am super excited to start meeting other people in finance. This channel has turned me onto the investment clubs which I didn’t think about.
Good luck, that's the right attitude!
Great video! I was in business at Western as well (graduated 2018) and have really enjoyed your videos/hearing about your career. I'm currently working at a consulting firm in Toronto but thinking about moving to NYC in the next 1-2 years (i'm a permanent resident of US). Overall, how have you enjoyed living and working in New York?
That's awesome, the residency will help a lot. I really enjoyed living in New York. It's the best place in the world to be for most finance jobs and you're surrounded by extremely bright and driven people. It can have a bit of a workaholic culture. I also found the city to be super fun, really easy to meet people and a great music scene (though Toronto's is good too).
Absolute stud
Awesome mate(and you can see that I from the UK). Excellent content and frank opinions. I found your content (while still in the very early stage) to highly resonate with my goals. I'm into the IB path in London, looking at megafund, but really am focused (for now) on starting my own seed fund (and with good progress as well). A quick question: while I was having the same thoughts as you in terms of bschool, I thought that the network and experience, together with the fact that deferred admissions for 2+2 programs have good financial aid (currently onto my final year in college), might add tangible value without half the cost (opp cost still count right?). What are your thoughts on MBA having a positive impact on fundraising and gaining access to the top entrepreneural thinking people?
Yeah I can see the value of MBA if you want to raise money. MBA can be good, but it's a longer term career play that requires you to keep working hard in order to extract its benefits. I would say with regards to funding, MBA is most helpful if you come from a crappy undergrad or if you want to raise money internationally. Ivy league schools still have a lot of cachet when trying to raise money in Asia for example.
Advice for you is to try working for a couple of years and you'll see what you like. Most people don't raise money in PE or HF until their late 30's / early 40's (tends to be even later in PE).
Didn't need your course, but bought it to support you. Goodluck on your journey!
Haha damn man, I don't know what to say. Thanks so much for the support Gurtegh!
Taking my CSC rn while working at manulife, zero work life balance lol. Please let me know any tips/advice for the CSC exam
Good video, I just finished up my internship in IB & am waiting to hear back on a full time offer. How soon did you begin recruiting for PE, and how did you approach the topic while on the job?
I did on-cycle recruiting, which kicked off on January for me. Evercore was pretty chill about recruiting so I didn't have to do anything sneaky. The older analysts covered for me when I was recruiting and my MD actually tried to help us get interviews.
Peak Frameworks okay cool thank you!
Thank you so much for the content. Would you ever consider coaching or mentoring students or graduates?
I am currently binge-watching your content. I'm also a mature student who is going back to school for a second degree/transfer into a BBA program at SFU, when would you recommend taking your courses?
I think the Resume and Valuation courses are good for university students. The Private Equity course is good if you're actively recruiting for private equity (so probably after graduation or in your last year).
Hey Matt! I'm also from Mississauga currently working in commercial banking, I would love to connect with you to get your perspective on this sector as well as some personal questions on your journey! :)
Yo what's up! Commercial banking is pretty solid, seems way more survivable than IB, though obviously you don't get paid the same. I think it's a great overall place to grow your career though and grow with a bank. They don't have very good buyside placement because it's so competitive in Canada already though.
Thanks for sharing your career path, it was really interesting! I just have a couple of questions,
Looking at Ivey grads, it's surprising to see a large number of them end up in LA shops, seeing that they're basically on opposite sides of the continent, why would you say this is?
I've heard that recruiting at Ivey post-crisis has really taken a toll, and getting work authorization is a major hurdle, could you offer your insight?
^also interested in current ivey US recruiting prospects given COVID and trump’s impact on visas!
The west coast thing is nuts, and it's been the case for as far back as I've researched. There's folklore at Ivey that it all started when a group of Ivey students got summer offers at DLJ (one of the OGs of banking, which is now part of Credit Suisse) back in the 90's. Legend has it that they couldn't get visas so they drove an RV to LA and got paid in cash their entire summers.
That might just be myth, but I think one reason why it's continued today is because other schools still don't focus on the west coast as much. I mentioned this in the geography / recruiting video, but most people end up pursuing NY. Ivey people know that it's tough enough breaking into the US and lots are happy to go to any city that will take them. Now, there's just a good contingent of Ivey people especially at the junior levels, and once you have a critical mass, it's easy to keep up.
Yeah, I think Trump's administration has made it a lot harder to land visas consistently. I think firms are still consistently hiring from Ivey (Evercore, Houlihan, certain offices of GS and... Silver Lake), but it's definitely not as smooth any more. I think it's still possible though and a lot of firms are still willing to do it for the right people. I've heard that a lot of Ivey people have begun to focus also on recruiting for London, UK, which I think is a really smart pivot. Ivey used to consistently send people to London, UK before the 2008 financial crisis.
Link below shows the rates over time for visa approval. It used to be >95% in my year (2015), but it's down to high 80's now. So, it's harder, but definitely still possible.
www.fragomen.com/insights/alerts/latest-uscis-data-show-rfe-rates-remained-high-key-employer-sponsored-nonimmigrant-categories-q2-fy-2020
Peak Frameworks Thanks Matt! Your insight and videos are extremely helpful to the finance community. Hope your channel continues to blow up!
Can you make a video on tech banking and tech investing?
Sure, I'll add that to the list!
Great content! Quick question on search fund. Are you looking to raise outside capital or purely your own capital. I'm in a similar position (probably more junior with 1+ year experience) and looking to do a search fund. I'm weighing between buying a smaller company (~2MM EV) with my own money or buy a company big enough for search fund investors to get excited. I don't mind the small size but It'll be buying yourself a job and the lack of management bench strength will such in this market. On the other hand, I'm not sure how I can raise capital with such limited experience. Just wondering how you are thinking about this.
I was thinking of raising outside capital just to increase the range of potential targets and also de-risk the searching process. Searching can be expensive in itself and there's no guarantee you'll find a business, so using your own capital can be tricky for some.
If you're serious about this, I would consider reaching out to MBAs (a lot of the top schools have search fund clubs for example). You could partner with someone getting their MBA who probably has more of a network, while you'd probably have relatively more capital.
Is there a certain reason why you didn’t go into hedge funds? It would seem fitting given your proclivity to stock picking in college
I kind of mentioned it at the end of the video, but hedge funds are probably the next thing I would consider if I were to go back to normal finance. Some of my peers at hedge funds are finally happy with their jobs and overall work conditions (after hating IB and not liking PE), so there's some hope there.
However, I didn't immediately pursue it because I kind of viewed this as one of the only windows to try entrepreneurship. I wouldn't be comfortable trying to start a business while I have dependents or a mortgage, so this felt like one of the last chances to do so.
Also, hedge funds seems very, very stressful from the outside. I like stocks, but I don't LOVE it like a lot of people do. You have to have a really consumed and focused personality to do well in hedge funds and I wanted something a bit more well rounded.
Isn't the hedge fund industry declining? Why go there at this point?
Really love your content! I am currently in the situation you were in the first year. Do you have any tips on how to find an internship first year? Also if you ever have time I'd love the opportunity to connect with you - linkedin or facebook both work for me. Thanks for your content and keep it up!
There's a video I made recently on how to prep as a freshman: czcams.com/video/l9np2xOYqgo/video.html
Pretty much just study your technicals and reach out aggressively.
CANADA REPRESENT❤️
That’s actually crazy this guy got into Mac health sci and Ivey lmao. You’re fucking cracked bro jeez
A small asian bank owned asset management versus structured and leveraged finance of a large international bank? Which path would you take... cheers
Probably leveraged finance at large IB. More opportunities generally speaking and I'm guessing you could go to that small Asian bank after if you really wanted to. Large IB also gives you more lateral opportunities and brand if you do want to leave finance.
Quick question. When you get a return offer after your junior year internship, do you have to accept it within a short timeframe? Or can you recruit for FT and compare those offers to the return offer you had
Depends a lot on the firm and market conditions. I would say in most cases, you don't have enough time to recruit for a lot of other places. I think getting a week to decide would be pretty generous these days. Some schools (I think Penn and maybe Cornell) will try to protect you for a few weeks, which is a huge advantage, but it's hard to count on.
If you haven't been contacted by other firms by the last few weeks of the summer, then it's not necessarily likely that you'll get an interview out of no where. You should be diligently networking throughout the summer if you're thinking of jumping ship. The less attractive places to work will force people to accept offers before their summer has even ended.
Peak Frameworks gotcha, thanks so much. I’m a rising freshman so I’m trying to learn as much as I can about the industry early on, and your channel has been a tremendous help. I really appreciate it!
Great video. I am also at western studying finance. Would be great to connect!
do you have any advice on getting into finance if i’m not going to a “target school”. most likely going to ryerson saf or mcmaster business this fall.
Join the top finance clubs at your school. Join ACIIC (intercollegiate investment club). If there is no finance community at your school, make one. I think McMaster is going to be marginally better than Ryerson.
I’ve been premed my entire life but now I’m starting to have an interest in finance. How do I get started?
Depends where you are and how good your school is. If you're still in school, then just join all the finance clubs and start networking hardcore. I think you can switch if you're in freshman / sophomore year. If you're after school, you might need to get an MBA.
Anyone know which CSU is best for finance majors? ( esp job opportunities )?
What are your thoughts about the CFIs FMVA program ? Is this the best financial modelling course out there ??
I haven't ever tried it or heard of it really. I don't know anyone in the industry who has taken a CFI course to be honest. In investment banking, Wall Street Prep is probably the most popular course used for actual financial modeling training.
Hey I was curious what is the process to doing investment banking as someone soon going to a Community College? I have a senior year left and I want to make this happen.
It's tough, I would probably seriously consider transferring to a better school that has a more consistent track record of IB placement. Community colleges don't place very many people.
which path pays more in general, being a developer at a big tech firm (Google, Apple, etc.), investment banking, or management consulting
I think IB is going to win out, especially over the longer term. Tech salaries tend to stagnate unless you move into more managerial roles or something like product. If you're at a top tech firm that has great stock appreciation, it's conceivable that they'll earn more.
I think the median IB salary is going to be higher than the other two though.
I think engineers at big tech are going to make more than consultants.
Hey Matt! I am planning to apply to Western Ivey and would like to know what you studied during year 1 and 2? I would really appreciate your input!
I did BMOS! Econ and BMOS were pretty similar in my opinion. Both are pretty easy in your first two years so you can focus on recruiting and extra curriculars.
If you have knack for it though, computer science / financial modeling spec seems solid too. But you might be exposed a bit less to the hardcore finance people.
@@PeakFrameworks Thanks for the insight, great job on channel btw!
That smile... That damn smile
does the exact degree matter for example is a finance/accounting degree better or more sought after then a business and management degree for IB ?
Really depends on the school, hard to give a blanket answer. You have to do your own research to see which program places better. If the same school offers both finance and business management, finance is generally better.
hey! You mentioned the CSC is a waste of time and that there are better courses, could you give some examples ? GReat content Thanks
Haha, I was insinuating that our courses at Peak Frameworks are solid!
I think the CSC can be a good intro course if you know nothing about finance, but my point is more that no one is going to look at a resume and be impressed because you took a course. Maybe if you're a non-target / have no finance experience, it can help communicate your interest, but I think it's kind of a joke.
What are the job roles in pension or long term investment funds that are similar to investment banking?
Most of those big institutions will have capital markets teams which are kind of like internal investment banks.
But the jobs I was referring to here would be like investing in the stock market. Long term focused hedge fund type roles with stable capital.
@@PeakFrameworks I see. Because I want to do something like investment banking. However work life balance is huge for me. If working in pensions and such will offer me that, at the cost of less salary, I’d be happy to do it. if I can find out the actual job roles then I can work my way towards it, as I am not a college grad anymore, but much older.
I hope this doesn't seem ignorant but what exactly makes the PE course at Peak Frameworks better than BIWS?
BIWS models are a bit simple, they don't have interview case studies, and they don't discuss the recruiting process at all. They have a great IB course but I don't think anyone really uses their PE course anymore.
Do you think the CSC is still a good way for non-finance majors to enter the field? You mentioned better education, what would those be?
Haha I was joking that people should take the Peak Frameworks course. I think CSC is OK, but you should really do it as a last resort. Focus on getting into finance clubs, doing stock pitches, etc. vs. the CSC. The CSC is kind of a rip and you don't learn anything practical.
@@PeakFrameworks I've read some of the CSC material. It's quite informative if you want to know the procedures of the securities market in Canada, but obviously its not as rigorous in concepts as the CFA, CAIA, FRM, etc
I am a junior in highschool and want to do investment banking. What would you recommend i should do to get started.
Get into the best school possible and start following the stock market!
what would you recommend for someone interested in finance and making a career out of finance but doesn't have any college degrees?
Get a college degree
Yeah, you'll almost definitely need a college degree. I don't know any exceptions.
I’m in my sophomore year in college and I still haven’t had a job related to finance. I’ve only had experience as a cashier. What should be my first step to find a internship?
Read finance textbooks and news. Join the best finance club at your school (or start one). Aggressively reach out until you land a finance internship.
@@PeakFrameworks Thank you.
Is an investment banking career out of the question if you go to a school like Uottawa or are there other pathways to such a career?
Not out of the question, but much harder. Much, much much easier if you transfer to Ivey for example. You could also lateral into IB after graduation, but also much harder.
@@PeakFrameworks Is there anything you could do outside of uni to boost your chances?
i have the opportunity to pursue a masters in CS at a top ranked US university. should i use the opportunity to go into tech (FAANG, Microsoft, Big-N firms) or use it to try to get into i banking in TMT and try to get into PE from there?
what would you do if you could go back?
coming from a consultant background (not MBB), this would be a major career pivot opportunity in either direction.
my dream is to reach ~$20M in liquid assets by age ~50-60.
much thanks.
I think these are really different career paths so you should think about the kind of work you want to be doing. I would find it hard to believe that you don't have a natural preference towards either. I think $20mm is going to be more achievable via the finance path because tech salaries typically cap out under a million.
One thing to note is that it's hard to break into PE if you've already worked a number of years and don't yet have investing experience. I personally think if you're even kind of leaning towards tech, you should go that way. Finance is pretty brutal and takes a lot of sacrifice to climb the ranks.
@@PeakFrameworks im in my mid 20s right now, and will be late 20s by the time i graduate from the CS masters program. has the PE boat already sailed for me, even if i were to break into IB?
and yes, i do have a slight inclination to coding over doing financial models/pitchbooks, in terms of being attentive to detail.
i guess going the tech route as a software engineer might allow me to work in VC later on in my career? how do you feel about the brutal-ness of VC vs. the IB->PE path?
So if the CSC is a waste of time... what's a better alternative? Most of the entry level positions I see require the CSC
At least for IB / PE / HF type roles which are what I'm familiar with, I didn't see any CSC requirements. Maybe some mutual fund type positions require it. There's no course that is going to make yourself much more valuable to employers. Internships and clubs are better. Maybe do one of those Harvard or MIT online courses if you really want something.
@@PeakFrameworks Ahh ok! The ones I was seeing were for retail banking positions
If I'm 28 and going to community college for the first time and get a good GPA, can I make it in the finance industry? Will I be discriminated because of my age? I like the idea of working at a smaller but fast browing company and having equity. I like the entrepreneurial side of things to.
I don't know many people from community college that broke into investment banking personally. I think that might be the bigger obstacle than age. You should look into the alumni from your school to see what is possible.
@@PeakFrameworks I'm transfering after my community college to a 4 year school. UMKC is easily acceptable and close by but if I Get offers to a better school maybe ill go there. Thanks for your inpuit
Good¡¡¡
Commenting for the algorithm
Is it possible going into IB with a master in Management and not in Finance?
Yes, tons of people just have management degrees. I just have a honors business administration degree. Depends more on the school than the program.
Finance is the best choice if you want to make more than a doctor. Unless you're incredibly talented in another field like computer science, cooking, writting or leadership but you gotta really good.