Surviving Day-Z

MJ: "Why is summers such a fuss? Why do people keep talking of it as a once-in-a-lifetime experience - the best and worst moments of life?"
Arbit Senior: "You will know it in a few days. You just have to live through it to realise."

And so it happened. The summer internship process at IIMB truly turned out to be an experience which I can't forget for years to come. And more so because I lived through the rougher bit of it.

For the uninformed, the summer placement process is a recruitment process for obtaining a summer internship opportunity of 8 weeks, summer internship being a necessary part of the curriculum. Top-notch consulting firms, Investment and corporate banks, leading business houses, Marketing, IT and financial services firms visit the campus in a short but hectic period of 5 days to pick up 270-odd students of the institute after evaluating them through various processes. The first day is called day-zero, where the companies with seemingly best profiles, career opportunities, locations and compensations are present (between 20-25 firms are invited on day-zero). These are followed by Day-1, Day-2 and so on. The slotting of companies follows a decreasing order on the parameters mentioned in day-zero firms.

I personally do not approve of this method of slotting, because: a) It creates the oft-mentioned hype around the IIM-salaries, b) It "differentiates" one career over other, and IMO, all careers are equally rewarding, c) some day-1 day2 offers may be more satisfying as careers than day-zero offers, d) it makes students judgemental on those getting day-zero offers as being "better" than day-1, and hence, e) It puts enormous peer pressure on students to grab a day-z offer, making it a rat race. Anyone who comes to IIMB (and I'm sure it holds for other IIMs as well) wants to do either consulting or I-banking (they incidentally, make the day-z firms)

Come 11th Nov, Day-z for IIM Bangalore Summer Placements 2008, and the whole batch dressed in business suits reported at the MDC. I was one of the lucky ones to have a long list of day-z shortlist - the three big consults, the three best banks, a PE firm - and more - totalling to 14. With such a listing, expectations increase - both by self and by others. (I was told by one of the seniors that I would be out of the process in one hour - as he thought I was really well prepared) My focus had been consulting, and I decided to interview with consulting firms first. Consulting firm interviews usually consist of 2-3 rounds of case interviews, each lasting for about 30 mins.

My first interview was with one of the Big 3 consults. The first round went well - nice discussion, and a good case. The 2nd round had a case which I knew I didn't do well. I was told by the HR, "We'll let you know, you can move for your next process". These are shaky words - an indication that we're not taking more rounds with you as of now - we're not interested in you right now. Two interviews had passed by, and when I moved to the next company, another of the big-3, I realised that they had already made 2 offers! I knew the markets, I knew that companies won't make too many offers. I realised that companies were calling in their preference order, and if you don't hit it right in the first company, chances are that the other companies would have made its offers by then. Anyways, with a screwed up interview and these things running in my head, I couldn't really put in the best shot with the next company. Again screwed up the 2nd interview of that firm. "The PR (placement representative) has asked you to move to the next company". I realised I'm not on this as well. The next one was another consulting firm which had by then (2 1/2 hours through the process) already made its offers. By then, I realised that I can't be screwing up these interviews based on past performance, it is just going to weaken my chances. So I washed my face, got a smile back, and went to them. 6 rounds of interviews happened, four of them case based, and anyone who's taken a case interview knows that you virtually go blank after taking four cases in a row, and I had already taken four in the two companies before this! Anyways, the cases went well, the "Tell me about yourself" repeated for the nth time, also went well. And after 6 rounds, they came and told me, "Mayank, we're very sorry, you are an awesome candidate, but we're really limited by numbers. If we recruit you we'd not have any numbers to recruit from IIMA, and we need to maintain relations with them". I was mightily pissed, as if they didn't know about the number limitations before screwing up my 2 1/2 more hours! Anyways, I realised that making a scene would just make the day tougher for me, and I smiled and said, "It's okay, I understand". And I moved.

I moved out to find that in the last 2 1/2 hours where I was busy with the 6 rounds with the previous firm, one of the big consults and two big banks had already packed their bags - they were done with their hiring. I still feel very sad about not being able to interview with them. A PR comes and tells, "Mayank, the 3rd bank is also leaving. They're done with the hiring,but they still want to see you. Do you want to go to them or see the next consulting firm?". With 10 consulting interviews till then, I needed a break, I said, I'd interview with them. I enter the room to find two gentlemen with packed bags - this interview went awesome! Great discussion, and my fear that no prior background in finance would make me a weak candidate was alleviated. But then again, "We'll let you know". I was disappointed, that was one discussion where I wanted to be a part of a bank, just because I enjoyed talking to them! (Later I got to know why I wasn't made an offer - their opinion was: awesome candidate, but a consultant to heart! we didn't see him as a banker)

Another consult - two rounds, no success. A bank - one round - no answer, we'll get back to you later (BTW, this bank made me an offer later, but I was out of the process by then). My interview count for the day was 14 by then. Then came Arthur D Little. First interview: "So how's the day been?". MJ: "Tiring, but enjoying the process. Had heard a lot about day-z, now living thru it". He says: "Good, I like the spirit :P". Case, went well. 2nd round - and I was asked finance fundaes in consult interviews. I started, I got confused, told them I don't know. They asked me one reason why should they hire me. I told them two. They asked me three reasons why they shouldn't hire me. I told them four. And they said "Okay, welcome to ADL" :)

Phew! Finally the day ended. Probably the longest and the toughest day of my life. I learnt a lot of lessons through experience that day. Learnt that it is very important to smile even when you're entering the 16th interview of the day. Realised the efforts one needs to maintain his composure when there is so much of peer pressure around - it keeps getting tougher when friends around you are getting placed, and you're moving from one panel to other for 9 hours. Found that not every test is a test of your capability, sometimes you just have a bad day - and then it becomes a test of your patience and perserverance. Discovered that using some game theory may have gotten me an offer much before, but it may not have been what I wanted to do. Felt that I can keep on wondering what went wrong, and that I can keep finding faults in everything that happened, but it will be a futile exercise as none of them may have mattered as much. Learnt that those who had an easy day-z can never know what I went through, and I can never know what those went through who slept the night without an offer.

And, the nicest of things as well - seniors asking if I've eaten anything thru the day, friends getting food and water every now and then, those best wishes and flying kisses, this senior telling me when self-doubt started to arise: "Mayank, you've written cases! Who else does that! When you go in, remember that you're the best and that they'd be lucky to have you", my friend waiting outside the rooms till I got out of the last interview, and the tracker proudly announcing "Mayank Jha is out of the placement process" :)

To all the people mentioned above - I owe my day to you!