Ethan Plater: Leveraged Finance, Morgan Stanley

The Old Grad Story: 

Ethan led Infantry Soldiers for five years, before transitioning out to attend Wharton Business School. Ethan was able to cover his MBA tuition through a fellowship at Deutsche Bank, which he successfully translated into a full-time offer. After three years with DB, Ethan accepted a role with Morgan Stanley, where he now holds a Vice President role focused on Global Capital Markets. 

Old Grad Knowledge:

If you want to get into banking, your ‘Plan A’ should be to get into the best business school you possibly can. Don’t lie to yourself and say that the business school doesn’t matter, because it absolutely does. For example, Morgan Stanley only recruits at certain schools, clustered within the top-ten. Outside of those, it can be really difficult to get a look. 

When I interviewed for my first fellowship [before business school], I thought I’d drop everyone’s jaws with stories of my time in Iraq – nothing could have been further from the truth! I was asked technical questions that I was completely unprepared for. It was a disaster! It was a wake-up call for me and helped me better prepare for the fellowship at DB. 

Internships and fellowships can help you get your foot in the door, but networking is key to secure the job. Harness the USMA network and broader service academy community to get senior people in your corner.

The first few years as an investment banker are really tough, but once you can get through the high-slope learning curve, your military background will provide a significant value-add. Things we consider basic skills – courage, leadership, initiative – will really come to fruition as you gain experience and seniority. 

Lingo to Know: 

·         M&A: Mergers and Acquisitions – the practice of companies purchasing controlling stakes in other companies as part of their long-term growth strategy. 

·         TMT: Technology, Media, and Telecom – one of several key functional units present in many investment banks, with specialized services for clients in the space. Other common examples include Industrials, Consumer Products, Enterprise Applications, and more. 

·         League Tables: ranking tables that indicate the number of deals and volume of transactions that each investment-banker presided over in a given year. Beyond providing bragging rights, League Table rankings can help establish the credibility required to take on more and larger deals. 

·         Bulge Banks: larger, global, publicly-traded banks that offer a wide range of products and services across many industry groups. 

·         Boutique Banks: smaller banks that specialize in certain services and/or industry sectors. 

Breaking into Investment Banking

·         Find people who know the industry and can help; read, practice, and get the harshest feedback you can to prepare! 

·         Banks love the military background. If you can get your foot in the door, banks have confidence that you’ll perform. 

·         Cast a wide net and network like crazy! 

·         Attending a top-ten business school can be a powerful advantage during recruiting. 

·         Reach out to veteran investment bankers!