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A good time to send your resume to an investment bank is in November and December.

Hires are usually made around January and February. But don't stop in Feb. just because you haven't hit your target. According to an analyst at Salomon Smith Barney "it's really crucial to be persistent. It's basically a numbers game. Contact lots of people. But at the same time, customize your approach to each person and bank. That means it's going to be pretty much a full-time job."

Don't forget to check back.

Traditional recruiting is done by April. Lots of people also change jobs in the March to July period. This means that many banks are scrambling for personnel in July, long after the resumes have been thrown away. Somewhat surprisingly, the best time to find a full-time job is by screening your contacts in late Spring and Summer.

Investment banking is one of the most global businesses on earth.

Investment bankers spend plenty of time tracking down corporations in Peoria and Seattle. But they are just as likely to be working with investors and issuers on the other side of the world--perhaps Hong Kong, Bulgaria or even Africa.

Electronic investment banking is emerging in a serious way.

Companies like E-Trade offer online stock trading. Other organizations like DLJ and Deutsche Bank are offering electronic trading of stocks and bonds. Electronic origination of securities is being led by W.R. Hambrecht and Wit Capital. There are tremendous opportunities for growth in this area.

Investment banking is seeing massive consolidation.

Today,firms merge at unprecedented speed. The mid-1990s have seen mergers of Citibank, Smith Barney and Salomon, Bankers Trust, Dean Witter and Morgan Stanley, Bank of America and Montgomery Securities and SBC, UBS, Warburg and Dillon Read. Expect this to continue. The big players, particularly, Merrill and Goldman, are not done yet.

Investment banks had a great year in 1999 with a strong market.

Unfortunately, problems in the emerging markets have crimped hiring lately. Areas that are worth looking into in tough environments include investment grade debt, firm risk control and certain types of M&A. Also keep in mind that if you can't find a job due to the lousy environment, investment banks often hire from corporate treasuries when times improve. Thus, pursuing a corporate finance job isn't such a bad alternative. It beats driving a taxi.

Investment banks have experienced rapid salary escalation as firms fight to try to keep good people.

According to a recent McKinsey study, the average salary at a top ten US investment bank in 1980 was a little over $50,000. By 1998 it had more than tripled.

The investment banking business is notoriusly competitive.

A recent Goldman Sachs research report finds that five large European investment banks (headed by commercial bank parents) have committed almost $17 billion in capital to the industry. Firms like CSFB, Warburg Dillon Read, Santander and ING are attempting to expand rapidly in the US and are putting salary pressure on other firms as they go after talent and business. In Fall 1998 a lot hiring was coming from Dresdner Kleinwort Benson. A recent McKinsey study argued that many firms in the business will not be able to survive long-term (overcapacity situation). This argues that you should try to get on with one of the stronger players in the industry if you have a choice.

The Asia crisis has put the dampers on much investment banking activity in places like Indonesia, Hong Kong, China and Thailand.

Yet hiring is happening because so many have quit in 1997 and 1998. The market declines and losses on emerging market bonds that book place in late 1998 will continue to drive personnel changes.

Investment banks are facing declining margins on bread and butter business.

Margins are falling in underwriting of investment grade debt, vanilla foreign exchange and many areas of OTC derivatives. Treasury bond trading is fast becoming one of Wall Street's least profitable areas. This is putting downward pressure on salaries in places. Expect more pressure on salaries in time for traders as electronic trading becomes more prevalent.

Sometimes you will find yourself working for an egotistical jerk.

What do you do? First, don't take the job in the first place. If someone mistreats you in an interview, get up and walk out (funny... you may actually get offered the job). Second, be sure to communicate your needs very clearly when it matters when dealing with an ego-creep. It might just be that someone is so busy and overwhelmed that they get abusive. Laying it out in a nice way may help. Finally, if you find yourself in a truly pathological environment working with dysfunctional people, bail out. Life is too short and the money isn't worth it.

Pick the first firm you work for carefully.

People who jump from firm to firm too much are less likely to get hired into a great job because your loyalty will be in doubt. One leading global investment bank has a practice of minimizing hiring from outside to avoid "career jumpers."

Investment banking is seeing entry from traditional banks.

The Glass-Steagall Act which restricts commercial bank activity in underwriting equity and debt is being relaxed. The following U.S. banks, for example, have entered securities underwriting in a serious way:

• BankAmerica
• JP Morgan
• Chase

The 1998 merger of Travelers, Citibank and Salomon into Citigroup will only accelerate this.

Investment banking is generally transaction driven.

In this environment a single individual with good client contact can make an enormous difference for a firm. This is part of the reason that star investment bankers ("rainmakers") take home high bonuses.