Brief Introduction
Mallik Chavali is an incoming Investment Banking Analyst at Barclays, London. He has done his BBA LLb from Symbiosis Law School, Pune. After working at Bharucha & Partners and Trilegal as an Associate, he pursued his Master’s in Management at London Business School. He also cleared Level I of the Chartered Financial Analyst (CFA) certification and was a Nani Palkhivala Memorial Trust Scholar during his undergraduate degree.
1. How was your experience as an associate at Trilegal? Why did you leave a tier-1 law firm job to get back to the books and change streams altogether?
My time at Trilegal gave me the opportunity to work on some of the biggest deals in the country and luckily, with a great set of people. I found that while the firm plays a role in setting the culture of a team, the partner is instrumental in effecting it. Clarence Anthony happens to be a brilliant example of this. My two cents would be to thoroughly research the partner you will be working with — perhaps even more than the firm.
I grew up reading books on investing and personal finance, and hence the subject was always at the back of my mind. While it gave me comfort knowing that stalwarts like Lloyd Blankfein, David Rubenstein, Adebayo Ogunlesi, and Ron Baron made the switch from law to finance and were very successful in doing so, I chose to take a cautious approach to the switch. My time as a corporate lawyer helped me understand the deal process and acted as a window into what it would be like to work as an investment banker. The CFA Level I was the perfect litmus test to understand if I would enjoy exploring the subject academically. It was only then that I decided to take the jump and to pursue it as a career.
2. For people applying to business school, what is the weightage one should give for GMAT and the essays?
The Graduate Management Admission Test (GMAT) and the Graduate Record Examination (GRE) are simply tools that help the university gauge the academic ability of a candidate. Every university will have a spectrum of scores. While there will be a baseline at every university, a couple of points of deviation from it should not be a major concern. On the other hand, I personally believe GMAT essays play a much larger role in the admittance and can make or break a candidate’s application.
I would recommend a fair bit of introspection before putting pen to paper. The essay should tie in the entire application and project a coherent story about what the candidate has done prior, what the candidate aims to do after, how the university would help achieve this goal, and how the student can add value to his peers and to the institution as a whole.
3. How was your experience in business school, and what were the experiences, and motivations that characterised your time there? What are the aspects which a prospective student should look out for in terms of employment after the Masters in Management degree?
My experience at London Business School (LBS) was nothing short of amazing. Beyond the classic aspects such as impact consulting and HackLBS, what made the experience truly unique was the atmosphere of inter-generational learning. I found myself in classrooms alongside a diverse group of students from various age groups and professional backgrounds, including those pursuing MBA, Executive MBA, and exchange students from world-class institutions across the globe. This diversity brought a wealth of perspectives and experiences to our discussions, enriching our learning experience.
Additionally, one of the highlights at London Business School was that several of our lectures were taken by renowned industry practitioners. Their insights and practical experiences brought our classroom discussions to life, and left a lasting impact on my understanding of finance.
In terms of things that a student should look out for, one should be proactive in looking for internships and jobs. Seemingly small things like knowing when applications open and close, and what each application needs can go a long way during application season. While the university tag is likely to open quite a few doors, it does not mean that the process is going to be easy. Do not be surprised if the number of applications goes well into three digits, and do not be disheartened by rejections. Sometimes it is sheer luck, and it is always prudent to keep at it.
4. What should a person, especially lawyers, do to prepare for business school?
Preparing for business school as a lawyer can be a unique journey, and I can certainly relate to some of the challenges that come with it. It helps to have an inquisitive mind, especially for a corporate lawyer. The limited professional network can pose a significant challenge to the transition, making it crucial to try and connect with as many fellow lawyers in this path as possible. Do not be afraid to reach out to people and do not be dejected if people fail to reply — sometimes they are just busy.
The complex relationship between lawyers and mathematics means the entrance tests can pose yet another challenge. The key here lies in understanding that the preparation process is demanding, but aptitude-based, and does not require extensive learning. I spent approximately a month preparing for the entrance exams. Time management was crucial to cover all necessary aspects. There are specific techniques and resources available to aid in this preparation, including articles and practice materials that can be immensely helpful.
It is important to note that the approach to business school will differ based on the career path a candidate intends to pursue after graduation. Every career path will have nuances that will need uncovering through extensive research and networking. For instance, I learned recently that post-MBA investment banking associate hires are far more common in the United States than in the United Kingdom. Therefore, one’s preparation and strategy should align with the specific career goals, since the path you take can significantly depend on your desired role and location.
In summary, preparing for business school as a lawyer requires dedicated effort, practice, and a clear understanding of your postgraduation aspirations. Tailoring your approach to your desired career path is essential, as it can significantly impact your success in the competitive world of business education and beyond. Finally, a key takeaway is to just connect with people who are in similar industry roles.
5. As an Indian, how difficult was it for you to land a job, especially after getting to have a brand such as LBS in your CV? What are the pointers you would give for anyone trying to attempt the same?
LBS offers rigorous career services through their career centre. Students gain access to an AI-enabled software that helps make the first cut. Post that, there are several rounds of discussion to help tailor the CVs to specific industry roles. Finally, one can always book a one-on-one session with coaches, who often are ex-industry professionals. This is where the inter-generational learning also helps.
Now, there is always a fair bit of luck involved in the process of getting selected. It is definitely harder getting a job in London as compared a candidate’s home country, given that one would be competing with candidates from across the world. One should ask self if he/she is willing to relocate to a different country after graduating, and whether it fits well with the career path chosen.
It is also important to attend networking events and firm insight events. Although one may not necessarily get a first round of interview through networking, but in my experience, the conversations are enriching and help uncover information not easily available in the public domain.
6. How was your experience working and studying abroad? How would you compare the work culture in India with that in the UK?
As far as university is concerned, I found the most important difference to be the emphasis on practical learning. It was not uncommon to build financial models mirroring real-world transactions, engage in negotiations with peers, build a working prototype of a software, pitch a startup to a real Venture Capitalist, or to even come up with an investment strategy and to test it against the real public markets’ data. However, this might be partly due to the contrasting nature of finance and law as subjects.
Most modern workplaces in India are likely to be similar to those in the UK, given the international work environment we often find ourselves in. That being said, I did notice a few differences. In my own experience as well as that of my peers, we found that the work culture in the UK places less importance on protocol and hierarchies. Rather, a flat structure seems to be the norm. Understandably, this is especially appreciated at a junior level, where one is made to feel part of most, if not all discussions. I believe this contributes immensely to the overall development of a young professional.
7. How is investment banking as compared to law? Would you say the work is better than that in law? Why abroad?
I have found that my experience helped me understand and appreciate the distinct roles these fields play within the world of finance and business. In general, lawyers are involved fairly late in the deal process, often after the investment bank has completed its work. Unfortunately, this implies that lawyers are exposed to a narrower, but nevertheless an important aspect of the deal process. On the other hand, the role of investment bankers tends to be more immediate in deal-making. This also means that it is easier to see the effects of macroeconomic and geopolitical situations on business. As a lawyer, I noticed that the effects on business were more second order in nature.
There is also the extensive use of excel spreadsheets and powerpoint presentations in investment banking. While this can take some getting used to, it can be a joy once one becomes comfortable using them.
As for my decision to work abroad in investment banking, it largely stemmed from the differences in the Indian investment banking market compared to its counterparts in London or New York. The maturity, depth, and breadth of the market, along with the deal volume, are significantly distinct. These factors played a crucial role in my decision-making process, as working abroad offered a broader and more dynamic landscape for my career aspirations.
Transitioning to investment banking has provided me with a more immediate role in the deal-making process, where I can closely witness and influence macroeconomic factors at play. Early client interactions have also been a standout feature, challenging me to develop strong communication and relationship-building skills. My decision to work abroad in investment banking aligned well with the broader landscape and opportunities I sought in the finance industry, particularly considering the differences in market maturity and deal volume. While both fields have their merits, the dynamic and global nature of investment banking ultimately drew me towards this path.
8. How were the events at LBS? Can you also give a perspective in terms of the costs?
The events at London Business School were truly remarkable and contributed significantly to the overall experience. There were several programmes there that stand out, such as the Global Immersion Field Trip (GIFT). While I could not personally attend it, I heard raving reviews from my peers who had the opportunity to visit and complete a project with businesses in vibrant locations such as Bogotá, New York, San Francisco, Istanbul, and Stockholm.
Another interesting experience was the Impact Consulting project, where students get a chance to collaborate with mentors from Bain and work on real-world problem-solving. For those like me, with an entrepreneurial itch, the HackLBS, the Entrepreneurship Summer School, and Pizza, Pints and Pitches serve as excellent opportunities to practice your pitching skills and perhaps even meet a potential co-founder. An elective I would highly recommend is Business Model Experiments: Ideation and Prototyping, taught by Professor Kamalini Ramdas. Such electives allowed students to explore their entrepreneurial aspirations and exchange innovative ideas.
In terms of costs associated with attending a programme like this, it is essential to consider the return on investment. Before enrolling, prospective students should evaluate the potential income they can expect after graduation and have a rough estimate of the time it will take to recoup their investment. This approach provides a more comprehensive perspective when making decisions about the financial aspects of pursuing a master’s programme at esteemed institutions like LBS. Ultimately, the value of the experience and the opportunities it offers can often outweigh the associated costs.
