There is a large discrepancy between the vast world of finance and what we perceive in the bounds of our lecture halls. How do we apply the models we learn? When do we rely on numbers to make decisions (and when do we not)? How do we go from lone late-night sessions cramming for tomorrow’s exam, to openly collaborating with colleagues and clients from all over the globe?
Since 2009, The National Investment Banking Competition (NIBC) has helped students answer these questions first-hand. With participation from top universities such as Princeton, Cambridge, and LSE, the NIBC crafts challenging scenarios for competitors to solve through industry analysis and financial modelling. As such, the competition aims to assist our new generation of financiers in attaining, as NIBC put it, “complete industry-readiness”.
This year, four Bocconi freshmen — Felix, Alex, Vincent, and Konstantin — worked together to pass the first round, eventually attending the final round in Vancouver, Canada. They gained valuable experience in the inner workings of the financial world, with the opportunity to network with like-minded aspiring students. The morning after the final round, I sat down with Felix at a coffee shop, where we discussed the highs and lows of the entire journey; from the application process to the final flight back.
1st Round (~Dec 1st – Dec 21st, 2024)
Vincent, out of curiosity, had been looking through different case competitions, which is when he stumbled upon the NIBC. After asking Felix, Alex, and Konstantin whether they would be interested, they all agreed, and thus a team was formed. “It was a nice opportunity to gain some extra experience in investment banking, you know, before any actual internship,” explained Felix.
However, their first obstacle was not far off; the first round period, by chance and by misfortune, coincided with their Bocconi exam sessions. To ensure any chance at success, the team had to effectively balance the two. And balance they did; they would “meet every two days,” and when they did not, they would still “constantly” communicate through WhatsApp. “This was one of the things I was a bit afraid of,” remarked Felix. “I’d study for management during the day and book the Bloomberg terminal for the evening when the library was empty… that’s when we’d go there as a group to work on the case.”
But what is a Bloomberg terminal? Discounted cash flows? Trading comparables? Indeed, the challenge of time management was amplified by the sheer amount of new knowledge needed to solve the case. As Felix said, “almost everything we did in the first round, we kind of had to learn along the way… none of the corporate finance [material]… was mentioned in our course work.” Nevertheless, Felix stressed a positive outlook, noting that learning new tools and terminology was “one of the biggest reasons [they] did the competition in the first place”.
Final Round (~Jan 14th – Jan 19th, 2025)
Spoiler alert: they — along with 39 other teams — got through the first round. “To be completely honest, we joined the competition with the expectations of not making the final round,” remarked Felix. “It was a big surprise.” Another pleasant surprise was that Bocconi, upon being contacted by Felix and his teammates, kindly agreed to fund the entire trip. Thus, on January 14th, the four of them were on a plane across the Atlantic, eventually landing in Vancouver, Canada. “[the NIBC] had booked a hotel,” Felix explained, “and we worked on the case in our hotel rooms. We had to pitch them in front of judges in one of the skyscrapers in downtown Vancouver…” Among the panel of judges were industry professionals from the likes of JP Morgan and the Bank of Montreal (BMO), with a large majority being past competitors; a testament to the heritage of the NIBC. “I had never been in a proper conference room on the 33rd floor of a massive corporate skyscraper,” Felix recalled. “To walk into that room with those suits on and shake hands with these experienced bankers, I’d say I was a bit nervous.” However, any feelings of nervousness were quickly overcome by gratitude. “I thought… this is a once-in-a-lifetime opportunity as a student… Even if you make it into finance, it will take time for you to actually get into one of these [rooms].”
Due to some technical difficulties, this year’s teams were given 10 hours to work on their case as opposed to the usual 6. However, this only meant that the work had to be of even higher quality. In fact, during the trip, they were roughly averaging “four hours of sleep,” a reality of the finance world that — though expected — was exhausting all the same. “At least now I know it’s not a myth anymore…” Felix quipped. “The hours are really really tough [in finance], and even in this competition, we saw that.”
But beyond the rigorous work were the other students with a shared drive, whom Felix notes were a clear highlight. “Something they said on the first night [is that] you meet lifelong friends in this competition. At first, I was skeptical… but the people I met were super nice… I convinced some of them to visit Milan as well.” As Felix and his team were one of the few freshmen to make the final round, the “more experienced students were really willing to give tips about summer jobs and internships… share insights.” That is to say, the NIBC had a collaborative atmosphere in an otherwise competitive space.
In the last few days, the three finalists were chosen and presented at the gala. Unbeknownst to the team, the night also included two surprise keynote speakers: Dr. Fons Trompenaars and Dr. Clinton Lee. They presented on the human psychology aspect of investment banking, as well as how cultures match (and clash) during international mergers. Referring to the gala, Felix was also eager to note that the competition was not just a one-and-done chore. “It was more of a conference where you can network with your peers,” explained Felix, “which I would say was the most valuable part.”
Closing Advice
As we finished the last sips of our coffees, I asked Felix if he had any words of advice for future Bocconi students aspiring to compete in the NIBC. Reflecting back on the entire journey, Felix affirmed that “yes, it might seem a bit intimidating… but any — it doesn’t even have to be NIBC — any case competition where you have to push yourself to learn more stuff, push yourself outside of your comfort zone… is going to be beneficial in the long run.”
Of course, the entire experience would not have been possible on a student budget; as previously mentioned, Felix and his team sent an email to Bocconi, who then agreed to fund the entire trip. “A huge thank you to Bocconi for giving us this incredible opportunity to participate in this event.”
To put it succinctly, Felix described the competition as “the one place where motivated students all around the world gather to compete but also share their passion and insights on finance… a global event for global students.”
And with that, our coffees were empty.
I am a Japanese-Italian attending the BIEM program as a first year. I enjoy reading novels in any genre (particularly magical realism), and I have always been fond of writing for both academic and story-telling purposes. I also love playing and making music.
