I recent graduated from college and am currently seeking employment in the finance industry, specifically as an operations analyst. I have good GPA, have held numerous jobs and internships, and studied abroad as part of a finance training program. Despite all this, I have yet to secure employment and although I am not desperate, it is starting to feel a little frustrating.

I spoke with an old classmate of mine the other day who was hired last by a large investment bank last year, and I asked him for suggestions. He told me flat out, that he lied on his resume and as a result, was selected as an interview candidate and eventually was offered the job. Now, I don't know this person that well, but I find this appalling. I am not about to fabricate information on my resume, as I feel confident that I will eventually find a job that I am happy with, but this did get me thinking.

Is it common for individuals in the finance world to lie on their resumes? If the answer is yes, then I feel that I am at a competitive disadvantage to all of the other potential candidates vying for the same position. I was shocked to find that the company who hired my former classmate did not engage in better due diligence beforehand. Do employers expect people to lie on their resumes? Also, what are some ways that I can make sure that my interviewer knows that my credentials are indeed accurate? Any other advice in general would be welcome. Thanks in advance.

Well what did he lie about? And for what type of position?

Ethics >>> Professional success. YMMV.

My friend was opening a position and I have chance to read few resumes, I believe that all of them were partly lying LOL. So I would be suspicious.

I think it is fairly common to "shape" the truth. At the end of law school looking over people's resumes I'd say the majority had taken liberties or exaggerated. Small stuff and not outright lies but stuff I would consider dishonest. I don't see why it would be any different in finance.

Obviously....I think the question was referring to blatant fraud.

He was applying for an analyst position at one of the Big 4 I-banks, I really don't want to say which one. He told me he lied about his GPA, he said he got a 3.7 rather than a 2.9 or something. He also fabricated some of his previous work experience, invented internships, that kind of thing.

I know most people "pad" their resume in some ways, and I think there is a big difference between slightly exaggerating and flat out making stuff up.

You are not required to submit transcripts with respect to the GPA?

I guess if you like being fired then go ahead and lie.

This is what amazed me, is this common?

Its the same thing as cheating on a test. Cheat a little and you prob get away with it. Cheat too much and youll prob get caught because you wont be able to answer basic questions.

If your friend did as much as you say he did and didnt get caught, he is either really smooth or the bank dropped the ball big time.

uhhh, I work for a big ibank, have been out of school for 7 years, and I know for a fact they ordered a transcript and cross checked my gpa. the background checks they do for all employees are pretty hardcore, I would be very surprised if they didn't cross check a college hire's gpa.

Company I worked for "reassigned" someones paycheck to a LLC that is a combination of our company and anothers (we just call it the legal money laundering business as a joke - we are for profit and the other company is not for profit) and in that process they did a full review of everyone that got switched.

She's no longer with the company since she lied about something. She had already been with the company for like 5 years or more prior and shown outstanding work. Her boss took it kind of hard having to let her go.

The short answer is don't lie, don't write anything that can be construed as a lie, don't lie about even the most trivial factual item.

The financial business is different than some others; resumes are background checked by outside investigation firms. Lying about GPA isn't even close. Don't understand how if that happened how it was not caught in background check. If they catch it down the road (because they can finish background after you actually start) then the person will be fired and there will be no mitigating considerations.

You can be terminated for misstating the month you moved out of an apartment 3 years ago. If anything on your resume or employment application is incorrect, you don't pass background.

OK, this is all very good to know. I didn't think it was possible to 'make up' a resume and get away with it. Its good to know that somewhere down the line, this will probably catch up to him.

Che avatar? Is your heart really in this?

Has he started his job yet? They usually do ask for transcripts and verify grades. If they're close, I assume they might let it slide, but that is a huge discrepancy.

I've worked for a Big 4 Accounting Firm (they don't have a "big 4" for investment banks, or at least, that is not a common term) and currently work at an investment bank and each time the background check was pretty thorough. It even took 3 weeks longer for the bank, because they pulled up a different name that had misdemeanor charges. It took a little while to clear that up.

I would not encourage anyone to lie. Studies show that a majority of resumes have lies or stretches of the truth on there.

I think it is amazingly foolish to lie about something that is easily confirmed like a GPA. If you are going to stretch the truth, better it be about things that are harder to verify.

As a chef, all you have to do is watch someone for an hour (usually less) to know if they are lying on their resume. Isn't it similar in your industry?

What do you do to tell they have lied? Hold a Kasumi knife up to their neck and tell them you want the truth?

Jimbo

It sounds to me like your friend was being sarcastic or trying to impress you with how badass he is. I've heard countless stories on the thoroughness of background checks by most of the financial firms. I'm pretty sure Goldman even looks at your high school records.

Your friend was lieing to your face.

YOU CAN LIE ABOUT GPA; but if you have to verify this information you will have submitt transcripts; in which case now you have to falsify documents or tell them you lied... Which is all done b4 u are offered a job. Why do you want to start a job off on this foot and/or face future termination if anyone find outs....

In california this academic information is PRIVATE and can only be requested from a college by the applicant. (ie: not some rando company)

youre talking about a criminal background check
its takes like 3-5 days to do a limited background check that will catch felonies.

If a hit comes back then ti could take up to 10-14business days.

Background checks are done through 3rd party agencies.
*doesnt have much to do with putting a lie on your resume unless you stated "never been convicted of a felony/misdemenor".

I knew 3 people coming out of finance and they had such hard times finding the kinds of jobs they trained for that 2 ended up going into accounting. Even then it seems that they needed direct connections to land a job.

even my internship verified my gpa through my school.

i'd think a big investment bank would do the same for a full time employee.