Is First Class Honors Required For Success In Finance?
First off, I want to start by saying I am not in the First Class Honors bracket yet. I am currently studying intensively to fight for a chance of being the distinguished First Class Honors graduate of my university. I have always linked the highest education attainment in education with a comfortable and decent career that banking and finance can offer. It is somehow ingrained into my mind that if I get the First Class Honors, I will be able to get whichever job I applied for. However, as time passes, and I began to read more and more about the various required responsibilities of various jobs, it is never a set requirement but people do emphasize on the importance of it. I would just like to solicit some feedbacks from members here. I would really like to know if the following finance roles require a First Class Honors?
Is it true that if one has solid internship experience, they will be able to win over candidates with no internship experience but have solid grades? In addition, in a conservative environment like South East Asia, just how far can networking breach the First Class Honors stigma? Going deeper, how does one network effectively in Asia?
At the end of the day, I know that we are only judged on our GPA for the initial job. Past that, it is all about the experience we have accumulated and how we can help subsequent companies grow. However, with the labor market for the financial and investment industry getting increasingly competitive, is it possible to succeed without a First Class Honors?
I would also like to hear members’ experiences on hiring first class graduates vs graduates with lower honors. Is there a significant difference in the quality of work produced by the graduates?
I do know that I might be worrying over irrelevant details but with recent downsizing and increased regulation, I foresee that more trimming of the financial and investment industry might not be too far off. Moreover, Hong Kong is currently experiencing a property bubble and the thoughts of it possibly bursting 2 years down the road and affecting the SEA region worries me. At the end of the day, the first job is paramount to a person’s success and I would really appreciate any advices that can give me an edge over other candidates.
I can speak to Australia, not sure how similar the grading is in HK/SEA - but in Australia, first class honours is 80%+, and 2nd class honours is usually 75%+.
You don't need first class honours to get into those fields here, but you'd need second class honours (75%+) at the least to be seriously considered - if you have a lower grade average, your resume may not make it past HR resume screens.
Candidates with solid experience and lower grades are preferred to candidates with higher grades and no experience/weak experience. Your assumption that you can get any job with first class honours is incorrect - many people with first class honours will not get the jobs they want, because there are still a lot of candidates in that category who want the same jobs.
First job is about a lot more than GPA only - I believe you are over-emphasizing the importance of grades in the job search, it is just one part. I've actually heard (in Australia) that for some investment banks, there is a grade "sweet spot" - low first class honours is great, but if grades are too high and the candidate doesn't have much work experience/is lacking extracurriculars etc, the candidate is often thought of as too nerdy/bad at time management.
That being said, grades are a tick the box sort of measure, and while they can lose you the job will rarely get you the job - you may not get the interview if your grades are too low, but you definitely won't get the job because you have high grades only.
This is true in Australia, and I assume it would be true in SEA also.
Right
Speaking for the UK, a 1st = 70% and you do not need one to go into any of the industries above. A 2:1 is the cutoff point usually (60%) and you need this to even be considered - if you get a 2:2 (50-60%) then you will struggle.
As long as you're above 60% in the UK you will tick the box for HR, often grad job offers in the UK require that you graduate with a 2:1 or above seeing as the offer comes in before your final exams.
You need a 2.1, that's it.
You either aim for a 1st and give up a large part of your social/ECs activities or you realise a 2.1 is what firms want and you try to make the most of uni.
As a sample, of the 10 analysts I can name off the top of my head, 4 have firsts. The hype of those firsts lasts about a week after your final results.
Thank you for all your comments. Hearing all your opinions sort of eases some pressure in myself. Well, I will still keep trying for it regardless, but without looking at myself through a microscope and hallucinating about studying even when I am awake lol.
Not at all!
It certainly helps you be more competitive when applying for top tier roles, but if you define success by money earned and career longevity instead of just having the most prestigious 1st or 2nd job then the world is your oyster regardless of how you did in school.
It matters for your first job interview. Once you're like 2 years into the workforce nobody cares what your GPA was for the next 40 years of your career.
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