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I am a rising sophomore at a small, complete non-target. I was able to secure an internship this summer in valuations and have done a good bit of modeling etc so I feel that I have good experience so far. Currently, I am pushing hard to get a spot at either a boutique IB firm or PE firm in the area of my school during the fall. Assuming I can find a role at one of these firms. If I network decently well do you think I have any chance of breaking into BB type firm in NY/CHA/ATL? I just want some realistic insight from some of you that may have had a similar experience or any advice. Thanks in advance
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Few things here
1. GPA is king. Hopefully you have at least a 3.7, ideally 3.8+. This is the biggest difference maker in breaking in
2. Locations - NYC is where most firms are but also extremely competitive. Atlanta has no BBs or really much banking at all, Charlotte is very limited (Wells, like one BAML team). Most BBs (don't forget MMs and EBs too!) have locations in Chicago and Houston if you're looking to stay out of NYC, but you usually need to have significant ties to the area to be successful with those, namely going to high school or college in the state.
3. Networking - Unfortunately "decently well" means emailing at LEAST 300 people since your conversion rate of email -> phone call will be very low. Start in October of your sophomore year, keep your connections warm over the winter and aim at really getting interviews and superdays around April/May. Also email first year analysts, especially from non targets, since they are new and eager to help. They don't have tons of pull but ask them about the recruiting process and for a referral.
Freshman year internship will help, another one will help even more, but IB is a huge uphill battle. Best of luck
Thank you so much!
As a non-target, I would be strategic about how you utilize your time. MS and GS are very prestige oriented, so I would probably network the least there. JPM doesn’t allow networking or referrals anymore so it’s kinda a crapshoot. I’d focus most of your time on BAML, Citi, Barclays, DB, CS, Wells, and UBS. Plenty of nontargets at all of those banks, it’s just how about badly you want it. You should also think about S&T and Capital Markets because I’ve found it easier for nontargets to go through that route. Then you can later switch into IB if you want.
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