Is it too late to enter IB?
I'm a junior at UVA McIntire, and I want to enter investment banking after graduation (or for summer 2022, but that seems highly unlikely). I don't have impressive internships on my resume, just some local businesses. I have a 3.8+ GPA and some leadership positions, but notably no experience with financial student organizations. I'm involved with nonprofit organizations and diversity organizations in college, and have leadership positions in those. I want to break into investment banking after graduation, and I want to know the best steps I can take from now to ensure that happens. What type of summer internships should I be aiming for in 2022, and what else can I be doing on the side to make my profile more attractive? Thanks!
Look into boutiques for internships. Kick ass and build strong relationships so that when full time comes around, you’ll have a job
You should be able to find something in IB. Connect with alumni.
I will do that. I also don't have any technical knowledge of IB - are there any resources that you recommend I can use in this short timeframe to become as familiar as possible in time for interviews?
Valuation by McKinsey is pretty good - this second link looks good too, but I’m not familiar with it personally. Good luck.
Valuation: Measuring and Managing the Value of Companies (Wiley Finance)
https://www.amazon.com/Valuation-Measuring-Managing-Companies-Finance/d…
Investment Banking: Valuation, LBOs, M&A, and IPOs (Includes Valuation Models + Online Course) 3rd Edition (Wiley Finance)
https://www.amazon.com/Investment-Banking-Valuation-Models-Finance/dp/1…
Fourth-year in UVA McIntire going into IB so hopefully I can provide some helpful insight. I'd approach this with the following strategy: (1) apply to a ton of places on Handshake; (2) learn the IB technicals quickly; and (3) adjust your resume to emphasize any quantitative involvement you've had. For (1), I'd imagine there are still going to be plenty of smaller, regional banks and then boutiques recruiting on Handshake throughout the fall. UVA/McIntire kids historically have done exceptionally well with various smaller places in Richmond, for instance. I'd start applying as soon as you're able if you haven't already. On (2), I'd read the 400Q M&I guide (you can likely find a free PDF online) and get familiar with the basic questions. To add more granularity on the topics, I'd explore further on CFI's website and read about various important terms (ex. WACC, DCF, FCF). Another commenter had included a link to the Rosenbaum & Pearl IB textbook, and this is a great resource to have for if/when you recruit for full-time. You might not have the time to read this over the next couple of weeks as you're in third-year ICE. And then for (3), I'd quantify any applicable leadership experience you've had at UVA in your extracurriculars, such as the budget size of a particular organization and any finance/allocation work you've had in those roles, if possible. Apply this same mindset to framing the roles you had with local businesses too. Hope this helps!
That's very helpful, thanks! Also side note, do you know if someone with a 3.7 GPA would qualify for IB full-time applications from McIntire? I know my GPA might drop in this coming year to close to 3.7.
Yeah, I'd say a 3.7 GPA is certainly within the realm of possibility for full-time recruiting. GPA cut-offs for those roles are often 3.3 or 3.5 and above, so you'd be well within that region. To be honest, your internship this upcoming summer would matter much more than your particular GPA, as full-time recruiting would treat your GPA as more of a "check the box" (that is, if you have a >3.5, you're all good; there would be no meaningful difference between a 3.7 and 3.8 and even a 3.9). If you're unable to land an IB role for this upcoming summer, I'd recommend to do something that still has an emphasis in finance and/or accounting. There are plenty of these types of internship roles that will pop up on Handshake throughout the year.
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