Need Some Advice - Career
Hi everyone,
I graduated from a target school (non-finance major) about a year ago (GPA: 3.6). All my internships are non-relevant government-related. I have been working in a non-finance administrative support role.
I decided that I wanted to do IB in my Senior year of college (I know it doesn't work well). I have spent my free time taking modeling courses and reading preparation materials, in addition to reaching out to at least 3-4 people per day, asking to set up calls for the last year and a half. I've mailed my resume physically, cold-called, and exhausted my personal network. I've probably reached out to close to 1,500 people and had at least 100 conversations.
Earning a position in this field has been my entire life for the last year outside of work (I'm not complaining here; I'm just trying to give you an accurate picture of where I'm at).
I interviewed at one MM, but aside from that, I've had no luck whatsoever.
I wanted to ask what you might suggest I do differently or if you have any other things I could be doing?
Diving straight into your situation, it's clear you've shown remarkable dedication and persistence in pursuing a career in investment banking (IB), despite coming from a non-finance background and a target school. Here are some tailored suggestions based on insights from the Wall Street Oasis (WSO) community that could potentially enhance your strategy:
Leverage WSO Resources: If you haven't already, dive deep into the resources available on WSO, especially those focusing on non-target to MM IB transitions. These resources include interview guides, financial modeling courses, and networking strategies specifically designed for individuals in your position.
Focus on Your Unique Selling Proposition (USP): From your description, it seems you have a strong academic background and a unique set of experiences from your government internships. Highlight how these experiences have equipped you with a unique perspective and skills that can be valuable in IB. For example, your ability to navigate complex regulatory environments or manage stakeholder relationships could be a strong selling point.
Networking Strategy Refinement: While you've been proactive in reaching out to professionals in the industry, consider refining your approach to make your interactions more memorable. Instead of a broad approach, focus on building deeper relationships with fewer contacts who can potentially become mentors or advocates for you. Share your unique story and how your background can add value to their team.
Target Boutique Firms: Given the intense competition for positions at MM and BB firms, consider expanding your search to include boutique investment banks. These firms might be more receptive to candidates with non-traditional backgrounds, and securing a role at a boutique can be a valuable stepping stone to larger firms in the future.
Showcase Your Technical Skills: Continue to build and showcase your financial modeling and technical skills. Consider working on case studies or personal projects that demonstrate your ability to apply these skills in practical scenarios. This can be a powerful addition to your resume and a talking point during interviews.
Seek Feedback: After your interviews, whether successful or not, seek feedback from your interviewers or contacts within the firms. Understanding where you can improve or what might be missing from your profile can provide you with actionable insights to enhance your candidacy.
Consider Further Education: If you're finding it particularly challenging to break into IB, consider pursuing an MBA or a Master's in Finance from a school with strong IB placement records. This can not only bolster your academic credentials but also provide you with another opportunity to intern and break into the industry.
Remember, persistence is key in the IB recruitment process, and it's not uncommon for successful candidates to face numerous rejections before securing their desired role. Keep refining your approach, learning from each experience, and staying resilient. Your dedication and effort are commendable, and with strategic adjustments, you're increasing your chances of success in the competitive world of investment banking.
Sources: Non-Target to MM IB: My Advice, Guide for Investment Banking Full-Time Recruiting, How to get into Investment Banking from complete non-target, Guide for Investment Banking Full-Time Recruiting
bump
Who are you emailing?
Cause I got a few interviews at BB/EBs without even having work authorization in the US - reached out to less than 100 people at the time of / after graduating MFin. If I had work authorization, two spots were mine.
I guess GPA is a bit on the low side, but you’re probably doing something wrong.
A mix of MDs, VPs, Associates, and Analysts. Not focusing on anyone group. Example email is something like: "Hi X, I hope this email finds you well. My name is X, and I am a recent graduate of X. I noticed you are a fellow alum of X. I wanted to ask if you would be willing to share 10 minutes to chat. Thank you."
Way too generic. You gotta be more personalized.
My rule of thumb is ~10 mins of research for every analyst/associate. And an hour for an MD and above. Content of the email will still be short (maybe a couple sentences longer than yours) but you have to touch something that makes them feel personal not just alum of X.
"I graduated from a target school (non-fiance major)"
fiance?
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