Alternative I-Banking Routes
Hello everyone! I've been a lurker for a few weeks and decided the bite the bullet and sign up. Getting to the point.....I was wondering if anyone would recommend an alternative means of entering investment banking without first becoming a I-banker.
Before people tell me to do a forum search, I just want to add that I'm not qualified in the "ideal way" to become an i-banker. I have a relatively weak gpa, no banking experience, and a B.S in field generally unrelated to finance. This means that I'm shooting for an I-banking position at a boutique firm AT BEST.
I understand that I'm supposed to network like ninja, cold-call, polish my resume, and get "my banking story" down...etc. Of course these are strategies, but what about working in Finance in a related field to get relevant experience. Clearly this is the most logical thing to do. The financial industry is clearly quite vast and I can't seem to sift through the information enough to find such answers without asking. Please help!!!!!!!!!!!!!
Also interested, I always
Also interested, I always wondered whether financial advisors at PWM firms could transition into I banking given the amount of networking avenues they get in bigger cities.
Anyways, I've always heard that going back to school is the only way to redeem a bad undergraduate record and get the networking exposure necessary in order to get into finance. A top MBA, or MSF could definitely help you out
Husky32: Also interested, I
Also interested, I always wondered whether financial advisors at PWM firms could transition into I banking given the amount of networking avenues they get in bigger cities.
No.
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
You should try to get into a
You should try to get into a good MSF program.
To quote the MSF expert, TNA,
"BC's program is great and will do well in Boston/NYC, but it is a night time, PT MSF. They have a new full time quant track MSF during the day, but not sure if you are looking for that. Pro with this program is Boston and internship opportunity.
Villanova's program is right outside Philly so you can intern there. Philly, like Boston is a decent finance city so you have networking and work opportunities as well. The program is established and has solid placements and alumni. The school is well ranked and has lots of alumni on the street. It is also the lowest cost of the programs listed. Placements in NYC/Philly.
Claremont is a great MSF program. Strong West Coast placements. You are pretty close to LA so I suppose you can intern also.
Duke has the best brand, but it is a general management program. Not saying this is a bad thing, just saying it is kind of different. Placements and program have been improving. The MMS program is finding its sweet spot.
MIT is obviously the gold standard for traditional MSF programs. Expensive, but worth it.
UT Austin is a great program. Probably going to be strongest in Texas or the south.
Decide where you want to start your career (location wise) and how much you want to spend. Your stats are great and you will get into or be competitive at all schools .Claremont might pass on your since they see top UG schools with engineering backgrounds. They love Harvey Mudd. Their GMAT average is also rather high (over 700).
Whatever you do, get an internship 1st. You don't want to have a bare resume when you start these programs."
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
Connor: You should try to get
You should try to get into a good MSF program.
To quote the MSF expert, TNA,
"BC's program is great and will do well in Boston/NYC, but it is a night time, PT MSF. They have a new full time quant track MSF during the day, but not sure if you are looking for that. Pro with this program is Boston and internship opportunity.
Villanova's program is right outside Philly so you can intern there. Philly, like Boston is a decent finance city so you have networking and work opportunities as well. The program is established and has solid placements and alumni. The school is well ranked and has lots of alumni on the street. It is also the lowest cost of the programs listed. Placements in NYC/Philly.
Claremont is a great MSF program. Strong West Coast placements. You are pretty close to LA so I suppose you can intern also.
Duke has the best brand, but it is a general management program. Not saying this is a bad thing, just saying it is kind of different. Placements and program have been improving. The MMS program is finding its sweet spot.
MIT is obviously the gold standard for traditional MSF programs. Expensive, but worth it.
UT Austin is a great program. Probably going to be strongest in Texas or the south.
Decide where you want to start your career (location wise) and how much you want to spend. Your stats are great and you will get into or be competitive at all schools .Claremont might pass on your since they see top UG schools with engineering backgrounds. They love Harvey Mudd. Their GMAT average is also rather high (over 700).
Whatever you do, get an internship 1st. You don't want to have a bare resume when you start these programs."
I wish i wasn't pressed for time because then I wouldn't have quoted your whole post. I should have added that I've figured out a way around the gpa issue. I must also mention that the quoted post represents the answer I've heard before (not that it's bad but I'm looking at All of the possible options).
Since a top business schools is the best way to get into BB at the associate level, and the only way to get into a top business school is through work experience, standardized tests, essays, recs, leadership, etc, my only option is to complete my second major (math). In this way I'll be able to put my new GPA not only on my resume, but also on apps to schools. I'll also be studying a field i'm naturally good at to boost my gpa, and will be taking classes in modeling at a top 20 school. I'm capable of scoring perfect/near perfect on the gre and gmat, and can get the recs from work experience. Essays are simply a matter of careful planning and execution. The whole crux is that I need to get a job that I can use "Experience" alone to get into I-banking. Is this possible? I don't care if I have to start as a bank teller I will. Furthermore, I'm willing to take a few years to get an investment banking positions, even if I have to do 3 jobs beforehand.
Thanks to all who've responded.
BUMP
BUMP
Why do you want to do
Why do you want to do investment banking as an end goal? I just left banking (junior level, albeit) and it was no glory end job. More often than not people use it as a spring board to other things, curious to hear why you want it to be your career. The answer to that could help you help you figure out something productive to do before.
From a "related-work" perspective, I would say accounting and corporate finance at an industry company are useful.
Shawtay: Why do you want to
Why do you want to do investment banking as an end goal? I just left banking (junior level, albeit) and it was no glory end job. More often than not people use it as a spring board to other things, curious to hear why you want it to be your career. The answer to that could help you help you figure out something productive to do before.
From a "related-work" perspective, I would say accounting and corporate finance at an industry company are useful.
Because as you mentioned, I-banking is a good starting point for careers in the finance industry! I plan on eventually opening up my own company once I understand "finance" and have and/or can raise the required capital. Plus, investment banking is really good to put on your application for grad school, which itself is highly important in determining career options.