Best next Step

Hey,

This is my first post here so I hope I can get a few responses and help in figuring out what to do.

For starters I am currently a Senior at a smaller Catholic school in Connecticut. I'm majoring in Finance with minors in Accounting and Economics with a not so stellar GPA about 3.0. I'm part-time so I take classes during the summer, fall and spring and am set to graduate in May 2017. I set up my schedule to be all after 5pm which leaves me open for a potential internship over the summer or fall.

I got accepted into some internship programs, but were all wealth management and advising positions which seemed like cold calls so I turned them down hoping for something better, but nothing worked out. I am currently still in the running for some in the area as well as virtual internships (equity research, real estate acquisition) that I am not so confident I will get (50/50).

I should also mention that I run a clothing business as well, which now does not take up much a time commitment at all, but hasn't be as successful as I had hoped. Should be around 50-70k revenues in its first full fiscal year.

My question is what I should be doing to prepare myself for a quality internship or job going forward. I love Financial Analysis and know I want to go into this field, either in Equity Research or corporate finance type role. I am also very interested in taking the CFA, but I know that this is a huge commitment especially with school, my company, girlfriend and life in general. I know a good amount about Finance and am confident I can do it, but want to know whether it's worth it in this situation.

Would applying for internships in the Fall be the better option here and hope to get something for either the Fall, Spring or next summer? I would really like to start aggressively paying back my loans so the sooner I can do this the better.

A very close friend of mine has a Father in a very high level role in Asset Management who may be able to help get me either an internship or job somewhere, but I know I need to be very prepared for that opportunity to speak with him.

What would you recommend I do next to help pave my path to success.

Thanks

 
Best Response

From what you just laid out, I personally would recommend stopping all the stuff you're doing right now and figure out what you honestly want to do. You will probably not get a quality internship because you haven't proven (through your GPA/commitment to college) that you can handle it.

If you want to work in finance (ER), get a A's in school, this will make it much easier for you to get in the door.

If you want to run a t-shirt company, quit school & run your t-shirt co.

If you want to take the CFA, you do this after you graduate & are working.

If you want a career in cold calling, continue doing what you are doing.

 

You have a lot of paths ..

Finance is hard to get into. I had similar GPA in my undergrad and eventually (late 20s) went to grad school and got straight As.

You do have a story with your business that makes you stand out, so not sure how much you spin that story in your applications. Marketing and selling yourself is something you will constantly need to do, even in a non-sales role. Yourself, your ideas, its on you to get people to buy in.

Wealth Management is building client lists which involves selling. Cold calling may be the hardest selling, but if you can do that, you can do easier selling down the road. Btw, every job starts out doing low level/remedial tasks... So expect that in any job.

Grades, CFA... probably in the same boat. You aren't going to get very far in CFA testing if you don't first figure out how to study! If you are distracted due to your business, girlfriend, life, so be it. But excuses aside, you need to assess can you change your studying behavior from a student getting 3.0 to one that can get straight As (you need to be the type that can get As to take on the CFA -- especially while working or doing other things that take up a lot of your time). I did it in grad school so I can relate. But I changed, undergrad I didn't try. Grad school I was focused and determined. You?

Didn't answer your question, you will have to make this life choose without my direct guidance. But think more on what you need to do differently to be successful.

 

My first two years of college really hurt my GPA. My father died during finals sophomore year and consequently ended failing 3 classes. I'll most likely end up getting nearly all A's through the rest of college almost done with my business classes and I project ending between a 3.1 and 3.2. My business GPA is at a 3.4 currently and project to keep doing well in those classes ending around a 3.5.

Also for my business I plan on looking to sell it out or just keep on until all inventory sells out once I have graduated. It won't be something I can live off of and I am much more passionate about a career in Finance.

So there is little to no benefit by taking the CPA in December, or June of next year? I figured it could really help benefit my resume, show a passion and interest in Finance and make up for the deficit in my pedigree of school/gpa.

 

Make sure you use your background to craft a really good story. You can explain a low GPA in an interview, however you have to pass the initial screening to get an interview. What I really recommend doing is thinking about that, how can you set your self up to get passed the screening as easy as possible for an interview.

You have a lot of good stuff going on, just focus in on it and make your good things great things. Having a business is great, such a good opportunity to learn. College is an amazing time in life, enjoy it, I would say get a high GPA, then relevant internships (PWM is better than nothing), than groups/clubs/activities while you have the ability to do so on campus.

CFA is no effing joke, its not a test like in college. It's very difficult & very vast. I'm not saying CFA has no benefit, I'm just saying use your most valuable resource - time - the most efficient way you can.

 

The fact you are worrying about CFA commitment is tricky because the kind of finance job you have in mind would probably take more of your time than studying for the CFA right now would.

The kind of job you have in mind probably means time for little more than maintaining a shadow of a relationship for your first year or two - I have no idea how you'd run a company as well (and think employers probably would raise a flag at some point)

 

I ran a small business while in college with about 200k in sales and several employees, so I understand where you are coming from. The experience taught me an incredibly amount, but it seriously affected my GPA, which gave me a very hard time to get past the initial screening. However, once I did get past the initial screening the interviewers were very interested in my experience managing a business, it blows any other extracurricular activity out of the water. Anybody understands that running a business is a huge time commitment. That being said, start cold emailing and use your past experience to your advantage.

Best of luck!

 

Please do some research on the CFA, it takes up 3 years of your life, 2 if you are lucky. Like what some users say, it is a big milestone and shouldn't be taken lightly.

Your GPA is a problem, but you can tailor a story to back up your low GPA. Take some time off and actually sit down to think carefully of what you want to do. (what to focus on) Keep networking.

You talk the talk but can you walk the walk?
 

1) Don't do the CFA - it will be expensive, hard, and time consuming, and I highly doubt it will benefit you.

2) I think your best bet is some form of Finance Analyst in a F500 (or smaller) role - maybe a rotational program to learn more about different roles and figure out what your like. Given your background - lower GPA, small school, lack of internships, etc. in a hyper competitive industry I'd its by far your best risk adjusted bet. If you have connections that's great but again, wouldn't make it my focus. Plus you clearly have an entrepreneurial streak which could lend well to a corp fin type role and help you think about your own endeavors better.

3) Equity research is a shrinking industry. It's hyper competitive with fewer seats every year. I would not make this a pure focus of mine if I was you, especially given your background.

Sounds like you got some good irons in the fire. Best of luck.

 

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