Going to UIC..is there any hope for me?

Yes, that's the sad truth of the matter, I'm going to UIC (University of Illinois Chicago). It's not because I'm a dummy, at least I'm smart enough to be a Nation Merit Scholar with all that that implies about my standardized test scores. The fact is I'm too poor to afford any other school, so that's where I go.

So, my question is, if I want to have any shot at all of joining your extravagantly paid fraternity, must I make it an imperative to switch schools? Is any self respecting hedge fund or private equity firm, let alone a bulge bracket bank, going to give my resume a second look once they see "UIC" on it? I am very worried about this. I do not want to waste another 3 years of my life here at UIC if it is futile no matter what I do.

 

Consider transferring in your junior year to better mid-west schools like northwester/u chicago. maybe even UIUC 'cause they have a relatively strong business program.

 

Why didn't you choose UIUC if money is an issue? It will be incredibly hard to break into this industry from UIC. Most top privates are generous with aid so I'd apply as a transfer if you're dedicated.

Banking > VC > Tech PE; PM me if you would like any advice I'm happy to help
 

Well I applied to UIUC and got accepted. The reason I chose not to go, or rather had the choice thrust upon me, is that while the tuition costs at UIUC and UIC are more or less the same, if I went to UIUC I would pretty much have to live on campus, which would more than double the cost. Furthermore, I've heard from friends that getting a job down at Urbana is nigh on impossible, so I would have to cough up over 20 grand a year from thin air.

Now the thing is that my parents make just enough for me to not qualify for FinAid, but I receive no financial help from them. In order to pay for UIUC (well any school other than UIC) I would have to go up to my ears in private debt. Sure, if I ended up with a job at Wall Street this debt would cease to be a problem, but unless you're a Harvard graduate you can't really PLAN on that, I guess. My nightmare is that I would graduate with tons of debt, get my application tossed in the bin everywhere, and find myself having to pay off that debt working a second-tier job. And that could take up most of my productive life.

 

stay at UIC, get the best internship you can for the summer between your fresh-soph and your soph-junior year.

then, transfer to UChicago. Yes, u might be heavy in private debt, but if you can land into i banking from there, you'll pay if off very quickly if you're an investment banker. Also, that would only be 2 years of private debt instead of four. so transfer after soph year.

 

Stay at UIC. Contrary to what alot of people will say on this site(who mind you, most of which do not work in the industry), it is actually a very good school that is just now starting to get recognition. I believe it was #20 in the nation for the undergrad finance program. Use the resources you have there. The career center will help you if you want to get into ibanking. It will not be easy though, so make sure you get exceptional grades and several good internships under your belt. I know that there have been several ML reps that have come in there looking for interns. Lehman was also there. Your options are not limited. I assure you.

 
papershuffler:
Stay at UIC. Contrary to what alot of people will say on this site(who mind you, most of which do not work in the industry), it is actually a very good school that is just now starting to get recognition. I believe it was #20 in the nation for the undergrad finance program. Use the resources you have there. The career center will help you if you want to get into ibanking. It will not be easy though, so make sure you get exceptional grades and several good internships under your belt. I know that there have been several ML reps that have come in there looking for interns. Lehman was also there. Your options are not limited. I assure you.

are you for real...?

 

I agree with the idea to transfer to UChicago and I heavily disagree with the idea to stick around at UIC. None of the I-Banks in Chicago will even look at you if you are from UIC.

The Private Debt is leverage to launch your career in a big way, and if you can't understand this concept, then I don't know what you are doing wanting to work in Finance. Would you rather be making $160k/year and making debt service payments of $10k/year, or would you rather be making 60k and have no debt service? It's a no-brainer.

Lastly, please keep in mind that even if you get into a MM bank like Piper Jaffray or HLHZ in Chicago out of UChicago (which is very doable if you put your mind to it), and you live in River North/Downtown/what have you, I thnk your debt will be paid off very very quickly as the cost of living in Chicago is so low. This is really a non-issue. Plenty of people have to take out debt to attend the schools they want, as long as they make the most of it they are fine.

Lastly, correct me if I'm wrong, but it sounds like your parents are first generation immigrants in the Chicago suburbs (just guessing based on the decent income/no wealth/no money to spend on education combo)? Stop listening to their advice, they won't be able to help you progress very much and will continue to feed you the most risk-averse garbage they can find.

 

I am a graduate of UIC and now working as an officer at an i-bank. Believe me, I'm the only one from UIC, and I had to get here through years of toil in accounting and other crappy positions.

I (unfortunately) agree with some of the others who suggest trying to get into a target school.

Even at my recommendation, my bank would not use recruiting dollars to hire from UIC. There are already enough quality candidates at other schools.

I'm not saying it's a bad school, you just need to go to a school where you'll be seen by the recruiting i-banks - and UIC ain't one of them.

 
blackcleo:
I am a graduate of UIC and now working as an officer at an i-bank. Believe me, I'm the only one from UIC, and I had to get here through years of toil in accounting and other crappy positions.

I (unfortunately) agree with some of the others who suggest trying to get into a target school.

Even at my recommendation, my bank would not use recruiting dollars to hire from UIC. There are already enough quality candidates at other schools.

I'm not saying it's a bad school, you just need to go to a school where you'll be seen by the recruiting i-banks - and UIC ain't one of them.

Agreed. And as a Freshman with your stats, you are very able to switch to a target school if you so desire. For a Junior/Senior at UIC, they have no choice really but to stick it out and deal with the shitty job opps.

 

I Googled "UIC investment banking" and found this thread.

My story is very similar to yours, OP. My mother brought me to the U.S. when I was eight. I'm wrapping up my Junior year at UIC. I just transferred here from a community college last semester.

I got a 34 on the ACT and have a 4.0, but only applied to UIC because my mother makes just enough where I don't qualify for financial aid and I'm financing my education myself. I worked as an optician for three years, and at other places before that, and saved up enough to pay for undergrad at UIC.

It's too late to transfer to UChicago; I'd readily take on the debt. I only began applying for internships last week (I know) and the only offer on the table so far is a corporate finance gig at a no-name car parts company. I'll probably get a few more mediocre corporate finance offers because I applied to 30 places just today and 20 yesterday. My resume has been reviewed by several counselors and is at least not terrible.

I'm willing to work day and night and sleep enough not to fall over. I've yet to fail at anything that I've put my mind to, but my pursuit of IB just may invalidate that statement. What steps do I need to take in order to maximize my chances of getting interviews? I've had eight jobs at the age of twenty and have yet to go to an interview and not get the job. I'm confident that if a banker speaks with me for five minutes, he'll like me; but I don't know what steps to take to get my foot in the door.

My plan so far is this:

-Keep applying to all finance and accounting internships and take whichever back-office gig has the best brand name. I'm also writing code to send tailored cover letters and my resume to all University of Illinois alumni to graduate from the respective colleges of business in the last 40 years.

-Get the deluxe LinkedIn package, message all bankers I can find, and offer to buy them breakfast at 6am in the financial district. Try to land an unpaid internship.

-E-mail and cold call all IBs operating locally that I can find. Have no shame.

What more can I do? Should I alter the current plan?

Much appreciated,

 
Little Engine Would:
I Googled "UIC investment banking" and found this thread.

My story is very similar to yours, OP. My mother brought me to the U.S. when I was eight. I'm wrapping up my Junior year at UIC. I just transferred here from a community college last semester.

I got a 34 on the ACT and have a 4.0, but only applied to UIC because my mother makes just enough where I don't qualify for financial aid and I'm financing my education myself. I worked as an optician for three years, and at other places before that, and saved up enough to pay for undergrad at UIC.

It's too late to transfer to UChicago; I'd readily take on the debt. I only began applying for internships last week (I know) and the only offer on the table so far is a corporate finance gig at a no-name car parts company. I'll probably get a few more mediocre corporate finance offers because I applied to 30 places just today and 20 yesterday. My resume has been reviewed by several counselors and is at least not terrible.

I'm willing to work day and night and sleep enough not to fall over. I've yet to fail at anything that I've put my mind to, but my pursuit of IB just may invalidate that statement. What steps do I need to take in order to maximize my chances of getting interviews? I've had eight jobs at the age of twenty and have yet to go to an interview and not get the job. I'm confident that if a banker speaks with me for five minutes, he'll like me; but I don't know what steps to take to get my foot in the door.

My plan so far is this:

-Keep applying to all finance and accounting internships and take whichever back-office gig has the best brand name. I'm also writing code to send tailored cover letters and my resume to all University of Illinois alumni to graduate from the respective colleges of business in the last 40 years.

-Get the deluxe LinkedIn package, message all bankers I can find, and offer to buy them breakfast at 6am in the financial district. Try to land an unpaid internship.

-E-mail and cold call all IBs operating locally that I can find. Have no shame.

What more can I do? Should I alter the current plan?

Much appreciated,

Guys, the original post is six years old; OP is gone. I revived the thread.

 

Because I thought that I wanted to go into trading for a long time and went to the cheapest school I could find. After visiting the HFT firm at which my brother-in-law works, reading extensively about public markets vs. deals, and contemplating what's important to me, I've decided that my personality is more appropriate for banking.

I decided a bit too late.

peinvestor2012:
Little Engine Would:

Guys, the original post is six years old; OP is gone. I revived the thread.

Are you not in the same situation? Why didn't you transfer?

 
Best Response
Little Engine Would:

Because I thought that I wanted to go into trading for a long time and went to the cheapest school I could find. After visiting the HFT firm at which my brother-in-law works, reading extensively about public markets vs. deals, and contemplating what's important to me, I've decided that my personality is more appropriate for banking.

I decided a bit too late.

peinvestor2012:
Little Engine Would:

Guys, the original post is six years old; OP is gone. I revived the thread.

Are you not in the same situation? Why didn't you transfer?

Ok, well that is clear (re: your risk aversion and trading). But, you still haven't answered my question. If you really want to go into IB and are set on it and have the academic qualities, why can't you transfer now? You may need to pay for an extra semester or even a full year. But, could you not earn an academic scholarship through either the school or other organizations?

That part didn't make much sense to be in your original post. Most schools (and I realize UIUC is different b/c of the supply/demand mismatch) provide merit-based aid. So, you could have looked at Kelley and probably received at least a 1/2 scholarship (plus cost of living is cheaper).

So, why not still transfer to a target or semi-target?

 

Dude UIUC is more respected campus and has better faculty . Your friend was probably a slacker and did not get a job because he was having to much fun. With networking you should be able to get where you want to go.

 

You will have zero chance at UIC. The reason UIUC is so strong is because the rest of the state schools in IL blow, to put it lightly. UIC is no different.

I don't get why, if you are as smart and qualified as you say, you wouldn't transfer for two years and suck it up for UIUC, NU or UC. Makes zero sense and to be honest, IB probably isn't the right field for you.

 

Graduated from UIC in 2005 so my thoughts are dated. Here's my story: Coming out of the program almost 10 years ago, we hardly had any decent companies or banks coming to campus. You're not going to go into banking coming out of UIC. I only know one person (and she was family friends with an MD) that has broken into IBD from UIC into a decent analyst program. She still had to go through the superday and really prove her worth. Most of the interviewers treated her like shit b/c they had never met someone from UIC. I know a ton of people that went to UIUC and UChicago that were able to break into banking. If you're able to transfer out, do so. UIC has limited resources (which is fine) so any opportunity you find is going to be on your own. I ended up majoring in accounting, graduated with decent grades, took a leadership position within the accounting club and was able to build relationships with all the middle market accounting firms in Chicagoland. When I went through OCR, I had 12 offers with various public accounting firms and chose the largest one so I could hopefully have the best experience (training/clients/etc). I did 3 years with them, reached out to head hunters, and was able to join the accounting department of a private equity shop. Since accounting is considered back office, we were treated like scum since we weren't on the deal team.

I realized that to break into finance 5 years into my career, I would need an MBA from a top tier school. I woke up every morning at 4am for 6 months straight to study for the GMAT so I could do well enough to break into a top program (Booth/Kellogg). I was fortunate to do well and was admitted into the part-time program. Part-timers aren't allowed to recruit formally for internships, so I went straight into full-time OCR. My boss at the time (who was also a mentor and good friend) lived across the street from an MD of one of the banks I was really interested in. My boss literally knocked on his door and told him he'd be a fool not to hire me. The MD connected my boss with the hiring committee and they all had a conference call to talk about me. This all happened before the first round on campus interview. I went through the first round as well as two additional superdays (in two separate offices) and will be starting as an associate with the MM bank this summer.

It is going to mid 2014 (almost 9 years after I graduated undergrad) and I'm finally breaking into IBD and my big break was based on a lot o fluck. If you have the opportunity to transfer to UChicago/Northwestern/UIUC ->DO IT. I've been fortunate to have a great life, but if I would have transferred to another program, I may have been able to break into finance at a much earlier age and be in a different place in my life. Just my 2 cents.

 

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