How big of a difference is between a person at 3.5 w/ good experience vs. 3.8+ w/ okay experience? Would the 3.5 get looks from the top banks?
For background, I'm a sophomore from a target (Harvard/Wharton) with a 3.5. I'm interning at a BB in public sector IB in NY this summer. I hear of all these kids at my school with 3.8+ GPAs and it really worries me. I've also spoken with the head of IB recruiting at a top BB (GS/MS/JPM) tell me that the average GPA was a 3.8, but i'm not sure how true that is.
I just want an idea of how competitive I might be next year for OCR.
a couple things: 1) don't worry about the noise around you. just do you. 2) 3.5 GPA from HW and good experience? you're doing fine.
1) Great experience will probably make up for a difference of .3 GPA 2) 3.5 is still pretty decent anyway 3) The fact that you are at a serious target school period puts you way ahead of 90-something percent of the game.
The above posters are a bit off-base. When it comes to getting interviews, the head of IB recruiting was right. The average at Wharton WAS 3.8 to get interviews. To ensure that you get an interview, you need to get out and network. Start building relationships right now and by the time Fall comes in, ask them if there is anything else you could do to get an interview with their firms.
Also, make good relationships with the class of 2014 & 2015. They probably know more than you and would be a good resource to guide you in the right direction.
Hope this helps.
In the big picture, OP's doing just fine. He'll have to network, but this isn't somebody I'm worried about. Good chance he'll crack IBD if he's not a social idiot.
If you're at Wharton, 3.5 GPA + good experience will definitely get you first rounds. And after that it's up to you to interview well and be social. Less than 10% of the class has a 3.8+, and way more than 10% get buyside/BB/MBB offers. Even with Harvard's grade inflation, I imagine it's a similar situation.
Do the best you can and stop worrying about benchmarks. So what if the average GPA to interview from Wharton is a 3.8? There's nothing you can do at this point but put forth your best effort. That means doing as well as you can academically, networking, getting a sweet internship for the summer, interviewing well, and hoping for the best. Nothing is guaranteed, even for the Wharton kids with 3.8's.
You're more than fine.
Thanks for all the advice.
Not saying that the average at Wharton is 3.8, but that I do know quite a few with it. The way I see it, each BB maybe gives around 50 first rounds right? Wouldn't it just be the same people getting all the first rounds, or do the banks actively try to differentiate between who they choose (like maybe UBS picks kids that aren't top notch)?
Recruiting is divided between the haves and have nots. You'll see the same kids at most interviews. Their profiles are usually extremely strong. Competition at targets makes recruiting a bitch if you're not stellar on paper. The non paper perfect candidates got there through networking or connections, not through a cold resume drop .
To start off, one way to differentiate would be to network. Demonstrates interest and maybe you'll have a good connection with someone there.
The problem with thinking that the same top 50 kids are going to get every interview is that you're assuming some sort of objective ranking system exists. It doesn't. Sure, some students with stellar stats are going to get interviews at 99% of the firms out there, but that's not most people. For everyone else, it comes down to making the cut (good GPA, good experience, etc.) and sometimes just a little bit of luck.
Talked to a Wharton guy in M&A at JPM/GS and he said that a 3.7 is necessary for even a first-round. I'm sure that networking could trump that though.
True!
Hoping I could get more insight from analysts at BB firms...how important is good work experience?
Say there's a kid with extremely high grades but only has a PWM or no name IB/HF/PE internship. How are these kids' resumes regarded vs someone w/ BB experience?
I personally know a couple people with 3.9+ (like REALLY bright kids) and okay experience that didn't make IBD anywhere this year.
Not an analyst at a BB, but if a 3.9 w/ decent experience can't get anything anywhere, its probably a personality/social issue.
I meant he didn't get first rounds at any of the BB. Landed a couple ones with boutiques...not getting an offer mightve been the personality, but he got totally turned down for first rounds.
He's talking about sophomores... pretty normal not to get IBD anywhere even with a 3.9+ when you're a soph.
To the OP, you're going to need to network with a 3.5 tbh (if you're focused on top places). That's the general rule of thumb though I'm sure there are exceptions. I'm sure you'll end up getting interviews at places, but I would network if you want a better shot.
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