I Transferred Schools for Investment Banking

Hey mammals,

I thought it might be helpful to talk about my experience transferring from non-target to target in order to secure a job in the investment banking industry. I also didn't exactly love my non-target so it wasn't very difficult to make the choice in the end. The transition was intended to increase my odds of securing an IB position at a BB. The best thing about transferring into a target school is that it's undeniably easier than getting in during regular decision. So I highly recommend this to anyone that may not have gotten into their top-choice and still wants to attend that university.

Hardest part about the transfer process is that you have to have a solid storyline as to why you transferred. It makes a great talking point during interview, but only if the story you have is convincing. Things like greater academic rigor makes a lot of sense if you had a very strong GPA at your previous school. Although it can be awkward talking to alumni and explaining that this is only your first semester at the college, my experience is that they are just as willing to help out transfers.

In the end, I received 4 different SA offers that I would have never gotten at my non-target. I do think I was a strong candidate, however not strong enough to get an offer while attending a non-target. This is not meant to dish on non-targets because they can definitely add value to candidates, but rather discuss the benefits of transferring to a target school. And I believe that I still had to work extremely hard to get these offers, but it was simply made more realistic by being at a target school.

If anyone has any questions about the process I would be happy to help out because I definitely had doubts. Hope some of you find this helpful.

 

I am on track to graduate on time. There is the aspect of transfer credits, which are often not all accepted, so I do know students that will likely take an extra semester as a result. However, if you're willing to take more than 15 credits a semester I am confident you can still graduate on time. Finally, I know students who took an extra semester with the sole intention of having another shot at an SA position. So it really depends on your exact circumstances.

 

I transferred as a Junior (which is late compared the norm because nearly everyone in my transfer class was a sophomore). Although I didn't have an effective GPA I was able to list my transfer GPA and the only company to give me trouble over it was BofA. All other BB's seemed like they had dealt with people in my exact scenario.

 

Thanks for doing this stompingmerger. I have one question for you although more questions may come up later because I'm looking to make to the same transfer you did.

In terms of importance, how does admissions judge prof recs, essays, grades, and ECs?

My general plan is to do simply as well as possible in terms of prof rec, essays, grades (which comes before everything else for me at the moment), and ECs. I'm wondering if you think admissions gives more weight to one aspect over the other, meaning I should focus more on one aspect over the others.

 
Best Response

I think the most important thing they look at is your current GPA. I had terrible SAT scores and they seemed to completely overlook that because of my strong grades and professor recommendations. I was the president of my previous school's investment club, but that was about the extent of my extracurriculars. I think first and foremost you should focus on your GPA. However, I know a few students who had 3.2's and still got into the target school based on their SAT's. So if you have one strong aspect (GPA or SAT) I believe that's a great start. Then, the key to a transfer essay is not to 'bash' your current school, but rather explain how the target school is a better fit. Stronger academics, better opportunity for research etc.

With respect to extracurriculars I would say to make sure you have some. If you hold a leadership role I would definitely mention it and if you aren't part of any organization yet, I would definitely join one. It's hard to judge the importance of professor recommendations, but just find a professor in a class that you excelled in and ask if they would be willing to write one for you.

 

If you are a freshman applying to transfer, high school grades and standardized test scores matter more. If you are a sophomore applying, only your college GPA really matters barring extremely low other scores. In my opinion professor recs and essays matter a lot because that is the only source where they hear about your story and view you as a person.

 

Congrats! I did the same thing and had a very similar experience. I'd like to add something to this. I think one thing to remember is that, in interviews, it is important to have more of a reason for transferring other than "I want to do IB." In early interviews I believe that this turned some people off and made me seem too eager. Overall, if you're considering transferring I would highly recommend it.

 

Being at a target school opened doors for me that were only 'wedged' at my previous non-target. With that said getting your foot in the door is only the first step. Networking is easily the most valuable tool with respect to IB recruiting. Your resume gets tossed into a black hole if you're simply applying on the company's website. Reach to alumni in the firm and express your interest, set up phone calls, have face-to-face conversations at on-campus information sessions. The real recruiting is done on the side, with emails sent to alumni and/or family friends. When you do get that phone call make sure you have something to talk about, real questions about the firm, research past deals and ask follow up questions. My best interview with a BB was where I had done a significant amount of due diligence about a recent deal and was able to intelligently discuss how the deal was financed the manner in which they did, etc. So always, always do your homework because it will pay dividends.

 

It is definitely dependent on your year and your desired firm. UVA is definitely a great school and with that said, the path to BB IB is surely achievable. I would be happy to provide better insight if you could fill in those details! I would also recommend considering a school that you would be happy at. If you really love UVA and think that you wouldn't want to leave, then that is definitely something to take into consideration.

 

I'm currently a rising junior at a non-target, looking to transfer to a target school (NYU). The only problem is that I'm a rising junior, and I'm going to have to wait for the spring semester to transfer, given that I get in. Do you think its too late/not worth it (credit wise)?

I am interning at a small boutique right now, but of course would love to be at a BB.

.......
 

I think it's important to think about all the variables at play. As an incoming junior transfer, for the spring semester, you would lose a lot of recruitment options that occur during the Fall. With that said, if you are unhappy at your current school and would be willing to take an extra semester (maybe graduate in 2019 or Fall of 2018) then maybe take that into consideration. If you already have a position at a small boutique and are likely to secure a FT offer, then that's also something to think about. The transfer "credit" situation is VERY dependent on the university. When I transferred I had one school recognize all of my classes and another that would only transfer 75 percent of my total credit hours. So I would suggest talking to the registrar about this as soon as possible.

 

OP, do you think it's worth trying to move from a strong state school (Think UVA/Michigan/UT) to something more prestigious? Currently finishing my freshman year with a 3.9+ in my school's honors program and have been contemplating trying to transfer to a lower-tier Ivy or even H/Y, although the odds for H/Y transfers are a toss up at best for anyone, I believe. I'd be going in as a junior, same as you, with hopes of breaking into IB. Thanks for any advice.

 

Hey there! I think it depends on whether you currently like your school or not. If you hate where you are now and really want a change, then there is nothing wrong with applying. Your chances of breaking into IB at a strong state school like UVA aren't small by any means. That said, if you apply and get into Yale or Harvard you might want to do it, just to be at said university. As with most decisions there are many factors to take into consideration. 1. Do you like your current university? If not, then this can definitely help make the decision easier. If, on the hand, you do, then maybe try seeking out alumni in IB that may be helpful in mentoring you. Having someone who has successfully navigated the path at your current institution can be invaluable. 2. Where do you want to be in IB? Do you want to be in NC? NY? Atlanta? If you want to end up in NY then Ivy's typically offer the greatest opportunity there. Schools in the southeast like Emory or Vanderbilt are stronger in NC and Atlanta. 3. Willingness to relocate and start over. If you think you want to leave, then I would just make sure that you're prepared to start the college experience over. You have to reintegrate and reach out to all new alumni and remake all your connections. Ivy's obviously have a stronger recruitment line to the BB than most other places, but if you think there's a strong chance you can make it at your state school and you like your state school, then maybe reaching out to alumni is your best bet. There's a lot more factors at play, but in general there is not much harm in sending out applications and seeing what your options are.

 

Thanks, really appreciate the advice. To hit on a few points, I'm pretty happy where I am - I've integrated well socially, like my profs, etc. so that isn't really the problem. The two biggest reasons for considering a move are wanting to be in NYC IB and currently feeling a little constricted academically, the latter being the bigger one. My school is really strong in several departments (the business program being the reason I came here) but I'm currently in mostly 300 levels here and feel like I'd like to take on more rigorous courses elsewhere. Of course, having an edge in NYC recruiting is a huge plus too. Again, thanks for helping out and giving me some things to consider!

 

Possimus porro reiciendis neque perferendis. Beatae qui consequuntur dolorem libero. Ea quia est blanditiis impedit voluptatem dignissimos eligendi. Laboriosam non sit omnis sed rerum maxime accusantium.

Omnis rerum adipisci enim illum. Expedita saepe est praesentium architecto. Nostrum fugit et accusamus aperiam.

Voluptatem totam blanditiis consequatur laudantium unde similique. Facilis quibusdam et iure reiciendis ad error.

Officiis aperiam quo modi nesciunt odio. Dolor nisi est dicta tenetur. Animi reiciendis nemo necessitatibus voluptas sed fugiat velit. Tempora modi odit omnis quis est. Corporis magnam ad veritatis minus accusamus consequatur. Ipsum sed laborum laudantium corporis earum. Consequatur rem aperiam sit nihil.

 

Officiis nihil fuga aspernatur a ab recusandae quisquam. Repellendus est enim id iure quod inventore. Numquam excepturi necessitatibus in non. Assumenda soluta ut et et explicabo perferendis.

Sit assumenda labore perspiciatis quia tempore repellat. Ut quibusdam provident architecto a enim. Inventore atque odit ut eveniet blanditiis perspiciatis tempore. Laudantium error repellendus architecto dolor iure libero.

Aut sapiente velit qui omnis. Et et possimus fugiat. A veniam harum qui ut eaque. Nam rerum vel asperiores aliquid aut et suscipit. Odio non omnis est iste. Incidunt temporibus accusantium ut.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
98.9
9
kanon's picture
kanon
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”