Hi, I will be a freshman at the University of Illinois at Urbana-Champaign in the fall. I have been admitted directly into the College of Business. I have my dreams set on breaking into Investment banking but am nervous that the University of Illinois doesn't have the rep in IB that I need to break in.
So, if I stayed at UIUC and got involved in business organizations, clubs, etc and got a 3.8-3.9 GPA and networked hardcore would I have a good chance for multiple BB and MM interviews and internships in New York or even Chicago?
Or, is my only chance to have a solid fresman year and then try to transfer to somewhere like UMich or Northwestern?
Also, if I stayed at Illinois would it be best to major in accounting, finance, or double major them? I would choose the double major hands down but it takes a 5th year to finish. I didn't know if that would negatively effect my internship and recruiting opportunities??? Let me know on that as well as my original question.
I am very determined and would appreciate 100% honest responses. Thanks alot!
You can absolutely make it into a BB (or MM) from UIUC. There are plenty of people on this board that graduated from there and made it to wall street (myself included). Several of the major banks recruit on-campus there for IB in NYC and Chicago. Michigan is a slight step up in terms of recruiting, but in my opinion, UIUC has a much better presence in in banking/finance than Northwestern (at least in NYC).
I would strongly recommend doing a double major with both accounting/finance, but finance alone is fine as well. Accounting, while exceptional at UIUC, raises questions about your commitment to finance. If you do only finance, you will be doing yourself a favor over the long run by taking extra accounting classes.
Hi I am an accounting major student in UIUC and wanna do double major in the future. You word is really informative. I really want to connect to you and hear more advise from you. Could you please tell me your email address so I can communicate with you?
I'm kinda in the same boat but after speaking to a lot of bankers, I'd suggest majoring in finance, doing business organizations, clubs, and tons of internships. Unpaid or paid doesn't matter, as long as it goes on your resume. Networking is probably the most important factor though, I have a friend who went to San Diego State and made it to a BB FT role in M&A through networking and internships. Just work your ass off, maintain that GPA, network like a ninja, get as many internships as possible, and if you really want to you can transfer to Northwestern but I don't think it will help that much. I wish you luck on your endeavors.
Breaking Into Investment Banking: UIUC Student Needs Help (Originally Posted: 07/13/2012)
Hello Everyone:
I am currently an entering sophomore at the University of Illinois at Urbana Champaign with a prospective Major in Finance. I currently have a 3.8-3.9 GPA and was wondering a few things:
Finance and Accounting: Dual Degree. Is this really worth both degrees to break into Investment Banking? I've read plenty of posts on this forum saying most IBankers have these two degrees (//www.wallstreetoasis.com/forums/investment-banking-help-uiuc-to-investme…). However, GPA is key. The dual majoring will most definitely result in a lower GPA. Is this really worth it?
Hoeft Technology and Management Program: I'm already networking with alumni from this program to prepare myself for candidacy next year. I'm also taking one of the required classes to really tell the directors I'm interested in the program itself (MSE 101)
Unfortunately, I will not be able to dual degree in Finance and Accounting with a minor in T&M because I will not graduate on time. (I believe thats around 170+ credits put together)
Currently, I'm leaning towards the latter. For Illinios Alumni, do you have any tips or better yet, insights on T&M or anything else mentioned in this post?
Furthermore, I'm also interested in participating in Illinois Investment Banking, Finance Academy, and the Golder Center for Private Equity next year. However, I don't have much knowledge on these programs. Does anyone know in detail?
Oh, and I forgot to note, if I don't make T&M, I'm on the path of either Finance and Accounting or Finance with a minor in statistics. ( I like stats) I'm also part of Illinois Business Consulting, if that helps.
Sorry for lots of questions. I'm a sophomore and quite confused at this moment.
P.S. http://www.business.illinois.edu/finance/courses7.aspx Should I follow this?
Talk to IlliniPride. He and I got beers when I was there interviewing and he's a smart dude. He will probably be able to give you some advice.
In before IP.
I actually messaged IlliniPride- hopefully he can help me!
Vontropnats- What do you mean?
Glad to see another illini on the boards. Here is my two cents:
1) Apply to Finance Academy second semester this year: They take ~20 rising juniors each year and it is a fantastic experience. It is one class a week and half of it is taken up by an alumnus speaker who is generally very experienced. Don Davis runs the program and is a great guy. Talk to him if you want more information. Or you can ask me through PM as I was heavily involved.
2) Keep the double major. Interview technical questions are based on accounting at least as much as finance, if not more-so. GPA is important, but you a strong resume with a 3.5 will get you interviews. Anything above a 3.7 probably has a marginal benefit. (In fact, sometimes 4.0's and 3.9's are viewed with caution because it may signal the lack of a life). I would say an Accy / Fin background better prepares you for IB than T&M. Trading might be a different story though.
3) Golder center is ok. I know some people got some decent connections out of there but I had an experience that left a bad taste in my mouth and didn't really get involved there. Look into the case competitions though. There is one each semester and it pays $2000 for first place.
4) Illinois Investment Banking (IIB) is very up and coming. It is being loosely modeled off of Indiana's Investment Banking program which has very good placement statistics. I believe Jamie Goodfriend is heading that effort. I didn't really work with her, but I know she has industry experience and I have only heard good things.
5) Wasn't involved in IBC, but I know it looks great on a resume and can give you good talking points during an interview.
Other things to consider:
Communication skills are incredibly important. It took me a long time to realize this but it is true. Work on them. The accounting program helps with this because 20% of your grade on every paper / presentation is based on communication and graded by a communication TA.
Read the WSJ. A student subscription costs $99 and includes the online version. I more about business in general from the paper than all of my classes combined.
Look into the Real Client Managed Portfolio class (RCMP). You invest real money. 'nuff said. Prof Waspi runs the class. Absolutely hilarious but will challenge your thoughts in front of the entire class.
Have a life. U of I is a fun school so please treat it as such. Also, the airport test is very real (can I spend 3 hours in an airport with this person).
Good luck, and if you have any other questions feel free to reach out.
How difficult is it getting into the Investment Banking Academy? Can you still land offers in you are not in it?
UIUC to BB (Originally Posted: 07/18/2012)
I will be a freshman at UIUC this fall and my long term goal is to land a FT offer at a BB (FO obviously) hopefully in New York but Chicago is fine too. I know that UIUC is arguably only a semi-target school for IB recruiting but is it reasonable to assume that if I maintain a high gpa, join finance clubs, and network with alumni, while doing other relevant EC's I could maybe land a position?
And also is it a good idea to start with a BB PWM internship next summer?
BTW my current academic path is double major in finance and econ
Coming from an investment banker of 7-years who started out at Goldman: more banking internships is not always better, we prefer people with a little extra to them...
Imagine a banker that’s been given 50 résumés/CVs and has been told to select 5 good candidates. Who do you think he’ll find more interesting: the girl or guy with 3 bank internships, or the one that built houses in Africa one summer, climbed Everest the next and has one quality bank internship?
If you sound boring and unidimensional, very few people will want to hire you because they have to work with you for many hours on a daily basis; they want to be able to chat to you about more than just what the latest Bloomberg headline is.
So if you're feeling intimidated by friends that have a gazillion investment banking internships whilst you chose to do lots of other things with your holidays, trust me, there is nothing to worry about, you will stand out because of your diverse experiences.
Just make sure you do an internship the summer before you want the full-time job!
Best of luck and don't worry, Girl Banker
1) Talk to IlliniProgrogramer and IlliniPride. They have accomplished this and can help you.
2) Stop saying you want XYZ before you even begin college. Do well and set yourself up/leave doors open while you gather info and move on from there.
3) FO at a BB isn't the be all end all. Keep your mind open to other things both in and out of finance.
4) Enjoy college.
U of I will give you decent opportunities. Just keep your GPA up (above 3.5), get involved in a finance club, and get relevant internships during the summer. But I agree with Happypants stop thinking so far in the future. You haven’t even started school yet. It's good to have goals and a plan, but enjoy your time in college I'm not saying it'll be the best 4 years of your life but live it up. Your only responsibility is to get good grades and have fun. Being social is a key to making it not only in finance but the real world period. A kid I knew in college was only focused on IB, super smart 4.0 GPA, internships, involved in the IB club and received tons of interviews from BB banks. However, he was arguably the most socially awkward kid ever and never made it passed the 2nd round for months. He returned to school for a 5th year to get another chance and on a positive note he eventually landed a job but I’m sure he’s not going anywhere fast within his bank, unless his social skills have changed. Just saying, remember people want to work with people they like. Don’t just focus on the future, try to live in the moment. It goes fast.
2nd Happy, at least on 2-4. That IlliniProgrammer guy is a character, though.
1.) Try to get ino CHP and Business Honors. Banks look for some selectivity and you meet some pretty interesting people in these programs.
2.) Have fun. Learn to enjoy middle-class middle-America. Check out Allerton, the Blue and Orange Cafe, and don't be too picky about your friends as long as they're good influences.
3.) Keep your options open, particularly regarding grad school. If you enjoy econ or finance and might want to go to grad school in it, you can never take too much math. Specifically, the engineering math sequence (Math 220, 230, 241, 285, 461/463, and 225) are important courses.
Thanks for your replies
@happypantsmcgee and GuidoMane
The reason I am asking about this before I even start college is because I am truly passionate about finance. I have always wanted to work in finance. I also want to get a head start because I know that BB banks really don't recruit at my school. I am very social lol and that's why I'm hoping to get an interview because I'm pretty sure I can rock that. Btw I'm definitely keeping an open mind but right now this is what I want to do and I'm planning very early because if I don't it will be too late.
@IlliniProgrammer
Currently I'm not in any honors and I'm pretty sure that I can't apply forBbusiness Honors because you have to be selected. Would James scholar honors look good though?
Get involved and get good grades (3.7+). That is all you have to do as a freshman.
....
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TechBanking, so if I double major in accounting in finance, going to school for a 5th year won't be detrimental to my chances of breaking in to investment banking at all? Would I still want to get my main internship after my 3rd (junior) year or would I want to get one after my 4th year instead? Let me know? Thanks!
I made it after spending 1year at UIUC's MSF, following a sub-3.0 from a mega nontarget.
If you fail to get into banking at UIUC, its not because of the school. Its because you didnt work hard enough. Almost all of the BBs and elite boutiques recruit there, but they only take a handful of kids (this is the same at any target school).
You can really only help your chances by transferring to harvard, wharton, stanford, columbia, chicago, etc.
Anything else would be a step in the wrong direction.
Dont go 5 years. Major in whatever you want, as long as you get an internship every summer and graduate with over a 3.5.
I went to Michigan, double majored in Accounting and Finance. I didn't have an interest in banking (did consulting instead), but a lot of my college friends went into IB. I know from meeting their colleagues over the years that UIUC has decent representation in IB, both in NYC and Chicago, so you can definitely make it happen.
I'm not convinced that transferring to Michigan gives you enough extra edge to justify the move. I'd say Michigan gets more love in NYC, but in Chicago you're probably dead even.
You do have a chance at investment banking. Especially with a 3.8-3.9 GPA. I recommend you contact IlliniProgrammer he can help you directly
I graduated today from Illinois and have a banking offer so here is my 2 cents:
1) Accounting is the highest quality program within the business school. BY FAR. They stress communication / writing skills along with accounting. Most IBers I know did the double major. Be aware that there is a 9 semester limit for the Accy/Fin double major.
2) Finance club will be a joke in the future because it is losing most of its faculty support. Becoming an entirely student run organization.
3) Apply for finance academy second semester sophomore year. People I have met through this honors program: chairman of Madison Dearborn, founding partner of Peak 6 trading, Jill Smart (director of HR) at Accenture, former Secretary of Transportation Sam Skinner, former Gov. Jim Edgar, etc. Best. Networking. Ever. It will be hard to get in (class size each year limited to ~20).
4) Check out the new IB academy that is starting next year. Not sure exactly what it is all about, but the people running #3 will be somewhat involved and there is serious university commitment behind the new program.
5) There is also Illinois Investment Bankers (student club that precedes the new academy). I know it had 100% placement or close to it its first couple of years.
6) Get a 3.5. At least
7) Make friends / get to know people with the same goals
8) Never, ever, ever mention transferring to Mich or NW again. I will find you.
You're welcome.
illiniPride, I have a question about the people going into banking with the double major. Did they become CPA's or did they just get the major in accounting and that's it? Because, correct me if I am wrong, but a person from Illinois told me that new rules in IL are making it to where Illinois students who want to sit for the CPA have to take the 5th year Master's Accounting Program offered at UIUC. Now, I found this to be quite strict new rules and had my doubts. Is this true? Let me know. Thanks!
I am currently a double major at Illinois, and you are right about the new CPA requirements. In order to test for the new CPA, you need to attend the masters program at Illinois in order to sit for the test. However, you don't need your CPA to do Ibanking.
I am many years out of school (and I could be remembering this wrong), but when I was at UIUC you could do a double major in accounting/finance in 4 years and not do the masters in accounting, which adds the 5th year and is the CPA track. I'm not sure if this is still the case. You don't need a CPA for banking, but it can't hurt either. I don't think it matters for banking if you do either 4 or 5 years, particularly if there is a academic reason for doing so. You would want to do the IB summer analyst between your 4th and 5th year to be able to accept a return full-time offer.
Stauty, are you going into Ibanking? If so, will you finish your double major in 4 years and just not sit for the CPA? Let me know. Thanks!
I am Accy/Fin and not getting my CPA. Don't know what the new rules are exactly but what Stauty said sounds right. Just talk to your adviser to double check.
Do they still have the FIRM at uiuc? I remember that was IB group & they did like 4 seminars in the fall. Or is the FIRM becoming the new IB academy you mentioned earlier?
If it took me 9 semesters to finish my double major would that be alright? Would I still get my main IB internship after my 3rd year to try to set myself up for an offer?
Then would they have me start working for them right after my 9th semester (around Jan.) instead of starting in May or June like most new analysts probably do?
Then what would I do during that time period? Just wait around until they are ready for me to start?
And you are planning waaay to far ahead right now. One step at a time man. You need to focus on getting a rock solid GPA freshman year and making sure you have a job for the summer. Everything else is secondary at this point.
And you are planning waaay to far ahead right now. One step at a time man. You need to focus on getting a rock solid GPA freshman year and making sure you have a job for the summer. Everything else is secondary at this point.
I know, I agree that that this is way too far into the future to worry about. But, I am just trying to get a better all around understanding of Investment banking. Thanks for the help though.
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