Networking / Breaking in
Heres the deal fellas. I spent 5 years in the Marine Corps and did a few Iraq and Afghan trips and called it quits. I now have finnished my Associates applied to several schools and got accpeted into a semi target. I am currently interning at a real estate investing firm it was the best I could do networking from a community college and still working fulltime. So here is my question. I will be quitting my job now and focusing completely on school and networking. My main goal is to finally land a BB offer in NYC. Will taking internships in my regional area at banks that are MM or smaller hurt my chances significantly? I have also networked alot this summer while interning and met many people who work in my area who absolutely love it and say that NYC isnt all its cracked up to be and this area is just as profitable. Are these guys just unhappy in 2nd place or is there some weight to what they say? One last question and I will quit. How are the exit opps coming from regions such as Washington DC, Houston, Atlanta? Will I still be competitive for some of the more sought after exit opps? Thanks for any help.
You have an interesting
You have an interesting background with a few unique pieces. I assume you are getting your Bachelors degree from a semi-target, yes? Will it be four more years or just two on top of your Associates?
If it is a four year program, you have a little more runway to take some smaller regional internships and build your way up to the bulge brackets if that is your goal. The internship that will really "brand" you is the one the summer before you graduate. You will likely either end up working at that firm, or one similar to very slightly better, but that will basically set your ceiling for full-time recruiting. In general, though, any finance internship is better than no internship; so if regional is your best option, take it.
There is probably a mix of truth and hubris in the claims made by your friends at regional banks. It is very possible that on a lifestyle/compensation/cost of living-adjusted basis, they may indeed be better off than they would have been in New York. New York is also very competitive, and it can be hard to get ahead. Having said that, it is a lot easier to go from New York to a regional bank than to go the other way. Starting out, you should preserve opportunities rather than foreclose them...so starting out in NYC is your better bet if possible, then move if you don't like it.
The most "sought after" exit opportunities coming out of a 2-year banking analyst program are generally considered to be the private equity and hedge fund offers at the top firms in those spaces. There will be much fewer of these available to regional analysts. But then again, it's a misconception on this site that all the banking analysts who made it to a bulge bracket bank in NYC will get these offers. Within the bulge bracket banks and elite boutiques, there are definite striations between groups and firms which have better and lesser exit opportunities. And even then, one often has to be exceptionally talented and prepared for interviews and tests to get access to the better opportunities.
Great response re-ib-ny. Yes
Great response re-ib-ny. Yes you are correct to assume semi target for the Bachelors. I had one more question that didnt make it into my original post. As you commented on my unique background that also bring a unique situation to the table for recruiting. I will be 28 when I graduate with my BS and yes it is only a two year program. Will the fact that I am potentially 5 to 6 years older than most of my competition be a hurdle? Once agian thank you for any help.
oneluck: Great response
Great response re-ib-ny. Yes you are correct to assume semi target for the Bachelors. I had one more question that didnt make it into my original post. As you commented on my unique background that also bring a unique situation to the table for recruiting. I will be 28 when I graduate with my BS and yes it is only a two year program. Will the fact that I am potentially 5 to 6 years older than most of my competition be a hurdle? Once agian thank you for any help.
I think your military background will help you out a lot, hell you took 5 years of your life to defend our country, people wil respect that and know you can take orders, take shit from other people, be efficient, etc. It won't matter that your 28.
Your age wouldn't matter to
Your age wouldn't matter to me, and apparently wouldn't matter to mynameistizzle, but it might matter to some people. Some might be concerned that you would be out of place in a group of 21 year old summer analysts. Realistically, there is such a thing as too old. Having said that, I have seen many analysts who spent a few years in military service in their home nations who required it, so I would hope most folks would not begrudge you your voluntary service to ours.
Your biggest challenge by far is going to be your short runway to get experience. Traditionally, banking hopefuls spend their first summer working in some regional PWM or other finance-related business, their second summer working at a small bank or fund, and then their last summer in a structured bulge bracket IBD program. You don't have this runway, and will have to overcome what might be the perception that you don't have a good grasp on what banking is about.
The real estate internship could help you. Hopefully there is some on campus recruiting at your semi-target. You need to go to every single informational session, and get to know bankers. Consider mentioning your experience in real estate and that you have a bit of an interest in a real estate group, it may get you an introduction to a real estate group banker, who will hopefully pull for you in the interview selections. Doesn't necessarily mean you have to go to that group (although you may hurt feelings if it seems you played them) but you'll need help opening doors.