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 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 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.
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