Non-Target, Low GPA, Mediocre Internships. Landed a Tech M&A position. Q&A

Hi Everyone! I thought that it was appropriate for my first post to share my story of breaking into IB. I come from a small LAC in the Northeast with a very small alumni base in general, and even smaller in the world of finance. We tend to pump out advisers and insurance guys at an alarming rate. I only had a 3.0 GPA with a major in Finance. My internships were in PWM, and an institutional broker-dealer doing research support. I didn't get a second look from any banks come FT Recruiting, so I began to network like crazy. I did some temp work with a small PE shop helping with valuations and building pitch books, but nothing significantly important. 11 Months after graduation, I finally landed at a regional bank that is strictly Tech with a focus on M&A. It is not an easy road, but it was well worth it to get there. Ask away!

 

I plan to stay in banking for the next 2 years. I take my Series 79 in a month so that has most of my focus now. As far as PE recruiting goes, I have no interest in going into a MF. I speak with the partners of a few different shops on a monthly basis just to stay in touch. What I have noticed about the "smaller" PE shops (still $1b+) is they care more about fit than credentials at a certain point.

But GPA is 100% a barrier for a lot of the more well known shops out there. Non-target doesn't matter much anymore as more people care about the deals you have worked on in IB.

 
Best Response
iBankedUp:

How does your background story relate to banking? The one you'd use in an interview/elevator pitch scenario

See that is the funny thing. It doesn't at all. All I did was leverage the fact that I had exposure to PE and wanted transition to a more traditional banking role. I would explain how I felt my skill set was underutilized at my current firm but felt it would be better suited in Banking. I'm sorry that I don't have more for you with this one but I just tried to be myself. That is one thing I noticed once you are outside of BB/EB. They care much more about your ability to do the work and if they could stand to be around you for a majority of the day.

I think my biggest advantage in interviews is that I have always been comfortable talking to people older/more senior to me. I don't try and impress them, I just act like myself (with a bit of mimicking thrown in as far as body language is concerned)> They can smell fake from miles away, so just act as you normally would and see if there is a fit.

Sorry I don't have any "secret sauce" for you.

 

Thanks, that's a great answer; helps a bunch and I don't think "secret sauce" would've made it any better. I think that your story has to be one that's relatable. It's a confidence issue, especially with a background outside of the traditional IBD realm--"what do we talk about, then...." I'm just curious that you were able to land a PE role before banking.

 

They did make me very nervous. The key with the low GPA factor is that you have to have a good reason. You have to own it. I started a fraternity on my campus and drastically underestimated the amount of work it required.

As far as mindset goes, I just went in with a ton of confidence. I had some exposure to M&A through a class I took in school, so I could speak to the basic questions fairly well. I also went in not afraid to say "I don't know" if I was unsure of an answer. They would rather be able to show you than deal with a kid who thinks they know it all. If you knew how to do what they do, open a competing shop.

Be confident, be humble, and make them comfortable around you.

 

Great story, thanks for doing this!! I was curious to know what your process was after graduation? Im worried that if I dont get something by graduation time that I might be potentially screwed. How did you network daily and how did it affect you being more than 6 months without any experience? I just want to plan ahead.

 

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