Not so new
Hi all, I'm not so new since I asked a question here a really long time ago under a different acount.
Basically, I am now a senior at Cal State LA, studying Finance. I want to do something in Private Equity. I have a 3.0 gpa, and have a crazy dream of getting into Wharton. I struggle with internships, since the two I've had were pretty much bs with some start-ups that went nowhere. Others, I've tried to get, were basically, spmeone promising to help get an internship with them, only for them to disappear before my internship came to fruition. I don't really have anything to show for on my "resume" besides graduating early from high school and some business dept award I won through my Virtual Enterprise class, back in high school, that was meant for Senior, but I won as a Junior. And maybe me getting my blackbelt in Karate.
Oh and one timw I worked for 3 days at a Western Wear place, because the owner wouldn't give me more work, they only needed a temporary inventory guy.
I don't know what to do or where to turn and I feel like I'm drowning.
I want to take my GMAT, but I'm also not sure if I should get try to get work experience & some decent internships, or if I should make a hail mary attempt with my gpa and will to get into a school like Wharton?
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Really hope you aren't serious- but if you're from Socal, then I can understand if this is a legitimate question, as I know Socal can kind of be in its own bubble at times.
I hate to be a pessimist, but I'd say you have zero chance of getting into Wharton or private equity based on your stated current credentials. Lack of work experience and GPA aside, the fact that the only achievements you can think of as a senior in college are from high school suggest that you really need to look internally and figure out what you actually want to do. It's pretty easy to come onto this forum and follow the crowd- but realistically, you are going to need to hustle A LOT.
That said, I think you could realistically get started in wealth management. In my experience, success in PWM is less about your GPA/school you attended, and more about a combination of 1) how hard you are willing to work (the aforementioned 'hustle'), 2) how good you are with people and 3) luck. And I don't mean to knock PWM in any way whatsoever. I think it can be an phenomenal career path where you can make serious impact and connections with your clients. But it definitely requires the right mindset to succeed in.
Hope this helps and feel free to PM me with any questions.
I disagree, PWM is fine but it's much less connected than people think unless you're in NYC.
OP, if I were you, I'd get a MSF from a good school, try for IB after that, then go to Wharton MBA and try to do PE if you can get in. you'll have to really beef up your ECs this time around, otherwise as above said, you have approximately a zero chance of achieving your stated goals.
Sorry- should have clarified. By 'connection', I meant that you can (and need to) really connect with your clients on a personal level. I don't know if that's representative of the industry as a whole, but it was based on the experience of one my earlier mentors who was a top FA in Socal.
Also- don't most decent MSF programs require some degree of work experience as well? Again, I could be wrong but that was my impression.
It sounds like you're saying I could never get into PE, or are you saying I should try and get into PWM before making a leap into PE? Why do I need to get an MSF before an MBA, aren't they similar and wouldn't an MBA suffice?
Couldn't I just try and get into a series of internships and work somewhere, and then just apply? Wouldn't that and a high GMAT be enough?
Thanks for your honest feedback.
It sounds like you're saying I could never get into PE, or are you saying I should try and get into PWM before making a leap into PE? Why do I need to get an MSF before an MBA, aren't they similar and wouldn't an MBA suffice?
Couldn't I just try and get into a series of internships and work somewhere, and then just apply? Wouldn't that and a high GMAT be enough?
Thanks for your honest feedback.
Best bet IMO go to your career center and try to get in front of any grads you can to leverage a connection to get entry level spot in PWM, as a sales assistant or some sort of support role. You will need to be hungry and show it.
Then you could continue networking,and go for a Masters in Finance somewhere but the GPA could be an issue... MSF HQ is a great resource for that.
From there you will want to shoot for IB then PE if that is ultimately what you want to do.
Regardless you will still need to network like a fiend and grind like none other for a few years at least before you would even get a shot at anything PE.
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