Paying Own Travel Expenses

How likely are you to receive a second round interview? How selective is the firm? Is it a BB, MM? How attractive of a candidate are you? Target/non-target? Previous work experience? Academic record?

This is a difficult situation to be in. Have you looked to your career center for any advice?

According to the firm, there is typically only one round of interviews, consisting of four interviews. I had a short phone conversation the past week with an individual from the firm who asked me a few interview questions. The firm itself is slightly outside the BB according to this board's classifications (think UBS, CS, Bear Stearns, DB).

As far as myself, I have a 3.97 GPA, am pursuing a double major in accounting and finance, and I have prior internship experience in the operations group of a hedge fund and a decent (though by no means extraordinary) set of extra-curriculars on my resume. My school is a large public university that is a non-target for New York offices but places decently in Chicago.

According to some morons the companies you listed are outside the BB. Because according to people who actually work in banking EVERY single one of the companies you have listed is a BB firm, ESPECIALLY UBS which is constantly at the very top in the league tables.
If you have a chance fly. I spent $500 to go and interview with a grad school... I ended up accepting an offer at another grad school. Opportunities sometimes cost money, I was willing to spend 17000 pounds for tuition at LSE to get a job in banking. It really depends how badly you want the job...
(I am not just going to LSE to get a job, but still, it sounds better when I say I spent 17000 to get in banking)

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Remember, you will always be a salesman, no matter how fancy your title is.
- My ex girlfriend

You don't have the mind of a successful person if you can't answer this question yourself. Obviously, go. Start thinking like a winner.

That happened to my friends w Citi last year. One person went, one person said they couldnt afford it and got 4 back to back phone interviews. They both got an offer. But seriously. Go. $500 is chump change compared to a career.

You need not to hesitate about getting on that plane because you should already have the mindset that if you interview, the job is yours! With that kind of doubt NYC will eat you alive, let alone I-banking.

Nothing's free, if you really don't have $500 to spend on a plane ticket sell some of your unused junk/possessions on eBay and get the money that way. It's definitely worth it assuming you really want the job... $500 is small in the grand scheme of things. That's what I spend on models and bottles every night now (kidding :).

http://www.mergersandinquisitions.com/
Mergers & Inquisitions

You don't go, you regret rest of your life for giving up on the only chance.
You go and you don't get a job, you regret spending $500.

So either way you will regret, why won't you give it a shot?

that's how I decided for my case.

You've got to be kidding me. This NEVER happened to me...

Wow. I've never seen that happen. I'd probably talk to HR and let them know that every single one of their competitors is paying for travel.

What kind of po dunk bank is this?

also, what are your options for on campus recruiting?

Seems kinda odd that they make you pay....

Don't you have a credit card, this is a valid reason to charge it and pay it back on 20% interest...

Some people on this bored are fucking retarded...

Those who are saying "with this attitude you should not even be in banking or you are going to fail" are fucking morons. The banks you listed are not true BB, the only one which a debate can be used is UBS, but they have lost some big hitters.

Anyway, is this normal that they are making you pay? No, no way in fact. I would go as far as saying that you are starting this process with a -1. Also, I know all of those banks and I can guarantee it is none of their policies that summer intern candidates pay their own way. However, you going will show a lot of initiative and it all also gives you an opportunity.

In conclusion, if this is your best opportunity do it. If there are some comparables then don't. $500 is not that much, but to a college student it is, and if it is just a dog and pony show it makes it worse. If you feel like you have a clean shot then do it, shit I will loan you the cash at prime +4.

It should not cost 500. Take the greyhound and one way is less than 50. if you stay in a cheap but decent hostel, it should cost you ~80. Best case scenario is you find a friend at NYU or another college and crash for a night. All around you can do this trip in $200.

The firm itself is slightly outside the BB according to this board's classifications (think UBS, CS, Bear Stearns, DB).

The banks you listed are not true BB, the only one which a debate can be used is UBS, but they have lost some big hitters.

Every bank you just listed is a BB bank. I recommend brushing up on your knowledge of Wall Street or yes paying for your interview will be a waste of money. (Sounds like someone got a courtesy interview and the bank itself does not want to foot the bill).

Tbroker you do not know what you are talking about. I would say 50% of the BB banks actually foot the bill for travel expenses. Many do not until you get to later rounds, assuming non-target candidates which are the likeliest to have to travel. Also, paying for students to interview while they are abroad is a wild card.

I had this exact same thing happen to me when interviewing for a FT position.

I go to a non-target, but an alumni from Bear Stearns took resumes from our school and called to invite me to NYC for a first round interview. He said that I would have to pay for my flight at lodging for this trip, but that if they liked me and I was invited back for second rounds, the firm would pay for all expenses related to the second trip.

Of course I went. $300 for the flight, and I crashed on a buddy's couch (NYC hotels are expensive). I got the second round interview. Went back a week later, got the offer.

The moral of the story - go. A few hundred $$ for the flight is nothing compared to even your first year analyst salary.

It sounds like you have a legit interview lined up, so I would foot the bill and take the risk. Just as an example, SEO doesn't pay for transportation, but I saw people from all over the world on the "list" when I went to interview (I fortunately live on the East Coast). Maybe they're less strapped for cash than you are, but in the end, you guys are getting the same job and the same payoff.

just go... maybe look for cheaper hotels outside manhattan and take the subway into town in the morning.

i interviewd from a non target in new york and they paid for everything

you spend $500 now but could have an offer locked up later - just go.

sleep at newark airport - terminal C has some decent seats

Try to get some good deals on the internet. When is your interview? If it's a month later or something, you could get a good deal. Just be confident and work hard on your interview and you will be fine.

To the OP, I had the same exact situation, with a similar firm (probably the exact same one as you) - I am also from a non-target. I know that normally they would pay for you, except in the case of off-cycle interviews (ie. study abroad). I ended up paying and going out there - I had 4 back to back interviews and got an offer the next day (although I did not end up accepting). Just think, they wouldn't ask you to go all the way out there if they weren't really interested in you. Plus, you'll be kicking yourself wondering what would've happened if you don't go.

In conclusion, just go.

I attend a non-target and was contemplating a trip to NYC to increase my SA chances (one of our alums was pretty adamant about it) without an official interview even set-up. Then when speaking with an MD I know (that attended a non-target for undergrad) he told me it was an absolute must to make the trip if you attend a non-target. He proceeded by telling me that if I make the trip, he'll make sure I interview with their head recruiter and some other bankers (so I guess it's still a first round, but I'll have more of an opportunity to make a good impression than a typical first round).

It sucked having to drop the cash on a ticket (especially since I didn't buy the ticket weeks in advance), but I'm staying with a friend at Columbia while I'm there (which saved me some money) and I get to check out NYC for the first time, as well. I am trying to get as many lunches/informationals set-up while I'm there too, which somewhat maximizes my money spent.

Worst case scenario, if I strike out on getting an SA spot in NYC, I will at least be able to know that I really did everything possible in an attempt to get a position (contacted alums, knew everything for the interviews, made a trip, etc.). I think if I didn't make the trip and I struck out, I would always question whether that would have been the difference maker. And of course, if I get an offer, I will think it was definitely money well spent - which I think it is regardless.

In summary, make the trip and the drop the cash - it will be worth it.

Also, anyone want to meet up for lunch early next week, I still have an empty day haha.

I must say, this is absurd for this bank not to pay. Top candidates from my humble university who interviewed at MMs and boutiques--in finance and other fields, including engineering, IT consulting and general consulting--not only had their travel paid for, but they were given lavish dinners and nice hotel rooms. The idea that a BB wouldn't pay for travel expenses is beyond unreasonable given the amount of money these firms make irrespective of common industry practice.

Although Va Tech may not be a target, I'm assuming it at least has a a few banks recruit in the engineering college (I could be wrong though). My BCS state school is a true non-target (no one recruits here) and this is not unreasonable.

I interned at a HF last summer and I had a phone interview for the first round, then had to pay my own expenses (flight, hotel, etc.) for the second/final round. I originally thought it was possibly because I didn't ace the first round (I was an unprepared sophomore at the time) and this was their "we'll see how bad he wants it" test. But after meeting all of the other interns over the summer, I discovered that all of the non-targets (all three of us that is) had a phone interview and then had to pay our own way to the second/final interview. Whereas all of the target students only had to go through one phone interview to get the job.

Therefore, paying for your own travel expenses is not "beyond unreasonable." Yeah it sucks, but that's the life of a non-target, you just have to accept it (but I agree it seems a little ridiculous for a BB firm).

I'm in a different situation because I'm going abroad and had to come in for early Superday interviews. However, at some BB firms they paid for everything and had a structured "abroad kids" Superday. Alternatively, two other equal or better BB firms had me pay my own way. They said that they were doing us a "favor" by letting us interview early. I do understand this I suppose. However, I certainly appreciated the other BBs in paying for us. If I was someone who was not fortunate enough to be able to pay my way there I would be pretty pissed. Especially if I didn't end up getting an offer.

If you cant find a place to stay try this website
http://www.couchsurfing.com/
You can stay for Free! Good luck!

They say money can't buy happiness? Look at the fucking smile on my face. Ear to ear, baby.

I posted a same topic just now.. same situation as yours.. I am not sure if the bank (Citi) would pay.. still waiting for the recruiter to get back..
Ling~

I wipe my ass with $500. Do it.

lol, omega and his $500 boxers.

but seriously, just go. think about this way...................
you don't go, you save $500, but miss a decent shot of earning $400,000 or more 4 years down the line......

it's an investment in yourself like college. thats it.