Value of Entrepreneurial Work Experience for Banking Recruiting?
As a rising junior heading into summer analyst recruiting, I lack the work experience in high finance (boutiques/VC/PE/HF/etc) that some candidates from WSO have shown. However, I have an non-traditional background, having founded a successful company in high school and spending the vast majority of my time on another venture in college. How would banking recruiters perceive this kind of 'work experience', in contrast to other candidates with internships during their freshman/sophomore years? I spent my summers traveling abroad to pitch ideas to potential clients/investors, so I never did that. My EC's are mediocre as well, so I'm worried. Any thoughts?
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WSO Employment Rate: for those of you searching for a job, have you received an offer yet?
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Total votes: 106
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Do you go to a target? Do
Do you go to a target? Do you have a high GPA? I think those factors would help you get an interview without traditional work experience.
If not, try networking with alumni to get the interview. It sounds like you have unique experience that could be spun well in interviews. You would need a good answer to the why banking question though, as it seems like based on your background the logical next step would be to continue running your business after graduation, unless the business really isn't that serious enough to provide a real income.
www.sharpeinvesting.com
In my experience, it's a
In my experience, it's a huge positive - provided you have the other stuff like grades, good school, etc. I had a small ebay business with a few thousand in sales when I went through recruiting, and nearly everyone I interviewed with seemed impressed with it, even though it was nothing major. I had even debated leaving it off my resume, since "ebay business" seems kind of cheesy. I would focus on your business experience - it will set you apart from the numerous other applicants who had finance internships previously.
This is the same poster; I
This is the same poster; I forgot my password. To the first poster, I have a 3.7 GPA at a borderline target business school (Think Berkeley-Haas/UMich-Ross), but my best EC's would just be being a team captain of a championship intramural basketball team and tutoring kids for 4 semesters.
It can be impressive but watch out
As others here have alluded to, the #1 question recruiters will have for you is, "So why not just continue with your business if it's doing so well?"
And you need to have a good answer for that.
I also had some of my own ventures before getting started in banking (and have now returned to them, but that's another story for another time) and I purposely did not play them up in interviews. Of course, mine were probably not to the scale yours were, so it's a bit of an apples-oranges comparison.
Beyond just the inevitable "Why banking now?" question, here's specifically what recruiters will be concerned over: Banking is an extremely structured environment where everyone does what they're told to do. As an entrepreneur, you have done the complete opposite and never worked for anyone else before... so will you be able to adjust to such an environment now?
They may not ask you that question explicitly, but it will come across via other questions and throughout your interviews in multiple contexts. So you should have a good answer that shows proof you can work in such an environment.
On a side note, such experience would be valued much more highly in private equity because the job is, by its very nature, more entrepreneurial and operational experience is valued highly. It's tough to get in without previous finance experience or a good connection, but that's something you may want to consider as well.
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Although I have already graduated this year from a non target (baruch)with a 3.55. I have a very successful eBay business, in fact it was one of the top 10 eBay business by revenues last year. I also had a mid office job at a BB for about 4 months before getting canned due to budget cutbacks. During college I had a PWM internship at smith barney as well as extra curricular like Ibanking club in school etc..
I know that being from a non target Ill never get into a BB for anything front office but I do believe i may have a small shot with a boutique or a MM. My business runs itself now so I dont need to be around to help out.