As a Finance major at a non-target school, what are some of the way to stay ahead of the game?
Sometimes it gets quite frustrating when you know you are no less qualified and yet, the name of your school just killed most of the opportunities. Any advise?
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Point #1 People being qualified definately depends in part on your school. For whatever reason, people believe that its not just the textbooks and being taught the stuff in a classroom. There are additional components being professors, student body, and university name, rank, and prestige. And on the basis of what's just been mentioned, companies give special spots to those people lucky enough or smart enough to be in those programs. This is how shit works, this is a rule in a sense.
For example:
A guy who studied his ass off in high school, getting a 4.0 in honors classes as well as a 1500 SAT and numerous achievements and EC's usually ends up in the IVY league (There are outliers who choose state schools, however usually a known one (UT, UVA, Mich, Berk, Etc.).
When you use the word qualify, it is best to use it properly. Are you qualified to study with the smartest kids and therefore earn the spots allocated by BB's, consulting firms, F500, etc. Don't be arrogant, do you really feel you can make such a statement. For whatever reason, you chose your school and you can't change that so just move on 'humbly'. But your life isn't over just for going to ABC College in ABC, Nowhere.
Point #2 You're still in the game. Get great grades, get to know your professors in Finance. Is there an in? If it's not BB, then maybe Big 4 related? Can you find alumni at a boutique? Don't get so down on yourself, and DONT blame some b.s. about 'the name of your school just killed most of the opportunities". You are in charge of your own destiny dude, not your school's name. You have to put shit in motion.
Point #3 If you use 'advise' in a cover letter, it's spelled advice. But you already know that.
Best of luck.
bryan1's right.
Just means you need to step it up and do whatever it takes. It's not out of reach.
+Hammy
Thanks for your input. I will definitely reflect on some of your points.
Excellent response, bryan1--that's exactly what I would have written. I came from a non-target when I applied for analyst positions. Sure, when I was in school, opportunities were not exactly handed to me, but that did not stop me from networking, working my ass off in school, and staying focused, all of which led to several offers at bulge bracket and boutique firms alike at the end of the day. Don't get discouraged. Prove 'em wrong.
If your school has a Finance/Investment club, try to take a leadership role in it. Being well-rounded and involved will earn you some points.
thank you all for the encouragement!!
bryan1 is right. Go for the alumni connections. Im in the same boat as you and working with alumni opens all of those doors that were previously closed.
Is it the end? - Finance major from non-target (Originally Posted: 03/23/2011)
Finance Major from Non-Target.
December 2010-I met with someone from JPM and heard the role of Investment Bankers for the first time.
Christmas Break-I read every prominent guide and purchased Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Wiley Finance) by Joshua Rosenbaum.
January-Network like crazy and apply to a few BBs. Get some first rounds and botch them since I'm still so new and late to the game. Get better as I interview and nail my last BB 1st round.
February-Get invited to superday and rock it. So, I was pretty confident I was going to get a SA offer in NYC at a BB and calmed down to concentrate on school again. End of Feb. I get a call that unfortunately they ran out of slots. I am crushed and apply for even more Summer Analyst positions.
March-Get a boutique PE interview and rock it. Meet a MD and he wants me there. Said MD asks a fellow MD about interns and I get an email later that day saying they can't do it. I also receive an offer for an Asset Management Internship on this day. Call contacts at BBs to discuss the AM internship and they all say it has potential to be a red flag. "If you really wanted to do IB, why didn't you find an IB internship this summer?"
Since then I've been contacting boutique IBs like crazy. What to do? Advice? Criticism? Have you been in this situation before? I'm just trying to get my foot in the door; aren't we all?
If it helps I'm in Dallas, TX.
Thanks.
AM is better than nothing. How good is the firm and what year are you?
I don't understand banker logic though. Everybody knows that most incoming analysts DON'T want to stay in banking.
The AM is pretty much unknown. The AUM is around 100million. It's not large; however, it's not really small. I'm a Junior. This is the summer to make or break FT opportunities.
My resume is pretty marketing heavy. The two jobs I work during college pay for my bills, expenses, etc. They are both marketing since they allow me to work my own hours and make bank. The reason they all gave me the red flag is because the transition from marketing to AM to IB or PE would be an awkward story. But Marketing to boutique IB or PE to BB IB would make more sense. If I'm willing to seek out an unknown AM firm to spend my summer with I should find a boutique IB, I guess?
In a word yes, but why didn't you also look at Corp. Fin. internships? I know non-target kids who did J&J & Bloomberg internal finance during their junior internships and landed in decent MM banks like Jefferies.
Maybe contact the PE again and see if you can work out a deal to work for free. Or find out why they can't and see if you can find a way to work with them on that point.
The PE firm said they were too busy. I wish I knew how to tell them that I would not have to be babysat.
Why don't you just say that you don't have to be babysat and that you know how to model (learn). Maybe say you would like to be given a chance for a couple days or a week and if you waste too much of their time then you would be willing to leave.
I just might try that. Thanks for the confidence and advice. I wish I had a SB.
Not the end of the world at all. You need to get a boutique no-namer internship asap. Show passion, motivation, etc. You'll be fine for FT.
Thank you everyone for the direction. It's been a rough couple of months. I'm building a list of boutiques in my area as we speak (type).
You and I are in the same boat. I'm in Atlanta, and have been cold calling and emailing boutiques to try to get any sort of SA gig for the summer. Best of luck.
God of Wine, have you tried Houlihan Lokey yet? I know they have a banking team at their Dallas office.
I dropped an application online a few weeks ago. I wish I had someone's number that worked there so I could network over the phone instead of emails and online apps.
Theyre done for this summer.
AM is a good place to network out of......the world is not ending, chicken little
LinkedIn?
I've been all over LinkedIn. Thanks for the thought, though! I am starting to feel that it is just too late in the game.
Was in a similar situation up till about a few weeks ago when I managed to grab a spot with a small PE firm focused on distressed investments... as an undergrad w/ not a lot to bring to the table in terms of "real skills" I can certainly understand why its a 'hassle' to bring an intern on. Knowing this I was very proactive about allaying any potential fears that I would be a burden; I tried to communicate that I was passionate and was willing to do anything that they needed (bitchwork). I said things like 'I'm a self starter'; can be left along etc. IDK if that was what ultimately got me the internship, but I think it was something that was worth saying esp. since I asked for an internship.
That's the uplifting words and advice.
I am tired and don't want to do the double quote thing; however, thanks to the guy with the HL update on recruitment being over.
A question to all: Is it unlikely that a bank will call someone they've denied when people who said they would accept offers rescinded them?
What should I do? - Sophmore majoring in finance at a non-target school (Originally Posted: 04/04/2013)
Hey guys, quick question
I'm a sophomore majoring in finance at a non-target school (U Central Florida). My GPA is a 3.0. I've kinda been coasting through college so far but I know next year I'm gonna have to kick myself in the ass and get straight As. I was also thinking of starting a finance or investment club to beef up my resume and gain some leadership skills. Because I don't go to a target school, I've been putting a lot of thought into getting my masters in finance after I graduate but that is still up for debate. Ideally, I'd like to graduate and land a job as an analyst or maybe in consulting.
What do you guys think? Should I pursue the masters or stick with the undergrad degree? When would you guys recommend becoming a CFA? If you have any other tips or advice, please let me know. greatly appreciated.
Thanks guys.
You should really start getting the A's right now...come junior year your GPA will already pretty much be cemented.
I want to facepalm this post so hard. You dont become a CFA; you become a CFA charterholder.
Since your GPA will pretty much be the same given your track record, network your ass off.
Don't worry about the CFA for now. Definitely try to ace out and start networking like a madman. Don't know what your opportunities are in Orlando, but UCF is a HUGE school, so there is bound to be some alumni who are working on the street.
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