I'm a non-finance, non-economics major but can easily self-study basic finance topics. Given how tough it is to break into IB, just wondering if it's a good idea to take pay $2000-$3000 dollars to take a summer course on finance. It's really not going to teach me that much more stuff but might serve as a good signaling factor. Or is this a total waste of money?
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Getting some sort of financial work experience, even something remotely related like being a research assistant in the economics department of your university, even if it's voluntary work, even if it's a company nobody's ever heard of, is FAR better than some random finance course.
The signal a course like this sends is that you were unable to find a summer job. That is a very bad signal to be sending.
PS: And it costs HOW MUCH???
I am interning at a decent buy side firm for the summer. And I can definitely self study corporate finance. But seeing how I have no formal coursework in economics&finance and how tough it'll be to break into a BB, maybe it'd help to just take another course?
The only downside is the cost, somewhere between 2-3k.
get into banking without a major in finance, econ or accounting?
Change your major or get your MBA after some real work experience.
If I looked at your resume with some "non college courses" I would flip it over on my desk and move on.
With the current market conditions you need to re-evaluate what you want to do. Just the reality of today's conditions
milkman, you don't work in the industry and you definitely don't recruit for the industry, so which "desk" are you talking about exactly?
Needing an econ/finance/accounting major to get an offer? Funny...
I'm majoring in math which I dont think will put me at a big disadvantage. When you say "non college courses", do you mean that if you see a kid who has taken extra initiative to study finance, you would trash it?
I've also been curious as to the value of a course as such, like the analyst exchange, Wall Street Prep, etc. While it obviously wouldn't hurt you like some of the posters here seem to suggest, I have some trouble believing it would help you a whole lot.
That said, I can envision the scenario where you'd open yourself up to difficult technical questions during an interview b/c you have something regarding lbo models or analysis on your resume.
Overall, I feel a course like this would be enriching, but frankly nothing can substitute for experience. I don't think it would really distinguish you in the interview process, but perhaps once you get on the job, it might make the difference there. In that case, I would say it's probably not worth the 2K price tag, unless you have some extra money laying around or are worried about your ability to perform on the job.
From my opinion, these courses would help once you're in an interview process. Especially as a math major you could potentially "compete" with business students and leverage newly learned LBO knowledge to get through the process.
That being said, I don't know how much they'll actually help you get the interview....anyone else have thoughts?
you certainly dont need to be a finance/econ/accounting major to get into banking. That said.... for those who do not do these majors it is somewhat harder for a couple of reasons 1) GPA tends to be lower in a major like math/science because the course material is harder and teachers may be thinking that most of their students go to grad school in which case undergrad GPA matters, but not in the same way it matters for finance..... people who will be looking at your resume will look at the GPA and if its lower they wont care if your a math/science major 2) Once past the resume and into the interview if you are a math/science major without the same kind of knowledge of the industry that the finance/econ/accounting majors have.... you will not get the job.
Math/Science majors often find themselves being put into quant-like jobs because this is what people figure their skill set is for. You are certainly qualified for S&T and IBD.... its just with the technical background people may think your interest is in a quant-like job or that this is the "best fit" for you. That is why it is important to make sure that in the interview you highlight your skill set specifically for S&T and IBD
That being said.... this extra course will not provide the right kind of signal you are looking for. Unless it is some type of competitive course where you must apply and it signals your characteristics by the fact that you got it..... the course basically adds no value, nor really detracts value from you. Most interviewers will either notice your a math major then gear questions towards less finance/economics specific stuff..... or they will ask them anyway in which case you can self-teach yourself the concepts and answers. I would look at the books Damodaran (sp?) puts out and some of the guides that vault and others put out. Also read Liars Poker and When Genius Failed for information about the industry. Other general finance books and books like Barbarians at the Gate can give you a great perspective on the industry and talking points in an interview. The extra course will waste your money and your time.
For a resume there are a few key areas they are going to look at and care about 1) GPA 2) Prior Work Experience 3) Prior Clubs/Projects
These are the three general areas where you want to say that you have a clear interest in business and finance and that your are a better candidate than the other economics and finance majors at your school. Find a way to delineate yourself but in ways that matter.
People like "themilkman" should go play in traffic and not post false information. As B2 and ND pointed out, a background in finance/accounting is absolutely not a pre-req for banking.
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