Are transfers really screwed?
First-time poster here. I'm currently trying to transfer from a non-target to a semi-target this summer in order to get a GPA (ideally a 4.0) by fall. Currently, I'm a sophomore spring intern for a boutique investment bank in the southeast. Are big banks out of the question for people in my situation or is the rushed recruiting more of a problem for people looking to do banking in New York? I would love to do Investment banking in the northeast but the way things are going it seems like it's going to stay a dream.
I would not let a "missed" SA opportunity dissuade you from transferring from a non-target to a semi-target/target if the opportunity arises. An issue I'm noticing a lot on this forum(and admittedly, I was also guilty of this in the past) is that people are too focused on the near term. While SA/FT/buyside/MBA recruiting are major milestones in a professional's career, you often need to take a step back and remind yourself that the decisions you make should cover your long term career objectives as well. Your school name is effectively your brand for your entire career, and even if you can't leverage it during SA recruiting, there's 30+ more years ahead of you where it absolutely will benefit you, and I guarantee more than once.
To address your question, even if all the BB/EBs are coming before your transfer date, there are still TONS of MMs that a semi-target will give you access to that you wouldn't get at your current school. Often times the mid-lower tier MMs don't hire on the same timeline as BBs, and I'm sure having that on your resume will set you up way better for FT recruiting than your current shop. Best of luck and hope this helps.
I only skimmed the prior replies from other users, but they are all directionally correct to say that the smartest way to do this in the current recruiting climate is by adding an extra semester or year to your undergraduate career in order to enjoy a proper recruiting cycle.
It may suck today, but think on a 10- and 40-year timeline. A decade from now, you're going to be way happier with yourself with (a) a stronger school's brand name on your resume and (b) a stronger bank placement as an intern and/or analyst.
Four decades from now with the accumulated advantage that those first two things unlocked (i.e. a stronger school let you get a stronger bank as a summer analyst, which let you get a stronger bank as a full-time analyst, which let you get a really strong buy-side placement, which helped you get an HBS/GSB degree, which helped you get a partner-track role at a solid firm, which helped you earn eight figures across your career ...), you'll really value trading one more year in school for a shot at that shinier trajectory.
So, transfer to the best school you can, write your resume as if you're one year further back than you originally began, and jump into the absurdly early recruiting process that banks are running now. Graduate in December (meaning you only spend nine semesters in school total), or stick a study-abroad program in for one or two semesters in your fourth (out of five) year and graduate in May of your fifth year.