Engineer getting full time analyst position with no IB experience?
I'm currently a rising senior at a non-target engineering school. Top 20 engineering program (for my major) according to best USNews. I have a GPA between 3.5 and 3.75. Will be graduating magna cum laude
I've had technical positions at a tech firm during my summer to junior year. I decided to pursue trading and interned at a discretionary prop shop (not an arcade shop, but also not too technical). Over there i coded up a trading tool.
I was originally turned off by Investment banking, but after networking with some people in the industry, I've realized I had the wrong idea all along.
I'll be a senior in the fall and have had no experience doing financial analysis. I've taken a survey class in accounting for both managerial and financial, and a class on some basic finance concepts. I could self-study the rest if push comes to shove.
Given my circumstances, do you think it's worthwhile to apply to IB analyst positions despite my lack of experience in finance? Has anyone been in a position similar to mine?
No harm in applying to IB analyst roles, but cast a wide net and shoot for other things as well, such as corp fin at a F500. This will put you in a better position to lateral later on down the road, if you aren't able to land an IB role right out of school.
You seem pretty bright, given your engineering background and willingness to self-study. But I think you are looking at the wrong contingency for your ability to get an offer; it sounds like you are questioning your lack of relevant experience, when you should really be questioning your lack of connections. You mentioned that you have networked with some people in banking - your ability to land a first round interview will all depend on the connections you've made, and whether they can get you in the process.
Like I said, I'm sure you're smart enough for the job, and it's on you either way to learn the technicals for the interviews. But that's pointless if you can't get a shot at proving yourself in the first place. Ask yourself if you have the network to get in the process, and there you will find your answer.
Back to your point about experience, literally no one gives a shit about your lack of relevant experience, since you're an engineer (at least past a certain threshold). I see dozens of posts on here asking super-specific questions about "will ABC or XYZ make be a better candidate for banking??" and it's almost always a stupid question. It all comes down to your ability to craft a compelling story and a convincing reason for why you want to be a banker. If you can land an interview and nail the story, nobody gives a fuck what your past experiences were.
On another note, full-time analyst recruiting is happening right now.
In summary, worry about getting an interview instead of your past experience. Good luck
Thank you. Currently networking, but there doesn't seem to be many FT positions out there... I'll march on.
It’s difficult to switch from Eng to IB without 3+ years of work experience. 1. Search for a club in your school that IB recruits from. 2. Try to ensure your GPA is >3.5 ideally >3.7. 3. Fund firms your interested in that recruit undergrads. Then look at their analysts to see how they broke in (extracurriculars, etc.) 4. IB puts more weight in how you present yourself than engineering (written, spoken, presence) so work on these. 5. Learn how to basic modeling / read a balance sheet. (You should learn this through a club at school.)
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