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Based on the most helpful WSO content, here's what you need to consider:

1. Transferring to a Non-Target (e.g., Michigan State): If you transfer to a non-target like Michigan State, you can still break into IB, but it will require significant effort. Networking will be your lifeline. Many successful IB professionals from non-targets have emphasized the importance of reaching out to alumni, joining finance clubs, and leveraging any available resources to build connections. Programs like selective investment banking workshops or clubs at non-targets can also help you stand out.

2. Staying at Community College and Reapplying to UMich: If you believe you can significantly improve your GPA and application profile within the next two semesters, staying at CC might be worth the risk. UMich is a semi-target/target for IB, and its Ross School of Business has strong placement into top firms. However, this path is riskier since there's no guarantee of admission, and you'll have less time to acclimate and network if you transfer later.

3. Alternative Targets: Consider applying to other semi-targets or transfer-friendly schools with strong IB placement. For example, schools like Indiana University (Bloomington) with its Investment Banking Workshop or other Big Ten schools like Wisconsin or Illinois could be viable options. These schools have solid finance programs and alumni networks.

4. Networking and Preparation: Regardless of your decision, start networking now. Use LinkedIn to connect with alumni from your CC, Michigan State, or UMich who are in IB. Informational interviews, coffee chats, and building relationships early can give you a head start. Additionally, focus on building a strong resume with internships, leadership roles, and technical skills.

Ultimately, if you’re confident in your ability to improve your application and can handle the risk, staying at CC to reapply to UMich might be the better long-term play. However, transferring to a non-target like Michigan State and aggressively networking is a safer option that still keeps IB within reach.

Sources: Networking 101 – 8 tips from a “non-target” school student, The Comprehensive List of Transfer Friendly Schools For Investment Banking, https://www.wallstreetoasis.com/forum/investment-banking/didnt-make-it-to-a-target-now-what?customgpt=1, SOLVED---....., I Transferred Schools for Investment Banking