Get a load of this shit.
I'm a 27 y/o recent grad w/3.6 in finance from UMiami (good private school but not IB feeder). I did 5 yrs in the Army and was actually passionate and successful. Now I'm trying everything in my will to get into IB but haven't even gotten one interview. I did a wealth management internship in Miami but obviously recruiters couldn't care less. I'm not gonna take the bitch route and give up, actually I'm moving to NYC on savings to try to make some shit happen. I've done financial modeling, good with excel, and know what's expected of an analyst BC of the research I've done.
Although the media/gov't makes it seem like they help veterans find employment, IB aren't on that list of military friendly companies. I'm not making any excuses, nor do I think anything should be given to me. However, I need some direction. I was thinking that I go to the city and offer to intern without pay while I study for the CFA in hopes of having something for next season. Are there ways that I can network my way into an interview once I arrive? Do you come across analysts my age or that were in the military at one time? I'm not in need of immediate income or else I would have taken one of the management jobs I was offered. I'm really passionate about this and I'm not gonna stop until its realized. Any tips from here on out? I'm not choosing another career so that's out of the picture. Thanks.
-Eric
The problem seems more "recent grad" than your military experience. 99% of IB Analysts have done a summer internship in IB in the summer of junior year. Virtually all of those had done a finance-related internship in their sophomore year as well.
What is your internship experience on your resume? Assuming you have some finance experience, the best way to get into IB for you is to aim for a very small boutique doing off-cycle recruiting. "Unpaid internship" won't work (honestly illegal for the firm to accept such an arrangement if you're not in school), and neither frankly will the CFA. Better to put in the time networking.
Otherwise, your best bet is to get into something else finance-related (e.g. FP&A) and go in after business school, which is the path for a lot of military people who had been officers post-undergrad, for example.
The way to break into banking post military is to get an MBA and enter as an associate. Every BB and EB has military specific outreach programs for ex-military MBAs. To say that banks aren't military friendly is pretty uninformed to be honest. It's more that you are from a non-target school and have no relevant finance experience. Also, the CFA to break into banking is a waste of time. An MBA is much more useful as a career switcher. It's pretty late to apply to MBAs for the class of 2019, but that is your best route.
The only veterans I have ever seen hired by banks were Officers that had degrees before enlistment. Their military experience is valued more than enlisted. So what about the veterans who got out and then earned their degree? Those were the ones that needed the money for education in the first place..
Have somebody who actually hires people review your resume and work on creating a solid 'general' resume. Looks do matter so make sure it is very pretty. Then work every connection you can. I don't care if it is your dad, a former entitled private or somebody you strike up a conversation with at a coffee shop - just get them to work for you. Give them a copy of and tell them thank you for looking at in advance. If they like what they see they will pass it along. Be sure to follow up and ask for advice. Just be aware that some firms will still require that HR selects you before the hiring manager.
The veteran programs do exist, I would try and shoot for them, but they are not 365. And from what I have seen on company websites they tend to favor officers.
Also, get a job doing something finance related. Even monkey-see-monkey-do back office work will look better and be more relevant than nothing.
Finally, when you are applying for a specific position do minor adjustments to your resume that fit the company and job. Maintain the format, but adjust a few keywords. Look at the job posting and use as much of the same verbiage as possible in your skills and experience. If the computer does not approve you the recruiter never will. When you start to get financial experience your military service will work for your benefit by differentiating you from the rest.
Yeah hate to break it to you it's not the fact that you're a vet or older. Your internships are lacking compared to most other applicants and a 3.6 from Miami isn't doing anything for you. Unfortunately don't think anyone considers Miami a good private school - that would be the Ivies or top LACs like Amherst, Williams, etc.
Having been in unorthodox positions where it seemed impossible to get a job (even in high school), I can tell you the best thing you can do is to network. Obviously, take the advice of everyone else on this forum, as they are well-informed and probably more than me. However there is no harm in networking. I'm not sure if you have been already, but find ex-enlisted vets in IBD positions via linkedin. Reach out to every single one of them and ask them for advice. Also reach out to every UMiami alumnus you can find. You should go literally ape shit (I mean literally) with the amount of contacts you reach out to. Surely, someone can shed some advice. I also disagree with the notion that your military experience is holding you back (unless you're in reserves/national guard atm) and I think you can have great potential if you reached out to similar contacts on linkedin. Also create a killer story that wins everyone's heart, and be sure to explain it in depth at the beginning of any cold-call you make.
Thank you for your service. Don't give up, and keep pushing brotha. Big things are in store for you; you just have to knock down some walls; but that's the fun part.
Look for programs that target veterans. Try to find some servicemen/women on LinkedIn to speak with.
"Get a load of this shit" seems a lot more applicable to your attitude towards breaking in. You completed an entire undergrad degree without any relevant finance experiences, a banking internship, or networking at all at a non-targ school to boot? Somehow, you're acting surprised that you're having trouble breaking into an analyst role.
On advice, you missed the boat for analyst roles at MM/BB programs. At this point, you best options are to try to network with boutique shops that will take someone with, again, literally no experience, try to get other finance experience (HF/PE/Corp dev/ER/etc) in an analyst or internship role and try to jump to IB analyst role from there, or set yourself up with a role to target a top MBA program (big 4, corp fin, etc).
Honestly you sound like a bit of a douche bag because of the title of this post. It makes you sound like you are entitled to a job in IB. I don't think you are, but perception is important.
To be blunt, it's your credentials. You are trying to break into arguably the most competitive field in banking in the most competitive market. You have a good GPA from a good school, but a non-target for many NYC based firms. Although you've got the leadership experience, you don't have any relevant experience.
As hard as this is, you have to remember that you're competing against kids who graduated with a 4.0 from Harvard and have three internships in IBD. It's the sad truth, but that doesn't mean you're completely out of it.
First off, I would have looked at who Miami targets. Florida is big and there's certainly opportunity even though it's not NYC. Check out niche firms, boutiques, etc. The reason I say this is that you're in a unique situation. You're at a bit of a disadvantage, but you have the veteran program opportunities. If you have any connections from being in the south, I would use them.
Next is networking, but enough people have touched on that.
If you need experience for B-school to get your MBA, why don't you try to find a decent and relevant job and use that as the experience? Try to get into a top program and go from there.
Try to apply to every veterans program that you can regardless of where and who. If you get through the process and you don't want to take it, then don't.
Lastly, be open to internships. It gives you experience, money, and could land you in the job that you want.
Remember, a career is probably 40 years and it can take a while to find your place.