Getting Started....early.
Hey Guys,
I have recently been looking into the possibility of Investment Banking as a future career. It is an interesting field to me, both in terms of what I'd be doing and how fast paced and demanding it is (Sounds crazy, but maybe someone understands. I don't like being bored at work). Anyway, I was wondering if anyone had suggestions on what I could do to get a jump start and give myself a future edge, as I will need one for sure. I am a freshman at North Carolina State University planning to major in Economics (B.S.). While our business school is ranked top 50 in the nation, I wouldn't say we're a target for IB at all.
Looking ahead, I would love to work in New York for some of the bigger banks. I know I need to get a head start and a ton of hard work and networking to do this. So, what kind of internships should I be looking into? Would it be possible for me to land a larger scale bank, or should I be looking at Boutique? Also, any suggestions on networking, etc would be greatly appreciated!
I suggest you remove your picture and your name first. Then use the search function.
I know a couple wolfpuppies who made it to the street. takes a lot of work, but it's possible. Credit Suisse has a big back office gig near you if you can't land a good SA. it is possible to move from there to FO, just takes patience and a lot of work. best of luck
Definitely glad to hear we've got alums on the Street! I will look into the Credit Suisse deal for sure. Would it be better to work back office for Credit Suisse than SA for a smaller firm like a boutique, or should I stick with any SA position I can get for a reputable firm? Thank you!
I'd go for something front office first, then CS as a backup
Brof is, of course, correct. Unfortunately I know someone trying to leave CS BO in Raleigh and can only find other BO / Ops jobs (mostly in Charlotte). It is a great gig but you probably wont be able to jump after it.
it is very tough indeed. the guy I'm thinking about took 3 years to get to NYC and he busted his ass like nobody's business when he was BO. I should mention though, that it's unlikely to go BO to FO at a place like that. more likely to go BO to MO to FO.
I know another guy who leveraged CS BO with passing all 3 CFA exams to get a FO job, so it can be done.
all of that said, do everything you can to get front office work
Alright, thank you guys. I'm definitely looking for a front office gig in NYC if it is at all possible for me to land it. What is BO like in terms of work hours and pay compared to MO or FO?
You're a freshman. You still have plenty of time to transfer. Just work hard to get a good GPA your freshman year, and apply to a core school your freshman/sophomore year. You've got UNC and Duke close by.
True. Problem there is that I'm on a near full scholarship at State. So I'm not sure if it'd be worth it to transfer to UNC where I have a better shot but still not best. Duke, maybe worth it. Except I'd end up paying $200,000 for a bachelor's degree.
Getting a FO IB job is currently a low probability mission for you. You can increase your chances slightly by going to say Duke / UNC or a fair amount by transferring to a major target (not likely). If you accept that fact, along with how you value a cheap education at NCSU, you will have realistic expectations. Under-promise, over-deliver mentality with your expectations.
That's true. I know it'd be a really long shot. Would it be worth it to even try from here?
lol at the suggestion of transferrign just for breaking into ib..
high risk and possibly no reward still.
you are wayahead of the curve and if you can actually focus and keep at it then you can easily break through.
try to get some experience this summer. could be finance work even in a random business or just do unpaid intern work at a small lshop near where you are
next year go hard with networking and grades.
major thing is get your gpa to 3.7 if not more.
in my experience networking was easy and Im a good people person but the snag always came at the average gpa which would make them hesitant.
youll get opportunities aplenty and there are many things that can stop you from not breaking in. So make sure you don't mess up the only thing you have total control over ie your gpa
Also good advice. This is the plan as of right now, I'm just hoping it works out.
Don't be worried by all the 'have to transfer to a target' crap. Just get good grades, get involved on a campus, and find a local PWM internship this summer. If you do better than that you're already way ahead of your peers. I've seen people come from farrr shittier schools than NC State. Plus you're having more fun at a state school.
Just network and get some internships
Honestly, a lot of the advice from people saying not to worry about transferring to a target is severely misguided.
Take it from someone who transferred from a non-target to a "target" and then landed FT IB.....transfer.
Breaking into IB is extremely competitive and difficult, even from a target school. From a non-target, your odds are astronomically low. Sure, it happens, and I personally know a couple people who have done it. But we're talking a dime a dozen, and most had a serious connection or had a massive combination of both hard work and luck.
To be blunt, even a perfect GPA from a non-target is just not impressive. I've had 3.9+ GPAs at both my non-target and target unis. I can't put into words how much more difficult it was to attain strong marks at a target.
Sure it's nice to read the handful of "non-target to BB IB" success stories on WSO, but you're looking at a 10% chance of breaking in, even with full focus on IB. And then what? You get stuck in a BO role with little upside or you end up applying to a Masters in Finance to rebrand and recruit again. But even then you're not competitive for the top programs because you're from a non-target and there are dozens of qualified "target" students who didn't get an offer that are applying against you.
Apologies if I sound too pessimistic, but I'd wish someone had told me the above even earlier than I'd realized it on my own.
My advice to you is to seriously consider transferring to a target or even a semi-target. It may cost more but in the grand scheme of things it's a small investment for a much larger future income stream. And even if you don't make it into IB, you'd still be much more competitive for other fields like consulting, or getting an MO role, or being accepted to a top Mfin, etc. When you do land the job you want, you'll also be more competitive for a top MBA if you come from a strong undergrad. The benefits of attending a strong undergrad shouldn't be misstated. Give it some serious thought.
Get into Duke or UNC, they are good targets for some BBs, especially BAML and DB. Keep up your grades bud. Best of luck.
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