I have found myself stuck at a no-name boutique investment banking industry coverage group. The deal flow is actually not that bad, but every deal we get has a .1% probability of actually happening. In my few years of being here, I've got some pretty nice size deals on the resume out of the >100 deals I've worked on (it's a numbers game right?). Overall, every year we pull a rabbit out of the hat to keep the lights on, but I don't see the long term strategy working there, and ultimately, most deals we do are not repeatable business because our bankers don't really have a clue what they're doing which leads to extremely bad habits on the junior front.
Over the past 2 years, I've been hitting the pavement trying to find a lateral associate opportunity at a reputable bank. I come from a non-target with a GPA in the low to mid 3's, but I believe I have solid deal experience and can hold my own with anyone out there at my level. I've been able to get in the door with a few bulge brackets and elite boutiques, making it to the final round super day, but ultimately can never get over the final hump to land an offer. It's always something, whether they stump me on mental math questions or they just don't have confidence that my non-BB background will cut it. One bank actually told me I was over-qualified and they were looking for associate MBAs with no banking experience (I guess to rough up).
I'm in my late 20's and feel like I am getting a little long in the tooth here. Feel like studying for the GMAT may be the only option at this point. Any recommendations appreciated.
No downside in studying for the GMAT since the application cycle takes a year and the GMAT is good for five years.
Is your funnel wide enough? Seems like there would be lots of MM banks that have enough turnover to warrant a slot. If you're location agnostic then perhaps expand to e.g. some of the Chicago-based banks that have huge offices.
Your story might need more polish. Like a good MBA application essay, essentially your story should convey a confident move that isn't borne out of desperation (even though 9/10 MBAs really are just trying to parachute out of their current situation). Connect your prior work history and skills to convince interviewers that this particular bank/team is absolutely perfect for your long term career goals. If your story is solid, your presentation (physical, speech, confidence) may need work. If your story and presentation are solid, your technicals may need work, and so on.