IBD opportunity for a redeemed underachiever?
I am neither a U.S. citizen nor a resident alien who is majoring in Finance. I am trying to find a job in IB both in BB and boutique.
I have been in the states since I was 14, and I am almost native in both English and Korean. I always have been regarded as a smart person among my peers and superiors, but I lacked both work ethics and attitude to achieve anything significant in my earlier academic career. Later in college, I learned the importance of diligent effort and hard work, in order to gain significant academic achievement.
I am trying to find an IB opportunity in the U.S. and now, I am painfully regretting many of the mistakes I have made in my youth. But whatâ€s done is done, and I am trying to devise a strategy to get myself an IB job.
I think the following problems will hinder my chances of getting an IB job in the U.S.:
- I am a foreign national (South Korean)
- I have average GPA (3.1) but I do not have a spectacular GPA (such as 3.95)
- My GPA progress is reverse bell-curve shaped, charting steady drops in the beginning and displaying steep upward trajectory later
My questions are:
How much disadvantage I have trying to find a U.S. IB job as a foreign national?
How much chance do I have trying to find an IB job with my GPA?
Do you have any recommendations for the firms that are willing to hire foreign national?
What would be the best strategy for me to employ when I need to explain my rather careless past and unimpressive GPAs during interviews?
for BBs, nationality generally does not matter. a large number of my fellow associates are from outside the US. I am not sure about MM though.
3.1 GPA is a tough sell for a BB though. Do you have impressive sports/leadership positions? If not, then you just have to network your arse off with the alums and pray very hard that a miracle happens. and miracles don't usually happen (ok, i know some sensitive cherubic college kids on this board are going to howl and protest about me telling it as it is).
Do you have any recommendations for other finance career that I can choose to use it as a stepping stone for an IBD opportunity later (after I get my MBA, perhaps)?
is 3.1 above average...is the average really low at Indiana?
alright. I should have said average.
http://www.kelley.iu.edu/ibw/
if you aren't in that, you're fucked.
Ilprincipe,
Go for something you're interest in, regardless of a stepping stone to a BB. The fact remains that there is a very small % chance that you will get to a BB, that goes for anyone in the 'average' pool. Focus on getting a job that will get you some happiness and allow you to get intoa decent b-school. once you're in bschool, work diligently and then try to get another good job out of b-school. don't pigeonhole yourself into bb or nothing, there are PLENTY of interesting, rewarding, and highpaying positions outside of BB's, PE, VC, etc.
It seems like you should maybe look at accounting positions, this will give you the framework of how companies operate. You may also be interested in working in the corporate finance team of a f500 company. Regardless, look always for an industry leader or decent reputable company in any industry that you want accounting/financing/marketing experience.
I repeat: Don't focus 100% on investment banking, have other goals like finding a 'reputable, highpaying job' rather than an 'investment banking job'... ib is not the only way to riches.
Most of the millionaires in the USA own their own business, (66% actually) and becoming rich is more a function of frugality, inventiveness, and persistence rather than a function of ivy league education, bb analyst stints, and working for the man-attitudes that prevail on this board.
Sorry for the rant, later.
Net Worth or Nothing,
What would you say about the corporate finance position at AIG or Merck (Not talking about them as a stepping stone, but as a job before MBA)?
.
Many of them actually have knowledge of Korean as a pre-requisite
AIG or Merck would be awesome. That's the kind of stuff I'm referring to in my rant. Granted, you won't be earning 75K bonuses at AIG, maybe 5K your first year, 7,5 K your second year... but remember you're 22, 23, 24, so really SHOULD you be getting a 75K bonus. It's very uncommon in the real world.
AIG is a great place to work, I had 3-4 friends intern in NYC with them this summer and all of them took full-time offers in August because they liked it so much. Merck would be a cool opportunity too I bet so look into both. Depends on your interests. If you want to get into healthcare, go Merck. If you want financial institutions, go AIG. If you don't know, find the place where you like the people more. You'll work 40-50 hours a week, make a salary of about $50-60k a year, and you'll learn a lot. Believe it or not, a good amount of b-school students have never worked in a BB IBD or consulting gig.
Are you in this country illegally and/or do you having a work permit?
Are you sure you are not a fresh-off-the-boat alien yourself: "Are you in this country illegally and/or do you HAVING a work permit?"
I was in the states legally to study until 2006. Currently I am not in the states because I am doing my compulsory military service in the Korean army.
And I don't plan on working illegally because I know better. I'll have to switch my Visa status from F1 to H1B or other appropriate Visa.
I am planning on returning to the states in 2009 after I complete my service to wrap up my degree.
You mean 2008? It's only two years (which is an infinity to give up against your will)....good luck with that, hopefully it didn't completely fuck up your college experience....I won't go into my position on conscription (for the record, I'm against it under any circumstances on the grounds that it's slavery, pure and simple....when you force, or coerce for that matter, someone to work for you against their will, no matter how much you pay them, it's slavery), but whatever....yeah I don't think you'd have a great chance at BB. I'd try for lower-end consulting firms or even a F500 (GASP!) and then work your ass off there. Or, if you really need the money for one reason or another, (I'm planning on law school=$$$$$$, but business school isn't cheap either), smaller banks.
By the way, it's very difficult to sneak into the US when your only method of entry involves a ship or airplane. I guess you can sneak in thru Mexico, but that's another issue entirely.
"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
Ilprincipe,
Don't worry the whiteman.... Ignore the fact that every president has been an ugly white male!!!!!!!
God bless Europe, o wait!
I wish I could write in wing-dings.... c'mon guys.
Whoa, pardon my egregious use of a gerund in the place of a verb. Better call immigration services and report me. I post on the board during my limited free time at work in between making shit happen and greasing the wheels of the economy (i.e. generating tax dollars that support healthcare and education for illegal immigrants).
Anyway, I can respect the ambition and work ethic of the original poster. I think your best bet is to take Net Worth’s advice and pursue other endeavors outside of IB as your stats may prevent you breaking in at this point. However, after several years of work experience you could potentially leverage your experience into a b-school program and then enter IB as an associate. Good luck.
Oh please, junkbond - you, as an analyst, don't make shit happen. Shit falls on you. Get that distinction clear. You know where you stand. Don't put yourself on a pedestal, and try to act high and mighty with some college kid who's trying his best to get into the industry.
This is coming from the dude on the board asking all the analysts how to be a good associate. You should learn rather quickly that your 2 years as an associate aren't going to mean anything. Learn to appreciate your analysts or I guarantee you they will make your life miserable once you finish the MBA and start working.
I looked out for my analysts and have on many occasions spoken up for them during performance reviews (for those who deserve it), but trust me that I also know how to make some of their lives very very miserable indeed (again for those who deserve such misery). For some analysts, the only way to get them in line is to whip them into shape.
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