IBD: Setting realistic expectations
I posted this in the jobs thread but I might get some better feedback here.
Goal: IB Analyst
Problem: No internship
Just graduated with a Finance degree and a 3.96 GPA from a non-target school. Maybe I was too focused on finishing school quickly (I'm an older student), or maybe I felt I wasn't experienced enough to apply, but I don't have any IB internship experience. Due to some personal problems and the focus on graduation, I didn't hit networking as hard or early enough as I'd liked and the few contacts I have managed to speak with are slowly churning in the pipeline.
To try and make up for my lack of SA position I took part in my schools investment fund my final year. In addition to being an investment analyst I was elected to be head of Risk for the first semester and elected Senior Portfolio Manager second semester. I always try to spin the quantitative, qualitative, and leadership skills I've gained from the fund in any interview/phone call.
Before and during the fund I was an intern working for a financial advisor at a big F500 firm. I thought advising might be a path I wanted to head down long ago but I've quickly crossed it off my list. In any case I talk about organizational skills, ability to meet deadlines, and client interaction. This naturally turned into a full time position after graduation and I now support 18 advisors - I couldn't find any better opportunity and I need some form of income.
Through my networking attempts I've been in contact with a few recruiters from BoA and Goldman. Obviously I have the longest of shots at these firms but I've got to give it a shot at least. I also have interviews with a few asset management firms around my area.
My backup plan was to earn an MSF from a top tier university with great IB placement. This is going to be a $50k+ expense and I'd hate to make the commitment lightheartedly. So my questions are, is MSF with no IB experience (but some finance experience) going to be enough to put me over the edge and at least compete with the other IB analyst candidates? Or if it isn't, where should I be focusing my efforts now? I could hit up all the boutiques in my state but would they be willing to offer an internship to a graduated student who plans on leaving to complete a Master's degree in 9-10 mionths?
I've spoken to the all the alumni in IB from my school...there's only two. Everyone else who's made it into finance went into PWM.
I appreciate any and all advice, thanks.
bump; I'm interested in this as well.
Since you just graduated I would imagine you'd start an MSF next fall. This could be a good move if you get into a solid place (Like Vanderbilt, Duke, UVA, etc.), however you will need to find an IBD internship before starting. If you can get 5-6 solid months of boutique internship experience, that will make you a decent candidate when you get to campus next fall for better places.
However, no internship = waste of 50K. You won't be a serious candidate without the experience.
I would echo what Quaneaser said. I think if you cold call around where you live, you could definitely land a boutique internship for some experience. Even if it's unpaid, take it.
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