Journey from Worst Possible Applicant
Hello. I am a 2.86 GPA Chemistry major. I’m 24 years old. I graduate in June. I go to UC San Diego. I have no relevant work experience. I have no immediate connections to investment banking. I have a bad GPA. I have no relevant coursework. I have an incessant passion to go to investment banking.
I was having an existential crisis about 1 month ago thinking I wanted to go into finance. All my research lead me to realize I want to go into investment banking. I realized the technical skills that came along in chemistry were pretty similar in terms of excel and usage of data to create models.
I spent the last month grinding to apply for a masters program. I applied for roughly 100 internships in financial advising and analysis. I have got endless rejections.
I came to the realization that I most likely won’t get accepted into the Masters programs that I applied for. I had only 2 weeks to study for the GRE in which I dedicated myself to only study the quant portion yet I scored higher on my verbal. 160 verbal, 155 quant.
I’m not unmotivated. I’m burning with a fire to show the world that being in a seemingly worst case scenario possible will not make it impossible to get to investment banking. I can’t wait to do it.
In my research, I’ve found people compensate for a low gpa with experience. And people with low experience compensate with a gpa and connections.
This leads me to wallstreetoasis. I have come to ask for any advice on how to get my foot in the door into the finance industry. My situation is so bad internships won’t let me in.
So far my journey has lead me to realize I might have to accelerate my learning through countless certifications. That being the SIE, FMVA, and CFA level 1. But I want to learn. I want to know more possibilities from ibankers who know what it takes. Please what should I do? I will make sure to note all perspectives. And for all those that think that I won’t make it. I will write down your username and keep it as fuel on my wall. Don’t hold back.
Use me as fuel
You probably need an MBA. Either that or find a LMM boutique who’ll take a chance on you.
do not get an MBA straight out of college. This will actually handicap you. You need work experience. It could be back office, middle office, at a big 4, doesn't matter THEN get an MBA after 4-6 years & go into IB.
If you get an MBA out of college, (1) you won't get into a respectable program (2) 95% of recruiters won't be interested in you because you don't have enough work experience/are too young & then refer back to (1).
repeat after me, DO NOT get an MBA right out of undergrad.
Networking is going to be key here. And focusing your efforts on local shops should give you a higher chance of success.
Regardless, keep pounding at the door -- someone will let you in.
Thirty years ago, walking in with a resume might have shown some chutzpah and impressed people. These days, especially in a COVID-sensitive environment, it's highly likely this gesture would rub people the wrong way and I would strongly advise against it.
Make a game plan on how you plan to attack this and proceed from there.
1a) Go on Linkedin and make a list of bankers who you have anything in common with (university, fraternity, society of basket weaving, etc.)
1b) Find every boutique bank, PE fund, search fund, within a reasonable range of your current location. Add some of these junior bankers to your list
2) Contact 2-3 bankers a day with a friendly email that is concise (emphasis on the brevity here, whenever I see War & Peace in my inbox it's an auto-delete)
3) When you connect with these bankers, ask thoughtful questions and explain your story in a compelling (and concise!) manner. Do not say anything negative about yourself and show genuine interest in the stories of these bankers
4) At the end of the call make the ask.
"Do you have any additional advice for someone in my shoes?"
"Do you know where I should be looking for opportunities"
"Anyone you recommend speaking with?"
Some may encourage you to be more bold and directly ask for opportunities with insert bank, but the reality is that if they like you, they will be sure to let you know and asking doesn't change that.
Happy hunting
Why do you want to be an investment banker? Kids reach out to me all the time because they're "passionate about leveraged buyouts" but don't have any substance behind it other than they think the show Billions is badass and liked that season of Suits when Mike became an "investment banker." Nothing about your background tells me you're truly passionate about the industry which, along with your GPA and lack of relevant experience, is why you're getting consistently dinged. I would do a lot of deep reflection before diving further down this pipe dream because unless you're truly and deeply committed you're just wasting everyone's time.
Let me be very clear in saying that I have never seen a single television show that has investment banking in it whatsoever. My passion is not for leveraged buyouts. It's truly the nature of the work done in investment banking. It is the pinnacle of intellectual superiority. It's not just "I can create financial models". There's more to the dynamics. It's the relationships you build with clients. It's the ability to do work and present it. You literally get paid to show off your work to clients. How can you not get excited about something so cohesive and beautiful. You literally work in a competition. Every coworker is both your ally and enemy. It's an ironic conflict of interest that makes for an interesting professional dynamic. It's just a seemingly beautiful environment to be in. It's fast paced. It's never gonna leave you feeling useless. It's meaningful. People say it's an issue that IBs work too many hours. From my perspective, working those hours build character and humble a person to learn more so you can work more efficiently and potentially catch more breaks. It's that struggle to survive where you see people work the hardest. Diamonds are made under high heat and pressure!
Lol maybe you should focus on what interns/analysts do not the MD
lol I hate to break it to you chief...
I shudder to think what the world has come to if investment banking is the pinnacle of intellectual superiority. God save us all
No offense but you're probably wasting your time. Judging by your responses, you still really have no idea what bankers do, and when people say they overcome low GPAs, they're talking about 3.3s.
If you're actually passionate about finance and not the bullshit you spewed in one of your previous responses, you should look at FP&A or financial planning roles. From there, learn more about the industry and see if you have a realistic shot.