Just graduated from an extreme non target. Advice greatly needed.
Recently graduated with a degree in business administration, and after around 3 months, I'm beginning to wonder if it's still worth continuing the attempt of networking with regional boutiques across the country. Only have PE (searchfund) and an out of country M&A internship, both boutiques. GPA is 3.1 so yeah not great.
Greatly wondering if what I'm doing is still viable or should I cut my losses and run. Not sure what to do but I'm feeling more and more demotivated as the days go by....
Based on the most helpful WSO content, here's what you need to know:
Keep Networking Relentlessly: Many success stories on WSO emphasize the importance of persistence. For example, in the Q&A about breaking into MM M&A from a non-traditional background, the individual sent out hundreds of emails weekly and eventually landed internships and opportunities. Networking is a numbers game—keep reaching out to alumni, professionals, and boutique firms. Focus on asking for advice and building relationships rather than directly asking for jobs.
Leverage Your Experience: Your PE (search fund) and international M&A internships are valuable. Highlight these experiences on your resume and in conversations. Tailor your story to show how these roles gave you unique insights and skills. For instance, if you worked on a due diligence project, explain how it sparked your interest in deal-making or private equity.
Target Regional Boutiques: Regional boutiques are often more open to candidates from non-traditional backgrounds. As mentioned in the WSO threads, boutiques can provide solid experience and a stepping stone to larger firms. Keep applying and networking with these firms, especially in less competitive markets.
Consider Highlighting Your Major GPA: If your major GPA is higher than your overall GPA, market it on your resume. This strategy has been used successfully by others with lower GPAs, as seen in WSO discussions.
Stay Motivated and Persistent: Many users on WSO have shared stories of breaking into finance after months or even years of effort. The key is to stay consistent and not give up. Remember the advice from the "Laid off, Depressed and Giving up" thread: "Success is never final, failure is never fatal, it's the courage to continue that counts."
Expand Your Options: If IB feels like a long shot, consider related fields like corporate finance, consulting, or even roles in private wealth management. These can provide valuable experience and potentially lead back to IB later.
Polish Your Resume and Interview Skills: Make sure your resume is tailored to highlight your most relevant experiences. Practice behavioral and technical interview questions to ensure you're ready when opportunities arise.
Use All Available Resources: Platforms like LinkedIn, alumni networks, and even cold emailing can be powerful tools. Additionally, consider attending industry events or webinars to meet professionals and expand your network.
Remember, many have been in your shoes and found success through persistence and strategic networking. Keep grinding—you’re not out of the game yet!
Sources: Q&A: VP in Private Equity (Growth Equity + LBO)...Post-MBA...Formerly IB Analyst, Q&A: Broke into MM M&A from a non-traditional background and 2 years of networking and internships, https://www.wallstreetoasis.com/forum/investment-banking/low-gpa-but-have-experience-in-the-field-what-do-i-do?customgpt=1, Dad's a partner at a PE shop how do I use it to network?, From weighing 280 pounds and a 2.5 GPA at a Non-Target, to 200 pounds and an Interview with McKinsey
I came from the same situation, low GPA, mega non-target. Ended up getting an IB gig and then lateralling to a different gig about a year in, both good boutiques.
It's definitely doable, its just a matter of accepting rejection and reaching out to 1k plus people, targeting mostly boutiques. Hit if off with one person who is hiring, and you can get the foot in the door. It's not personal, its a numbers game, you are a bad applicant on paper (just like I was), you have to find someone who is willing to look past that.
Thanks for taking the time to reply, are there any strategies you recommend when it comes to cold emailing?
This is what I've been using so far as I can't find any common ground with almost all bankers that I've looked up.
My name is XXX and I'm a recent graduate at XYZ University with a major in business administration. I am very much interested in pursuing a career in IB and was wondering if you would have some time to hop on the phone to give me some more insight into your industry and your time at XYZ in particular. I have attached my resume for context.
Best,
XXX
that sounded very generic i must say. I can send this to literally ANYONE in ANY bank. Given your non-target background, given your low GPA. I suggest you make more tailed emails. You have to give them reasons to resonate with you and want to talk to some one like you over a target kid with better everything.
I'd try and include something that differentiated you that you had in common with the guy on the other end. I used D1 sports and tried to reach out to alumni.
figure out what you like as well and what product group or coverage group you want to be in. starting at credit rating agency or big 4 accounting might not be a bad place to start for a year or two then lateral into a boutique.
definitely possible (at least from my conversations and linkedin stalks) but you would have to prep beyond what is required when these bankers hop on the call with sophomores in recruitment
really get to know the industry, sell side process in depth, your why ib would be so important, and of course can’t mess up the basic technicals if they did pull a surprise on you
when reaching out aim for lmm to mm ib regional firms, speak with confidence, each email should be tailored (whether it’s the same school, same sport, same club, same city)
when you break into a bank which is the most important part, your exits obviously would be different but you can still lateral to “better” banks further on
else mba always the best option if you’re able to pick up some good experience in your current role out of undergrad
extremely helpful tysm for the advice.
Would you recommend that I focus my emails more towards MD's? I've been focusing on them but my response has been abysmal.
I've also been trying to find common ground with a lot of bankers but as a rule of thumb if there is anything that's similar (i.e even languages/race) I should go for it right?
Extremely grateful so thanks.
with lmm regional firms networking with mid to high level definitely helps but speaking with analysts you’re able to really learn about how your role/life would be on the job
your response rate would likely be low cause of the informal process you are breaking into the firm, there’s not much they can do even if they hopped on the phone with you if the firm isn’t hiring
i would best look at firms with formal applications or where analysts also came in from non traditional backgrounds
once you break in get the experience and leverage it for “better” banks
for race + language go for it, koreans are extremely tight in the US and pull for each other, i would assume this is true for other races and countries
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