Not following a clear "Path"
From an outsiders point of view, it seems like you really have to follow a narrowly defined path to get into ibanking. The path includes things like...
- certain schools
- certain majors
- certain timeframes (e.g. get an analyst position right out undergrad, associate position right out of b-school, etc.)
Do you feel the same? If so --- do you think it makes sense that the banks focus so much on this?
I come from the HF and FinTech world. Pedigree and "path" are important --- but most of the firms I have worked with are willing to hire talent from all walks of life. Aptitude is all that matters.
As with most things in life, there is a narrowly defined path that is most likely to get you into banking. This path, as you've noted, revolves around top schools, grades, etc. However, it is by no means a requirement. I've heard dozens of stories of people who have made it into banking with only some or none of the qualifications. As a non-traditional major from a school where no banks recruit, I was able to break in to a distinguished bank. The truth is you do need to meet some sort of standard. Banks aren't going to take the kid who got Cs in class and did nothing all throughout college. The guy who sweeps floors for a living but has a hidden passion for finance: Yeah, he doesn't stand much of a chance either.
its nice to hear that there are some non-traditional stories out there.
how did you make your way into the industry?
A big selling point for me was that although I do not already have the technical skills necessary, I take my education seriously and have taught myself a lot of both finance and other unrelated things on my own. Most of my jobs did not have skills that were easily transferable to the industry, but they showed that I took on additional responsibilities and work when I didn't have to (my jobs were all for the experience and fun of it, my way through college and all expenses were paid). I also have a very very strong quantitative background that was looked favorably upon (750+ SAT Math, As in all courses that are even remotely math related). Lastly, I prepped intensely for interviews and was able to sell myself very well.
All these things got me only a dozen interviews. Luck definitely played a role as well.
in my mind a dozen interviews is a lot of interviews.
Thank for the reply.
I am glad to hear that things worked out for you.
Admittedly, I have always been fascinated with ibanking. Part of my fascination is attributable to the fact I have always been on the buy-side :o)
As for your comment about luck... It is amazing how much luck/randomness impacts our lives. Nassim Taleb just published a new book called "The Black Swan". Very entertaining read.
I thought the idea of "the path" was to prove aptitude to a degree not possible in an interview.
Classic signaling and screening hypothesis of education.
The rigidness of "the path" has proved very difficult for me. I got my BBA from a midwestern school. Although I excelled there, I was stubborn and graduated without an offer in an attempt to break into a NY bank. No one really explained how closed loop the recruitment process is, and I've been trying to break in ever since.
The concept of a traditional path is absurd to me. I knew I wanted to be in IB ever since my senior year in college, but I didn't have an IB internship. I still got better grades than all my friends, who are sitting in banks right now as we speak, all because I graduated without an offer. I'm willing to work as hard as anyone, but I can hardly get interviews because I am no longer an undergrad - go figure?
the power of pedigree: my best friend got an offer last fall from GS for an excellent front office position (I won't say which desk/group for obvious reasons), REJECTED them, because he wants to continue for a PhD and he hadn't even done an internship before...but he had 3.8 from a target with amazing coursework...
What are you doing right now? I'm assuming you either graduated last May 06 or December 06...
I feel bad for you in either way, best of luck with whatever you end up doing. MY advice is to get a job with a commercial bank in credit analysis or a mgmt trainee program.
crazy world :o(
I am guessing it makes sense to move onto something else at this point.
I was just looking at that book Black Swan in the bookshop today, though it was in hardcover so I didn't buy it, i'll wait till it gets cheaper. Anybody read it? Seems quite interesting though, the attempt to rationalise the unexpected.
His previous book, Fooled by Randomness, also has a cult following.
I would highly recommend them --- Especially for anyone working in the financial world.
I graduated in May 06'. I took a job as a temp at a broker/dealer just to keep me afloat during my job hunt. They offered me a full time position, but I am fully determined to get into a front office role in banking, so I declined, but stayed on here as a temp.
I appreciate the encouragement and well wishes. I'm not going to give up, because I know what I want to do, just hustling to get a chance to do it.
There is certainly a traditional path, but if you can network, ask for referrals, meet the right people etc. it can be done. Coming from a non-target school I was able to get an job at a BB this way. Just talk to other bankers, show them you are hungry, and ask them for help.
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