Question from a Nontraditional IB Hopeful
Hi everyone-- I have been reading WSO for about a year now, but now it is time for me to ask the community for a little bit of help. I, like everyone else on the planet, am interested in a career in investment banking, specifically a FIG industry group.
My background is a bit non-traditional, however and I was hoping the community could help me out. I attended a "semi-target" straight out of high school studying political science. I left after a year and a half without graduating for financial reasons. I grew up in a very conservative family and I told my parents something about my lifestyle that they didn't like and they entirely cut me off so I had no choice but to leave school. I'm sure you all are bright enough to read between the lines and understand what happened.
I moved across the country to get away from it all and shacked up with a relative and began looking for work to help me pay for school and I ended up getting a menial social media role at a small RIA. I didn't have any idea what an RIA was or anything about finance at the time, but it was a job and I needed money to pay for college.
I took a semester off to regroup and then to save cash, I enrolled in a local community college to finish out my requirements. Got a 4.0 at CC (a requirement, not an achievement), and I will be transferring to a "semi-target" this fall (different school from before).
Why investment banking? The RIA I worked at was undergoing rapid growth and exploring strategic options to expand their business about a year into my job there. They engaged a banker from a local boutique to help them vet out some acquisition targets (other asset managers) and I was exposed to some aspects of the process at a very low level, specifically all the emphasis about the AUM and potential growth (or lack thereof) of the fee base of managers as many clients of established RIAs (that haven't yet had their leadership transition) are of advanced age. Furthermore, being in the retail financial services world I observed a tremendous amount of inefficiencies, idiosyncrasies, and bizarre dislocations in the industry. Because of this, I see there being a lot of moving and shaking in that industry and hence why I am very interested in FIG. Obviously, FIG is much more than asset managers (and largely so), but I do have a genuine interest in the field compared to those who just think "investment banker" sounds cool. I should clarify that while my role started as social media/marketing I did end up helping out in other areas like ops and sales, but always in an intern/assistant capacity.
The ask from the community: Assuming I get the 3.8+ that I have always gotten in school, do my circumstances preclude me from getting a FT position in IB? Also, specifically, how important is getting IB experience next summer or even part-time during the school year? I won't yet have a transfer GPA (just community college) so I think I am out of the running for SA 2021. Also, I need to take summer classes if I want to graduate Spring 2022 (otherwise it would be Fall). Also, I do have some concerns about my resume. I have "real" work experience as my job was "full-time" while I was putting myself through school. It is helpful experience as I did learn a lot about hard work in the career sense (which is often different than academic hard work IMO) as well as learning how to use Excel like an adult/general "finance". I know our resumes get a goldfish level of attention, so any suggestions on how to strike a balance between showing what I learned, but not looking like a full-time PWM employee who just decided that "i-banking" sounds nifty?
I know IB likes a very specific path and those who deviate from it regardless of reason are at a disadvantage so any other help/guidance/suggestions from folks with non-traditional backgrounds who have carved out a career in IB would be helpful!
Thank you all.
Yet, you need experience to break into IB. You have no chance to get a FT offer given your background so here's an unordered todo list for you:
Even if you're not gay you could say you are, nobody's gonna ask your parents why they cut you off. That way you could spin a story of you overcoming hardships despite your hateful family rejecting you, banks love shit like that and in your situation you gotta be cunning.
Thank you very much for the insight and suggestions. To add some points of clarification, yes I am gay and coming out to my parents was what lead to me being cut off from them.
Also, when it comes to studying technicals, how do I prove that I have done some work in this area to a potential employer when looking for an internship? I've read Rosenbaum & Pearl Investment Banking cover to cover as well as Pignataro's Financial Modeling & Valuation. Also, I got videos and modeling exercises from an old IB "boot-camp" style course from a friend. I am by no means experienced at this stuff, but I am familiar with the basic concepts, formulas, and process/ideas. I feel like it would be bizarre to list "hey I read these books and watched some videos" on my resume, but I do have some conceptual grounding and the basic intellectual framework of what investment banking actually consists of.
I really appreciate your feedback, thank you very much. Hard truths beget harder work.
That is more than likely enough knowledge to get a summer analyst role. Do what the first comment said, and keep a good attitude.
You got this.
I think what he meant is to prepare for technicals in interviews, which you can find the 400 Questions Guide BIWS online. You may have finished Rosenbaum, but in an interview there are several cookie cutter questions that come up repeatedly (how does 10$ depreciation affects 3 F/S, etc) that Rosenbaum may not explicitly taught you.
Good luck. Keep it up and you'll get it
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