Hey all, I have been reading this forum for quite some time now and I have several questions regarding I-Banking and my personal pursuit to become an Investment Banker. But first some quick background info about myself: I am currently a junior at Lehigh University in Bethlehem, Pennsylvania majoring in mathematics and minoring in economics. I have just recently decided to pursue a career in I-Banking, hence my decision to major in math evolved out of a clueless freshman & sophomore campaign as well as just a personal love for the subject. Had I known two years ago that I would pursue a career in I-Banking I would have majored in finance, but at this point it would be pointless to switch my major because I am too far along in my degree already. I have done exceptionally well up to this point, as my cumulative and major GPA is a 3.9 & 4.0 respectively. I have no relevant work experience within the realm of IB, but I am currently in the process of searching for an internship for this upcoming summer within the field. Here are my questions:
1) In considering my educational background, where do I stand in the ranks? I have read over and over that IB is dominated by Ivy Grads and breaking into the career field from outside the ivies is extremely tough. I mean my goal, as is everyone else’s, is to eventually one day work for a BB. How realistic are my chances of landing an offer at one of these banks upon graduating? Granted that I intern in the field this summer.
2) Are there even opportunities for math majors within finance and IB? I’ve gotten mixed feelings about this one. Some say that strong quantitative and analytical skills are essential for IB, while others say that students majoring in the arts & sciences should stay altogether out of business and finance related professions. I’m not sure if this is purely subjective, but I’ve gotten the sense that those on the outside of business related degrees are looked down upon for trying to pursue careers in finance and IB. I know it sounds rather silly, but this has just been my experience thus far.
3) Finally, in reference to obtaining an internship this summer, I have a few questions. First, I have already sent out numerous resumes and CVs to various large and small financial firms, but I have heard that unless I further pursue these opportunities (e.g. contacting the firms to ensure that my resume and CV were properly received) I will not get any offers. So my question is what is the best way to follow up on my internship applications? Should I call, send a brief email, or is it to early to even do anything at this point? When will they review their applicants for summer internships and/or what should be my course of action at this point? Perhaps I am just overanxious, but any insight will be greatly appreciated. Thanks guys.
ok, the major is no problem especially with that gpa. i applied with similar gpa and a less relevant major than you and was fine (read: fulltime offers) and im not ivy. i'd suggest reaching out to alums from ur school who are in finance - following up with HR is not going to get u very far - they probably wont even return ur call/email. getting an internship w/o relevant experience is going to be harder than u think. ur biggest hurdle is going to be the fact that u r not at a target. i was at a target and had (count them) 2 decent interviews for internships and i applied to over 300 firms - got one of the interviews thru an alum and took that job. with a math major, im surprised ur not going for trading...seems like it would play to ur strengths. why IB?
Thank you for the comment. The reason I have decided to pursue IB is because it seems to be a very exciting profession and it fits perfectly with my fast-paced quick-to-do disposition. I have read several books about IB now, and quite frankly, it is the only relevant subject that I know anything about within the world finance. With that said, what do you mean by trading? Who employes within the field of trading? And why would you say my skills suit better fit for trading?
1) Your major and GPA are fine. Biggest problem is that Lehigh is not (as far as I know) a target, which puts you at a disadvantage. This means you will have to try harder and leverage alumni connections to get in. If you do get any sort of banking internship this summer, your chances next year of getting a FT offer will be good.
2) Yes, although truly quantitative people will tend to go into trading jobs more than IB. Although banking is more "quantitative" than law (for example), the most math that's required is basic arithmetic and occasionally a little beyond. With your major and no relevant experience, you have a better chance of getting a quantitative trading job.
3) Yes, reach out to these firms to follow-up... a brief email is fine, but as fafa mentioned above your best bet is going through alumni. I would go to the career center and contact all the alumni in finance you can find - that is the best method coming from a non-target.
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