Starting to Wonder If I'm Just Not Meant to be a Banker
So basically, I've been having an absolutely MISERABLE term and at this point, I'm starting to wonder if I'm really cut out for i-banking and if maybe its time to look into other careers. I've tried emailing every single boutique in my area, tried contacting alumni, talking to family members, and have had no luck getting an internship thus far. Furthermore, my grades this term are going to be bad. I don't know what is happening this term, but for some reason, no matter how hard I study, I keep on getting Bs/B+s on my exams and that's basically wrecked my GPA. I'm on pace right now to get a 3.3 or so, which is way below the usual 3.7, 3.8s that I normally get. The worst part though is that a term like this is probably going to pull my GPA below the 3.7 mark (it'll put me more in the 3.5-3.6 range, which is god awful for a "business" major) that is absolutely mandatory for non-targets to even have a shot (hell, its probably more like 3.8 ITE). The final nail in the coffin though is that my ECs are very weak. I have had to sacrifice any social life and to some extent ECs because my GPA sucks, but now even my GPA is in the shitter and I have nothing to show for. Plus, in the ECs that I did do, I didn't manage to secure a leadership position in any of them.
So given my below par GPA, non-target status, lack of network, lack of ECs, is it basically time to throw in the towel and just say that i-banking/consulting and even F500 finance programs are just not something that's attainable for me? I really have no idea what more I can do. I've given everything my all, but my all just doesn't seem to be good enough, so is it time to move on at this point? Even if I somehow manage to get an i-banking job, I don't know how I'm going to compete with superstar HPW grads when I can hardly even compete with average state schoolers. Any advice would be appreciated, but at this point, I feel that my doors have just about closed. Its going to be tough with my numbers/potential work experience to even get into a T15 MBA program, which is basically my last shot at banking/consulting.
why wouldnt f500 programs be good? you can get into FMP at GE even with a 3.5 or 3.6... should work on leadership though i agree... dont have too much of a crisis what semester are you in?
It's a tough economy and not everybody STARTS in banking. Just remember that your first job is just that- your FIRST job, not your last.
I have a feeling that if you start pursuing offers at F500 companies, you might wind up realizing that it's a lot better off at, say, Procter and Gamble than most banks. Back in the early '80s, one of my uncles wanted to work at GM- THE cool place to work by Midwestern standards. Instead, he got hired by a tech company. Looking back, he said he made out like a bandit for taking the place everyone else was completely overlooking.
Banking is overrated. And if you can honestly say you enjoy working on excel spreadsheets, you're either crazy or you're not so honest.
I'm a junior, but I dunno man, at this point any self-esteem I had, which never was much, frankly is just gone. Plus, I know FMP and other programs like that are not easy at all to get. They're not as tough as banking, but they are probably the next toughest thing outside of banking and MBB consulting. I'm sure there are some people with 3.5+ that get in, but they probably have a lot more going for them on their resume as well, which I simply don't have. They got low GPAs because of ECs taking time, not because they studied for hours and still pulled an 86 at a non-target school in a non-quantitative class.
I'm really disappointed and disillusioned with myself and my abilities after not being able to get good grades this term. Sorry for sounding like a cry baby, but I'm not happy and extremely stressed out right now. I really, really enjoy finance, but with the way things have been going with me, it seems very difficult to imagine getting anything than a "financial analyst" position at some random company in my city. This type of work also won't be good enough to get me into a top MBA, which frankly is my only shot for decent finance jobs at this point. That's why I'm starting to wonder if its time for me to just accept my fate and just try and be happy with what I can attain even if it isn't where I've dreamed and always wanted to be. Now, I don't even want to do PE at KKR, I'm realistic and am shooting for corporate development/financial management at a F500, but I don't think even this is attainable for someone like me
Get involved in a club or organization and start volunteering. That tends to boost folks' self-esteem. Whenever I got rejected (and this was back in the boom- 2006/2007), I was heavily involved in a religious organization and I could tell myself that the powers that be have a plan. That kept me going.
Dude, I was feeling the same way as you at age 20 and looking back, I was NOT cut out for full-fledged front-office work. I was barely- just barely- cut out to be a middle-office quant developer in New York. I had the work ethic, the intellect, and everything else- but I didn't have the self-confidence, and that is absolutely crucial in banking and trading.Self-confidence is something that comes with age and self-sufficiency. It also helps to live within your means and know that if you got fired tomorrow, you probably have a few years of living expenses in the bank.
Start applying at F500 and Accy firms and start learning to grow a backbone. You'll get there if you still decide you want to do banking even after witnessing everything I expect to happen to the industry and after you get away from the "success"-brainwashed college kids... it just might take past the end of college.
Self confidence starts with sleep, diet, and exercise. What time do you wake up? What are you eating? Do you drink and do drugs? How many hours of sleep?
If you do these things you will be amazed at how it carries over into other areas of your life.
not sure why you think its the end of the world. I know most guys have the fast lane with their 3.99 gpa and a laundry list of EC's and theyre gmat is perfect yadda yadda... but i dont see a dire need. You see on here a total group of non targets that arent perfect getting into gigs, more so consulting, but it can definitly be done.
It may be purely anecdotal, but a very good friend of mine graduated from a small D2 school near DC, was a swimmer so she didnt have great EC's. She has a 3.0-3.5gpa, interned 1 year i believe and got into Booz. Shes been there for 3 years now, making good money.
Another buddy was an accounting kid in the northeast semi target. mid 3 gpa, interned 1 summer. Got a FT gig at PWC, spent 2 years doing public acct, now lateralling into consulting.
Does it make it easy your at 3.5 compared to 4.0, no. but there are plenty of options bud. So you cant go MBB or BB right away?? Your life isnt over.
Granted Booz isnt MBB, but its not McDonalds either.
I dunno, I've heard F500 finance jobs are basically glorified accounting. Its still going to be a lot of spreadsheet work, a lot of grunt work, politics, etc. without the glamor, pay (not that I honestly care that much about pay), or exit opportunities of banking. Yeah, you work less, but that's about it.
Dude relax, your life's just beginning...check out a book called "what color is your parachute" there's new editions every year but the book itself's been around since the 70's. Point being it's available at your nearest library and reading it will get your mind off the grind for a bit. It's written in baby talk and extremely corny, but yet could be real helpful to you. The big secret most kids on this site either don't know or won't tell you is that there's a million and one different ways to make "banker bucks" without ever setting foot on wall street...long range, do something you're going to enjoy, not spaz out over.
I really don't care about making "banker bucks". I want a job that I enjoy and what I enjoy is learning about businesses, their strategies, how to make them grow, etc. If I really wanted "banker bucks", I'd chase after KKR, TPG, etc jobs, but I'm looking more into financial management/corporate development because that's where I believe I'll be happiest. Its not making enough money that worries me, it's being stuck in a dead-end, boring job and waking up everyday wanting to die because of how unfullfilling my job is that worries me.
That is not what bankers do.
Hang in there man. Recruiting won't start in full swing until January or February anyway. You never know what will happen. Relax and take a weekend off. Focus on your grades and resume networking in a month. Maybe consider starting a business. So much more to life than a job and money, so go enjoy yourself and kick some ass.
lol jeff dont worry youll be fine in a bit just relax some and not cave in too much, all of us get little panic moments -- and if you dont then it just means you think youre overtly protected when youre most likely fucked
itll work out in the end. dont throw in the towel cuz of one set back!
Cheer up, there is no need to be so upset. Like they said, it is not the end of the world, and as long as you have a plan and never give up, you never know where the next turn is. Like you, I am also struggling to get into banking and IB, it is tough especially the whole economy is not going up fast enough to create more jobs. I understand your frustration, believe me, I am dealing with it every single day. Just hang on there, make plan, know your strengths and continue to improve and be better. You will eventually open the door that leads to a perfect path for you.
You may want to look into a managerial role at GE.
^^ Probably middle-management at a small company.
^not sure if serious.
However, I guess one piece of good news today, I got a 100% on my finance midterm, so I'm 1/4 I guess :/
^^ Dead serious. This industry is frigging overrated and there's a lot of brilliant people and great learning experiences at small companies.
Obama got his leadership experience as a community organizer on the south side of Chicago. Blankfein got his earliest professional experience working as a tax lawyer at a small firm. Shrug.
"Whether you think you can or can't, either way you are right" - Henry Ford.
Dude - I work at a BB now, but when I came out of undergrad, I could NOT get into banking. I tried hard, but I could not. It took some years and a hell of a lot of networking ,but I got in. Trust me, if you want it bad enough, you can probably get it. It may require way too much blood, sweat and tears.
On a side not, the job is not super-enjoyable. You definitely learn a lot at first, and there are pretty good exit opps, but there are many many better ways to accumulate wealth (and be able to enjoy it).
Good luck, and don't stress so much over this stuff.
Dude relax.....I'm a first year analyst right now, and let me tell you it's not as great as you think man...if you're so scared of waking up every morning and hating your job then pleaseeeeeeee don't go into banking, because this is how I along with most of my analyst class feel every morning. Yes, I've learned some things and have had to push myself, but dude there are sooooo many other ways to make money and enjoy life more. Some of you kids on this forum think banking is the only way to make money and you are honestly dead wrong.....if I could do it all over again I probably wouldn't be doing banking right now...not to sound mean, but quit bitching because you're only a JUNIOR and have some time to figure shit out. Explore other routes to go down, join/start a club, start a business with some classmates at college, and for goodness sake GO OUT and get laid. You are going to regret not having a good time in school because you were so worried about getting a fucking Investment Banking job...trust me man, if you're ambitious you'll figure your way around
There's more to life than just work. I got to spend my earlier years learning to race motorcycles, flying hang gliders, and diving wrecks off the NJ coast. You work hard, you play hard, but slaves don't have time to do that.
If you hate your job, think about transferring to research after a year. Research is a 70 hour/week job for analysts and you can always go back into IBD.
Yea but look where you are now, middle aged man arguing with high school and college kids on an internet forum and constantly trolling for state schools and middle office risk groups while giving horrible advice. Or if you have the balls you can suck up 90 hours a week vs 70 hours in research (horrible advice by the way), and end up in PE/HF in 2 years and never have to come back to this shitty site with all its insufferable tools and losers (like illinoisprogrammer who by the way I was able to confirm is just a back office IT guy).
By the way I'm in my 2nd year and secured a buyside and it is STRAIGHT COASTING from here. It's like law school 3L's, u don't have as much pressure after ur first year's bonus and you get that jerb.
Zander- you've got to figure out your own situation, but life is too short to spend in a job you hate- even if it's paying you a little more than you could make elsewhere. If life is all about work, you're not really living.
I'm right there with you and I have it figured out. I am going to finish my analyst stint, because it will be worth it in the end, but I do have a plan of taking an entire year off to travel and volunteer around the world after my analyst stint, and when I come back my resume/cv won't be too messed up as I do have that credible banking experience to lean back on.
My whole regret thing is I wish i explored some more fun/creative routes even if they weren't as financially rewarding. I have friends working at some realllly cool start-ups and are learning so much about running a business. I have friends working in the hospitality business and they love their jobs, they are interacting with people all day and aren't sitting in a cubicle for 15 hrs a day. Lastly, I have friends who work in marketing and brand management, and they seem to love it. I'm just giving some advice to some kids still in school to look at other paths.....I promise you this after my analyst stint, I will never return to banking or anything related (PE) again.....just my two cents
Cheer up Bateman, what's the matter? No shiatsu this morning?
Keep touching me like that and you'll draw back a stump.
Honestly, its ridiculous how similar our situations are. If anything I am actually worse off. Im a junior at a non-target sec state school with a 3.3 gpa (will graduate with a 3.5) and no internships, weak EC's. Im trying to get involved in more stuff but my a. judicial record b. GPA and c. lack of leadership experience are prohibitive of almost every opportunity to arise. Im stuck in an inescapable rut and its wearing me down to desperation. I want to work in front office finance (research especially) more than I've ever wanted anything in my life, this is no passing interest. Im looking for an internship this summer but given my shitty stats Im having trouble even getting PWM. I have a contact that may get me an interview at a good f500 but it is my last chance at a decent summer internship. If I dont get it I feel like my professional career will literally be over before it began. If I do get it I hope to do part time pwm in the fall, full time big 4 accounting internship in the spring and then leverage those 3 internships into a no-name boutique or research firm for my final summer. God knows it wont work out like that though.
Damn that sucks man. If its any consolation, I haven't gotten anything for my junior year summer so far. Guess we just gotta keep fighting and pray that someone will take a chance on us some day.
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