Hi all,
I recently graduated (May '09) from a top midwestern university where I majored in Economics and finished with a 3.4 overall GPA. I have prior summer internship experience in wealth management and banking in New York (no modeling experience at the job). I have been working towards getting a job in investment banking the past two years but have been unsuccessful. Even though I am not from the area, I moved to New York City to give myself the best shot at getting an analyst position. I have applied to ~75 investment banks but recently received an offer from a stock brokerage firm. Would it help me land interviews to take a job as a junior stockbroker (no series 7 or 63) while also working at a restaurant to pay the bills? My ultimate goal is to break into investment banking, so I'm not sure if I should spend my time working as a stockbroker or trying to network with people in the investment banking industry from my apartment. I would really appreciate any advice. Thanks a lot.
It is difficult to move to IBD from PWM as the skill sets are very different. If you haven't made it by now your chances are very slim considering many I-banks are hiring now for next summer and they don't want waiters. I would get a job as a credit analyst or another analytical job, then attend a top ten MBA program.
I agree with baylormale. PWM will not significantly improve your chances because a stockbroker spends most of his/her time cold calling prospects. In other words, I do not think that there is any skill set that would be transferable to junior positions within IBD. Try to find a credit analyst and/or corporate finance/business development job to better position yourself once a job market improves. Consider regional boutiques outside NY, NJ, CT. T
At the very least, try to find a brokerage that would sponsor you for 7&63. Or look up tiny IB boutiques - and by that I mean shops with 2-4 people - and apply there.
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