wise to transfer?
Hi, I have found myself in quite a predicament here and am unable to find a solution. The situation is as such: I am currently a sophomore in a non target school and have managed to procure an internship with a BB in S&T. I also have the opportunity to transfer to a top target school by the end of this semester or starting fall 2008. The only problem is that transferring to this target school would mean for me to spend a whole extra year getting my degree and maybe pay some more(which is actually a minor issue). If I stay in my current school (which I really like and enjoy although not that great of a school), I think I can graduate within three years or by May 2009. My question is, should I transfer and bear the some extra costs and the extra year just so I can position myself for better recruiting opportunities because honestly, most people I have spoken to so far have told me that target school branding is important at any stage in my career, although I am not sure how true this, and hopefully some of you out there can shed some light on this. Now that I have gotten this BB opportunity, will transferring actually make that much of a difference or will the BB name be good enough to help me get banking positions next year? Any insights and opinions will be appreciated. Thank you.
there are three types of non targets IMHO:
good, well known schools that just aren't particularly strong in business/finance for whatever reason or just aren't heavily recruited for finance
decent, reputable schools (i hate to use rankings but like middle-ish of the us news top 100)
less selective schools
I think if you're school falls under #1 or #2 and you really like what you've got going at it, then just stay. In the end school reputation does matter to some extent, but I think what carries more weight is your abilities/personality. If you are in category #3, you should probably transfer.
This is a state school with a pretty decent undergrad business school ranked in the top 30 in the US news top undergrad business schools. Think Penn state, University of Maryland - college park, Tulane, UC Davis, UF, University of Washington.
what is the school type that you would be transfering to (ivy, top 5 state, etc)
also why do you have to stay an extra yr if you transfer? can't you take winter classes or extra credits to ensure you still graduate on time?
i know kids at non-targets who have been fine in terms of securing internships despite their non-target status and it looks like ur already on that train. not sure how to answer ur question in terms of affecting ur career. will warn that transferring means ur gpa restarts itself - keep this in mind esp if there is deflation in ur major at ur desired school or if u plan on taking on extra credits.
I currently attend a non-target, I was able to secure a SA position at a BB my soph and junior year and I have a FT offer at a BB in S&T, where I will be starting this summer.
IMHO - once your in its your job to lose, if you get great reviews you will be asked back you junior summer, also while you're at the bank you should try and connect w/ alumni that work at the bank regardless of what division they are in (these ppl w/ go to bat for you if need be)
PM me for more specifics
transfer and you will not regret it
keep in mind that contrary to what many think, where you graduate from will follow you around all your life. people will judge you by where you went to school (whether positively or negatively) and there are many in this industry who are "academic snobs" who do not want to work with/hire someone who didn't graduate from an elite institution. just something to keep in mind when making your decision, i agree with mcgyver that you should make the transfer unless you have a really compelling reason not to which it doesn't seem like you have. you will have a better network for life if you transfer to the more prestigious school.
and to those who love to point out all the super successful people in finance (buffet, dick fuld, etc) who did not graduate from elite institutions, one can argue that times have changed and they are also the exception as opposed to the rule.
This is a tough situation... most people transfer to get the internship that you already have but the point that your school follows you around is a good one. I will say this: I would personally do it because I see people being instantly judged based on which school they went to. Of course if you are shitty, then graduating from Harvard will not save you but it initially does help out. However there is no compelling reason to really switch schools, especially if you are wary of the additional cost.
Also piece of advice: don't look at the extra year of school as a curse, look at it as a benefit.
The whole point of where you graduate from follows you for life is actually a very valid point and probably my biggest concern right now. The only issue is that I am not transferring to one of the super elite schools like HYPS, but a top target. Also, If I get an MBA from one of the top schools, will that not just disregard the quality of my undergraduate institution?
If you like it, stay. But at least apply and see what you get and whether your credits fully transfer. It can't ever hurt, unless you can't afford the app's.
As a sophomore with a BB internship and a possible 3-year graduation (with I would assume a great GPA at the top of his class), you have positioned yourself well for the future no matter what. The biggest hurdle for nontargets is getting that first entry into the big companies, and you have breached that. It will be easier for you to get into better grad schools with a BB internship, even if you went to a nontarget. And if you do go to a top MBA, absolutely no one will care anymore where you went to undergrad.
Define top target - esp sine its not HYWPS.
if you have front office S&T internship already and you're coming from a non-target, then I wouldnt think you would have any problems getting a job down the line. I think the non-target vs target debate is more relevant if youre at a nontarget having a really hard time getting into anything but back office positions. You still have another internship after your JR year. If you can snag a BB internship once from a nontarget, I would think you can do it again... especially with the internship you've got now on your resume. With 2 front office BB internships under your belt, I cant imagine you would have a difficult time getting interviews. Hardest thing about coming from a nontarget is getting an interview.
Thanks for the advice guys. As for procuring interviews in the future, I don't think it should be much of a problem, as I have a built a fairly strong network now.
One internship doesn't mean all that much in the long run, but where you went to undergrad sticks with you for the long haul. People judge and discriminate people on their academic pedigree, it's sad but true. Transferring to a 'top target' would be a good choice in the long run.
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