Worth it transferring to UVA?
Currently a first yr economics major at a west coast semi-target. I just got into UVA as a sophomore, so I will be applying to McIntire sophomore spring. I know McIntire without doubt is a better choice for east coast banking, but I'm really struggling to make a decision. I'm actively involved in the finance club at my school and have been developing a lot of connections with juniors, seniors and alumni. But I realize the connections will be gone if I choose to go to UVA. UVA would mean a complete new start for me. Considering how accelerated the recruiting timeline is, I simply don't know how much McIntire could benefit me. (assume I get in) I know it would also be harder to find off-cycle internship in Charlottesville than in LA. From a personal perspective, I am from the East Coast and I honestly don't like West Coast. If anyone could chime in and make a few comments, I would really really appreciate it. This is a big decision.
TLDR: dont really like current school but have developed connections. Wondering worth it transferring to UVA
If you're a rising 2nd year at UVA you should be applying to the Careers in Finance series during your first semester (this fall) and will know if you got in by the end of November. That's the "insider" pipeline at UVA for undergrads. A black book is submitted with kids' resumes that are selected to go on the trek to all of the BB's, some top MM's, some EB's, and a couple HF/PE's for essentially guaranteed accelerated 1st rounds during your spring of 2nd year leading into summer.
https://www.commerce.virginia.edu/career-services/careers-finance
Here is the program. About 100-120 kids will attend the 2-day conference on grounds (you just sign up and go, attendance is tracked), of those 100-120, 30/35 are chosen to attend the Trek (which is what gets you placed in the black book). To get selected you apply with a short statement and must have attended on both days.
It might seem selective but I don't think all ~100 apply for the trek after attending the conference, and it seemed to me like everyone that truly was gunning for IB/S&T/PE got into the Trek.
All that being said, getting into this program isn't necessary. You'd be fine even if you didn't get into it. It just streamlines and makes the recruiting process 10X easier. UVA sends about ~100-120 kids onto the street every summer so there's still plenty to go around after the Trek.
Another thing: You should also note that because recruiting is pushed up so much, being in McIntire is not as important anymore.. Banks come to recruit students at UVA, not McIntire. You won't have any problems getting interviews. It's by no means too late and I would definitely transfer if you could make it work financially.
McIntire is what made/makes UVA a target school for sure, but with the way timelines are now it doesn't matter nor is it necessary. Recruiting begins before students get their McIntire decisions and none are ever contingent on your major. Only saying this so you don't sweat too much about getting into Comm school. A very big chunk of people that go into FO roles from UVA have STEM or Liberal Arts backgrounds.
FO roles in NYC, not just IB. That'd be pretty crazy
Here's what I found on LinkedIn just for this current SA class for example:
GS: 2 (IB) MS: 4 (IB, S&T, & ECM) JPM: 9 (Across IB, S&T, and AM) Citi: 8 (Across IB, S&T, CB, and CapMarkets) BAML: 7 (IB, CB) Barclays: 4 (IB) CS: 8 (IBGCM, CB) UBS: 3 DB: 2 WF: 9 (IB and S&T)
That's just the BB's. There's also a huge presence at the EB's and top MM's as UVA is a core school for a few of them.
EVR: 2 Moelis: 1 Lazard: 3 Guggenheim: 7 PJT: 1 PWP: 1 Rothschild: 4 Greenhill: 2 Houlihan Lokey: 6 Jefferies: 5
You get my drift by now right.. already over 70-80+ SA's from that list right now. Once you account for other spots like RBC, HSBC, Mizuho, Stifel, PJ, BLK, etc. you can VERY easily pass 100 UVA kids working in FO every summer. UVA always sends a couple kids to buyside SA as well, there's always 1-2 kids at P72 for example
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UVA is a target school. Placement is identical to Duke/Georgetown/UMich Ross/Cornell/NYU (literally the variance every year is 1-3 kids). Some years we place a little more, some years a little less.
You might think "targets" are only Ivies/Stanford/MIT but the reality is those schools + places like the schools listed above place just as much and sometimes even more.
A higher level question from an older dude.
Are you looking at college solely as a springboard to your career? Very generally speaking, I hope not.
For me and many others, college is a time to explore many different things academically, recreationally, socially etc. Especially given that you are in the US, the opportunities to do so are nearly limitless.
That said, I do not know your personal situation. If you only care about that finance gig or internship in the Big Apple, then it almost sounds like a no brainer. If you are unhappy in general at your current college/university, you may want to reflect and ask yourself why you are unhappy. If you think UVA can change that then it’s probably a no brainer. If it’s more personal, then you may be unhappy anywhere you go.
A word of caution on FO jobs in finance. Most people don’t last (and this is by no means a commentary on their abilities or intelligence). People burn out, get cut/laid off, grow disenchanted, find love, etc etc etc. For many, it’s a pretty short career. For many who do stay, it’s not necessarily a happy existence and is often one that requires significant personal sacrifices and adaptation. Even fewer people (like in any industry or practice) make it to the top and luck is an enormous factor.
The other thing is that the skills of a great analyst/associate don’t usually translate too well into that of a great MD. The jobs are just fundamentally different. Very simply speaking, the former sits behind a desk and follows orders. The latter pretty much has to be a social animal to run around like a headless chicken to pitch clients, win business and play the politics game internally.
Knowing this, I hope you give things a thought. The last thing you want is to move across the country, leave friends, work hard, get the gig, leave and then find yourself lost in your mid 20s and thinking “I spent my college years slaving away for this?!”
Once again, you may have your own reasons. A (bizarre) dream of making it in banking. Or personal financial/family issues etc.
Good Luck