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It's too early to think you've struck out. There are countless stories on WSO of how people have broken into banking from every type of background and at different stages in life. Definitely take the PWM internship as it's better than nothing, and start refining your resume before SA recruiting. You clearly have a demonstrated interest (you'll have 3 finance-related internships under your belt before SA recruiting), and if you network and keep your grades up, you should have a decent shot. Whatever you do, don't give up and just keep hustling.
@Zzari Thanks Zari! Really do appreciate your post. I shouldn't have posed my situation in a negative light.
Fast forward to May of 2014- all hypothetically. I finished PWM in December, and in a perfect world I finished IB intern (boutique I missed this semester) in May.
Is it the summer before Junior year for the big time BB SA positions? Or the following summer, before senior year?
You're welcome. SA internships are between your junior and senior year. Recruiting is typically during January - March. It sounds like you'll have a ton of experience under your belt by then, which is great. Just make sure to keep your grades up (3.5+, preferably 3.7+) and have a few decent extracurricular activities you're involved in (preferably ones that demonstrate leadership and/or the ability to work well with people).
SB'd. Time will tell..
When it comes to recruiting from non-targets it's all about leveraging alumni connections. I've seen kids go into banking with just PWM internships however, there are other factors that come into play such as GPA, leadership, interviewing ability, etc....
@IvySachs Right.
I'd really like to have PWM and a couple boutiques, but obviously, easier said than done. My GPA has room for improvement, but I don't think it will be a deciding factor. Like you said, I'm going to have to hammer experience, connecting with alums and networking as a whole.
Still very much an uphill battle.....
I then ask a reasonable question...what happens if I don't enter IB, and 'strike out' for good? Become a summer analyst for a kiosk in the mall?
There are a lot of other options. If you don't make it in as an analyst but still want to break into banking, you should pick your job with the intention of applying to a top MBA program 2-4 years down the road. A lot of people break into banking after their MBA at the associate level. Some good options for doing this would be consulting (MBB and Tier 2 firms), F500 financial analyst rotation programs, F500 product managers, economic consulting, etc.
You're the best, Zz. All great info. When I met with the MD at this boutique IB, the two analysts were both Wharton grads. Now, they're 23 and at a Boutique in a FL city (Tampa/Orlando). Out of curiosity, what are the prospects there for them? Two Wharton grads who aren't at a BB..? Didn't know what to make of it (if anything)
Finance at a country club sounds like a pretty sweet gig to me
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