leave of absence from school bad
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Been there, done that.
If it's something you have to do, there are ways to capitalize on it. What you need to consider is where you place for SA positions - if you're a junior, do you qualify for any? If so, you want to consider improving your resume such that when you return to school, you can apply for SA positions and get them. You can do SA and graduate in the Fall semester (December/Jan/Feb) when you return.
It may prove difficult to secure an internship at a Big 4, BB finance or big boutique given your situation. But it doesn't mean you can't - it's very possible to get a great internship, you just have to be open to doing a ton of networking and possibly working for free. It's a great way to position yourself, however, and is proven to work.
You can also pursue other interests during the off period - learn a language (do it for cheap, don't spend all your time on it), learn financial modeling on your own time (perfect time to do that), and do a ton of networking (meet people and if they ask about school, let them know that you're a junior and elaborate on your situation later if necessary).
Your situation is fine and can even prove to be a good thing if you manage it correctly. Good luck.
thanks for the reply! since I'm in the middle of my junior year, I think i will be taking an entire year off and then returning for the rest of my 3 semesters. (my original plan was to pursue a double major) you seem to be knowledgeable about this so i wanted to ask a few more questions. i live in an area with not many alumni/it's not necessarily a "business center" like nyc or boston and i'm worried about the networking part of it. as for my qualification, i've held a pwm internship for three months last summer and i've taken most of the core business courses at my school, mostly with A's. i was also thinking about studying/taking the gmat while at home since a lot of people have recommended getting that done while i'm still a student. if you have any further advice considering these things, that'd be very appreciated =)
Returning for the remaining 3 semesters is completely fine. No one (in the professional world) will know or notice, barring you putting "2010 - 2015" or something as your years in college. If they do ask, you can state that you needed to take a year off. OR, you can just put your expected year of graduation and explain later if anyone asks (even less likely).
The GMAT is an OK option, but what you need to consider most is improving your skill set to make yourself competitive for SA recruiting. Whether you return to school in the fall or spring, you need to spend your summer and September - November (recruiting season) trying to land that SA spot. Before then (Jan. - July/Aug.), you need to improve your profile.
I suggest you look around your city for something - anything - finance related. There must be a private or family office that you can contact and see what they have available. I lived in a small town not known for business for a while, and though the opportunities did suck, they were there. If there is absolutely nothing available, be creative. If you get a high GMAT score, put it on your resume. As before, learn financial statement modeling in-depth. Track your returns in a paper portfolio (or real one if you have the cash). Become involved in your community during your time at home and use it as leadership or extracurricular experience.
The ultimate goal for your next year is to not leave a giant gap on your resume. You want to populate it with as much relevant experience as possible and show that you can be very productive while not at your desired point in life.
Edit: when I say "opportunities" in your home town, I do mean unpaid internships. Assistantships, internships, part-time work, whatever you can find that is related to a real job (ie, helping a guy who runs a portfolio of investments is good; becoming a clerk or data-entry bot at a hospital is not, etc.).
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