Non-Target Problems
What’s up WSO Fam,
I’m a freshman at a top 25/30 US university which is a good school but a non-target.
I made it pretty far in recruiting for a introductory internship with a middle market bank but ultimately ended with the hiring manager telling me that even though he really liked me, since my school was not among their target schools for recruiting it wasn’t going to work out.
I’m only a freshman so I have time to build my network and other things but I’d love to hear some perspectives on this situation and any advice for breaking into IB as a non-target student.
Appreciate it!
Network hard and you’ll have a shot at 90% of groups.
Hey there,
First off, kudos to you for starting early! That's a great first step. Now, let's talk about your situation.
Networking: This is key, especially for non-target students. Start reaching out to alumni from your school who are in the industry. LinkedIn is a great tool for this. Don't be shy about sending cold emails either. Remember, people generally like to help others, especially if they share a common background.
Grades: Aim for as close to a 4.0 GPA as possible. Anything under a 3.5 might make things tough, but really try to get at least a 3.7.
Internships: Try to secure internships as early as possible. This will give you practical experience and make you more attractive to potential employers.
Technical Skills: Non-target students often have to prove themselves more, so make sure you're prepared to answer very technical interview questions.
MBA: If you have the time and resources, consider enrolling in an MBA program at a semi-target or target school. This can significantly boost your chances of breaking into investment banking.
Remember, it's a tough ride, but with determination and hard work, it's definitely possible. Keep your chin up and keep pushing forward!
Sources: How to get into Investment Banking from complete non-target, Simplified Guide to Breaking in as Non-Target (EASIER THAN YOU THINK), https://www.wallstreetoasis.com/forum/investment-banking/can-i-get-into-investment-banking-from-non-target-school?customgpt=1
I went to a complete non-target state school with practically zero alum in high finance (did not even have OCR for anything other than big4 accting). I networked hard and with everyone no matter if we had commonalities or not, I was constantly setting up coffee chats, phone calls, and sending research reports for about 1yr and was eventually able to find a great mentor willing to offer me an internship. I was able to leverage this experience into landing upper MM ER after graduating.
Just network as much as possible, time is on your side and given the ranking of your university, I would venture to say there is probably a decent alumni base with which you could connect.
IB/Finance related extracurriculars are table stakes but even more so for non-targets.
Best of luck man, hope you break in.
First of all, if you go to a top 20/25 university, you go to a good school and everyone will recognize that. That being said, if you want to get into banking, in my opinion, there are two main things that you need to work on.
1. Check all the boxes: This means have everything that another quality candidate will have. Good GPA, good extra-curriculars, internships, AKA show them you are a good student and have a clear interest in banking and finance.
2. More importantly is networking. I would say for the most part keep it light as a freshman. I would limit most networking to family, friends, relevant alumni (club alumni, frat alumni, etc.), or anyone you meet through info sessions / insight programs. These will likely become your strongest connections. As you become a sophomore, then you can begin cold emailing more people, and try to "build out groups" within different firms. So once you have a good conversation with a banker, they can introduce you to another, then another, and it builds until you know the whole group. (it also helps if you start with like an associate and work your way down.)
Overall, just try to get involved, and start exploring what it means to get an investment banker. Reach out to people you already know or know of, and get a freshman year internship. For those, look at search funds, PWM firms, or other small investment management firms in your area. Nothing too stressful as it is likely one of your last summers.
Best of luck
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