NYC investment banking
Will be graduating from a University of Minnesota branch (non-target) at the end of this year with around a 3.85 GPA, been on the deans list every semester and have decent work experience. Still I feel apprehensive trying to break into the financial ranks of NYC, either investment banking or wealth management. What are my chances of landing a good job in one of these fields and starting a financial career in NYC? Any insight is welcomed.
Based on my experience coming from a Big Ten non-target that's a step up from Minnesota, I don't think you have much of a shot for IB - here's why. Schools like Penn State/Wisconsin/Illinois probably send ~10-15 students to NYC for IB out of graduating classes of 5-10k. I don't know much about Minnesota's placement in NYC but I can't imagine it's more than a few (although I'm sure they get a couple to Minneapolis and Chicago). The numbers I just stated are to put in perspective how difficult it is to get to NYC for IB from a Midwestern non-target. Coming from a non-flagship school will be even more challenging.
Sorry to be the bearer of bad news but I think this is the reality barring crazy connections and whatnot. People from my school with 3.85s and great experience didn't make the cut either. I suggest trying to start out in Minneapolis. Once you have any IB experience it will be much easier to move around geographically.
I did not mention anything about wealth management because I'm not very knowledgeable about the field.
Realistic expectations is what I am looking for, I have plenty of regional connections and opportunities available. To me it sounds like I will start here in the Twin Cities then maybe try to move out east, thank you for the advice.
When I decided to go to this school I realized that I would need to use connections to get the same employment opportunities if I was to go to a target school. Sort of regretting the decision now, but I am here on a full athletic scholarship. It was to good to pass up but I am now realizing what I gave up to get it. Had the academic credentials to go to most target schools.
Yea dude it's all good, I understand where you're coming from. Focusing on Chicago and MSP would definitely be the move for now, I just feel like you'd be spinning your wheels trying to go right to New York. If it makes you feel any better I remember running into bankers from 1 or 2 UW system schools in Chicago during my recruiting process so it's definitely possible to get to IB from a branch school. If you craft a compelling story and present it well you should be golden. Good luck.
What branch, UMD?
Recommend aiming primarily for Minneapolis or Chicago. In terms of NYC, leverage anyone you can find with a Midwest connection and try to build from there.
Smaller branch to the northwest, on an athletic scholarship which is why I ended up here. Had academic credentials to get accepted to target schools. Thank you for the advice, Chicago and Minneapolis are viable options and I have connections in both.
Try for NYC and cast a wide net for IBD but would really try and hammer some of the regional boutiques. Can definitely find stuff through Stephens, Harris Williams, Houlihan (CHI), William Blair, Lazard MM is in MN.... get to one of those spots and you can always lateral to NYC 9-12 months into your analyst program. Everybody understands why you want to come to NYC, and most banks will have kids quit / get understaffed so experienced help that can hit the ground running is going to be in high demand. It may just take a bit longer but if it's what you want, the extra year shouldn't matter in the grand scheme of things.
Good luck -
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