Persistence Pays?

Hey guys,

I'm sure many of us have heard the phrase "persistence pays profits." For some people, the recruiting process works nicely and an offer is landed starting with an SA then converted over to a FT. This thread isn't for you guys...

Could the people who have had to take a "longer" route breaking into the industry chime in with their success stories? I'm sure it could help those of us who's egos are taking a slight beating from the recruiting process.

Thanks a bunch.

2 Comments
 
Best Response

Im still in the process. I come from a non-target, solid but not stellar GPA, all-american athlete(HS), entrepeneurial background through college(so no internships or finance experience). Ive been applying to IBD positions since.... maybe late JR year in college. By SR year alot of more experienced people(alums, friends with prior internships/FT offers) told me not even to bother applying IBD BB coming from non-target with about a 3.6 GPA. So I applied for Ops/Fin positions. Ive been out of college for 6 months, working in Ops at a BB. I've done the following in the name of persistence:

  • Cold Emailed over 150 MM banks
  • Applied for anything resembling IBD on any of the job boards
  • Looked up existing bankers in professional associations and emailed them
  • Paid $2300 and for a 4 week IB training seminar, going to class in NYC 7-10 after work(this is with a little over 2 hour commute home from NYC)
  • Did an honors thesis in college on Private Equity LBO's
  • Scoured the internet for any models I could possibly find to learn them(didnt find much)
  • Networked throughout my current firm to bankers
  • Independently did the coursework on the M&A Class syllabus from the Darden Business School
  • Have been in contact with Dean Bruner(wrote a very popular M&A textbook, in addition to 'Deal from Hell') of Darden b-school, getting advice on how to make myself a more attractive candidate
  • Networked alot. Have been in contact with friends/family contacts, John Rolfe(author of Monkey Business), head of fixed income origination at my current BB, Global head of Private Equity at a very strong PE shop at a BB, HL Restructuring banker, ect...

I've been PERSISTENT. Still with no avail. If I saw someone who claimed to have done all this and more and still didnt have any success I would assume they are a d. bag who cant close once they get in through the door. but for some reason or another, I cant seem to land an interview. I hear ppl on here talking about getting interviews like its nothing, and its discouraging at times, but honestly I put in alot of effort trying to get something that I dont really need(financially). I have a decent amount of money from my own business that I sold, I have family businesses that I can have if I want to run them, but this is what I want to do.

I guess Im not really an authority since I dont have an offer, but just wanted to let you know your not the only one. Its tough, it competitive and it is def an uphill battle if your coming from a non-target with less than a 3.9 and a no internships.

 

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