Rising Jr. at Princeton feeling crushed by recruiting
As the title suggests, I am rising jr. at Princeton studying CS/Math. Honestly, I just want to maximize earnings with my career. I thought quant would be the right fit (and I am still recruiting for this), but I feel like IB/PE is easier with higher upside. But now IB/PE recruiting is essentially over and I think that my hope at breaking into such roles are over. Is this an accurate judgement? Would I have a shot at bulge bracket IB post-grad if I interned in ER/HF/Quant next summer?
I dont want this to sound like a "woe is me" story. This is just how I feel from minimal experience navigating the financial industry.
Based on the most helpful WSO content, here's what you need to know:
Timing and Recruiting Cycles:
Relevant Experience:
Post-Graduation Opportunities:
Maximizing Earnings:
Networking and Preparation:
In summary, while IB/PE recruiting might seem daunting, your background in CS/Math and potential experience in ER/HF/Quant can still position you well for these roles post-graduation. Keep networking, gaining relevant experience, and preparing for interviews to maximize your chances.
Sources: Q&A: Bulge Bracket IB Summer 2020, Q&A: Bulge Bracket IB Summer 2020, Last chance for Investment Banking?, Q&A: Bulge Bracket IB Analyst -> MM in Lev Finance -> Private Equity, What would you do if you were me? (Medicine vs Business)
Striking out from Princeton is wild work.
wdym
It means that you need to play a very bad hand to not get an offer from Princeton (ur cooked)
Bro u had every advantage fumbled HARD.
Full ride to Emory+Future DEI hire at top EB don’t sound bad ngl.
Do what you're interested in. I didn't do banking recruiting out of undergrad and only entered the industry later. There's lots of stuff out there for smart math / CS students
The question is different. He is asking if he still has a shot at IB/PE (which is retard job) starting as a quant (objectively more challenging).
I have the same question having worked in a prop shop but wanting to transition into IB
Idk if IB/PE really has a higher upside. There are just as few people who make it to the top in these industries as in quant. Also for what it's worth quant is way more meritocratic so you really have a lot more control over your compensation while that's far from the case in IB/PE. Also FYI Jane Street pays new grads 600k+ which would take you like 5+ years out of undergrad to hit in IB/PE. Jane Street isn't even the highest-paying firm too for new grads lol...
Just focus on networking as much as possible and keep your technicals sharp. Transitioning from ER/HF/Quant to IB is definitely achievable, especially through on-campus recruiting. You may need to start in a smaller market like Houston or Charlotte, but there are no limits when you come from a school like Princeton
Depends. Is your interest in IB just a temporary side fling type thing or can you not imagine a life in which you aren't in IB?
Technically, nothing has a 0% chance, but given that IB fills up nearly every spot sophomore year, and given the poor state of the market where there are a lesser number of spots in general, the chance of recruiting well for full-time is pretty low. If IB is 100% what you want, and you're ready to go monk mode for it, then yes shoot your shot. If it's not though, you can still try but you have to understand that time, like money, is a limited resource and a year from now, would you rather have used your limited time recruiting for a pathway you're not fully interested in and that you have a low chance of succeeding at getting on, or would you rather prioritize pathways that are still open with a higher probability of getting into, like quant or consulting.
Just to add on, quant pays much better (250 base not including bonuses which can be massive for a trader) for a fresh graduate with a much better work-life balance as compared to IB. You really cannot beat this package, especially in the current job market. I know peeps who have had the same exact profile as you - Princeton Math - go straight into quant with no regrets, and other friends who were from IB/PE/Big3consulting do masters to re-recruit into quant.
Just as what swissyodeler1 mentioned, your background really does give you an easier path into a quant/consulting which I would argue is objectively more attractive than IB.
I wish I had your problems. I go to a shit non-target, and do you know the amount of work and sucking up I need to do just to get a basic intro call? I've had like three buyside internships and guess what? I still can't get past hirevues for IBs, MM HFs insta reject me, PE firms ghost me. The only alumni I have are rotting away in PWM who leave my linkedin messages on seen let alone reply to my emails. FML.
If you want to maximize earnings stick with quant. IB will absolutely not make you more money, and PE is a bit of a toss-up. Depends on how comp in quant scales over the course of your career and how well the PE fund you work at performs at the point at which you have carry. For the first 5-7 years in quant, however, you will likely very materially outperform any IB/PE comp.
And if you aren’t a total idiot about spending you can save a very significant amount of money—invested in a smart manner this will compound quite nicely throughout your 20s.
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