The Unfortunate Truth
I see a lot of people writing inspirational stories of networking and I just want to be honest with all the users on here. Those stories, are RARE. Everyone in my group goes to a target school, knew someone within the group, and/or has an insane story. Also, the group likes to recruit from its intern class so FT hires come few and far between AND unless you have actual relevant experience or get pretty senior in another group then it won't happen and even then it's still unusual.
Edit: Since people are thinking I am trying to crush dreams, let me clarify. My point was to let people know just because you did not get the internship/job does not mean you are an excellent candidate because I have definitely been rejected and got the feeling that there is something wrong with me. So, if anything, the post is meant to be painful honest and comforting and not discouraging.
If you manage your expectations and establish a realistic timeline you can get pretty far. That's just the thing thought, you won't go from a gaelic studies or criminology major to a front office M&A position at a BB.
But say you start somewhere, almost anywhere in a MM bank, could be commercial banking, maybe even personal banking. You start your CFA, cold call people within your bank, do your research, show interest. Maybe you land a trading floor adjacent MO position, get started in credit risk in corporate banking and then leverage that position and experience. Then you go from there.
That said, someone who is in FICC sales at my bank gave me some sobering wisdom about what he did, what I am trying to do and what you are trying to realistically portray "it all comes down to luck."
That shouldn't discourage people though, it should fuel them to send those emails, prepare for the informational interviews, keep up with the markets even when it seems pointless. It could very well pay off when you call a recruiter internally and "a job posting just came by." or something like that.
Why bother to do anything then, just give up on life. Not everyone who is successful went to Harvard or worked at Goldman. There are many paths to success and a fulfilled life. Indeed, there are many different definitions of what "success" looks like. If you are the type of person that thinks, oh well, I didn't go to [ target ], therefore my life is over - then you are right, you definitely aren't going to get very far.
Is it harder if you didn't go to a target or get the "right" job out of college? It might be. It probably takes more hustle. But guess what? That's life. Welcome to being an adult.
I worked at a top BB with a guy who had gone to an unranked private school with a mediocre business program, started at some shitty bank outside of the US, worked hard, lateraled over to a slightly less shitty bank, worked hard, and eventually lateraled to top NYC BB. Not only that, by year 2 there, he was the top performer not just in his group but in his entire class across the entire bank. This whole thing took him years, but he's currently crushing it. What differentiates that guy? He's not some crazy genius who has some magic power you don't have. He has work ethic. He shows up to work on time. Every day. He does what's asked of him, reliably, consistently, and well. He's not an asshole. You, too, can do what he's done, by applying yourself. Anyone can. (Caveat: I recognize that he's a white male, so it does make it easier for him, but I want to believe it's possible for anyone).
And then, on the other side, just because someone went to ABC school doesn't necessarily mean they are perfectly happy in their "dream" job, either. The road to success is usually long and winding.
Imagine logging on to WSO and starting a thread just to crush non-target kids dreams. Sad!
I kinda of liken it to getting on the PGA tour. Not that many spots, theres a lot of people trying to make it. However, a large portion of the people trying to make really have no "business" being out there. For example, I know guys who played D3 golf in college who averaged high 70s who though they could give it a run. Never ended up making it. But everyone always wants to point to guys who did, like a Paul Azinger, Rocco Mediate, Ian Poulter; but for everyone one of them, theres 100 guys who went D1 and played in big tournaments who are just knocking on the door, but can't get in. Take Brooks Koepka, #1 in the world, big game hunter; but he wasn't that impressive in the junior ranks, had to go to Europe at the start of his career and was able to get successful over here. He wasn't the only one to try that strategy, and won't be the last. But he might be the only one in while who achieves his status.
So when I say "no business", really I mean, those with a legit shot, and those with no shot who might luck into it, but its a far cry. Can someone with bad grades, non-target, no connections get in, yes, but it'll take work and a lot of luck. But we tend to hear more about them here, than everyone with 4.0/target/uncles in the industry.