Undergrad Experience and GPA weightings for S&T/IB Internship
I am currently a sophomore pursuing a double major in finance and economics at a state school in the Midwest (think along the lines of Michigan, Villanova, Texas, Wash U, ect.) interested in getting a BB S&T or IB (preferably S&T) internship for next summer. I'm an active participant in many of the B-school's most selective and regarded IB/ER/S&T clubs. I am also an equity analyst for an organization that I am apart of. I've spent some time this year networking with some bankers and traders, through which, actually got the opportunity to interview with some BB firms. Unfortunately, I was not able to secure the positions due to mediocre GPA and non-junior standing. Last summer, I employed two internships, both in finance. One was with a reputable firm(think Morgan Keegan, Raymond James, ect), and the other was at a large corporation's headquarters in the finance department (think Nike, Reebok, Target, ect) and I alternated days. This summer I will be interning for one of the biggest financial firms in the midwest, in hedge fund administration, working with derivatives. I am hoping to secure something at a BB next summer, but have some concerns regarding my candidacy due to a less-than-industry-average GPA, of about a 3.0. I have taken great steps to improve my GPA, but don't know if I will be able to bump it up to 3.5 before I start applying to positions for next summer. Considering my above average experience and involvement, if I were to bump my GPA up to a 3.2 by next winter when applying, how much will my GPA take away from me being "qualified" to interview for a SA roll in S&T/IB at a BB? I have established a pretty solid network of people from various BB and MM firms who are willing to do what they can to help me out with securing an internship. With that in mind, is there any room at some of these firms for employee testimony and referrals that might give someone who does quite meet typical standards of recruitment to receive an interview?
I appreciate any input.
So it's either Michigan or Texas because Villanova and WashU are both private...
There's absolutely room at firms for employee testimony and referrals. You need to be networking your balls off starting now preferably. Get the BIWS networking guide and read up.
Not really related to the OP's question but - do you think BIWS networking guide helps? It has a ridiculous price tag of $97. I'm not sure if it's worth it just for a networking guide.
Well, it depends on how much you know about recruiting/networking to begin with. I think for a non-target it's definitely worth it because you'll have no shot without being pretty aggressive. In addition, $100 is peanuts compared to an SA salary.
Plus, if IB is your goal (and not just working for a reputable company, i.e. if I can't work for a BB/MM/elite boutique then I'll just do F500 or Big 4 or something), you get access to a ridiculous list of financial services firms that you can use to try to break in.
[deleted double post]
since when is fucking texas in the midwest?
guy having a shitty day
I said "think", as in along the lines of, in terms of prestige you fucking douchebag. For those of you who were also confused about that, I apologize for the confusion. All I meant was in terms of prestige of business school, not location or private v. public.
Your experience triumphs your GPA. While iBanking is a lot more pedigree focused, s&T tends to have much more leniency with regards to GPA and school brand name. In s&T, your MD will decide within 15min if he wants to hire you or not, and his decision will be largely based on your personality traits and passion for the markets, and experience is indicative of the latter. Instead of s&T, I would suggest that you try and leverage your experience to land a HF gig next summer.
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