Advice on Last Semester ....
Posted this elsewhere but thought it would be better here.
I am in a predicament, I am torn between a few different options for my last semester and could really use some input from those wiser than I. Currently, I go to a state non-target school majoring in economics and still have no finance background or summer internship.
I have one more semester where I hoped to study abroad to fulfill my language requirement and have a bit of fun.
My problem is that If I come out this summer with no Internship and go abroad I will not have access to recruiting and will have a more difficult time networking. Also, the program runs to late January. This becomes a problem because I wanted to take my GMAT and get an MSF the following summer in which case applications are due in march and a month is probably not enough time to study.
So my options are:
(1) Stay at my current school for the fall semester and add a minor in business, have access to recruiting and graduate in December which should leave enough time for studying for the GMAT.
(2) Come home after taking summer courses, study for the CFA level 1, network for a winter/spring internship and study like mad to ace the GMAT. Then if I don't have a full-time offer, enroll for the MSF.
(3) Study abroad and have a blast but miss out on recruiting & strong networking (meetings). Plus risk cramming for the GMAT, getting a low score and be left without a full-time offer and have to wait a full year to apply for the MSF program.
All have obvious pros and cons and I would appreciate everyone's input. Thanks.
Depends how good you are on deferring pleasure. I would do option three while studying for the GMATs and get into a good MSF program only to kill it and get a 4.0. Who says you can't have your cake and eat it to? If you get distracted too easily, then do option one.
I could definitely focus while abroad and my only real concern is coming back in the fourth week of January which limits recruiting for a spring internship before an MSF. I really would rather get some quality finance experience prior to enolling in an MSF to avoid the problems I am having now.
If I were you,
1) Get internships for spring/summer/fall 2011 - it's not too late. 2) Go through FT recruiting in sept/oct/nov. 3) Get a FT offer starting summer 2012. 4) Graduate in December, and have a whole half year to party wherever the fuck I want.
A MSF should be a back-up plan, not the main plan, considering how shitty job placement is even with a Master's (I've interviewed against them many times). Even if you start applying/studying in December (when you don't get the FT offer), most MSF programs only care about the quant section of GRE/GMAT which is incredibly easy, so a month of studying should be fine.
The idea is to think of yourself as a junior graduating a semester early, not a senior graduating a semester late. You still have time to do the standard internship->FT path instead of the shittier, slower and more expensive MSF->FT.
Of course, if you have a 2.0 GPA, then maybe you should just do the MSF.
Really well put. Im am definitely still trying for the summer and may have a government-type internship lined up ( better than nothing I guess). Also, I figure since I only have two classes for the fall semester I could probably devote a lot of time to networking, strengthening my excel & accounting skills and maybe land an internship from there. I totally agree with the MSF being a back-up, I would prefer to get a solid offer and stay until I can get into a top MBA. My GPA is 3.83+ cumulative and 3.9+ in major and minor.
What is your goal? IB?
Since you go to a non-target, your recruiting concerns seem baseless - you wouldn't have access to solid recruiting anyway.
What MSF programs are you looking at? I hope at least top-15 since anything else is pretty useless for FO positions... Take a gmat practice test to get an idea of your ballpark score to make sure an MSF is really an option.
You know you are going to have to work hard to get to where you want to be, and now is the time to start. Yes, take CFA L1 - this is really an idiot filter, and certifies you as "either pretty bright, or really hardworking" to those reviewing your resume. In either case, this is good. Study for the GMAT at the same time - just have a plan, and make sure it is reachable. The study abroad thing could give you some good international experience. Is it at a decent school? You might be able to get an internship while there since they probably will not know how bad your current school is.
I would advise you to get a job doing something, finance or not. A FT job not only pays the bills but teaches you a lot, and it will help in post-MSF recruiting. It can also be a source of recommendations.
Long story short - you slacked off before and went to a non-target. Full steam ahead now - CFA, GMAT, MSF, and FT work, study abroad if you want, just make sure you get a job upon graduation.
Hope that's not discouraging - I also went to a non-target, am studying for CFA L1, and starting MSF in July at MIT.
Good luck!
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