Stuck at a non-target for now, transfer not guaranteed, how the hell do I break into IB
No doubt I'm one of many thousands with the exact same issue but any advice or clarity would help. Put shortly I fucked up in High School and took all the hardest courses and ended up with a shitty GPA and a mediocre SAT score (mostly due to laziness) and there's very little chance I'll end up at even a semi-target for my first year of college (best case scenario probably Baruch or Babson or something in that degree). I'll give my best possible efforts first year and hope to god that I can transfer to a better school, but in case that doesn't happen, what should I start doing right now to maximize my chances of breaking into NYC Investment Banking in the future even if I'm a non-target?
You want the nice answer or the honest answer?
Honest obviously.
Kiss the ship goodbye.
I assume you are still in high school. Apply to target, semi-target, and nontarget schools. Large state schools like Michigan, Penn State, UMD, etc. still place fine in IB (large alumni base + name recognition) and are not hard to get into. In your freshman year, you should try to find any possible finance internship and join your school's investment club. This could be as simple as an accounting internship at a local firm, or a remote private equity internship with a tiny PE firm. Use this + networking to try and recruit for a good sophomore summer analyst position, then a junior summer analyst position. Also, don't be afraid to do part-time internships during the semester as well (so long as you do not hurt your GPA), as these will only help. Start teaching yourself technicals and learning how to interview, and you will be fine. It will likely be a lengthy process, but it really isn't that difficult so long as you are competent and show passion. It took me months and hundreds of applications to land an internship in private equity my freshman year, but it made it a lot easier to get several more internships from then on.
Also, don't listen to the interns & prospective monkeys who think your school is the only thing that matters in recruiting. The more experience you get, the less your school matters.
Where and how do you start networking from scratch and what does 'networking' actually consist of besides cold calls and LinkedIn requests. I live right next to NYC and I applied to Penn State (unsure which I will choose) so that sounds like two great places to start, but how do you actually facilitate that to the greatest effect to gain internships and connections. Also where's the best place to start learning actual IB technical skills?
Most of my networking was through LinkedIn requests w/ a note and setting up calls/coffee chats like that. Since you are close to NYC, I would suggest taking advantage of that and doing in-person coffee chats when you are home. Also, when you join an investment club, make sure you stick around after meetings and talk to the upperclassmen (especially e-board members). A lot of these students have had successful internships at places you might be interested in, so befriending them can get you connected to people at the firms they interned with. I've noticed that a lot of investment clubs also have advisors on Wall St. and/or a networking list that members can use to build connections, so take advantage of this. Keep in mind that some people you talk on the phone with will be open books and very talkative, whereas others are awkward and provide short responses; you can't always control it so don't overthink it. When I would network, I always asked about the firm, the individual, the individual's experience in the industry & tips, and at the end I would inquire about the firm's SA program and see if he/she would be willing to provide resume feedback (usually they ask for your resume prior to the call). Last, take advantage of networking events through your business school. Try to find other people in high finance and ask what they are doing/what their strategies are.
As for technical skills, any decent investment club will go through modeling and intuition for finance concepts/interviews. Something very beneficial to me was finding a finance professor with industry experience who teaches modeling and doing everything I could to learn from him/her. There are also countless LinkedIn Learning courses and YouTube videos to learn from. Personally, I never saw a need to spend money on any guides (modeling or interview). Make sure when you are learning your technicals, though, you put genuine effort into getting the skills down and thoroughly understanding the logic behind them. The majority of it is easy as long as you think logically and don't overcomplicate the concepts for yourself.
Aspernatur ut sed aut omnis cum magni voluptatem. Enim ratione illo consequatur enim quod rerum. Quia voluptatibus explicabo aspernatur.
Corporis quae in possimus. Aliquid odio recusandae enim. Doloremque ut veniam necessitatibus dolorem ut quo natus. Aut pariatur praesentium quaerat sequi numquam et. Accusamus porro sequi eveniet eius magnam ea. Magnam odit modi molestiae corporis possimus. Quaerat harum aperiam quidem odio aut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...