Undergrad: Transfer regrets
Hi guys,
I'm a sophomore that transferred from a NYC non-target to USC. Just for a little background, USC is only a target for LA groups (which aren't even that big) and a semi-target at best for SF groups. While I love the school (social life, environment, weather), I feel like I've pigeonholed myself to west coast banking as this school only recruits for the west coast. In retrospect, I feel like an idiot for transferring to a west coast school when I wanted to go to NYC banking. However, its not all gloom and doom as I do enjoy the experience here and the tuition has been largely paid by the school through scholarships/grants.
Now for the question: is it even remotely worth trying to transfer back into an east coast target/semi-target for my junior yr or am I better off staying here with the hopes of networking back into NYC? *Just to note, I did try to transfer to east coast schools (ie: Stern, Gtown, Ivies and whatnot) but I was either rejected or wait-listed.*
You should have tried Michigan, Indiana, UNC, BC, and Vanderbilt. Probably would have been accepted to one of those, but it's in the past, and you should just stay put. You can always lateral from a LA or SF bank to NYC or get a MSF from an East Coast target.
No matter what you do... transferring as a junior, lateralling, or going the MSF route, it's an uphill battle from where you're at right now. You've got this.
I have a buddy who fly at his own expense to network with VPs and MDs in NY and landed a solid gig at a top BB
I'm guessing he went to Stanford or Haas? There are literally no alumni from my school at NYC.
have you ever heard the phrase: the grass is always greener?
No, he's from one of the UC's
lol why would you want to go back to the east coast? LA has perfect weather and better beaches. Stay a trojan.
This. Weather and beaches should play a vital role in selecting where to work in banking.
USC is a great school, but yes, its alumi network is weak once you leave california. In socal they run shit, but if you want east coast finance you made the wrong choice. Not sure how you can transfer again since that will look super shady on your applications.
The USC undergrads do have a huge inferiority complex towards Stanford, but I guess that's understandable since every Cali kid dreams of going to The Farm.
Here I was, wondering for a minute why people in California would have a gigantic hard-on for the CIA.
Just FYI - neither the first part nor the second part of this statement is true. USC and Stanford are two completely different experiences, and their networks are completely different (nor cal vs so cal, tech vs real estate/media, etc.). I don't think business majors who plan on working/living in southern california wish that they gone to Stanford. Also, it's not even remotely true that every "cali" kid dreams of going to Stanford. Maybe that's the case in nor cal, but not in southern california (where I grew up).
Not trying to start a debate, but I just had to clarify this.
Geez, one loss and you're ready to bail? #FTFO
In Socal, they run shit
Transferring twice would look really odd in my opinion. Don't do that. You can try to break into NYC banking but I'd just stay in LA and if you get into an IB where you can lateral later on, try that. But personally, I'd rather stay in LA. Like others have said, the weather's better, it's slightly cheaper, beaches are there, there are a few decent buyside shops for exit opps, etc. LA's not perfect by any means but it's not bad at all. And the Trojan Mafia runs SoCal.
I was worried about that. I'm pretty sure nobody transfers twice. With that said, anyone know of any decent groups in LA? I heard CS Sponsors is pretty good.
Honestly if you transferred again its not something that would necessarily come up in interviews, I was a transfer student myself but would not put down my previous school on my resume...its more of a question for school admission committees, not employers.
USC is a solid school, you should network hard for NYC jobs and come out on your own dime to setup informational interviews. If that fails you can get a banking job on the west coast and lateral afterwards. Enjoy the debt free education and hustle to get a good gig. West coast is the place to be, I would infinitely prefer being over there as opposed to NYC/east coast if it wasn't for family living here.
Work hard, network your face off, and think about something the Tuck Bridge program to give you a bit of East Coast/Ivy pedigree.
LOL this thread is hilarious. Kid lives in LA, goes to badass school, surrounded by the most beautiful women this country offers, has plenty of banking opps. within said area, but OMG MY LIFE SUCKS.
delete
Background: I graduated from USC in 2010, summer internship in sales/trading at BB in SF, then went to work IBD at a different BB in LA after graduating. I landed my job through networking in LA and on-campus recruiting. I'd say I was a pretty strong candidate.
When I went to NYC for training, I met up with at least 10 trojans (my year) who landed NYC high-finance jobs (not all IBD). Some of these trojans were from the east coast originally so they may have had connections/contacts.Obviously, more trojans go to work in LA and SF, but there are USC alums working in NYC. I don't know anything about recruiting for NYC from USC because I only recruited for LA (my preference). There are many alums who worked in NYC then moved back to the west coast, so you could try to network with alums here for NYC contacts.
I think how you proceed depends on how strong of a candidate you are (realistically) and how good you are at networking and recruiting (i.e. hustling). Landing an IBD job in LA is difficult enough (there a very limited number of spots), so you have to think about your odds. You need a top-notch resume for LA or NYC. But you definitely have better odds in LA where USC's network is strong. IMO, your best bet would be to land a BB job in LA then try to transfer to NYC after one or two years. If you can't stand the thought of working IBD in LA at all, then by all means go for it. Hustle for that NYC gig.
You can PM me if you have more questions (though I rarely check WSO these days). FYI - I don't work IBD anymore (my choice). Good luck and fight on!!!
No playing coulda woulda shoulda. Time for any misplaced regret you may have is over, don't start beating yourself up over what I think is actually a good move. You are going to a great school in beautiful southern California. Easy with the doom and gloom, eh? Sure the odds of breaking into NYC banking aren't as good as being on the East Coast, but you are going to have a fantastic time there. There are many paths to success, and many of them have started at USC.
Explore West Coast opportunities, you may fall in love with a gig out West. If your mind is still completely made up about NYC, you can make a lateral move to the East. You're in a great position with options. Keep at it.
Now I've got that damn fight song stuck in my head
"In Socal, they run shit" ... haha total nerd WSO line
Shoulda gone to CMC. ;)
You can definitely break into NY banking if you network enough. USC is a great school. It has the best of both worlds: Good school with an epic social scene. IMHO you should stick with it.
Is the USC social scene really that "epic" or is that just typical WSO hyperbole?
Undergrad is all about the greek life. For grad school you have tier 1 night life, infinite restaurants, and the beach. LA Live is right there. Everyone has money. It sounds pretty hard to beat.
it really is. seems like a dream these days...
Anyways, I think op underestimates how many usc alum are in NY, but yes, coming to the west coast (from the east coast...) to work in the east coast did make things a little harder.
Best bet is to land your internship on the east coast. I know people who did. Anyways, there are some good shops in LA/SF.
@The Stranger I'm so sorry if I came off as an entitled douche. I am definitely grateful for this opportunity I have. this post was written to be more of rant than anything.
@MoneyTalksMonkeysWalk To be honest, I did have a hard time searching for a decent amount of alum that are currently in NYC, especially more senior people.
@mbavsmfin Yes, the social life is fantastic here (well at least considering the academic standing of the school), however, some people say that greek life is declining due to administration (I personally am not involved).
My suggestion would be to network with banking alums here in LA (junior and senior bankers), then leverage that for contacts in NY. All bankers have contacts in NY (where most offices are headquartered). Regional offices frequently work with analysts and bankers in New York on projects/deals.
In my office in LA, 5 out of 8 analysts had been involved in greek life in undergrad. When we looked at resumes, we gave more weight to those applicants who were involved in greek life. All the resumes looked the same w/ or w/out greek affiliation, so at the least, we were trying to keep the bullpen fratty (it made the long hours more bearable). Greek life is probably the best networking tool at USC (for business and girls). Helped me get my job in IBD (without an IBD internship). Plus, it's the most fun you'll ever have, seriously. If I could give anyone at USC one piece of advice, it would be to join a fraternity/sorority. You can always quit if you don't like it, so why wouldn't you try? You will have regrets if you don't. (But don't quit while your a pledge, it gets way better). And btw, greek life has been declining since the '70s, don't use that as an excuse.
We did the same thing at my firm. When we'd get a ton of qualified resumes, we'd only interview the greek people to cull the number down. This way the MDs were not able to make a "mistake" by hiring the model building nerd that's zero fun to be around all day.
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