Advice for ambitious I-banking hopeful
I just finished my freshman year at Pepperdine University in Calfornia where I am majoring in Finance and French. Pepperdine is not recruited by any buldge bracket firms whatsoever. I am passionate about finance and have wanted to break into investment banking since high school. I am fluent in Spanish and will spend a year abroad in Paris and Switzerland my sophomore year, where I hope to become fluent in French. I have a good GPA, above a 3.5, but will get it to around a 3.9-4.0 soon. I am currently working for a financial planner as a summer intern.
How would I break into i-banking? Would I be forced to submit my resume along with the thousands of other hopefuls in my situation and hope I am chosen? Is there another way to go about it? Does the fact I am Hispanic better my chances?
Yes, Yes, and Yes. You will have to "apply online" everywhere before anyone will listen to you. Beyond that, there are a number of things you can do:
-Call alumni on Wall Street and ask them all about banking. Start these relationships early and they may turn into interviews in two years. -Visit New York. Track down recruiters and do everything you can to get "informational interviews." These are informal but basically function as a 1st round interview. This would be very difficult to do before your Junior year, so I would start then unless I already had contacts at the banks. -Keep your grades up, keep your resume full of legitimate and unique experiences. Leadership, risk-taking, and demonstrated intelligence are all important. Also, the ability to work long hours and lack of desire for a work-life balance are important.
3rd Question: Yes there is a ton of affirmative action in I-banking because most of the applicants are white males. If you are something other than this, join any groups you can to expand your network within that group and put it on your resume. I disagree with the principle but I would definitely take advantage of these opportunities if they were available to me.
I'm from a middle-income midwestern family and went to a non-target school, so I just went through the whole process you are about to go through. It it definitely a lot of work.
do all of the things that intern said, it's good advice.
however, Pepperdine is a longshot. is there any way you can transfer to Marshall @ USC or BizEcon UCLA? if you keep your grades up, you will be in the running for the banks that recruit at these two schools, which pretty much include all the BBs. the only catch is you probably won't end up in NYC (at least for the summer), but in LA or SF.
also, you said you have a 3.5 but will get it up to 3.8-3.9. it's easy to say you'll do it, but you gotta get it done. a 3.5 after a semester means you'll need 4.0s for the next two semesters to get up to a 3.8. walk the walk.
yeah definitely just pursue it with all you've got. Alumni connections are invaluable!
my GPA is 3.79 so I will be able to bump it up a little with my summer school classes. Thanks for your input
That sounds like some great advice, thanks a alot! Intern, it sounds like you were in the same situation as me...who do you work for today and in what position?
I am able to secure an internship with a small ibank in Paris (where I will be studying in the fall) based in the LA area (have contact who is a Pepperdine alum). How good is international experience seen? Do many other ibanking hopefuls get to have this experience or will it really make me "stand out?"
(and how active the bank is) is probably more important to most prospecitve employers than whether or not it was an international experience.
I need a professional's advise and input regarding the questions and concerns that I am facing in the midst of changing careers. I greatly appreciate any input and advice. I am 30 yrs old and work in Res. & comm. finance for 10 years. Through the years I have gained very strong contacts. I am constantly being introduced to very high profile clients with high volume projects which I want to be able to take advantage of and put these deals under my belt and build a name for myself in this field. Most of these projects are in the Energy sector as I will explain.
what will I need in order to have a shot in getting trained by any VC, JV , hedge fund or Equity firm or any IB company? I know some of them might be out of the question. I noticed IB courses for $2,000, Im sure it's worth it but will I get hired? I am trying to look for the right industry firm/company that fund high volume projects like an Oil Refinery project, Or a Casino or even a Wind Mill, just as examples. I think I've had enough running around trying to look for people who work in these firms to help me fund these deals. I feel it's time I want to make the move and change my career and to go to work for a firm that does handle these projects.
I've heard of Boutique firms and I'm not exactly sure what they look for in a candidate either. The more I look into this IB side the more complicated it gets..VC's, JV's,Syndicates Don't know where to start to look for such company..!!
I am having trouble distinguishing the right position and name for this field or firm Involved who Invests or can Lend in such transactions/Projects and what it would take to get in these companies? (For example as a Loan Officer, You originate loans then take the application and let the processor do the verifications and so on..
This is what I am trying to distinguish if such model exists that will allow me to bring deals in, do my due diligence on preliminary materials may be that is missing on a deal and make it complete so the firm can fund it whether through JV partnership or VC, Syndications and so on... This is the biggest question that I have ever faced in my life and the answer can definitely change my life as I hope I will make the right decision to pick the right route for my new career.
Many Thanks to all the responses in helping me to find the right route.
To Banknnyc: I am not sure if you are new to online forums, but it is VERY rude and distasteful to thread-jack other people's threads with unrelated inquiries. Post your own threads.
"This is the biggest question that I have ever faced in my life"
No, it's not. And if you truly believe this, you might just not be smart enough for banking.
Now, I see you posted a few times on different forums. Calm down. People will respond. Don't be desperate. Even if your post doesn't make much sense, someone will eventually respond. Give it a few days, do research on the side (both here using the search function and elsewhere online). Again, breath ... and realize it is not the end of the world if you do not get into banking. Most people here are greedy-pigs and likely to empathize with you on some level.
That said, it's a bad market. And unless you have personal connections, you are in for a tough time. You don't fit the traditional profile for the jobs you mention. Especially now when most recruiting is likely to be done almost exclusively through internships for Soph/Jrs. Good luck, but don't be too hopeful. (An alternative worth exploring potentially would be getting into a top-MBA program.)
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