Advice Needed - Hoping to break into IB in around 12 months
I would like to get into I-Banking about 12 months from now, and was wondering what I could do in between now and then to improve my chances.
Background: I graduated from University of Illinois last May with a degree in Finance. I finished with a 3.85. I transferred from U. of Colorado after my sophomore year and didn't get my act together in time to pull out a decent internship. By the time recruiting season came around senior year, markets were crashing and I was couldn't pull together a good full time offer from anyone.
I took a job at a small, small bank as a financial analyst. Only good thing is I'm getting upper management experience now as I am more or less the bank's controller. I manage the bank's $10MM investment portfolio, and get to go to board meetings which is good experience.
I am taking the CFA Level 1 in 2 weeks and am going to pass easily. I am going to take Level 2 in June and passing that as well.
What else can I be doing now to help my chance? As I said, I want to be applying about this time next year, and I don't care if it's boutique or MM. I'd also be looking for something in Chicago.
network network network network............ have you thought about working a few more years and going to mba school and then going into ibanking?
I would recommend that you first work on developing your network and then reaching out to boutique firms. Don't be afraid of small shops as banking is banking and if you are really interested in the field, there is nothing wrong with moving to a boutique. I think the CFA is a wise move, although I would not get too cocky in terms of passing as it is a difficult test - that said, once you've passed, you should be punching up your resume and focusing on attributes and experiences that bankers value - analytical skills, leadership, acct./finance, etc. From there, you should be networking and networking hard as you will be trying to move from back office to front office.
If that fails, then I would recommend working a little more, gaining strong experiences and extracurricular experiences and applying to a good business school for your MBA. Of course, since you are taking the CFA, B school may not be on your immediate agenda, so I would first recommend the networking approach. Again, I would target small boutiques and MM shops, as they would be most receptive to a career changer that have a strong analytical skill set, but not necessarily prior banking experience. Good luck.
I don't mean to come off as cocky on the CFA. Level 2 will may be a different story, but I take the Level 1 in 2 weeks and feel pretty good about it. I have been studying for a couple of months now, and have been scoring in the mid to upper 80's on all mock exams (they say you need a 70% to pass).
After I take the CFA in December, I'm going to join the treasury committee of a local non for profit. That should pad the resume a little bit.
I would rather wait to do MBA after a couple of years in banking.
Do you have any advice on networking? I have a cousin who left a BB IBD three years ago. But I don't really know where else to start.
Also, I have seen "Investment Banking Bootcamps". Are these worth the $2500? I am confident I could just learn the financial modeling other skill sets by buying books. They claim they are great for networking though.
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