Any Advice to a Sophomore Late to the Game
Hi, first time poster here. I'm a non-diversity sophomore majoring in Econ from a target school, with a decent GPA (3.7+). Freshman year, I went to a few company information sessions (GS, etc.) and the school's investment club meetings, but wasn't seriously interested in finance. Last summer, I interned at a government economic policy-related institution. It was interesting work but unpaid, and it was difficult to make ends meet.
This winter break, I've started to realize that finance may be what I really want to do, but I don't exactly know what branch of finance yet. Judging even by the forums on WSO, I get there are IB, PE, HF, among other big finance "branches." I think I am the most interested in Investment Banking.
With most sophomore IB opportunities already gone (especially non-diversity), so far I've applied to a few hedge funds and trading gigs, and now I'm wondering if there are any other investment banking or any other finance-related opportunities still open for someone like me, who is willing to experience any major branch of finance as long as it's paid. Should I try to find PWMs and/or regional boutiques? If so, any advice on how to do that most effectively at this point? The worst thing would be to not find anything to do for this summer, after having an internship last year.
Lastly, is this broad approach the right attitude to have? Or should I already know for sure what branch of finance I want to get into? I've been reading as much as I could on WSO and other sources about IB, trading, etc, but I feel like I have no idea what would suit me the best without having any real experience. I guess this is all assuming I actually land a finance internship this summer.
If I sound unrealistic or stupid, I apologize. But any help would be very appreciated!
Hey man - your situation sounds very similar to what I went through. One thing's for sure - it's definitely not too late as a sophomore. I would definitely recommend the following:
1) Reading a lot about IB on many different sites (not just WSO, even though it's one of the best resources). Try to learn as much as you can about IB and finance before you begin investing loads of time preparing for it. Also, definitely get involved in your school's investment club.
2) Contact your school's alumni and/or talk to friends. You said you went to a target school, so I'm sure there are loads of current and previous students that are in the industry. Reaching out to them through your investment club and/or LinkedIn will prove to be very valuable.
As for positions for this summer, you are correct - most is already filled up. Depending on where you're from, you could reach out to local boutiques and PWM shops. I personally would recommend leveraging your connections to find a position at a small shop that doesn't typically accept interns. Obviously the pay won't be great, but that's what I did and it not only worked out great for me, but I developed VERY strong relationships with the senior guys there. Their connections got my foot in the door at a BB. That is the advantage of small firms. Good luck!
Hey, thanks so much for your advice. How much technical knowledge is required for PMWs or local boutiques? And do you have any recommendations on good resources for learning technicals? Lastly, if I were to be accepted into a HF/trading internship and a PMW gig, which would you choose?
Depends on the boutique, but for PWM, I honestly can't say. I never pursued PWM very much, so my knowledge of their recruitment process is minimal. I would imagine that they'd expect you to know market trends and investment opportunities more than financial statements and accounting (but those are obviously still very important to know). In other words, it will be WAY less technical than anything at a HF or Trading desk.
I would take a HF internship over PWM any day of the week (1) because it more interesting to me personally and 2) better exit opps).
Also, your GPA is fine at a 3.7. Obviously, it wouldn't hurt to raise it. But definitely don't waste time trying to raise it a hundredth of a point.
You aren't late, I realized I really wanted to do IB around the same time as you, a quick rundown on what to do. I came from a semi-target non-diversity (asian) and still ended up with around 10-15 interviews. 3.7+ isn't bad but raise the GPA, the only reason I think I got all the interviews is because I had a 3.9+. Sure if you have a sophomore BB IB SA it would be stellar but aside from that GPA > everything else.
Find any relevant internship, I thankfully was able to land at a lower MMPE firm, right place right time kind of thing so I suggest you find ANY finance internship (honestly it can be interesting as long as you spin it)
Start networking with alumni, use Sil's networking guide (you can find it on WSO or google search it) and start landing informational interviews. I started networking around March/April so you're earlier than I am. I usually sent out 10-15 each week. You don't need to know ur technicals for these, just know your story (tell me about yourself/elevator pitch).
Come summer, buy the WSO guide and go through the technicals, read up on WSJ to keep up with current deals. Now, the important part is to do mock interviews, its one thing to memorize the info but another to truly understand it. Do mock interviews with upperclassman or any1 you can.
Good luck PM me if you need more help
I'm also a sophomore here looking for similar advice. Did you land IBD from this? Mind if I PM you?
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