I had a 3.5 (will graduate with 3.4 probably) from a non-ivy target going into full-time recruiting wanting to get into. I go to a pretty good target, in which in prior years people wouldn't think of applying to ops.
So October came a long, and things were going brutal, so I decided to apply for Operations. Got a few offers, went with the one in NYC. By the time I had to give them a response in mid-November, I wasn't close to a front-office NYC job , so I accepted. (my friends and girlfriend were going to be in NYC, I wasn't going to go to something like North Carolina)
At first, I felt defeated and like a wuss. As I said, operations has a bad reputation in my school, and very few people bothered to apply to operations as a back up. I was very worried about exit ops, and all the things you normally worry about when you don't get your dream job.
But I must say, after seeing how the last few months played out I'm relieved. Many of my friends with much better GPA's and much better summer internships currently have no job, or recently were forced to accept jobs much worse than.
Furthermore, after I had a job offer, I was able to enjoy my life a lot more. I must say, I really dont know if I would have enjoyed the stress and 5:30am wake up trading would've entailed at this point in my life, even if it meant more money. I've come to realize upper middle class is fine, and being rich gets pointless after a certain point. I'm sure if ioffer some day ill take it, but my NEED to get rich has definitely gone away.
I'm sure some people will think im a wuss or lazy for settling for an operations job, but don't know, I feel pretty happy right now.