Bad GPA and No Return Offer, what do I do?
Currently a senior graduating in May 2020 trying to work full time in S&T but have 0 offers anywhere. I'm looking into grad school as a potential reset, and asking for realistic advice on my chances of getting into a decent school, as well as any other career/ recruiting options people would recommend. My fear is the worst case scenario of neither getting a satisfactory job nor into a good grad school because of my grades. I realize the areas where I messed up and am not looking for excuses or a pity fest, and that I certainly could be worse off.
Cons about me:
- sub 3.0 GPA
- no return offer from bank I did summer analyst stint
Pros:
- at least did an SA stint in rates and FX trading (think HSBC, DB tier)
- also 3 other relevant internships on top of this, all in the S&T/ ER universe
- econ major at a top 10 US school generally considered a "strong target"
- US and EU citizen
- passed CFA level 1, proficient in python
Objectively I think I have a decent looking CV as an undergrad (GPA aside). Still studying for the GRE, do I have a chance of getting into second tier schools for MFin programs?
careful going to grad school right away. It sandwiches you between too inexperienced for an Associates role and being too expensive for an analyst role (having an MBA under your belt). There might be a way to hustle into a good role, but this would put you between a rock and a hard place.
the GPA will preclude you from getting an IB job from blind resume submission. Maybe if you have a personal connection willing to vouch for you...aka...networking...but otherwise, you probably won't be going into any kind of front office IB role. I'd suggest reach out to the senior people you worked with during your internships...these are your best networking connections.
Your finance internships will look sexy to a tech recruiter, and also to consulting firms...i suggest beefing up your tech skills and look into the larger tech / consulting firms.
Its better than being unemployed...
Thanks for your response. Definitely have been networking as much as possible but your suggestion of consulting etc isnt a long term solution for me... Besides the fact it doesn't interest me I've also invested too much effort into a global markets track... By any chance are you at all knowledgable about grad school? Cause I'd rather take my chances down that avenue than switching industries altogether
you got to think longer term.
consulting for 1-2 years will make you a viable IB candidate...because you'll get both varied industry experience, as well as excel monkey experience (good for classic IB..my friend did this and is excelling in IB now).
no matter how bad you want to work in markets...there are very few markets openings each year...with hundreds of applicants for each spot.
if you have any kind of tech background...if you can code in VBA and Python...then you can get a tech job at a bank doing desk developer work,..work for 1-2 years, and then use that to try to lateral into a FO markets job.
going direct to a trading desk...the odds are stacked way against you. you got to find a backdoor...and that usually require 1-2 years of working in a different job, but that has a tangential connection. You can then use that tangential connection to stand out as an applicant with some experience.
Right now, sad to say, you have nothing to offer other than drive...which is necessary..but not enough on its on...must be combined with something else. You don't really learn much during an internship...they are just too short. Internships are really just 8 week long interviews...so they don't really count as "experience" in the eyes of hiring committees. This is why you shuld put 100% effort into converting your summer internship into a FT offer....because its essentially just that, an interview for the job.
I'm in a similar spot as you. I've gotten a few super days but haven't been able to land anything yet. I would reach out to career services. If you're at a good school I think they would be able to help. Just be willing to settle. I know that's hard given your first job is the most important one, but you might have to do it.
Don’t go to grad school unless your parents are very rich - it’s just a waste of money at your stage. Experience over grad school any day of the week.
I was in your exact same spot after my Junior summer - had an S&T internship at a good BB (for S&T) but didn’t get return offer. It sucked, but I didn’t like S&T so it made crafting my story easier. You should do this too - what about your S&T experience showed you that you want to work in [IB / Consulting / Tech]?
I ended up in a job that payed $55k a year after working at a BB S&T internship, and I was definitely down. But once you get experience in a new industry, it’s significantly easier to “trade up” to a better job. I was at the low paying job for a year and then took a MM IB job.
Lateraling into MM IB is straightforward if you have experience in any relevant field: transaction advisory, audit, some sort of industry job that has exposure to finance, any sort of research analyst work, corporate banking, financial services consulting, management consulting, real estate brokerage, asset finance, etc the list goes on.
Just focus on getting a solid job and then lateral after a year. It’s a more common path than you’d think - you just can’t get complacent at your first job.
Do you mind if I ask how you got your current job? Did you somehow re recruit in the next cycle, or a random opening just happened to pop up?
And problem is I actually really like S&T and I know 100% I want to work in the markets space for the next while. I hear you about the ease of lateraling into IBD but not sure it works the same way for trading... Very little overlap with some of those other industries you brought up
Investment banks recruit on an as-needed basis in addition to their analyst recruiting cycles. Generally the BBs will take laterals from smaller banks, while the MMs will take people from the industries I listed above.
When I was in S&T, most of the people who worked their way into trading without starting there did so from the middle office, but not all banks are like that. Look into working on a trading desk at a Life insurance company. There are some middle office roles there that could potentially turn into something bigger down the road. Additionally the insurance cos have fixed income portfolio management roles that could be interesting.
You just have to be creative. Keep in mind a lot of people that work in the public markets space worked in IB beforehand. Focus on setting yourself up for the role you want to be long term - Don’t be too concerned if if you’re not in the perfect “market facing” spot right away
you got to think longer term.
consulting for 1-2 years will make you a viable IB candidate...because you'll get both varied industry experience, as well as excel monkey experience (good for classic IB..my friend did this and is excelling in IB now).
no matter how bad you want to work in markets...there are very few markets openings each year...with hundreds of applicants for each spot.
if you have any kind of tech background...if you can code in VBA and Python...then you can get a tech job at a bank doing desk developer work,..work for 1-2 years, and then use that to try to lateral into a FO markets job.
going direct to a trading desk...the odds are stacked way against you. you got to find a backdoor...and that usually require 1-2 years of working in a different job, but that has a tangential connection. You can then use that tangential connection to stand out as an applicant with some experience.
Right now, sad to say, you have nothing to offer other than drive...which is necessary..but not enough on its on...must be combined with something else. You don't really learn much during an internship...they are just too short. Internships are really just 8 week long interviews...so they don't really count as "experience" in the eyes of hiring committees. This is why you shuld put 100% effort into converting your summer internship into a FT offer....because its essentially just that, an interview for the job.
also....don't go to grad school until after at least 2 years of working FT. Could be accounting (the big4 will hire anybody), mgmt consulting...even middle office operations...but work for 2 years..then goto grad school. Otherwise, you have zero real work experience.
So, then you got to ask, what kind of work experience would a markets or IB hiring manager be interested in seeing? Mgmt consulting fits the bill the best, because you can spin it to almost anything.
There are actually a fair number of solid MSF programs that are only one year in length. Vanderbilt in particular has a strong MSF program, though you'd still be going against college seniors for 1st yr analyst roles. There are also more quant oriented MS programs at Princeton, Columbia, and MIT.
Any chance you know how competitive those programs are to get in? I've tried looking up acceptance rates etc but can't find much statistics for MFin programs
Eaque quas provident illo ut amet sed consequuntur. Animi quaerat quidem at pariatur rem sed. Voluptatem distinctio fugit aperiam.
Omnis provident temporibus nesciunt dicta fuga recusandae. Qui dicta asperiores non. Mollitia dolorum tenetur harum nemo quis quae nobis. Laborum sunt expedita nam omnis aut.
Explicabo qui quia deleniti a eaque aperiam. Ad eligendi consequatur sit blanditiis et. Eos deserunt sequi fugiat deserunt placeat corporis. Nostrum quia voluptas earum rerum est. Quam magni odit repudiandae sit.
Voluptatem cupiditate qui quia alias maxime dolorem. Quis consectetur voluptas omnis. Distinctio facere qui voluptate excepturi debitis natus autem. Consequatur veniam quaerat eligendi beatae quia quos a.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...