Was kinda curious to get the opinion of those who attend the target schools where banks recruit on-campus. Do most applicants really want to do banking, or do they apply because the banks recruit on-campus and it does not take too much effort to get the initial interview?
It seems to me, coming from a non-target school, that most kids who go into banking are those who really want to do banking. The rest just take whatever jobs are available from on-campus recruiting, usually F500 Corp Finance stuff, cause it doesn't take much effort to get the job.
Thoughts?
Most people just do it because it's the easiest option (i.e. lot's of campus recruiting, easy resume drops). Very few people actually really care that much about banking. The ones that do are the ones that tend to get GS/MS.
i disagree. for one, it's not the easiest option. yes, dropping your resume through your school's online system is easy, but there is a significant different between the number of students submitting a resume and those selected for interviews.
second, you have to be on top of your shit to even get asked back for further rounds. if banking was the easiest option, how come so many people don't get a chance? i got to a heavily recruited target and i know plenty of people who had to take the easy options (i.e. accounting, f500 finance) because they couldn't land a banking job despite the amount of time, effort, and interest they put into it.
you are an idiot to think that most people do it because it's the easiest option because it's not the easiest option. in fact, besides a top consulting gig and maybe a few other highly sought after careers, banking is one of the hardest careers to get into. this is true even at targets.
the shit you just said was a retarded speculation of something you obviously don't have much knowledge of.
I agree. What's so easy about having a 10% to 15% chance of getting an initial interview and competing with some of the best students at the college?
If you make it to superday, then you can look forward to several more hours of interviews. Then, if you're lucky, you get an offer. IB positions are among the most sought after jobs on campus.
Don't get me wrong, I'm not saying banking is easy to get into by any means. I was just wondering if most target candidates decide to apply for banking and go through with it because they really wanted to or if it was an available option because of the school they attend and decided to go through with the process.
I guess I'm trying to figure out if target candidates are as deadset on banking as much as non-target candidates, or if they just see banking as another job option available to them.
that was a great response.
I am very familiar with target schools. Yes, we all want to do banking/consulting. Only 10% of us for each sector get to do it ultimately.
It is not easy finding a job from the target schools. Only 50% of graduates have something (including grad school, etc) lined up by graduation.
Wow, 50%? That low? Is this counting all of the liberal arts majors or just the econ people?
Percentages are fairly meaningless unless you are referring to a target with a specific business program or only for econ majors. Otherwise, you include english, kinesiology, etc. in the sample, and these majors aren't generally gunning for IB and consulting.
Wharton's 2006 undergrad class placed 49% of its grads into IB + VC + PE + DCM + ECM and 18% into consulting. 87% of all students had at least one FT offer before Christmas break.
Is that correct? I find it very difficult to believe that only 50% of students at target schools have jobs or grad school options lined up by graduation. I would think that the placement rate for engineering students would be over 90%.
Wow, this is really shocking to me...I go to a non-target business school and something like 75% of our graduates have jobs waiting for them when they graduate
As examples:
http://web.princeton.edu/sites/career/data/surveys/CareerSurveyReport20…
http://www.vpul.upenn.edu/careerservices/wharton/surveys.html
If Princeton's considered a target, then it fares much less well than Penn.
My figures were accurate for Princeton.
The Wharton numbers are so high because, as previously stated, they aren't diluted by english, anthro, psych, philosophy majors and others that are interested in grad school that you find at Princeton. Regardless, BB banking is competitive, and getting GS/MS is very difficult.
You guys are hilarious. Banking/consulting is the default option. The vast majority of people who drop their resumes don't give a hoot about either (think english, poli sci majors, etc that have no direction)
Those that have median or above GPAs in Econ have a good shot at landing a good chunk of interviews. To get callbacks you have to actually a little bit (not a lot though) about banking/ consulting cases. The 5 people I know that were really interested in banking/consulting ended up at the following places: GS TMT x 2, MS IBD, JPM,and Bain. Among the people I know who literally applied because everyone else was doing it: HLHZ, Parthenon x 2, Lehman IBD, MS S&T. And finally, the guy who was not on top of his shit and missed fall on-campus recruiting: B of A. Pretty much everyone I know that had an above mean GPA in Econ got a job through on campus recruiting at either a BB ibank or a top consulting company.
Then again I probably go to a target school where people in general don't really care that much about finance jobs.
Even at a so called "target school" it is hard to get interviews. People who get the interviews are generally dead set on banking with real high gpa's unless they have some real nice connections who just string them along in the process. No one is just dropping their resumes for the hell of and landing jobs at banks, it just doesnt happen. You have absolutely no clue what your talking about. Dont give people a false sense of security.
Maybe not at targets. But at super-targets this happens ALL the time.
50% is kinda surprising. Maybe alot of them don't want to settle for a F500/Big 4 job or did't plan on working corp america jobs in the first place.
How about just going to a better school?
It really does. Most of the people I know in banking had no relevant internships and threw their resume at everything possible. They weren't even close to being "dead set" on banking. The ones that actually were dead set ended up at the absolute top groups (GS TMT, MS IBD)
What school do you go to yayo?
Completely agree. Most of the kids who REALLY wanted IB ended up at top places, the others just went to Lehman or something. Heck, I'd say 80% of those who got offers my Junior year for summer internships had no relevant prior experience whatsoever. None. Nada. Heck, some hadn't even taken an econ class in their life!
I got to a target ivy, never even heard of banking before and was fairly sure about econ or premed, until some friends started talking about goldman sachs all day. also teh fact that the career center sends out so many emails about campus visits makes it impossibel not to learn about the industry more. our econ/finance classes here are filled with peopel talking about banking and summer internships... so if everyone else wants something might as well jump on the bandwagon right?
even during fall recruiting, i thought ibanking stood for internet banking. i just assumed these financial firms were really getting serious with the internet.
on my first banking interview, the guy asks me why i want to do investment banking. i was like...shit...what the hell is that?
on one of the s&t inverviews, the guy asks me why i want to get into mortgage trading. i didn't even know people traded mortgages. what the hell is mbs?
i also thought research meant scientific research, like the ones you do in labs. so i had no clue why banks needed a research group.
i am sure it's not like this for everyone, but my point is, some people at target schools just stumble into ib simply because these banks recruit so heavily on campus and submitting a resume requires just a few mouse clicks. i certainly had no plans on working in finance since i hadn't taken a single course in accounting/ finance/ management/ economics.
jackdole....i did get offers (of course not from the ones i talked about) but only after i started to actually learn about the field. frankly, i still dont know shit but i have a general idea of what an ibank does.
what i learned from the interviews was that it's ok to not know much as long as you show aptitude and enthusiasm. i think coming from a target helped me immensely because my grades are mediocre and not even close to the gpa most people talk about here.
It is a lot easier to find a job pre-graduation as a business student though. You know very much what you want to do with your degree and companies recruit on campus for that function. Liberal Arts students can do a ton of different things and lack the same direction that business students often have.
Ahh very true, I didn't think of that.
jackdole, i'd rather not share my gpa because it's simply embarrassing.
on the interviews, i did get a lot of finance specific questions although i wasn't able answer a single one of them. the funny thing is, none of the MDs asked me anything really technical and i often went way over the time limit talking about the guitars and amps i use. one MD asked me to join his band. i said i'll join if i get the job. HR got pissed because i was messing up the interview schedule.
How did you get interviews with an "embarrassing" gpa. Did you just not list it?
i had my gpa on my resume because most companies required that. i had to specify my gpa on the web applications anyway. another funny thing is, no one asked about my gpa. it was almost as if they didn't care about my academic background. i talked a lot more about music than school.
was it less than 3?
no. it was above 3 but that's the last thing i'll say about my gpa. are you starting at a bank this summer?
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