I have my heart set on IB like many other aspiring finance kids from no name undergrads. I realize it is a crap shoot more or less but here are my stats: Junior yr.
3.91 gpa, varsity athlete, executive board member of multiple clubs, and active community service participant.
I did not realize I wanted to do IB until this year so I was ignorant to how insanely competitive the recruitment process is. I networked averagely and ended up with a decent role in corporate finance for insurance for this summer.
I was wondering if would make sense for me to stay an extra semester and graduate December 2021 rather than May 2021? I was thinking that I could give the IB summer analyst internship another shot so that I could leverage that into a full time role or at least have IB internship experience. Does this make sense or should I consider other avenues to get into Banking?
- a confused chimp
Take the year and explain it away as you wanted to avoid recruiting in the this climate. I know plenty of people who have taken 5th year and have gotten into IB. Alternatively say you are doing another minor and need more credits over the traditional 120. Lot of ways you can go here, just network for 2021 like a madman.
Do you think this is a risky move? I have a good corporate finance gig already locked down and if they make me a FTO after this summer I’ll have to explain that I continuing my education when they want me to start working.
As someone who took a 5th year, take it - hands down. Only got a couple looks my first time through. Took the extra year to bolster resume and network my tail off. Next recruiting season I got first/SDs at all banks I was recruiting at. As long as you have a good excuse (extra major/minor, corona, switched majors... etc) people are willing to talk and help. If you are going to do it, you have to commit fully. Sounds like you’re on the right path. Best of luck!
Thanks, that’s really helpful. I’ve spoke to quite a few people about this recently and they seem to question pretty heavily this decision and tend to point me towards a masters degree in finance. My parents are kind of against it since they are helping me pay for school. and I already have a a double Major with a concentration. however I do not want to wait until I am 25 with an MBA to do IB or get stuck in some back office wasteland which is why I am considering this in the first place.
Would you say taking 12 credit semesters for my senior year and then 9 credits for my 5th year as a part time while trying to work is my best bet?
tbh I don’t really see the value-add in only delaying your graduation. For me, I added a major, which has significantly helped my ability to know wtf is going on in the financial statements. Also don’t know the value-add of an MSF, but know some schools have better pipelines through their master’s program. Ultimately, this is going to come down to a tough conservation with your parents. Explain to them you goals, how you plan on getting there, and what your contingency plans are. To be fair, this is a very scary bet because you don’t know if you’re going to get an offer. Understand their concerns and try to sell them on your vision and how banking is the best place to start your career. Again, best of luck and start networking your tail off.
Definitely go for the 5th year but start networking ASAP. Your GPA and involvement are great, but you need to be completely on it with the networking
Do you think now is a good time to start networking? I feel like it is a bad look during the corona outbreak and makes me just seem like I have no regard for other people.
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