HELP GETTING A JOB
Hey Guys I just signed up to this forum today. Just wanted a little insight as to getting a job in this market. I currently just recently graduated this past December. I was in a fraternity at UMASS unfortunatley my GPA suffered heavily at a lowly 2.8 and I majored in economics. unfortunatley i have no work experience or prior internships. During the summers i took classes instead of working. The only W/E is in retail at abercrombie. I guess you can say I screwed up big time and there is little hope for me right now but im just trying to break into the industry. Can anyone please help me with some advice. Umass alumni network is also not strong so im in a bit of a bind here thanks.
You have an extreme uphill battle. The best bet right now is contacting friends or just going out to networking events and career fairs. Entry right now is very difficult for kids with ivy degrees who have stellar EC's and GPA's. Your best bet is to go into operations or portfolio admin roles.
......An extreme battle my friend words cannot describe how bad of a situation you are in right now. Best of luck in your journey to becoming an ibanker.
Have you tried using your school's career center? May I ask which UMass (Boston, Dartmouth, Amherst, Lowell) you attend?
Looking for a job in finance with those qualifications is probably a waste of time, especially in this market. You could look to get a back office role, but even that would be tough. I-banking is the most difficult role you can go for, though maybe you can land a role in trading with a lot of luck.
For now, I'd suggest looking at small, local firms, anything remotely related that can give you work experience. Not to be condescending about it, but those qualifications might get you in at SmithBarney. Frankly, I'd say you've got to get 3-4 years of work experience before you can look to get a revenue generating role in an actual firm. For now, absolutely kill what you do get, then think about something decent. You could offer to work for free at a boutique, but with those qualifications I don't know if they would let you. I'd say grad school for an MSF could be an option but again, don't know if you could get in. Down the road, a masters or MBA is probably your best option to transition to a front office role
I'm not directing this at you, but what's up with the whole "I was in a fraternity" thing?
It's like missing a meeting with a client and then calling him later to let him know you were out drinking at the time
You can try PWM working for an FA in the boston area.
thanks for the comments guys i went to umass amherst. The "whole i was in a fraternity" was to show that it was my only EC along with intermural football/soccer.
I would have to recomend that you do well on your GRE and go for a masters in finance and get a 4.0. Things should open up for you.
You graduated in December, so I'm wondering what you are up to now? A MSc Finance, as I mentioned and dipset seconded, is generally a good way to reposition yourself. Your GPA is low for a top tier program, but if you nail the GRE you do have a shot. I'm not sure about admissions deadlines for those programs though. As bearing said PWM is an option which you might be able to get in to, and would give you valid experience. With your situation, one plan of action might look like this:
1) Find a position in PWM or back office and study hardcore for the GRE (maybe the GMAT as well). Also, try to develop good relations with some professors who will go to bat for you when you apply for grad school admissions 2) In 8 months, apply for MSc Finance programs. Focus on nailing your essays, putting together a great set of recs, and highlighting your work experience. Go for a two year program rather than a one year as well 3) While in your MSc, immediately get to work finding a summer analyst spot that will allow you to move beyond your UG experience 4) Ensure you graduate with stellar marks, and you should be in a decent position.
Note this is a 3 year approach, but I think it will position you well. Alternately, you could just spend those 3 years in PWM or some other position and try to excel in your role; after that time, you would be close to being able to consider b-school. If you take the approach I suggested above, you'd have the advantage of a few months before applying to spend on the job determining if finance really is for you, and to consider if you really do want to return to school. Considering you already graduated though, it is imperative you get moving soon
I really dont mean to be an ass but what you do is you get in line and wait your turn. What i mean by that is there are people that are way more qualified than you that do not have a job or that have recently been layed off. I get annoyed when people took zero steps in college then graduate and basically are like "oh fuck i dont have a job". 90% of my friends were like that. I probably had the worst grades out of all my friends but I had the best internships.
This is the worst job market for finance jobs in history so its going to take some time and most likely your first job is not going to be something you enjoy.
when you all say PWM I assume you mean Private Wealth Management?
PWM=Private Wealth Management
Interesting...so its easy to get into? I would have thought they'd still have the 3.5/target requirements
It is slightly easier. I doubt you have a good shot even at PWM, but you do have a better shot there than i-banking (where your chances are zero). PWM is more about client interaction than having drop dead qualifications, but I would still think you have a better shot at a retail brokerage. You can try reaching out to alumni, but with those marks I don't know how motivated they would be to help you if you can't help yourself. Family and fraternity alums will probably be your best bet for the moment.
Try selling insurance to start off obtain a series 7 and so forth.
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