If you're an URM with a semi target background with a low GPA (3.4/4), a 700 GMAT,, two year IB analyst stint, and 2 years in LMM Buyout PE as an associate do you have a realistic chance at getting into one of these schools assuming solid recommendations? Just curious to see how much being an URM would help in this scenario as I know people in finance tend to be held to higher quantitative standards. Thanks
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It helps quite a bit. Hard to quantify but every URM with IBD and PE experience I know did very well with b school applications. You’re part of the finance pool but there’s also sub pools and the URM finance pool is unfortunately v small at the moment, which is an advantage for you.
how is it so small with every bank pushing diversity so much
Banks weren't pushing diversity as aggressively 5 years ago compared to today.
Because, contrary to popular belief, banks aren’t actually hiring minorities in massive numbers just to fill slots. They still care very much about credentials, and minorities tend to have weaker ones. I’m a PoC myself before anyone chimes in about that.
Do you really think that it would be that difficult for banks to go to the top HBCUs and hire a bunch of econ/finance majors so that they reflect 13% of their workforce? These are major investment banks, not charities. The rhetoric is strong but their actions, and workforce stats, make it clear that they aren’t just handing out jobs to PoCs like candy. Black hires make up about 5% of my current intern class for 2020 to give you an idea. It would not be hard to convince people to take a six-figure paying job straight out of undergrad, so it’s not because there aren’t enough PoCs interested in the job but rather because their stats are weaker relative to other (non-PoC) candidates. This isn’t even discussing the legal aspects of a firm hiring people based off of their race, and how vulnerable that would leave these banks to litigation. Diversity recruiting in finance is not as clear cut as people seem to believe.
The people who complain about diversity initiatives and “less qualified PoC applicants takin’ our jabs” are the ones who struck out of IB recruiting because they weren’t good enough relative to other candidates. It is not because the 1-2 black guys in your group of 30+ took your slot.
I also can't quantify, but coming from a URM background definitely helps. And the stats you cite are not so low that schools are going to be concerned you can't do the work. Your IB and PE background will also definitely help.
However they are going to look for leadership, Be sure you can show it.
You are invited to join me for Get Accepted to Stanford GSB on July 8.
Best, Linda
I'm a URM attending one of those programs and not too many of my URM classmates come from a IB or PE background (theres already a low number out of UG, so you can see why the MBA pool would be even smaller). Coming from a high finance background will definitely make you a competitive applicant. Depending what your post MBA career plans are would also affect which of the three (HWS) you'd be the most competitive for.
Is there any reason you can't get that GMAT up higher than a 700? Everything I've read about the test says that it rewards studying and grinding practice exams rather than testing some innate aptitude.
Yeah, some people just aren’t smart enough. Still manage a 2+2 IB and PE stint. Wonder why.. lol
Finance backgrounds like yours is over represented at the top B schools. But still, I would think URM with a finance background is pretty rare. So, get a 700 and that looks good coming from PE for you.
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