Is Banking or Consulting "Easier" To Break Into From A Non-Target?

Hey,

I was wondering if banking, equity research, or trading is easier to break into (relatively speaking of course as they are all tough) from a non-target? I know all those industries are prestige whores, but is there one that is less whorish than the others (bad sentence, but I can't articulate it any better)?

I have a decent GPA, but I'm worried that since my school has no prestige, I'll get shut out, so any ideas? Also, would you recommend I major in accounting or finance?

 

I would say consulting (when referring to MBB), they recruit specifically at Target schools and the GPA requirements are a lot higher. Additionally, the interviewing process is a lot more rigorous, when I interviewed with Mckinsey, they went as far as to assign me an interview buddy. Students can memorize how to value a company or WACC, but you cant do that with a case style interview.

 
Best Response
ixjunitxi:
I would say consulting (when referring to MBB), they recruit specifically at Target schools and the GPA requirements are a lot higher. Additionally, the interviewing process is a lot more rigorous, when I interviewed with Mckinsey, they went as far as to assign me an interview buddy. Students can memorize how to value a company or WACC, but you cant do that with a case style interview.

So I'm assuming this guy read your question wrong and is saying MBB is the hardest to break into from a non-target, and I probably agree on that.

However, the most important thing for any non-target person is their network. If you have a great network at Bain with multiple senior people pushing for you, then you are probably on equal ground with the target kids. My advice is to decide what industry you are most interested in, focus on networking with professionals in that field, and take things from there.

Don't try to figure out what is "easiest," pursue what you are most interested in.

 
PaperTrail:
ixjunitxi:
I would say consulting (when referring to MBB), they recruit specifically at Target schools and the GPA requirements are a lot higher. Additionally, the interviewing process is a lot more rigorous, when I interviewed with Mckinsey, they went as far as to assign me an interview buddy. Students can memorize how to value a company or WACC, but you cant do that with a case style interview.

So I'm assuming this guy read your question wrong and is saying MBB is the hardest to break into from a non-target, and I probably agree on that.

However, the most important thing for any non-target person is their network. If you have a great network at Bain with multiple senior people pushing for you, then you are probably on equal ground with the target kids. My advice is to decide what industry you are most interested in, focus on networking with professionals in that field, and take things from there.

Don't try to figure out what is "easiest," pursue what you are most interested in.

The thing is, I honestly like everything (hell, from what I've heard, I think I'd even like ops...seriously), the main thing I'm concerned about is breaking in. I'm not as ambitious as most people on this board since I'd actually be very happy if I was making what 1st year i-bankers throughout my career with no raises (hence also why I can consider operations if I like it), but I just want to break in. That's it.

As far as my network goes, its not good. My problem is that I have a lot of pretty good friends that are at good schools (I know a few at UPenn, UChicago, Columbia, UTexas etc.) but none of these guys are at banks yet. Plus, my school has horrible placement at banks (people here consider getting into various public accounting firms to be a big deal), so I have no idea who to talk to. I'm hoping that the guys I know get in, because then my future network will be great, but for now, it sucks and I have no idea how to build it, especially since my school and family can't really help me out.

 

Don't bring your resume to an info session. You will look like an idiot.

And yes, MBB are harder to break into, especially for summer internships. That said, you should still apply and work your network.

I don't know at what stage you are, but if you haven't declared your major, you must be pretty young (sophomore?). If it's possible, I might consider transferring to a target - it could only help. But if you're staying, major in finance.

 

If you are from a non-target and still have some time left until graduation my best advice is work experience. With work experience you can gain a lot of credentials. While the work experience does not need to be necessarily banking or consulting (or anything prestigious for that matter) it should include transferable skills.

So try to do as many summer internships as you can get. Maybe you even have the chance to work a few hours a week at a local company in a relevant position. This will also help you to gain a better understanding of what you want to do ultimately.

 

it really depends on what companies ur looking at. MBB would by far be the hardest to break into, moreso than banking cuz like mentioned above you actually have to think thru cases. Banking you just need to know how to talk and memorize a guide. however, if ur aiming for smaller consulting firms or even shitty ones, you can get those pretty easily without having to read all of case in point. there arent that many PWM/ER opportunities as there are in banking but they are easier to break into...interviews are mostly fit based. I havent recruited for trading but most of the ppl i know that wanted to do it got a BB job from a semi target

 
RLpurplelabel:
Really? Is MBB just about GPA and those case questions?

Yes and no. They care about your interview most, GPA second, and extracurriculars third. The job really isn't experience-driven, so they'll likely take someone who has shown they can think over someone with related experience.

And to the above post, you really don't want to do anything but case team for these. Ops/research is the same as ops/research at a BB.

Overall, getting a first-round interview might be easier than banking (assuming you have decent numbers), but getting a second-round and offer are tougher.

 

well at my school its near impossible to get a IBD interview without networking with alums and having a super high GPA and past experience. Even then you have to go through the rounds and superday where only 15-25% get an offer.

For MBB usually you just need to get the interview and talk to the guy at the table who is an alum and its easy enough to land a job if you practice. There's different parts of MBB and some are easier than others, like the operations type group.

 

Consulting (MBB) is much harder to get into than BB IBD. Not only does MBB target very specific schools, the shear number of hires is vastly different for Full-time and for summer internships. For instance, JP Morgan IBD in NYC probably has about 100 summer interns.... 30 of which are from non-targets, granted these kids are the best of the best at there schools. MBB very very rarely hires from non-targets, and doesn't hire that many people in general.

 

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