It just seems impossible...Need some help/advise
Every day passes and everyday i am more worried that when the dreaded 3rd year summer recruitment time comes i will not be able to secure a good ibanking internship. I am just finishing up my 2nd year this year and have a gpa of 3.82. (i go to canadian univ, uoft/mcgill/schulich).
It scares me when i hear from upper year friends how difficult it is landing ibanking internships and it worries me that i have nothing else going for me really except my gpa, which is not even that great.
I was just wondering what is the best way to try to build up my resume to become a strong candidate? Should i try to join as many clubs at school as possible? should i try my hardest to get some sort of finance related job this 2nd year summer? should i take extra credits to improve my gpa during the summer?
It just seems like each year only a handful of people get decent ibanking internships at my school and its a bit scary.
I would really appreciate any advice.
network!
Keep your GPA high
Hopefully you're already in at least one club. The key is to do well and thrive in 1-2 clubs, not join every club on campus and just be a "member".
Start talking to alumni working at firms NOW. Let them know you are interested. Arrange to visit their offices between now and then end of the summer, if possible.
A finance related job would be very helpful, but you're a little late in the game to get one at this point.
Back a couple years ago when other friends and I got into banking, we were still coming out of a recession and hiring was expanding pretty quickly, so it was easier to get in with a (relative) lack of experience.
Like anything else, getting an ibanking internship requires more of a gradual, persistent effort vs. going all out for a week. Persistence is more important than tons of last-minute work.
I would suggest the following:
-Make sure you have activities you are passionate about. Don't do something just so you can say, "Oh look I have a finance-related activity!"
-Try to get a business or finance-related internship. Not 100% necessary but it will help with junior year recruiting.
-Network with your school's alumni. Go to the career center, get a list of alumni in investment banking or finance in general and contact anyone from recent graduates onward. Make a list and talk to 5 each week, express your interest in banking and ping them every so often to stay in touch.
-Maintain a good GPA.
And here's what NOT to do:
-Do NOT join 50 clubs to try to make yourself look better. Waste of time and we see right through this. Focus on a few that you really like.
-Do NOT try to take extra classes to boost your GPA. Time is better spent networking, doing activities, or finding a good internship.
network! mine your alumni database for all it is worth. many times alumni can be key in getting you that coveted first rd interview - and after that, the hiring decisions rest predominantly on how you conduct yourself through the interview process - grades, experience etc all become secondary.
secondly - i agree that it's late in the game to be securing a summer internship in finance, but keep trying - employment experience will definitely help you to differentiate yourself from the pack. sometimes, school year internships are easier to come by as the competition is significantly less - whether you work while going to school simultaneously or get credit for your internship etc - these can be great late stage additions to a resume.
Since when is a GPA of 3.82 "not that great"?
How is a gpa of 3.82 not that great? I know all three of those schools, if you have a 3.82 at either one you are easily in the top 10% of your class. So don't worry about it.
Also, it isn't too late to get an internship. Only the big banks are done, plenty of small places and PWM internships available.
also, there is a lot of mis information about investment banking at Canadian schools. I am willing to bet that the people you talked to in the upper years don't even have banking offers or even know much about it, they're relying on hearsay. Banking is very hyped up in university by people who don't know shit, don't let these guys break your confidence. A 3.82 is very competitive.
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