Junior In College Who Missed Summer 2022 Recruiting
I have become passionate about banking and finance this past 6 months. To my dismay, I see that I'm late to the recruiting game. I don't entirely understand the industry or the technicals. My GPA is a 3.5 and I go to the Kelley business school. I'm trying my best to learn but reality is I probably won't get an internship for summer 22.I'm feeling lost and desperate to position myself the best I can. What are somethings I should focus on right now to position myself better for recruiting my senior year or to do a lateral move after graduation and my first job?Any advice is appreciated.
it's basically too late at this point if you're just getting started now at least for an internship. Would recommend shooting for a boutique IB internship for summer 22. Then I'd roll the dice on full time recruiting at a more established player. If that doesn't work out, which I would say is the most likely scenario given your GPA/non-IBW status, go and apply to a one year MSF program at a target. There are a few out there that are good, Georgetown, Vanderbilt for example. Recruit for full time out of that program
What is the threshold GPA for banking?
3.5 but can be lower if you have a connection / network enough to make up for it
It's always situation depending and there are always exceptions, but generally it's 3.5 and really a 3.7 especially for non diversity non target. Expectations will be high coming out of IU bc interviewers (IU alums) will probably grill you on why you're not in the workshop.
MSF route. Was in the same boat as you and worked great for me.
Hey, could I PM you? In a similar boat and would love to hear from your experience.
going into junior year this fall? or current junior going into senior?
I will have junior class standing as of the Fall.
Definitely try and get an internship at a boutique or LMM firm. MSF is a good choice as well, I went with delaying my graduation a semester to graduate in the winter, giving myself another shot at recruiting.
I landed a boutique internship for the spring and a LMM for the summer of my Junior year then delayed and managed to secure offers at an EB and 2 top BB's for SA 2022 with bad GPA.
Wow! That’s impressive. Are there any courses, books, or resources you recommend to put me at the top of the game? Right now I’m taking the wso and financial edge courses, as well as Bloomberg terminal certificate course.
The classic BIWS 400 question guide is pretty good and if you understand that BB interviews should be pretty easy technically. For EB prep, it was much more obscure and actually understanding the material especially for LBO and accounting for my Moelis interviews.
Modeling courses aren't necessary at all and imo a waste of time. Understand the basics like the back of your hand and technical portion of the interviews shouldn't be a problem.
Either get an MSF which will extend graduation by 1 year, or just push graduation back 1 semester, which effectively lets you recruit AS IF you're a full year behind.E.g., this fall you'd be a sophomore by graduation date that would graduate 1 semester early. Oftentimes, banks will give you the option to start early.
Wouldn’t say 2022 recruiting is officially over. I know Truist IB apps open soon and several other banks are still recruiting. Maybe if you were targeting BB but a lot are still open.
i also don't think that recruiting is over for 2022
Do you have an idea which firms are still recruiting?
Not exactly. I’m just going down the list of LMMs and checking who’s still open
recruiting isn't over (at least for MMs)
Delaying graduation a semester or planning on taking an MSF are solid options. Delaying graduation might also make it possible to apply for the IBW.
Other general advice: Avoid doxing yourself. By using fmlastname format for username and telling the Internet where you go to school, you just shared your identity with the world. If you do dox yourself, make sure that you proofread what you have written for typos/grammar mistakes.
Do not be desperate or lost. You do not have to get Goldman straight out of school. Get a seat at the table, work your ass off, and then get to where you belong/want to go. Be the best analyst at a less prestigious bank and lateral. And banking is not life. There are plenty of better jobs.
Thank you for the heads up. I understand that there are probably way better jobs out there. For me, it is not about the job. It is about meeting my potential. I am not going to get into personal matters. But, I want to prove to myself just how far I can be pushed. The leaked reports from Goldman Sachs that came out a few months ago about the emotional and physical turmoil analysts went through motivated me. I want to face true adversity. A true challenge that will radically shift my paradigm. I choose IB because of the career implications and how it fits into my greater vision of the future.
I got an offer at a top bank in April of my junior year after starting to network the winter of my junior year. Obviously, I was pretty fortunate that something opened up, but I still put myself in a position to make sure I would KNOW if anything opened up.
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