Middle Market/Boutique Investment Bank requirements
I understand that it is very difficult to get into a Bulge Bracket IB if you come from a non target school (Drexel University). I have a 3.3 GPA, dual citizenship, fluent in German and English and no prior work experience in IB. I am a Sophomore at Drexel University now and am planning an internship for the Spring (Drexel has 6 month coop cycles that are basically a 6 month internship).
I realize that any of the big banks won't even look at my Resumé so my question is how do Middle Market IB's handle their recruiting process in terms of GPA, work experience, activities, background, diversity, etc.
Input much appreciated
Thanks :)
first of all - big banks wont look at your resume if you solely apply online... theoretically it is possible to break into a BB, but you are going to have to network your living dick off and have great answers for why you have no experience. Possible, but difficult.
Honestly, this is how it will be for pretty much every bank. There is not a huge drop off in expectations from BB to MM to boutique. its still an investment bank and it's still difficult to break in from your standpoint. Your best bet is to network A LOT and to know your technicals backwards and forwards. Also you need to have a good story as to "why banking" because you have nothing on your resume indicating a rhyme or reason why you want banking.
You need to show dedication, a genuine interest, and be willing to work harder than anyone else, because even though its MM or a boutique, they still have expectations and I guarantee they've hired kids far more qualified than you in the past. You need to show them you can add value and you're willing to work hard.
It's an uphill battle but if you really want it, you will do it.
also, use the search bar. this situation is not unique, and there is a lot to be said about this topic.
Yea this topic has been covered A LOT. But anyhow, as stated before, you need to network crazy.
Also use your initiative when it comes to getting banking related stuff onto your CV. Does your university have some sort of an investment club? Join it. If not, even better, be pro-active and set one up. These things add a lot of value for people applying for internships. Shows you have a serious interest in Finance.
These investment clubs also give you a legitimate angle to network with bankers rather than just being #4183218 who's looking for a job. You can ask for sponsorship, day trips etc etc.
Also worth a mention I think is the fact that if you are a rising sophomore then your GPA might be fixable by junior SA recruiting. A 3.8 for the next year would make it a decent GPA.
I would also be more concerned about the fact that you are look for a 6 month internship. I don't know how likely it is to expect to be able to do one at a BB/MM which have more structured recruiting cycles.
GPA will be a big factor and coming from a non-target, they expect a high GPA and active participation in extracurriculars. Try to pull your GPA up to at least 3.5. Get involved with finance/business organizations on campus. Like FeedMe said, there is still a huge expectation at smaller firms because they may not have the resources to train you and will expect you to be able to hit the ground running. Learn and wrap your head around the fundamentals. Find students and alumni who work/worked at investment banks and see what their background is like. Read the news and come up with reasons why you want to pursue IB. You can knock that question out of the park because most kids don't know/give shitty answers.
Your best bet would be to transfer into a target school. I've seen a number of these posts and the "just network" line is a bunch of crap. Yes, if everything goes perfectly you could possibly land an IBD role and yes there will always be anecdotal stories of how someone from the most unlikely background made it in. The reality is that even at a target school with a high GPA you need to network your ass off and that's at a school with well established alumni and networking/recruiting events. If you really want a go at wall street you need to boost your GPA and get into a target school. Otherwise you are wasting time away from networking and getting into any full time finance position that is within reach. I'm sure I'll get some MS thrown at me but that is the truth, it isn't harsh it's impartial.
BBs will still look at your resume, but the biggest thing like everyone else said is GPA. I also went to a co-op school (Northeastern) and we had MS/CS/GS/JPM all come and recruit co-ops but they had a GPA cutoff at 3.5 or around that. They'll definitely like German (i also speak it though not native) as it seems to carry some sort of connotation of working hard and knowing basics. It might not even hurt to email NU's co-op office and look for some kind of contact though im not sure how receptive they would be.
Thanks for all the comments, realize this is probably a repeating subject so thanks!!
the whole big banks wont look at you solely online is such a lie and not even remotely true
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