Hello,
I am currently a Junior at a State School with a 3.1 GPA (I know). I had one internship this past summer at a boutique PWM (I know). I am part of a finance group, but I only hold a position in a non-finance club. My other experience includes a part-time job and some volunteering/being a basketball coach. I know all this doesn't sound good, and if I could go back to the first day of college I would.
BUT this is impossible, and regrets are useless. I have learned from my mistakes, and after hitting rock bottom with other life issues this past semester, I have never been more motivated.
I do want to know, though, what should my next moves be? I am planning on shooting out hundreds and hundreds of emails out to asset management firms and hedge funds. I am trying to learn everything about Finance I possibly can. Do I have a shot to land anything this summer? What should I be aiming for? Any other advice?
I know I am in a bad situation, but I believe in myself for the first time, and I really am willing to do absolutely whatever it takes.
Thanks, WSO
What's your major?
Finance. I know, its bad.
You shouldn't freak out that much over your gpa. Yes, it will hold you back from a lot of the top companies who rigorously check transcripts, etc. but there are good firms that aren't so crazy about gpa. 3.1 isn't great but it's not a death sentence. Don't despair, it's not that big of a deal.
I would advise you to aim for Asset Management over hedge funds because you will be more likely to secure full time employment in asset management. Just do what everyone else does with this problem. Go on linkedin and search for alumni of your school who are in asset management and connect with them. You can also blast emails out but it will be more effective for you to check and see if there are any alum at the companies you email.
If you work at it, you should be able to find something. Is the boutique PWM you worked at open to having you back?
If I were you, my priority list would be:
1) Devise a plan to secure a good internship this summer. Hopefully your career services office can help you with this. Unfortunately, your GPA is going to exclude you from most top firms and possibly any shot of on campus recruiting, so you should focus on smaller firms whether that's an investment bank, equity research department, hedge fund, or PWM firm again. Reaching out to alums and networking is key. Talk to your finance professors and see what contacts they have. Don't expect a job to come to you.
2) Do better in school this spring. Push yourself to get a 3.8 or higher. If that means taking less classes, or easier classes, then do it. This will help you with recruiting in the fall since you can hopefully spin a turnaround / "I was young and stupid" story to explain your low gpa. I would definitely not do this:
That's a recipe for killing your GPA and frankly won't do much to help you. Advanced math and stats are not necessary for most equity research jobs, and in any case taking 1-2 math classes isn't going to make you a math whiz and suddenly qualify you for a quant fund. Keep it simple...
3) Get much more involved with your finance or investing club. Aim for an officer position or at least help plan an event. I strongly recommend participating in a stock pitch competition, such as the CFA Institute one. This will help your resume stand out and would be a good experience.
4) Cut back on other activities. If you can quit your PT job then do so. The basketball gig is nice but shouldn't come in the way of your job search. Obviously, you can still have fun and volunteer, but learn how to manage your time. Teaching some kids how to shoot hoops is nice but doesn't stand out on your resume or boost your chances.
5) If you have time, study for the CFA level 1 exam. However, don't let that interfere with the above.
Good luck
Fair point on the math stuff. That's my personal bias as a quant guy. A lot of people I know in fundamental shops tend to have had decent math backgrounds so that's why I suggested it. If you feel like you can really salvage your GPA before you graduate, then I would take models_and_bottles advice
Thank you so much man. Going to start with the networking immediately. Then Finance clubs and GPA I can work on next sem. CFA I will start studying, but I believe I will have to take that next year earliest.
Also, I know this is a long shot, and it sounds like it's coming from someone who is not prioritizing my career, but believe me when I say I am, which is why I am even asking.
Is there ANY possibility of Studying Abroad the Fall of next year? I have been dreaming of going on a certain program that is much more appealing in the Fall than Spring, since last year, before everything went awry. Do you think that I can secure an internship, recruit FT and get a solid start to my career, and also do this program in the Fall?
The time to do that would have been this fall or earlier.
Frankly you seem to have your priorities way out of line which is reflected in your low GPA and lack of career gameplan. Either you are serious about your career, or not. If you study abroad next fall you will miss the vast majority of full time recruiting, which is a big gamble for someone in your shoes.
Don't worry man. I was in the exact same position basically, actually thought about giving up on life and just become average (the human mind can take you to places). I fixed up and made a big list of MF's and HF's I would like to gain experience at and sent emails and applications.
Since you wish to be an investor; read a bit, read some more and read a lot more. Send out multiple detailed 1 page stock pitches (don't worry if you can't do valuation yet). If you can, start your own portfolio (and maybe a blog).
The one thing you want to show is you are dedicated and willing to sacrifice your time to get the job done. Of course this process isn't guaranteed and will also require luck. But as that famous guy once said "I found that the harder I worked, the luckier I got".
Keep grinding, you'll get there if you really want it.
Thanks a lot for the help man. If you don't mind me asking where did you end up?
Soz forgot to mention that part. I think we're the same age. I managed to get a couple weeks of work experience at a top AM for summer 2017. Working towards turning this opportunity into an internship.
Academics don't judge how intelligent you are, just how great at exams you are. Don't belittle yourself just because you're not a top A* student. If investing is truly a passion, eventually someone will open it if you keep knocking on that door.
Learn 1 or 2 companies in the same industry inside out. Read the 10-Ks and transcripts (hopefully your business school has access to a service like Bloomberg/FactSet/CapIQ), put together historical financials in excel and forecast the next Q and year, think about the sustainability of the business model. Have a great stock pitch to send out at the end of the day. You do not have a GPA to sustain so forget about homework and invest in your career.
There are two routes to the AM/hedge fund world IMO. Both involve some level of networking, so put that aside. The first is to get the grades, be accepted to the best programs/classes and do the big name internships. You do not have this option. That is fine though. The second option is to actually teach yourself how to invest, because that is what we are all out here doing in the real world (those of us who want to persist at least).
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