Need some serious advice on getting into the industry
Hi everyone,
I am here asking for any sound advice that you guys can give me for breaking into the industry of finance with a specific interest in Investment Banking. So here's some information you may need.
I attended a top UC school (Berkeley/UCLA) and did well with a GPA of 3.5. However, I studied Psychology there. Moving on, I was always extremely interested in Psychology but wanted something that intertwined it with business. Therefore, I decided to pursue a degree that would combine a Psychology with business i.e. Industrial/Organizational Psychology. To make a long story short, I have another year before I get my masters in this field but I am looking to transfer into the finance industry after I graduate. This is because, after being exposed to the human capital side (e.g. selection analysis, org. development etc), I've learned that I want to really focus and work on the business side - particularly, a career in IB. I can elaborate on this more later Anyways, I have excelled in the program with a 4.0 GPA.
I understand that the industry is not the greatest right now but I feel like if I wait any longer after graduation (both undergraduate and graduate), my chances will continue to depreciate greatly. I think that if I want to make the transition, I need to do it soon. Any advice anyone can give would be great and anyone who has made a similar transition (i.e. humanities degree to finance) would be extremely helpful. Thanks so much!
Cheers,
Crudder
Start reading the Vault guide, read some old posts on this forum, get some books. And then ask more specific questions on this forum. Sorry for being a dick, but a lot of people in banking have a humanity degree with them...
Remember, you will always be a salesman, no matter how fancy your title is. - My ex girlfriend
Do everything you can to network with people from your undergrad. Are any of your friends currently in banking? How much finance experience do you have- any internships or classes? It is a tough sell to a bank to say you want to do banking and are interested in finance when you have never done anything in the field. However, it seems like you are a smart person and your solid GPA and target-school status will help.
The markets are down right now, but they are not obliterated. Banks realize that even in downturns they have to keep hiring to maintain a stable flock of junior level people, because the markets can turn in a heartbeat with some unexpected positive data. They don't want to get stuck being understaffed if M&A/IPO activity suddenly heats up.
My suggestion is to just start reading everything possible about the industry. Vault and Wetfeet are good places to look for overall summaries. Find a good corporate finance textbook to brush up on cashflows, DCF, etc. Read the WSJ, Barron's, the Deals section of the NYT, as much as you can to get a feel for the markets, because even as a psych major you are going to have to exhibit working knowledge of the industry.
Don't get discouraged if you don't get interviews with BBs right off the bat. If you really want to do banking, then you may have to settle for working in a corporate finance/strategy role at a F500, or doing TAS at a Big 4 firm, and then going to get your MBA. If you are truly interested, waiting 3-4 years and getting your MBA to reach your long-term goal of a career in banking is a small sacrifice to make.
crudder, i'm in somewhat similar situation.
after being involved with a non-finance startup i decided to apply to top mba programs this fall and hope to enter IB as an associate in 2011 (vault will specify the hierarchies) . . . in the meantime i landed a position at an asset management firm . . . it's not i-banking but at least it's finance.
to answer your question it would help to know how old you were b/c the older you are the chances of landing an analyst spot decrease i'm told. if you are beyond analyst age range, then your best bet is going to a top mba program and entering as an associate (like what i'm trying for). but then, if you don't have any business WE getting an MBA will be difficult. in that case gomes3pc is spot on . . . get some qualifying experience > MBA > IB.
if you are analyst age range then network your ass off within your school and land a spot as an analyst.
definitely read VAULT . . . that will help you better understand your points of entry
good luck!
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