New Chimp
I'm sure there are a lot of beginner threads, but I had some some specific questions.
I'm 21, and relatively new to the finance world; I think I want to pursue PE/VC in the long run, IB until I get there.
I'm currently in my first semester as an economics student at UC Berkeley (non-haas). I transferred from a CC last year. I also am planning to take CFA level 1 before graduating. At the moment I'm looking for SA internship positions. I'm primarily looking at BBs and EBs, and have started the application process. However, most of these banks are asking for my GPA at UCB, and I do not have a GPA at UCB because I am a transfer in my first semester.
Some questions:
What should I do about my GPA?
How hard is it to get a SA internship?
Would a double major or minor help? And if so, which ones?
Should I try for an MBA?
How hard is it to break into IBD? (for someone in my position with my targets) and how hard is it to survive?
What are good IB alternatives?
Am I missing anything?
I meant to say IB instead of IBD at the end there + any tips or ways to make myself more competitive would be appreciated.
What’s your grad date. What about your gpa from CC
Spring 2023, but I might push it back a semester to stay in recruiting cycle + double major or minor. My GPA from CC was a 3.75, kinda let go in the last semester after getting admitted to UCB. Hoping going to CC didn't destroy my chances at IB. After posting this I realized there is no way i'm going to get an IB SA internship at BB or EB with no experience.
I highly recommend that you add a semester. This will allow you to gain another summer since most IB recruiting for summer 22 (with FT in 23) having finished. In addition, it would apply you to double major or explore more of the college environment (fun classes, clubs, etc). For double major, I would either do something you are very passionate about or something technical (applied math, statistics, comp sci). UCB is a great school so major congrats on transferring there!
Push back graduation and wait until you have a GPA at Berkeley and leave your CC GPA off. Source: I transferred to a 4-year from a CC and recruited.
Hey, I went to Cal (graduated last year). Not trying to be rude - but from my own experience, ex-CC kids don't recruit well unless they were Haas URMs.
PWM / Asset Management are good alternatives. Try for an MBA after.
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I’m sorry but I find it extremely hard to believe that you know non-URM / non-Haas transfers that break into banking...
1. You can use IB and IBD interchangeably (IB division or occasionally department)
2. Delaying your graduation until you can get a GPA at UCB is probably a good idea
3a. Definitely don't do an MBA right after graduation, those are basically useless
3b. Doing some other job for a couple years and then an MBA is one route you could take into IBD, but you'll go in as an Associate and then have a hard time moving into PE/VC after. If you want to do PE/VC, doing IB as an Analyst and then moving into PE/VC after 2 years is the much easier route. It's not impossible to get into the buy side as an Associate, but it's a hell of a lot harder, since you won't have the benefit of taking a well-trodden path.
4. I would think it's much easier to break into IBD now than it used to be. Even back when I was in college IB seemed to have lost a bit of its luster, and these days tech is attracting a lot of the people who used to want to do IB. Decent salaries, much better WLB, and more laid-back culture are all factors in this.
5. Speaking of tech, have you considered going that route? Might be a bit late to learn how to code, but you could try getting a PM gig at one of those shops that doesn't absolutely require technical skills (i.e. not Google)
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