Non-Target, Low GPA, Mediocre Internships. Landed a Tech M&A position. Q&A
Hi Everyone! I thought that it was appropriate for my first post to share my story of breaking into IB. I come from a small LAC in the Northeast with a very small alumni base in general, and even smaller in the world of finance. We tend to pump out advisers and insurance guys at an alarming rate. I only had a 3.0 GPA with a major in Finance. My internships were in PWM, and an institutional broker-dealer doing research support. I didn't get a second look from any banks come FT Recruiting, so I began to network like crazy. I did some temp work with a small PE shop helping with valuations and building pitch books, but nothing significantly important. 11 Months after graduation, I finally landed at a regional bank that is strictly Tech with a focus on M&A. It is not an easy road, but it was well worth it to get there. Ask away!
Are you staying in banking? Have you recruited for PE at all and how has the GPA/non-target background impact that?
I plan to stay in banking for the next 2 years. I take my Series 79 in a month so that has most of my focus now. As far as PE recruiting goes, I have no interest in going into a MF. I speak with the partners of a few different shops on a monthly basis just to stay in touch. What I have noticed about the "smaller" PE shops (still $1b+) is they care more about fit than credentials at a certain point.
But GPA is 100% a barrier for a lot of the more well known shops out there. Non-target doesn't matter much anymore as more people care about the deals you have worked on in IB.
How does your background story relate to banking? The one you'd use in an interview/elevator pitch scenario
See that is the funny thing. It doesn't at all. All I did was leverage the fact that I had exposure to PE and wanted transition to a more traditional banking role. I would explain how I felt my skill set was underutilized at my current firm but felt it would be better suited in Banking. I'm sorry that I don't have more for you with this one but I just tried to be myself. That is one thing I noticed once you are outside of BB/EB. They care much more about your ability to do the work and if they could stand to be around you for a majority of the day.
I think my biggest advantage in interviews is that I have always been comfortable talking to people older/more senior to me. I don't try and impress them, I just act like myself (with a bit of mimicking thrown in as far as body language is concerned)> They can smell fake from miles away, so just act as you normally would and see if there is a fit.
Sorry I don't have any "secret sauce" for you.
Thanks, that's a great answer; helps a bunch and I don't think "secret sauce" would've made it any better. I think that your story has to be one that's relatable. It's a confidence issue, especially with a background outside of the traditional IBD realm--"what do we talk about, then...." I'm just curious that you were able to land a PE role before banking.
thank you, kind sir, for starting this thread. i would think a low gpa and mediocre internships would make you perhaps a bit nervous during an M&A interview. did they? if not, what was your mindset?
They did make me very nervous. The key with the low GPA factor is that you have to have a good reason. You have to own it. I started a fraternity on my campus and drastically underestimated the amount of work it required.
As far as mindset goes, I just went in with a ton of confidence. I had some exposure to M&A through a class I took in school, so I could speak to the basic questions fairly well. I also went in not afraid to say "I don't know" if I was unsure of an answer. They would rather be able to show you than deal with a kid who thinks they know it all. If you knew how to do what they do, open a competing shop.
Be confident, be humble, and make them comfortable around you.
Congrats man! Just curious what market is the IB in? MM? Also where geographically are you?
Understand if you want to remain confidential, but I would love to hear those two data points.
Thanks!
Geographically: Fairfield County Market: MM
How did you "network like crazy"? What were the things you did?
marlin?
Funny you mention Marlin. I had an informational interview with the founder via phone but they were not in a position to bring on any new analysts.
Seemed like a great shop though.
wait do you know by any chance if they were hiring interns? I had an informational interview with one of the analysts
How did you get the PE position with no prior experience with it? Did you learn beforehand or on the job?
Great story, thanks for doing this!! I was curious to know what your process was after graduation? Im worried that if I dont get something by graduation time that I might be potentially screwed. How did you network daily and how did it affect you being more than 6 months without any experience? I just want to plan ahead.
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