Non-Target trying to overcome high barrier of entry
Before going into recruitment for IB/GCM I knew it was going to be substantially harder to break into a role in finance but at this point it seems virtually impossible.
For reference I’m a junior at a small private non-target school in the Midwest (think Butler/Xavier) with a 4.0 GPA studying Computer Information Systems but have taken additional programs in finance to get a decent foundation. I also interned with one a FAANG this past summer. Now I didn’t go into uni knowing this is the career path I wanted to take but I grew to like it based on how it would be a great foundation to understand complex business operations in relation to the financial markets.
Since we have small alumni network in these fields, I decided to reach out to people on LinkedIn both in my network and out which seemed to turn out fine but the main problem after connecting with a lot of people was the low percentage of turning those conversations into potential interviews. I made sure my resume was on point with feedback from a handful of people, rigorously studied my technicals, and became familiar with most current events and basic principles of IB.
So far I’ve had 2 interviews with different BB’s, which I think went well in my opinion, but haven’t really heard anything back from them or any MM/EB’s.
How could turn this around?
Would a next option be going to a target for a MFin degree to have better chances and what schools would you rank?
This is a field that I’ve really grown to like because the work seems interesting with a lot of opportunity to specialize in different industries and don’t want to give up - what are your opinions?
Two things.
1. Be Patient. You may need to work a a smaller bank and then lateral your way into the big leagues. Not saying that it is anything on you, just purely the non-target life.
2. Just keep networking.
That’s solid advice, Thank you- I figured it would generally be harder to land BB directly & I was surprised when I caught a little traction with them so I went with it. I think it’s a good idea to look at smaller banks - would you know anywhere I could find a list of smaller banks? My google searches have been kind of bare
Your barrier of entry is not as high as you think. 4.0 compsci major at non-target with recognizable name and FAANG internship puts you up there with semi-targets, especially in Chicago office.
Guessing your issue is lack of a sufficient network and no finance experience. How many people did you email and what was the response?
If you're willing to take another shot at networking and send out a few more emails, it might be worth delaying graduation a semester to 1) Get a remote internship this semester in finance to check that box and 2) try for SA 2022.
So I’ve reach out to roughly about 100 people and connected with about 40-50 with a majority of them being in different groups at BB’s. Would it be much of a problem if I apply for SA 2022 since I went for roles this year?
No problem applying again. It's very common.
You probably need to reach out to 400+ people, in a non-COVID world consider office visits to Chicago and NYC, and cast a wider net - MM, EB, BB, smaller boutiques. If you can get some sort of finance internship, even if remote or not IB (excluding Northwestern Mutual type roles), it would be helpful to your resume.
Was in similar shoes not too long ago. Try to get an internship at a local boutique. I did one unpaid for about 3 months, and it made all the difference. All of a sudden, I got a lot more credibility in interviews and networking became so much easier.
Lastly, don't limit your outreach to alumni. I tried to reach out to other non-target and LAC graduates that were able to break in.
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