Non-target undergrad help with regards to IB.

Hello,
I am currently a freshman at Arizona State University with a 4.0 majoring in Economics, with some fairly good (non-related to finance) EC's (for a freshman). I have the goal to eventually get involved in Investment Banking, but I am moderately scared at my prospects due to the fact that ASU is a non-target school. Basically, I have tried to use the search function, but couldn't find a topic that tailored to my predicament, so your help would be greatly appreciated.
I am trying to figure out if my ASU undergrad will truly hurt me with regards to getting into the Investment Banking industry. I chose ASU because at the time I couldn't afford a greater school such as Columbia, etc. and ASU was a full ride for me.

The question I am asking is if I should consider transferring to somewhere such as Columbia after sophomore year, if it's actually worth that 100k in debt, or will getting an MBA from a nice school cancel out my ASU undergrad, and not hinder my prospect(s). I have read that usually a person who wants to break into the industry is an analyst for two years after college, and then goes to get his MBA. So let's assume I can keep my GPA fairly high at ASU (which is a horrible and not modest thing to assume, but still) if I just received a job at a boutique down here in phoenix/scottsdale, and then applied for a greater business school (which I know very little about, and how difficult it is to get into them) then would my placement be on par to everyone else's in the college, as long as I can interview? Or should I really consider attempting to transfer. (SAT: 2290, HS GPA: Weighted 4.2, UW, 3.6, 10 AP classes, pretty good EC's; Student Body President of School, National invite only leadership conferences/state conferences, etc.) What prospects would be available to me if I chose to transfer.

Thank you ahead of time for your help, and I do hope I didn't come across as pompous, I am just attempting to convey who I am for an accurate response.

 

Thank you for your response! I was never stuck at ASU per say, I simply chose it because it was my instate college, and they offered me a full ride, and I rode with it. (call me ignorant at the time, but it did make sense... or so I thought)

I do know ASU has a new(ish) program geared toward investment banking, but I do not believe it is strong yet.

Thank you for your opinion, and naming some more realistic schools that I may be able to transfer to. I don't really know (yet) where my numbers fall in regards to transfer, Columbia has always been one of my top choices, but if that is not realistic, I will put my sights on the schools you mentioned.

From your post, I am assuming you say I will have to get a job for two years at a firm in the Phoenix area before starting my MBA (if this is the route I so choose). Realistically, how hard is it to get into a top MBA program from a program such as ASU after say, 2 years of work experience related to a finance field? (I am sure this has come up in past threads as well, and if that is the case, I am sorry)

Once again, I am sorry for these threads popping up. It is not my intention to waste anyones time here.

I find it important to add that I do like ASU, and I do value the education, I am just fairly nervous at the prospects of career placement in such an elite industry.

Thanks again for your response, and advice. Anymore advice would be appreciated.

 

network a lot..i know a couple people in BB IBD now who were from ASU. It was definitely a lot harder but you can do it if you are a sociable guy.

Transferring to Columbia or schools of that caliber in my opinion is well worth the 100k. Ur undergrad will tag you for at least 10 years if you don't go to b-school.

 

The usual path is 2 years banking, 2 years PE, then MBA. You can get an MBA after two years, but most people wait four years to get more solid work experience for H/S/W and then move onto PE post MBA. Also, top PE funds usually look for prior PE experience or lots of banking experience.

I think you should transfer ASAP for the above mentioned reasons. ASU will kill your resume. Not to be mean, but there are different degrees of "non-target", and ASU is one of the lower ones. The fact that it is not even remotely close to NYC or Chicago hurts it even more. If you transfer, transfer to a target school or one that is close to NYC. UVA, NYU, UMich, Columbia, Notre Dame, maybe one other for safety. Its harder to transfer after sophomore year than it is to transfer after freshman year so you should apply to a lot of schools and maybe some semi-targets as well. If you don't need to take transfer credits at the new school (unlikely, but just in case), go on the BU study abroad program to London during the Summer which guarantees you an internship. The internships are usually very good and can include MM IBD or BB BO positions. You will need some solid work experience/internships on your resume to off set the fact that you spent 2 years at ASU. Banking, unfortunately, is based very much on pedigree. I know its a lot of money, but going to a better school is worth the extra debt in the long run.

If you want a top MBA, you will need to get a job in a "finance" city--NYC,CH, or SF. Also, stop apologizing. This is a legitimate question with very specific circumstance. The questions people complain about are ones from idiots who ask "How to get into banking?" or "How do I network?"

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

Thanks, eric! Do you happen to know if any of your colleagues from ASU post on WallStreetOasis, and if I could get in contact with them to discuss how they went about getting their current jobs?

I did some research on the ASU I-Banking program, and it admits approximately 20 students (freshman-seniors) to help with everything I-Banking and networking/internships, so I am assuming I will need to get in contact with the person in charge of that if I am to stay, or else I will have little to no shot at ASU.

And I am definitely keeping transferring open as an option!

Thanks again!

 

Thanks Gekko for the amazing advice. (P.S. I love the movie Wall Street, haha)

I really do appreciate the amazing support I am receiving. The harsh answers, Gekko, are exactly what I need. I do not know anyone in the finance industry (save a family member, who works for Stifel Nicolaus) so getting any leg up by family networks is unlikely, I will be doing all my networking from scratch. (which doesn't bother me, I am fairly social, and it will only help come interview time, if I get to that point)

So it appears the consensus is I should attempt to transfer out to somewhere in the NY area or else my chances diminish considerably due to the fact of your alma mater sticking with you for life. Would transferring to a school my Junior year set me back, though, because as you said I have to already make up for the two years at ASU, and to do so would require some great internships? Relative to other students at NY, and I am sure there are a lot of them gunning for I-Banking, how far behind would I be experience-wise. I do intend to network and get some type of job in the banking industry (or even an internship, paid or unpaid) so that I can have something down on paper before I get there.

Finally, if I do intend on changing schools, would networking be more difficult, or will (let's say) NYU alumni be just as willing to help me out as any other student?

Furthermore, thank you for your response, breakinginnew! It appears I vastly underestimated the lack of respect my college had in the banking industry. In response to your question, financial aid is hard to get when your family is fairly well off, which I am not going to lie to you, they are. I would not be eligible for any financial aid, but my parents will not be paying for my college education, so I weighed my options and chose the debt-free ASU. (But apparently I chose wrong)

 
Best Response

My advice is to try and land a small finance internship (PWM, Financial Planning) for this Summer. It's late, but you still might be able to find something in a small company. Call your uncle up and see if you can do some kind of unpaid ops internship at Stifel Nicolas. The trick is to fill up your resume with work experience. As for the ASU holding you back, some alumni might count it against you, but the good thing about target school OCR is that the banks come to you and the importance of networking is diminished somewhat. If you transfer to a target school and get on the London program that I suggested, I think you should be fine. The key is to keep a REALLY high GPA while at ASU..3.8...3.85+. If you have to take Summer classes to make up credit then I suggest you look for a NYC school so that you can network and do a Fall semester internship. Even if you don't get a lot of work experience, the name of your target school will get you 10x farther than ASU+internship would have.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

Although I agree that transferring will help you, it is possible to get into BB IBD, even at Goldman or whatever your big dream is from a school like ASU. It has been done and it's people with your background that do it - high test scores, interested in getting there early. Start getting experience, building your resume, and networking and you can get there.

 

Thanks again, Gekko! With regards to the BU London Intern plan, I am assuming you are referencing Boston University's program? http://www.bu.edu/abroad/programs/london-internship-program/ And if so, just to clarify, I do not have to be a student in order to go to the program?

You're advice has been invaluable thus far. I will continue to work hard in my classes to keep a 4.0 (or higher, ASU awards 4.33 for 98%+) and I will also work on getting a finance internship that you have described.

Hopefully I can get admitted to a target for transfer!

 

That's the semester program. You want:

http://www.bu.edu/abroad/programs/london-summer-internship-program/

There are BU stuendt only programs, but they are listed and this is not one of them. Nearly every major college runs study abroad programs through BU.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

lol, ASU awards a 4.33 grade?

Yes, you should transfer. Transferring to any prestigious school is tough. You need to apply to many in order to succeed. I don't know if Columbia is still an option; I think they only take freshman transfers. If I were you, I would take a long look at Berkeley. They take a lot of transfers and focus on the hard stats (i.e., GPA and SATs).

 

Thank you, Tommy and Medici!

ASU does award A+ grades, which is extremely helpful for Law School admissions, but I am wondering if it would help me in any way for Business School admissions.

I will definitely take a look at Berkley, thank you!

Thanks so much for the website, Medici! I will try and get in contact with some of them and see how they climbed the ladder to get where they did.

Thanks again for all the advice!

 

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