Possibility of getting into IB
Simple question for people in Investment Banking. What are the chances of one breaking into IB from a non or semi-target school, who has several years of solid financial work experience?
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36.5%
hahaha that was good :)
Seriously though just do a search.
It's doable; an MBA from a top-ten school would definitely help.
Seeing how this is a forum for people to post questiond and thoughts, whats the problem with me doing just that. Life is cycle, everything here has been discussed before. Besides, I want some bananas!
@IlliniProgrammer I'm still undergrad, so an MBA is far down the line.
36.5 seems generous, I'd give you 18.8%.
Are you an older student? I don't see how you would get several years of finance experience as an undergrad.
So talk to me. How do you define non-target? How does your school rank for your program in US News? Notre Dame Finance, for example, still stands a good shot. On the other hand, Nebraska's literature program (which- someone correct me if I'm wrong- doesn't break the top 50) probably won't help you that much. If you're at a strong flagship state school in a strong major, the doors have really opened up over the last two years. Three years ago, I was the only guy in our Quant Development team who wasn't from an Ivy League, MIT, or Stanford (despite the fact that Ga. Tech, Va. Tech, Cal, and UT Austin outranked a number of Ivies we hired from). Today, the most successful trader on the desk did his undergrad at UW Madison, the sales guy who sits behind me went to Michigan, and our summer intern is this really standout kid from ASU.
State schoolers and non-target kids tend to be good at keeping their heads down and surviving recessions- and the net result is that we're getting a few more slots that used to go to Northeastern private schools allocated to non-targets.
To the OP, just be persistent. I'm in the same boat. I graduate this year from a non-target school but it is possible. I know a couple people that graduated from my school in the past several years that are Investment Bankers so I know it is possible. Just send out as many resumes as possible and apply where they have applications (a lot of boutique firms just take resumes and cover letters) and call or email to follow up after a week (preferably call). I'm fortunate enough to have some really good contacts in high areas but still nothing is promising on the horizon. Then again, I did apply everywhere at the beginning of July and August/September is when most BBs look at apps.
Heres a little background info on myself:
I'm currently 24 years old, so I don't think I'm THAT old. I was originally in school playing D1 football, and I majored in Physical Education. I know that was a huge mistake I'm paying for now, but I think it is better I'm in school now pursuing a relevant degre. I came home from school and ended up working at a very large bank in the Consumer Banking Division as a Banker 1. I have since been promoted several times up to Branch Assistant Manager in less than 2 years. I've decided to get back in school and pursue a better degree, retail banking is not what I want to do with myself. The bonus is not enough for how much I hustle. I can move into Commercial Banking or Private/Wealth Management soon, but the hours are not flexible towards school.
I'm hoping that my work experience can make up for not being at a target (top tier) school. For right now, I have to finish a few classes at a JC. I'm keeping my GPA as high as I can working a full-time job, and I plan on applying at Berkley, UCLA, Cal Poly SLO (very strong business program), UC Irvine, and a few others. I can't afford to go to a private school since my company only covers up to $5k in tuition a year. I have to stay in a area where my company has a footprint to continue my employment. We just recently opened up an Investment Banking division, but they require 3-5 years of Public Finance experience. I might be able to network my way in there.
I would like opinions of people in positions I want to be in, on my situation. If I go to Cal Poly SLO or UC Irvine, could my experience make up for my school? Can I even get an interview coming from those programs?
Berkeley will be a big help if you can get in. Irvine and Cal Poly will be less helpful. The next most recognizable name out here in NY is probably actually USC or UCLA rather than Irvine, although I might have heard that Irvine is supposed to be catching up with Berkeley in terms of quality of the graduates.
If I had to guess, it sounds like you might work for a firm whose name rhymes with Bells Cargo. If that's the case, I'd go for the internal transfer primarily. The internal transfer means you get to apply for the position not only with your academic record and "prestige", but also your track record at work. Most of the more pragmatic hiring managers are going to take a guy in a less "prestigious" group at the firm with a lot of internal documents showing he's a consistent outperformer there than a kid from Harvard- particularly if he's worked directly with that person.
My suggestion: start working more with the wealth management groups to see how you can promote financial advising services at the branch. Get them to know you, and if you're good, you're going to become their expert on how to market to branches. At that point, you've got an in with wealth management that's as good as the CEO's son (maybe better- you've got a track record.)
I don't have any suggestions on navigating your way to an internal transfer to I-Banking, but an attempt probably wouldn't hurt given your apparent track record. Being a senior branch manager is a lot of responsibility for someone who's 24, and that might say something to a lot of internal hiring managers- particularly if your internal record is strong.
I would direct my energies towards an internal transfer first and foremost. That's where I think you'll have the most luck. A Berkeley MBA would be nice, but you want to be doing it part-time rather than full-time, and if that's the case, you want to be doing your MBA while you're in the same division you'd want to land in when you graduate.
Haha Bells Cargo, this thread has some good material.
No the bank your thinking of is not who I work for. We are a "Super Regional" bank based in the Mid-West, you can figure it out from there. Our Ibanking deprtment is very very new, I won't be able to get in there for some years down the road if ever. That being said, I have been in contact with a VP in our Private Client Reserve department. He said he would set up a coffee meeting with the head of the department for the LA/OC region for me.
Speaking of internal transfers, my name was moved forward for a position in our Commercial Department. It has some sales but its more of a client service position. I would lose the Manager title but gain the Commercial title. Would something like this look better for Ibanking or should I stay in a hardcore sales enviroment and pursue Wealth/Private Banking?
You make alot of sense Illini, I really appreciate your input. I'm a Branch ASSISTANT Manager, which means I'm second in command. Also, and MBA is far down the road. I need to get my BA or BS first. I'm doing my F'in best to maintain straight A's. I'm sure I can maintain at least a 3.5 or higher. What I take away from this thread so far is; it is very do-able to get into Ibanking from a "non target" school. An internal transfer would give me the best chance to do so.
Hmm, the only midwestern retail bank I'm aware of with an IBD arm is Bromerica.
In a situation like this, if you've got a relatively well-heeled clientele (I was originally thinking Northerly Bust), I think you should have a really good shot at a position in client wealth management- certainly an interview. Most of the positions will require a bachelor's degree, but it probably won't have to be in business if you have relevant financial experience. Expect a lot of questions about where you think the economy is going and what sectors might do well in the interview. I'm not familiar with wealth management interviews, but you should be ready for anything- from Keynesian Economics vs. Classical Economics to "how would you value an oil company?" to "How many rich people do you know?". They're not going to be hard-hitting questions like you'd get for trading, but I'm guessing they want to know how you would respond if a client asked you a question or needed your help understanding something in the market. This is ultimately a sales position, as well, and they will want to get an idea of how you are at that.
US Bank? I know we have a Public Finance dept in Charlotte, NC.
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