Recently(like within the past week) I’ve had a revelation of sorts and decided I want to change my mind and pursue my dream of being an investment banker. It was something I wanted to do for a long time and one day decided to settle and 2 weeks into my commercial real estate lending internship I realized I don’t want to fucking settle.
Heres my problem. I’m a rising senior at a non-target (UF) with no investment banking experience or internships and am not a part of the MSF program. What the fuck do I do. I consider myself a smart kid and have a 3.8 GPA dual majoring in finance and econ with an accounting minor but feel seriously fucked.
Im committed to this again and will do what it takes but don’t even know where to start. Should I do an MSF at a school like Vandy or UT Austin? Any help would be greatly appreciated, thanks.
- Bartard
Would it be possible to defer your graduation to the winter after you would normally graduate, allowing you to apply for summer analyst roles the summer after you would have normally graduated? Obviously that’s a pretty committed course to take, but I’ve heard of it being done
Would rather not because I’m on national merit scholarship which wouldn’t cover a 5th year and don’t exactly come from a money tree. If i’m going to take another year/take out a loan and pay for it I’d rather it be a Masters at a school that’s at least a semi-target like Vandy. Only issue is I’m not sure when a school like Vandy would even let me know of my admission status.
In that case I’d recommend the MSC. Not sure how recruiting out of it goes, so take my prospect words with a grain of salt. But I’ve seen UT msc kids land good MM/EB gigs or eventually lateral to where they want to be anyhow. Just put in the work in that year and you’ll be good imo , try talking to someone who’s done it to get an idea of recruiting ?
I would recommend pursuing a career that interests you, then entering IB post-MBA. If you want a career in IB entering as an associate is a great path.
I went to UF and graduated 2 years ago. I wasn't in the MSF program and got into a BB. I networked my ass off and ended up with 3 superdays and 2 offers. I had a relevant my internship my sophomore year before that. But I knew I wanted to do banking since day 1 of college.
If you're a rising senior it's too late for most options. People telling you to delay graduation, but that won't do you any good. Most summer intern spots have been filled, but beyond that, it's too late for you to start networking at the places who's spots aren't filled. What I would do is start networking immediately with boutique firms with UF grads. Look into Crosstree Capital and Lightning Partners, but also try to find more. Most finance classes can be taken online, or online with exams in person. Try your best to get an offcycle Fall internship and do school remotely. Best case, you get hired full time there. Worst case, now you have some banking experience and you can leverage that with other boutiques, as MM and BB/EB FT will already be done by the time your internship is over.
There may be a chance for you to get an FT offer at Raymond James if you play your cards right. Start networking with boutiques immediately and line up a Fall internship before August. Simultaneously network with RJ, lots of UF guys there, and when FT recruiting starts, which is typically through networking and not an online application, then apply. Your network will get you in, but you have to spin your story along the lines of "I found out about investment banking late. Within a month I realized it was too late for me for most banks as I didn't have a junior SA, but I wasn't deterred and networked like crazy to get an internship this fall. I know right now I don't have any experience, but just like the SAs you hired who will have a summer's worth of experience when they're hired full time, I'll have a semester's worth of experience too when I'm done with my internship. I may have the opportunity to stay on in the Spring as well, which would give me a running start at your firm." Something along those lines.
This is less likely to succeed then just solely aiming at boutiques, but it's a possibility. I know plenty of people that started off in a boutique and then within a year lateralled to a MM firm in NY, Chicago, etc. This whole process will be very tough though. And given that you have a good GPA, if you get a high GMAT score, within 3 years you can apply for a top tier MBA program and be in a better position to start off at the top.
Not OP, but in a similar situation and interning at a search fund this summer. With the recent high attrition at banks will they be willing to take on more FT analyst 0s from outside their intern class?
Also at Florida State and will have have chances at EBS and BB banks?
Edit, search fund would be my junior year SA
Not really. There's only so many 2nd and 3rd year analysts left and we have an incoming class of interns who got the FT offer. Not only do we have to babysit the interns, but we also have to babysit the new 1st years for at least 6 months before they get the hang of things. There's not many more of us then there are of them, and if you include the interns there are more 1st years and interns then there are 2nd and 3rd years. We're already stretched too thin and taking on someone who has no banking experience makes the job harder. We'll take on people who interned at other banks, but that typically happens in August and September when we try to replace the people who we didn't give FT offers to and the people who said no to the FT offer. For laterals we'll take people with minimum 6 months, typically at least 1 year, experience because they don't need training and we're short staffed. A search fund won't cut it for a BB or EB, at least in my experience. Maybe a MM, specifically some of the non-top ones like RJ, Stephens, etc may consider it though.
Florida schools don't have the best placement. Like I said, I went to UF, and we're lucky in that a bunch of people got their MBAs from M7 schools, broke into banking, and are at director and MD roles right now. And that's how our pipeline to IB works. Each bank with a director/MD takes like 1-2 kids a year, some more. We've also gotten lucky with diversity recruiting and sent some people to great banks through that. I googled FSU investment banking, and there's something called Noles into Wall Street. For the past 5 years no one has made it to a BB/EB, with the exception of 3 diversity candidates, one of which was for O&G in Houston. A handful make it into MM at firms like HL and Jefferies, and the rest either strike out or go to a boutique. If you were a year younger I'd say, if diversity, your chances at a BB/EB are attainable, but as a rising senior, without an IB internship this summer, it's slim to none. Like I said before, maybe a MM firm will take you on, specifically a tier or two below Jefferies and HL, and from there, after a year, you can lateral to a BB/EB. Otherwise the only real option is a boutique firm or trying for your MBA in a few years.
Hey I go to UF. Can you DM me? I'd like to ask you some questions. I'm interning at a MM this summer.
Definitely still possible to land an offer, you’ll just have to network like crazy. Obviously you’re at a disadvantage but there are sole great recruiting guides on here that can be lots of help.
Before anyone answers your questions, I'd first like to know why? Why investment banking? Are you aware of all the pros and cons? Is this an informed decision?
Pussy eat a dick
You have no mention of why you want to make this your career... None. It's a perfectly normal questions to ask why you want to commit your life to this
Try working at like haig partners and lateraling somewhere better after a year
UF may be a non-target, but we are/were out there on the street.
Second. Post MBA route is logical choice. I made the jump to an investment bank after my MBA from UF, BUT of the class only 3 went direct. I went after another job.
Build up two years of quality experience and extra stuff. Nail the boards and go for the best MBA school you can manage.
Echoing mba route - hang tough and set yourself up to go M7. Use this year to crush 750+ on gmat. “Possible” is true rn but you’ll need to go balls to the wall and may still come up empty handed given your timing. Even if you did a fifth yr or took a gap yr to recruit again spots for the following summer class are basically gone at this point.
Don't do it man it's not worth it.....
Hey Bartard, can I PM u with some questions (Kind of unrelated to your post)
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