UT Austin Economics vs Mccombs
Currently at a semi-target and got accepted into UT but not for business (probably because I'm OOS). Are there people who have made it into IBD with an Econ major from UT Austin? I see most people that have secured internships are essentially from Mccombs. I could also internally transfer during the spring of my sophomore year but my fear is that I would not be able to graduate in 4 years. I'm also waiting on some other semi/top target schools to release decisions. Any insight is appreciated.
Historically it has been pretty difficult for Econ majors to get into IB because recruiting is run through McCombs. It’s going to be difficult to get good looks and would recommend extending graduation by a semester to give you another recruiting round should you decide to do the Econ to McCombs transfer path.
So you're saying being an econ major would be the equivalent of being a non-target?
I would say yes, that would basically be correct.
Would you say the same holds true if I'm trying to do Corporate Banking? Would an Econ degree with an accounting minor give a feasible chance or probably not?
Also wondering about this.
If you're already at a semi-target, why are you trying to transfer to a slightly better semi-target?Or maybe even a slightly worse spot since you didn't get McCombs
1.) I'm more interested in Houston IB because its closer to my relatives. 2.) Because, like the situation at Mccombs, my current school also has an undergrad business school of which I am not a part of.
Don't think IB in Houston is very attractive right now
For background, I'm a current student in McCombs. For recruiting purposes, your only real chance (looking a historical statistics) to break into consulting or investment banking is through McCombs, unless you accomplish something extraordinary in college.
I would say UT fits the general pattern of having a weaker economics program, since the school has a Business school. (Who would submit themselves to economics if they could take finance, if both were an option.) While I myself am fascinated by the perspectives and macro-trends of economics, finance is just more usable on the job.
If you have the opportunity to go to an out of state business school such as USC/Mich/UNC/etc., you should definitely consider the investment, as the difference in your salary and your career could pay dividends.
Now onto the odds of transferring into McCombs. Those will be slim to none. You will need to maintain a 4.0 GPA, and again, accomplish something extraordinary to be accepted in McCombs as a transfer, as the bar will be raised significantly. They accept less than 20 internal transfers each year, in a class of ~10,000 students.
Lastly, I do know some bankers on WS who were economics majors in UT, but they generally got their Associates roles post MBA. Interestingly enough, the difference between the marginal cost for out of state tuition over in-state tuition and the cost of an MBA should start to look a lot better. Of course, this is assuming you don't need an MBA after attending undergraduate business school, but the value of those with a BBA is a whole other discussion.
I think you’re overestimating the difficult or internally transferring into McCombs. I’m a transfer into McCombs and I know classmates with 3.6’s and 3.7’s that got accepted into internal transfer
I could be... I'm only going off of word of mouth... but the people with the lower GPAs do tend to come from STEM, not Econ
Thanks for the info. I transferred into an Ivy after I made this post, but this information is quite insightful. Never knew McCombs was this competitive to get into.
Congrats!
I'm sorry to hear that. The lack of fluidity between majors definitely keeps people from doing what they're best at. I hope you ended up finding a path to your end goal!
While economics is crucial for finance related roles, econ at UT is pretty much NT as all recruiting is done through McCombs. I'm in state and went through the CAP program with a 4.0, then through Econ with a 3.9, transferred into McCombs, gained some experience, and got a IBD SA offer in NYC. Definetely not the most traditional path, and I did take a risk, but it was more than worth it and I would do it again. Another note, either by placement or personal choice, 70% students stay in Texas while ~11% go to the NE, but overall McCombs has a lot of good placement and an incredibly strong alumni network.
Hello! Can I ask what classes you take under the sophomore econ major circumstances to transfer to McCombs? And any suggestions you can give me? I’m facing exactly the same situation as you did. I will be appreciated!
Your GPA resets once you successfully transfer from your CAP school to UT, so its important to keep in mind that you want to get your prereqs out of the way while also maintaining a high GPA. As long as you have Cal 1&2 as well as Micro/macro -econ done by the end of fall semester you should be good. If you have not finished those classes yet and don't want to risk taking them in person at UT, taking them over the summer or winter break at a virtual CC is also an option. You're a soph so I personally wouldn't try going above and beyond and trying to take the most advanced classes possible, unless you are certain of your performance - think about limiting your downside risk. Maybe get a lot of your core classes out of the way, they'll also be transferrable which is nice, and try to seek out opportunities outside of class to demonstrate your interest in business. Get active in investment clubs, take MIS, do the BMC course, and anything else to demonstrate that you are set on business because you find it interesting, not because "prestige".
If you are currently a sophomore, you will have the chance to apply for transfer in May of 2023, meaning that if you decided to recruit you would be recruiting out of econ. - which is essentially non-target. You seem a lot more prepared than I was, but it will definetely be an uphill battle. Or if you wanted to, you could apply to one of the BB "sophomore" internships for summer 2023, SA internships summer 2024, and graduate in fall of 24' instead of spring of 24'. With that said, you could essentially get two rounds of recruiting opportunities if you don't get anything your first time round, but you have plenty of time on your side to think about the strategy right for you.
Edit: Might be worth checking out other finance internships or experiences in the meantime - can definetely help you find your passion elsewhere or help you craft the "why IB?" question. There's pwm, am, startups, corp fin, engineering, etc - doesn't have to be all ib related.
I am an Econ major at UT who made it to IBD. It was almost impossible to do and I wouldn’t recommend the program to anyone interested in IB. For every 50 McCombs students that get an offer maybe 1 econ major makes it
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