VERY non-target: shot in the dark or give up?

I assume you meant private equity when you said personal equity...

I'd say learn more about the industry and decide if its something that really interests you. If so, start networking. If your school doesn't have many alums out there, try to make connections through friends of friends/family etc.

In addition to mking connections o help get you in the door, the conversations you have with people will help you learn a lot as well.

Also try targeting smaller boutiques, as networking can sometimes be difficult as well. And by smaller boutiques I mean ones with just a few partners and not more than 1-2 analysts. They can't afford to be as selective as some of the name brand banks and thus will consider analysts from all types of backgrounds as long as you show interest and know your finances.

There was a list that started here with regional boutiques. I had a friend who got laid off late last year and he literally sent a message to each one of them (like hundreds of emails) - some of these are small enough that the CEO's email is on their website. While the reply rate is certainly not high, he was able to get about 10 interested firms and ultimately a job at a small small boutique.

magnificentloser,

I was in a very similar situation when I was in school. High GPA, but non-target and no finance/accounting background. I was able to land a position at a top MM bank, but it certainly wasn't easy and that was in late 2006 when the market was extremely hot. If I was going through recruiting in the current environment, I'm pretty sure I wouldn't have been successful. With a 1600/2400 SAT score, I'd say your stats just aren't competitive enough as they currently stand.

I'm not saying don't work hard and pursue the career if that's what you're interested in, just that you're still going to have to improve your profile pretty significantly if you want to have a substantial shot in a few years. You're certainly going down the right path coming here for information, so keep it up.

~~~~~~~~~~~ CompBanker

Thank you for the honest replies, everyone.

panther, I've tried to network with alumni but, like I said, my school is extremely low ranking and non-target. I'm from a very blue-collar family and none of my friends are interested in finance so I'm out of luck there, as well.

Marcus, I've been trying to educate myself more on "the industry." Are there any particular books or websites that would be valuable for me, keeping in mind my current level of knowledge (ie, little to none)?

CompBanker, is the SAT really that important? Could a good MCAT score, although irrelevant in the financial world, be looked upon favorably? When you say "improving my application," what exactly do you mean? I will have several extra-curricular activities by the time I'm finished with college: clinical volunteering in a hospital, scientific research under a professor, some academic tutoring, and four years of part-time employment. Obviously these aren't related to the industry, but aren't altruistic and leadership oriented activities still looked upon favorably?

Magnificentloser, the vault guides are really good. There are industry guides (investment banking, consulting, accounting etc) and then interview guides. Go to your career services website, you should be able to pick up a free copy of the vault industry/career guide to investment banking, and one for finance interviews.

Alternatively, just reading this site helps a lot. I didn't know much about IB until I started frequenting WSO.

just keep working hard man. You can do it just wont be the same route that some people at targets take.

Look into offices outside NYC, smaller shops, different jobs outside of investment banking etc.

I had a credit analyst internship and was able to use that to get more bb focused interviews.

everone's route is different so dont sweat it in making your our route.

I'd also suggest going through Professors. If you have done well in a relevant class (which your GPA suggests you have), you could set up a meeting and ask for advice in getting their field, they might have some contacts for you to speak with. Anyone you can talk to won't hurt.

I know some ppl who have been very successful going through profs.

To be bluntly honest, I think you should consider pursuing other avenues. Just from my initial impression, I don't think you want it enough. You have barely skimmed the surface of a very big industry and you're tempted by the shiny allure of lots of money. If you're at a complete non-target, you're already at a huge disadvantage amplified even further by the economic situation and the cuts in hiring. If you're really serious, try to transfer after your sophomore year to a better university.

At this point, you really haven't done much to make yourself stand out. Just evaluating your numbers, you aren't exactly a safe bet. Not-so-great high school record and a 3.85 after your freshman year isn't going to turn eyes.

Objectively, the odds are very much against you. But, do some more research and then decide if this is something you REALLY want to aim for because, believe me, it takes a decent amount of work to get your resume up to par to even get noticed for analyst positions. You might be saving yourself a lot of work and frustration by pursuing another option.

I'm not sure what has been as I haven't read everyone's comments (I read a few) yet, but I can say that you definitely have quite a hurdle in front of you - by that, I DON'T mean your school, I mean your indecisive attitude and your lack of industry knowledge. That is in NO way meant to be an insult, as many people are uncertain about what they want to do, however, most of those people, especially from non-target schools, don't break into banking. I came from a non-target school that specialized in back office placement - if you think your situation is difficult, try convincing someone in front office to give you a shot when your school ONLY puts people in back office. I broke in, and so can you, but not yet. You've got a lot of work to do, because in order to break into the business, you have to know the business - otherwise, no one will ever respect your interest or your intellect. Essentially, you have to give the hiring people a reason to look at your resume and consider your candidacy, saying I want to do banking for the money and other things won't cut it - frankly, the money's not that great now, especially if you are working at certain banks. If you are certain that you want to break into banking, you have to first learn the business, and learn it well - read the papers, visit the web sites, and learn about the economic conditions, market conditions, individual banks, and banker news, in addition to just general investment banking information such as what an analyst will really be doing daily, and what the main jobs of a senior banker are. Once you do that, you will want to tighten up your resume and look at boutiques, either paid or unpaid at first just to get some experience - but don't take it unless you know you can do some real work - experience sells, and when you aren't at a Target school, you have to have everything else in place. This should at least get you started, and if the boutique works you a bit, maybe you'll find out whether you like the insanity and long hours of the job. The money of banking always fascinates people, but there are easier ways than working 10am to 8pm, on a Saturday, to get it. Regarding your major, if you like biochem, and can handle it while maintaining your GPA, I would choose that over math, all else the same, although I would still minor in eco. The more challenging the coursework the better, and biochem is both challenging and interesting to many, so if you can handle it, go for it. For the record, I'm just trying to be upfront with you, is it possible, absolutely, is it possible for you at this time, absolutely not - you've got a lot of work to do, and first need to find out if this is of interest to you, or is becoming a dr of interest to you. Best of luck.

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Thank you for the responses.

What are some good resources for industry knowledge? I've been reading the WSJ and some blogs, but where can I learn the more technical aspects of the industry? Are there any particular websites, blogs, books, etc. that are recommended?

edit:

I'm leaning more towards math because it allows me more electives to minor in economics/finance. A biochemistry major leaves me with zero free electives.

would recommend M&I

I recommend my site, but of course, I am a bit biased. I have a bunch of links on my site such as FT, WSJ, Clusterstock, Dealbreaker, etc. Also, just google investment banking / investment banking info.

IBanker www.BankonBanking.com Articles, News, Advice and More Break Into Investment Banking

Would a good GMAT score make up for my horrible, horrible SAT score? Or am I screwed either way, in terms of my SAT?

if you are that concerned with the SAT just take it again.

If you've taken the GMAT and done quite well on it, then take the SAT off the resume, and put the GMAT on in its place. You don't need to show both, and a strong GMAT should help cover a weak GPA as much as, if not more than, a strong SAT.

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