I could use a little guidance here WSO.
I'm a graduating senior from a non-target state school. I will be receiving a degree in economics. My GPA is a 3.5 with a 3.7 in major (expecting both to go up).
I was pretty set on going to pharmacy school when I came to college, but eventually developed a love for economics and finance. For the hell of it, I took an internship position at a boutique IB/VC/PE firm during the summer (as a Junior). I really enjoyed my time there, and I ultimately decided after the experience that I wanted to work in banking instead of counting pills and answering questions about Medicare.
The boutique is very small (~10 people), so they don't do FT hires.
Since I wasn't planning on doing IB prior to the internship, I didn't know anything about the recruiting process, and thus didn't realize firms started recruiting in August-October. I realize now that most firms are finished with FT recruiting, and networking for 2013 offers would be pointless.
My question is:
What avenues should I be pursuing to get into banking, even if it takes several years?
Thanks a lot.
Finding a job should be your first priority.
If I understand correctly, you interned last year (2011) and have not interned this year? You've got a hole to fill, and you have until next summer to fill the gap before people begin to seriously question why you went so long without experience.
That said, as someone above mentioned, your #1 priority is finding a job. If you graduate and you're unemployed, it will be that much more difficult for you to ultimately get hired. Avenues you should pursue include any method that will put your resume in front of potential employers. Networking is key.
Sorry I wasn't clear. I interned from May 2012-September 2012.
Prior to that I had work experience at a retail pharmacy for 6 years, so there is not a gap in employment history.
In addition to networking and submitting applications, should I be considering delaying graduation, consulting, MSF, or anything else that may possibly get me in from a more indirect route?
Thanks for the help thus far everyone.
Yes. However, the MSF may be a more attractive option since it may be a better use of your time. If you can afford it, the MSF is a better option, in my opinion.
No. Who said consulting was easy to break into? Especially at the entry-level? It's not relevant to IBD if IBD is what you want to do. Cross this off your list.
Yes. This gives you time to get another internship, get a more solid qualification, and generally become an awesome candidate.
Yes. Networking, continue applying everywhere, check out the MSF route, and pursue every avenue available to put your resume in front of people.
Thanks a lot FSC
I would keep applying regardless compadre. My most lucrative offer came in April, merely weeks before the role was supposed to begin. An incoming second year analyst had bowed out due to family problems and they still had my resume on file, and called me out of desperation. Unfortunately (for them) I had already signed and started working elsewhere, but the bottom line is that extenuating circumstances are unavoidable, both for you the firms you're looking at.
Cast as many lines as possible at regional / middle market investment banks. You can do the same with BBs, but your chances there with recruiting are going to be exceptionally slim (given selectivity and applicant volume). Boutiques are much easier to slip into outside of traditional recruiting season. Like both the chaps above me mentioned: having something--irrespective of prestige and brand--is better than absolutely nothing. Just my $.02
I'd also recommend checking out this guy's story. Like a legend: //www.wallstreetoasis.com/forums/my-not-so-secrets-to-success
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