What to do as a rising senior at a non-target with no IB experience
I have 3.9 GPA from a non-target (large state school) and plan to graduate in December (1 semester ahead of typical schedule). I interned at a F500 as a junior and worked at a bank for 2 years prior to that. My first choice would be working in IB after I graduate. I may have a position lined up at a local AM firm for the summer, but its not a sure thing.
Should I take the CFA Level 1 in December?
Should I go after a MSF at a better University after I graduate? (Washington University in St. Louis would be my most likely options as of now, contingent on a good GMAT)
Any opinions on whether or not I should push my graduation back a semester and graduate in May 2019? I have gotten mixed opinions on this from most of the people I have spoken with.
What would be my next best career path given my situation, that would help me lateral, if I did not break into IB after I graduate?
Thanks in advance for any advice / guidance.
Get your MBA, go IB summer associate. CFA will help, but tbh, and I am sure people will disagree, but I think it's too late for IB considering you're from a non-target and have no relevant IB experience and or IB network
Yeah, seems like my only chance is that I can network my way into something. It's definitely a long shot.
Getting an MBA at this point would be the kiss of death to the goal of IB. The only programs that would accept him with no work experience would be bottom-barrel non-targets which would be of no use. Furthermore- he would waste the MBA transitional opportunity by pursuing it immediately.
Either go into a masters program and hope to break in as an analyst. Or work for a few years (corporate finance, consulting, etc), gain experience and craft a convincing story, knock out a 700+ GMAT, and leverage a T-15 MBA program to transition in as an associate.
I disagree with this. The no experience part definitely hurts, but with his GPA and a lot of networking he can get in. It'll be harder at some banks than others, obviously.
Network like crazy and see if you land some last minute interviews, but odds are low. If you don't know where to start, read this: https://www.thelobby.io/post/a-step-by-step-guide-to-land-a-top-finance…
How are your past experiences? Since its currently recruiting season, I would probably apply to those positions and test my luck. If you get a position, push your graduation back to May and then you can work SA and hopefully do well for a full time. People usually study for their CFA while working anyway. You just have to network and reach out like crazy and pray that the timing works out and aligns with your dates
My past experiences are almost entirely irrelevant to investment banking. On the subject of recruiting season, I was focusing most of my networking efforts towards MM firms that don't have structured recruiting programs. I was not aware that banks with structured programs took graduates as SAs so I have not been applying to Summer 2019 positions. But if I am eligible I would also try that route.
Well as long as your past experience was in finance, you can always tie them together to tell a story. They should lead up to how you now want to work in investment banking. You should be eligible for SA 2019 positions, people have done it and when you look at applications, it takes people who graduate in both 2019/20. Start applying and cold emailing soon
You have a few different options right now:
Take the GMAT before you graduate and use grad school to re-brand at a more prestigious school. This could either mean an MsF or an MBA. With an MsF, you could get into a good program without much (or any) work experience as long as you have a good GMAT score. For an MBA, you'll need at least 3 years of work plus good GMAT scores to get into a program that will help you get into IB. At the end of the day, your GMAT score will dictate the school either way.
Push graduation back and attempt to network as much as you can to get into a boutique shop. With this route, you won't go to a BB or MM, but if you knock on enough doors you will find something. You just have to be willing to exhaust every single opportunity and be grateful for whatever you get. You may be fighting for scraps, but even the scraps in IB are worth more than a lot of other jobs.
Combine the two approaches. With this, you do whatever you can to get any sort of IB job, and then use an MBA to jump into contention for more prestigious banks after 3-5 years. This is probably the safest option, but also the most hard work as you have to spend time both networking and studying for the GMAT. At the same time, no one ever said it would be easy.
No matter what route you go, know that you aren't screwed if you don't get something right out of undergrad. There are a lot of very successful bankers who took unconventional routes. You just have to be willing to grind and find something about yourself that makes people want to hire you. Also, feel free to PM me if you have any questions. I'm a non-target guy too, and I'm only a few steps ahead of you myself.
Thanks for the reply, I will send you a PM within the next 24 hours.
Take the GMAT, then come back.
As an old timer - when do banks recruit for full time analysts these days? It used to be Sept - Nov during senior year. It sounds like it is now much earlier?
At this rate, they will be recruiting after kids graduate high school.
Full time recruiting isn't really a thing anymore.. Most people come from the summer analyst pools or are poached to other banks whilst on their SA gig.
FT spots are minimal and mostly go to those with SA gigs that weren't poached.
Push back your graduation date until May 2019. Pick up a minor or additional major if needed while getting a 4.0. What is your current major? You don't need to take the CFA exam or GMAT before you graduate. It is unnecessary, not the right time, and you have other things to focus on.
Put all your effort into getting the best position you can for post May 2019. With a 3.9 you should be able to get something good (interviews with BBs and probably at least a regional IB offer with a 3.9 or some good offers at management consultancies).
Work a few years and then go for a T10 MBA. With a uGPA of 3.9 or 3.92+ and a high GMAT and good work experience, you should have your pick at B schools and then whatever position you desire within reason.
Just remember that this whole next year will be a lot of time reaching out, connecting, networking, working on applications for hours with no results, hammering away day after day, getting 3 good interviews and getting shot down in all of them, starting over, networking, applying to hundreds of places just to get that one good offer. Don't underestimate the amount of effort required to land a good first gig. You need that extra semester not only to place you in the normal recruiting timeline, but also for the extra time required to apply and network. You should be knocking on doors every day.
My major is Finance. Most bankers I have talked to have told me that the CFA will not help me so probably will not take that route. I wish I would have pushed my graduation last semester because I had the opportunity to be the student VP of the honor society I am in and the student representative to the college of business counsel, but was unable to because of my early graduation. I definitely made a mistake by not pushing it back sooner.
I had a very difficult time even getting an interview anywhere this last year. I had 2 phone interviews for some back office roles but that is it. So I had, for the most part, ruled out BBs. Obviously networking is key, but I still assumed I would be wasting my time. I've spent a lot of time this summer on my resume, with the hopes that it will help me for the next recruiting season. Whats the significance of having a 3.92+? it just seems oddly specific. I have around a 3.88 right now but I will get a 4.0 my last two semesters, so should be above a 3.9 when I graduate.Thanks for the advice. It will be tough, but I am still going to go for it.
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