Whats the best way to plan my IB Blitz

Ok this is my first post here guys, been lurking for about a month now. This is a great forum and I would really appreciate any advice.

Right now I'm in my Senior year, I'm set to graduate in the Spring with a degree in Finance from Kent State University in May of 2011. I really want to break into IB and I am not sure what the best way to do this, given my resources and position.

I have an accum of roughly 2.75 however I am taking all my major classes this final year (I was a transfer student). So it is possible I can generate a 3.5+ major GPA.

Given my school is far from a target school I also need to know what my best tactic to set myself apart from the herd so my talents are noticed. I feel to accomplish this I need industry experience or need to show serious initiative in a venture. Am I better off working with a small local firm on the side during the school year or pursuing my idea for a marketing company that uses more modern means (facebook, twitter, youtube)

Also I plan to join the business fraternity and the financial management club this year at school.

Basically what I'm trying to ask is what are my chances here, how can I best maximize my odds given my current situation. What should be my order of priorities here,

ie.
1) School Performance
2) Industry Experience
3) Networking
4) Overall drive and personality

 

Being that you are a senior set to graduate in the spring, that puts you directly in FT recruiting season as we speak. That means, it is your current GPA (be it cumulative or major) that will be exposed to recruiters. Now, that being said, it sounds like you may not even be aware of the fact that full-time IB positions are secured close to a year prior to the start date. In which case, you need to have a serious event occur that will place your mediocre resume in the hands of a smiling MD -- i.e. your fiance.

In all honesty, your best chances are to try and network your way into a very small regional shop that doesn't have rigid or standardized recruiting policies. Let me ask you this, why do you want to be in banking anyway? It's not glamorous or fun, trust me.

 

The most constructive advice given so far is to seek out some regional position. In reality, that is your only chance of landing anything respectable in finance anytime soon without a networking miracle, which even then is unlikely to get you a shot since you have a terrible GPA from a joke school/major. If your goal is to end up in a good FO position on Wall St., you are going to have many years ahead of you of brutal work, b-school, and even that is putting your chances of getting there very slim (unlikely you will be killing the GMAT or getting good work exp. from your current situation).

None of that is the end of the world and a job is still just a job regardless of what it is. Getting a bit more focused on your academics (sorry, but a 2.7 cumulative is dreadful and indicative of minimal work ethic at even the best schools in the hardest majors) and eventually work will be a good place to start.

 

You guys are so blunt, thank you, this forum is great.

Ok thats fine, so I'm behind the ball on the IB spot going into this. Whats my next move?

I want to be an IB to be on the edge, ahead of the pack. Doing the deals, raising the capital, the forefront. Not stuck in the cubicle crunching numbers and keeping tracking of the IBs win/loose record. I'm going to work 100 hours a week anyways, the difference is weather it is for one company or if I have to layer real estate management on top of another job, why not get it all under one roof. It's generic but I think its a good motivation, I want to be an IB to earn all that I can and make the most of the sacrifices people have made to put me where I am today. I want it.

Lets say I finish in May 11' with a 3.5 major, can I enter into an intern program and work in the back room after that until the IB training starts? If I create a significant business venture this year isn't that something that can demonstrate skills certain firms may seek out over GPA?

Thanks again guys, this is a really helpful thread.

 
plaman:
You guys are so blunt, thank you, this forum is great.

Ok thats fine, so I'm behind the ball on the IB spot going into this. Whats my next move?

I want to be an IB to be on the edge, ahead of the pack. Doing the deals, raising the capital, the forefront. Not stuck in the cubicle crunching numbers and keeping tracking of the IBs win/loose record. I'm going to work 100 hours a week anyways, the difference is weather it is for one company or if I have to layer real estate management on top of another job, why not get it all under one roof. It's generic but I think its a good motivation, I want to be an IB to earn all that I can and make the most of the sacrifices people have made to put me where I am today. I want it.

Lets say I finish in May 11' with a 3.5 major, can I enter into an intern program and work in the back room after that until the IB training starts? If I create a significant business venture this year isn't that something that can demonstrate skills certain firms may seek out over GPA?

Thanks again guys, this is a really helpful thread.

Look, I can respect your passion, but let me start with this: Investment banking IS "stuck in the cubicle crunching numbers." At the analyst/associate and even VP levels, banking is not as much dealmaking "at the forefront," as it is raw analysis behind a computer screen. Do you really want that? I am in IB, and I can assure you that if more people realized the gritty work it entails, many wouldn't pursue it in the first place.

That being said, I'm not trying to deter you, simply trying to open your eyes a little bit to reality. As for the last paragraph of your post, unfortunately that really won't make much of a difference. At least at the bulge bracket level, you have absolutely no chance of securing an internship after you have graduated. You don't seem to understand, this industry follows a VERY rigid method for recruiting. As for securing a spot in the "back room until IB training starts," lol that would only happen in the movies...with the exception of some VERY small and unknown shops. Therefore, it seems you should take your passion and network your ass off in the direction of a very regional/small advisory or valuation firm.

 

No one in finance cares about your major GPA--nobody. Unless you were doing engineering or CS or something of that nature where your major would be indicative of your ability to do the work right off the bat, nobody is going to care about it. It is all about the cumulative and you're going to have a tough time bringing that to a 3.0 at this point.

And no, none of those things you just mentioned are going to land you a spot in a BB investment bank or even most of the tiny regional boutiques.

If you create a significant business venture successful enough for people to overlook your GPA/school/life and offer you a position, then you would be smart to stick with that since you'll make more money and have more control over your own future. Sure, if you start some incredibly successful company, VCs and IBs would love to have you on board, but what is the point? You would already be at the endpoint.....

Get realistic: You have 0 chance of getting into IB for any position other than maybe some back office (still quite unlikely since you have no tangible skills and will be competing with ppl that have similar GPAs from targets and other respected schools) or retail banking, none of which will lead to a FO position in the near term.

It is good you are read to work hard, but at this point, the damage has been done for the near term, so do as well as you can, apply to every conceivable job you can offered through your school, and work on just progressing day-to-day and building up your resume as best you can.

 

First, do post your CV. Second, you realize your college degree from Ken State is pretty much useless? Maybe you should drop out of college, join the military and then transfer into a big state school like UGA or UMD if you can. Third, your reason for wanting to be in IB isn't even good: "I want to be on the edge, ahead of the pack, doing deals, raising capital . . . " You're not going to be doing any of that shit, get a clue. Fourth, what the fuck do you mean by "significant business venture"? If you create a "significant business venture," fuck IB..... you can be location independent like Patrick. Fifth, there is no "back office intern program" for graduates that I know of ...

 
futurectdoc:
So you will do well in your major despite all the evidence to the contrary?

You'd be surprised how optimistic people are when it comes to their major GPA.

Seriously, whoever suggested joining the special forces is on the right track. (1) Run classified coordinated strikes in the deserts of Afghanistan to take out valuable targets of al Qaeda. That will probably up your chances significantly, not even joking. (2) Capture Osama bin Laden. Hell, you wouldn't even have to bust your ass in finance if you did that.

 

Most people have a 3.5 Cumulative GPA and a Major GPA close to 4.0.....and that's usually from a top school.

You're also too late to the game, most bulge brackets have finished their recruiting and the smaller ones are doing on campus interviews in the next few weeks.

You also have no relevant experience. To be honest, put yourself in the shoes of a bank.....why would they hire you? There is nothing slightly remarkable about you and your competing against rock stars.

Sorry to be blunt, but you're just too late to the game to really do anything about it.

 

Again, great feedback guys. I see where I fall at this point.

Now what?

As far as my degree being worthless I couldn't agree more. I wish I would have realized how the world worked before my first year, not at the start of my 4th. Unfortunately I'm a first generation college student so I really had no idea for most of the college process, shit sucks. I'll keep on.

Thanks guys, anyone see a good direction to go from here?

 
[Comment removed by mod team]
 

Like I said earlier, you should join the Armed Forces. I am not even joking when I say this is one of your best options for getting into IB.

That aside, your best bet is going the sales route. Get hired at some sales position selling financial products (insurance, mutual, pension, etc.) and outperform by a high margin. Then maybe you can leverage that into a good MBA, and then possibly to IB. Like many others posted already, with the current statistics, you have close to 0% chance of breaking in.

On a side note, was Ms. SJSU hot?

 

Youngblood you have given me great advice and thats likely going to be my path of choice, thank you. I was just trying to draw out anything I could.

CompBanker, I don't understand why my GPA would haunt me pass business school, if I perform there isn't that the most recent reflection of performance?

 

It is going to be extremely difficult for you to make it to a top 20-30 b-school, let alone a target b-school for IBD, so I wouldn't worry about after that just yet. It is going to take a lot of work and a good amount of luck as well to get you to where you want to be, just for b-school.

 

1-Seems like my best bet is to squeeze into something locally 2-BUST MY ASS for 2(?) years? 3-continue ass busting into a good b-school 4-continue ass busting, maybe add ass kissing, to go IBD from b-school?

 
IlliniKID:
have you considered getting an MA in finance or economics from a top program?

You must not of read. He has a 2.7 GPA. Not really going to get into a top program with that.

OP, if I were you, I'd forget about IB for now. Go work in commercial banking in Cleveland or Cincinnati (I think Kent State is in Ohio?). Look at KeyBank and 5/3. You could do that for a few years, get an MBA at like OSU or Case Western, then transition into a boutique or MM firm in Cleveland or something.

 
ThaVanBurenBoyz:
IlliniKID:
have you considered getting an MA in finance or economics from a top program?

You must not of read. He has a 2.7 GPA. Not really going to get into a top program with that.

OP, if I were you, I'd forget about IB for now. Go work in commercial banking in Cleveland or Cincinnati (I think Kent State is in Ohio?). Look at KeyBank and 5/3. You could do that for a few years, get an MBA at like OSU or Case Western, then transition into a boutique or MM firm in Cleveland or something.

Probably the best advice given so far

 
ThaVanBurenBoyz:
IlliniKID:
have you considered getting an MA in finance or economics from a top program?

You must not of read. He has a 2.7 GPA. Not really going to get into a top program with that.

OP, if I were you, I'd forget about IB for now. Go work in commercial banking in Cleveland or Cincinnati (I think Kent State is in Ohio?). Look at KeyBank and 5/3. You could do that for a few years, get an MBA at like OSU or Case Western, then transition into a boutique or MM firm in Cleveland or something.

lol what are these mba institutions that you speak of...they perplex me

 

is this directly out of school? I don't think i'll be able to go right into grad school between the money and admissions requirements vs my gpa

should I be taking the gmat anyway right now for the hell of it?

Edit* Where would I work within commercial banking?

Honestly I'm pretty lost with alot of lingo and expected paths as you guys can tell. Is there any good books or sources I can pickup alot of this from?

Above all, I just want to make an mountain of money, is IB even the best way to do that?

 
christina_37:
This must be a troll rofl, what a fucking joke.

Thats probably the most brutal thing I've heard on here, I wish I was a troll man, trust me, I do.

 
ThaVanBurenBoyz:
^ Ohio State & Case Western? 2nd-Tier MBA programs, but as good as you can get in Ohio.

OP, I just did a LinkedIn search of Kent State grads. There's f*cking 81 at KeyBank right now. Find some in some interesting roles, network, communicate an interest in finance, and my plan laid out for you above is on track. 26 at 5/3 too.

Lol I appreciate you helping this kid out, but seriously, you should know better than to reply to my rhetorical questions.

I also think that he can get into retail banking, but I doubt he will ever transition into an FO role anywhere respectable. If he really cared about IBD he wouldn't have had such a horrific GPA. FT recruitment is currently going on. By the time this kid knows the difference between buy side / sell side, the rock stars will already have jobs.

Btw I am not saying he won't make a good retail banker.

 

by ThaVanBurenBoyz (Senior Baboon, 182 Points) on 9/13/10 at 12:51am

--> you're better off PMing him that, I'm sure the (name of person) doesn't want his name cached in google search results, especially not linking to this particular thread (which, quite frankly, is a bit messy at this stage). I'd delete that name lol.

 

Haha! This is beautiful, like it or not you guys are helping my ass out big time. I just got off the phone with an IB from Fargo, he said persistence and networking are my allies, Wallstreetoasis as well of course.

I had decided finance my 2nd year. I felt it was the most valuable degree and it is one geared towards how I think so that made for an easy decision.

I saved that LinkedIn contact, you can delete it now. I'm going to start pounding the pavement like no other on this guys, this will happen.

Thanks gentle men/women!

 

Armed Forces will even out the playing field. It's a position that's respected universally, because most of us don't have the guts or the stupidity to do it. It's also a great way to learn leadership experience and how to act under pressure (i.e. "So, tell us about a difficult situation you faced..." "Well, once this grenade landed in front of me..."). And lastly, it's simply kick-ass.

Let's be honest, IB doesn't take much brains. All the "prestige" and "high-life" associated with it are utter bullshit. So is the "pedigree" you need to break in. They only serve to show how you have stuck to the path and never wondered about the road not taken. Your army experience will show for that, because by the end of your tour (assuming you aren't disabled or worse), you will have the character and mindset to deal with 99% of the things in the civilian world, including Wall Street.

And that, my friend, is your golden ticket.

 
Steinig:
Armed Forces will even out the playing field. It's a position that's respected universally, because most of us don't have the guts or the stupidity to do it. It's also a great way to learn leadership experience and how to act under pressure (i.e. "So, tell us about a difficult situation you faced..." "Well, once this grenade landed in front of me..."). And lastly, it's simply kick-ass.

Let's be honest, IB doesn't take much brains. All the "prestige" and "high-life" associated with it are utter bullshit. So is the "pedigree" you need to break in. They only serve to show how you have stuck to the path and never wondered about the road not taken. Your army experience will show for that, because by the end of your tour (assuming you aren't disabled or worse), you will have the character and mindset to deal with 99% of the things in the civilian world, including Wall Street.

And that, my friend, is your golden ticket.

Interesting post, what is your background/experience that let you draw some of those claims about IB ?

 
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