GPA requirements for each bank

If you got SA interviews with a 3.3 you will get FTs with a 3.5. Did you not get UBS or CS?

well ann arbor is a target school right, so that obviously has something to do with you getting interviews.

In your interviews with CS, Jefferies, UBS etc. did they ask you about your 3.375 gpa at all?

I actually did not get CS or UBS. I think to be honest I was unprepared for i banking interviews in the sense that as a non finance background I think I should have gone the extra mile to convince them that I thought I was still capable and also I spent much more time preparing for consulting interviews (which at the time was what I thought I was more interested in). They actually did not ask me about my GPA, but if they did I would attribute it to one particular semester which was definitely an anamoly (I had some personal family problems, which I still acknowledge isnt a strong reason regardless but nevertheless)but i would try to convince them I matured and grew from those challenges and i think my transcript and experiences since then reflect that. also i am extremely active outside of the classroom and have worked during school in addition to holding leadership positions in various clubs. I am hoping this is a convincing argument for my GPA. I know as far an summer internship experience goes, prior banking or consulting experience is the best. but do you think corp finance for b of a would be considered a decent experience?

If it's not, will you change your mind about banking?

I think that the explanation for your GPA will be decent. Bring a transcript even if they don't request one, in case you need to prove that other semesters went well.

Secondly, in my opinion, having B of A on your resume is a strong name. Most FT interviewees I have met have not had previous banking experience (would have accepted offer after SA probably). If that is the case, you should be on fairly level playing ground in the experience department.

I am not sure how much time you have, but you might try something to offset your GPA, such as begin pursuing a CFA to show your interest in Finance (and initiative), or take the GMAT; if you get 700+ on your GMAT, it should show that your low GPA is not a fully relevant measure of your intelligence. Almost every banker takes the GMAT at some point, and they are well aware that anyone with a 700+ is most likely capable of being an analyst. I know many people that this worked for.

jbc that is very interesting. how long does getting a CFA usually take (including preparation)? i got a 1490 on the SATs, is that usually an indicator of performance on the GMATs at all? i really appreciate your insights, thank you.

it wouldnt change my mind. but one of the things I am assessing if whether or not i should take the risk or play it safe and maybe get a corp fin offer from b of a. the reason being that I will have a tremendous amount of debt after college and also would like to be able to help my family out financially. i am just worried because I hear horror stories about people basically putting all their effort towards banking recruiting and then getting no offer and no decent backup either. has anyone heard about similar circumstances?

If you prep, there is no reason not to get a job in banking, even if you didn't have a bofa experience. There are enough banking positions out there that anybody that TRULY wants one (and works for it) can get one. You shouldn't be so much worried about getting A job, it's just a matter of WHICH one at what company.

someone just brought up an excellent point to me, which is what is a reasonable response to the question of why I did not get an internship offer with a bank? My personal instinct is to be straight up and honest as much as possible and just say that I wasnt as prepared as I should have been, but have since spent much time preparing (learning about finance, accounting, modeling etc). is this a bad way to go? what are some good responses to that question?

they won't ask you that question, not coming from bofa corp fin anyway

Agreed- doubtful they will ask that.

As far as CFA, not sure how long it takes, but there are 3 or 4 levels.

I think a good score on the GMAT would be more beneficial and easier/less time consuming.

I think CFA would really be a long route. Correct me if im wrong, but I think the shortest time you can get a CFA is in 1.5 years, thats if you take the test every 6 months. And it isn't easy. I know someone who was doing the CFAs and it is tons of work. Plus its one of those tests (just like the bar) where it doesn't matter if youre smart. If you don't study enough, you fail, straight up.

Diamond, I agree. That is why I think GMAT would be better for overcoming GPA. However, I know a few guys who have put "CFA Level 1 candidate" on their resume, which just meant that they had scheduled the date for their first test. I didn't know the entire CFA license takes that long.

I'm in a similar situation, except my GPA isn't that low (I have a 3.7). I am an econ major at the college of a target school (where the bschool is the target). I had a handful of interviews for IB jobs, a couple of 2nd rounds, but no offers. I am also doing the Finance internship this summer, but with JPMorgan. Should I consider taking the GMAT as well to boost my chances for full-time offers?

no need. spend your time working on your interview skills

The two are not mutually exclusive. Take the GMAT and practice for interviews. A 700+ GMAT is definitely worth listing. 680-700 is arguable.

kid had interviews but didn't make it through rounds - i.e. practice interviewing, you're fine on paper

I'd argue that it really doesn't matter what your GPA was in school, 90% of the role for each of those groups is learned on the job.

LEHMAN BROTHERS!

CADBankerIntern:

Hello,

Im a freshman at a CAD target and landed a boutique investment bank in T.O. this summer. This boutique is small (10-15 people); due to size, the interns get great deal experience and get to execute deals from start to finish alongside with the directors, e.g. valuations, models, reports, etc. I've learned a ton so far at this firm.

However, my school freshman GPA is currently not too high (around 3.5). Will this IBD internship help me with landing a BB (or at least an interview) or Canadian big 5, in soph or junior year, despite my lower grades?

Thanks in advance.

doubt it you will work on a deal from start to finish this summer. a pitch yes, a deal maybe not. uhm, your still a freshman so its really easy to still bump up your gpa.

cant guarantee anything for sophmore summer at a BB, but definitely can get something good for a sophomore since you got banking experience as a freshman. this will make you really competitive come junior year

You're good, don't sweat it about the GPA. Do well at your stint, get recommendations.

Honestly there aren't too many freshmen with live deal experience, you have a huge leg-up on the competition in sophomore recruiting even if you just maintain that 3.5 GPA. If you raise it by a little bit next year, you'll be a far better candidate than the supposed "top students with 4.0 GPA". Keep calm and spread them comps bro

I think interviewers are very impressed with a 4.0 GPA. Especially IBanking jobs coming straight from undergrad --- GPA is all they have to go on. Of course if you are refering to enter BSchool, I think while a perfect GPA is extrememely impressive and attractive, there are also other factors that come into play. BSchool admissions look more for total package.

Thanks for the comments

A 4.0 with no work experience vs. a 3.8 with IBD internship gives the advantage to the second student. The fact that the 4.0 student did not bother to attempt to secure a summer internship speaks volumes about priorities. The 3.8 was probably juggling, at the very least, interviews and classes.

I would say a kid with a 3.3, great extra currics, an relevant IBD internships has a great shot at full time offers across the board. This is a generalization, but 4.0 students tend to lack the communication skills and oftentimes fail to establish rapport with interviewers the way a more rounded-out student can. But of course, once in a while you get a kid who has a 4.0, parties hard, and networks well.

In my experience, it's the 4.0 kids who can't handle being wrong or yelled at and are the first to break down.

Blackstone PE out of ugrad? what school? Ivy?

Wharton*

I hear Blackstone PE hours are horrible. Would Carlyle or Bain Capital be better?

Don't expect good hours. You're never going to work 40 hour weeks in banking/PE/VC/HF.

The 3.9-4.0 kids usually don't go into I-banking, though most could get it if they wanted it. Either they're not prestige/money-obsessed, and so they travel for a year or try to get into the art world... or they are and go into law/med school and become doctors/lawyers. Or they are prestige-obsessed but see glory in ascetic poverty and go into (academic) grad school. 85+% of those get burned out of academia (a sinking ship that has uber-fucked a generation and a half with its collapsed job market) one way or another at varying stages of the process (some with degree, some with none; some, even, with postdocs). If they choose to enter business, it's rarely I-banking as they are underqualified for associate-level positions but overqualified (on account of their demonstrated intellectual ability, despite failure at achieving academic prominence) and further ineligible (too old) for analyst-level positions. A few of them make it into consulting, especially economics students. A few of them become quants. Some just take normal white-collar jobs that would have been available out-of-college. Many others end up getting no positions in any business and end up as bitter ex-academics, worthless to society despite their sterling GPAs, about which no one any longer cares.

17B HF out of ugrad?

People with 4.0 are just like every else humans. Some are good communicators, some are not. Some are nerds, some are just very smart and work as a hard as a 3.7 kid.

4.0 cannot hurt you in banking given that you possess all the quality of a good communicator, chill personality, work experience, etc.

I know people who got in Lehman, ML, UBS with a 3.5/3.6 I also know people who are in with a 4.0.

"most 4.0 kids are just dorks." What the hell is that comment. Smart and driven people must be dorks?

I think a 4.0, just like a solid internship will help you get into the door. However, at the end of the day, you will have to ace the interview (ie, correctly answer a majority if not all their finance/ib/accounting questions). I have never seen a case where someone bombs an interview but is given the benefit of the doubt because of a 4.0 GPA.

Other thing to think about is whether or not the interviewers will think there is a cultural fit. If the interviewers think the candidate is arrogant or may not be willing to do the mundane part of the job with a smile, ding, ding, ding...

The GPA is only a way to get in the door - once you're in, the focus of the interview is going to be very different. Most of the successful analysts I've worked with have good, but not perfect GPAs, but have the personality, flexibility and dedication to learn this job and do it right (let's face it, it's not rocket science)

I have a somewhat related question about your GPA. At my school the highest grade is an A+ which is a 4.33. All graduate school and employment recruiters tell me to list my GPA out of 4.0 and not 4.33. However, If my GPA goes above 4.0 then I can't really list it as 4.1 out of 4.0 right ?! And then wouldn't it be more impressive to have a 3.99 / 4 then a 4.1 / 4.33 ? Thoughts?

Whoa it sounds like a frat in here! "4.0? WTF bro! Give that pledge some Keystone Light"

sandsurfngbomber:

Whoa it sounds like a frat in here! "4.0? WTF bro! Give that pledge some Keystone Light"

Right, exactly what I was thinking. They study from the test bank. If I was a hiring manager, frat would equal automatic ding.

JDR94:

Just list it as 4.0 / 4.0 if you have a 4.1 / 4.33

Don't do that! That could be a reason for termination.

JDR94:

I doubt it...everyone at my school lists their GPA out of 4.0, including the career center and I'm not going to put 4.1 / 4.0 on my resume.

No shit...hey, guess what! if you adjust the denominator you also have to adjust the numerator...

Why has a thread from 7 years ago been bumped again?

Ill start. 3.2,Yale,Sociology

2.8, UC Berkeley, BS Electrical Engineering & Computer Science (low I know but it was actually about average for the major) 3.8, USC, MS Astronautical Engineering And I just started my MBA at Marshall so we'll see how that goes.

3.75, Econ, Yale

yale2005, what firm?

is it true that you have to have a gpa higher than a 3.5 to get a job in banking (if you're a finance major...)

no

if you are not from a target school then yes, 3.5 is the cut off.

yeah from a non target

but tagret cut off is 3.0

thats messed up, someone can go to NYU, do english as a major, get all Bs, and still have an advantage over someone with a 3.5 from non target

yup, thats just how it works. much in life in luck. do you really think all the millionaires out there are the "best" of society has to offer. Hardly.

well they do have more drive than a looooooot of people

some of them. the self made ones. but much of it is luck. you do need to be driven though. they luck will not just fall in ur lap.

I go to NYU, and I can say that many banks have a 3.5 cutoff, there are no ways around it. However, if you aren't obsessed with going to ML or Citi, there are PLENTY of other banks that come here.

"To Know Me Is To Love Me"-Jebus Price

wharton / engineering - 3.8

I just helped my team go through hundreds of resumes, culling the ones we wanted for first-rounds. We were told that 3.5 was a hard cutoff, though we considered a few in the 3.3 to 3.5 range who were godlike in every other way. Unfortunately, we didn't take any of them for first-rounds.