Should I move or copy this to IB forum since it's mostly IB related job search? Let me Know.
TLDR: Need advice whether I should give up applying for analyst/intern positions at investment banks and other firms involving company research and financial modeling. I feel like my age (30-35), employment history (over 5 yrs low-level gov job), and school (non-target in L.A.) doesn't have any "pull." Be honest and please do not hold anything back. I've dealt with different personalities at my old job so trust me, I can take it. Don't want no pity either, no time for that.
Worked almost 10 years in a totally unrelated industry doing really low-level stuff. It paid the bills and saved enough to resign and transfer to a non-target in Los Angeles to finish the last two years. I paid for my tuition except for last semester "scholarship" BS that I thought maybe wouldn't hurt applying to. Before that, I was stuck at a community college due to work/class conflict. Even had to go P/T just so I can take 1 or 2 classes to get my transfer credits. I checked other universities in my area to try to get into but I just had to raise my GPA high enough, take extra prerequisites, and possibly wait for another two years. I decided to apply to the cheapest I could afford 'cause I thought that I'm getting too old and needed to finish ASAP. Plus how the hell am I gonna be able to pay for these other school's tuition? That would mean working more hours and a possibility of another work/class schedule conflict. I don't like loans and don't like getting financial help from anyone (maybe that was a mistake to begin with).
I switched majors 2x before finally getting a business admin. degree. I concentrated in finance and minor in economics because it sparked my interest when I invested a small account made money and tried speculating and lost some of the money. I figured a couple of things. I needed a proper education on the subject aside from the trading books I read so I can get a solid foundation, find an entry-level job, get mentored, and network. So I took whatever I have left on the trading account, tapped my retirement money from my old job plus the bonds I saved to go back to school. FF to two-years, I graduated (GPA cum 3.2 / maj. 3.5) with honors distinction.
BUT WAIT, THERE'S MORE!
As I learned more about the industry, IB piqued my interest a lot more. I just thought IB just invests and trades money since it is called "Investment" Banking. You know, much like long-only funds and hedge funds (the sub industry that I wanted to get into at first). I had a professor call out Ibankers as professional b*********rs. That didn't stop me from trying to get an idea what it's like (the hours, pitches, deals, modeling). I bought the Rosenbaum book after lurking here to get a sense of building DCFs and Comps that was barely taught in my securities analysis course. So I got hooked and thought that I don't mind being an analyst doing this stuff and maybe move on to ER at a HF/MutFund or PE. Mind you, I was totally ignorant about a lot of these terms.
MORE IGNORANCE AHEAD
- I didn't know the importance of internships the very first two-years of college in this industry until senior year. Seriously, I found out about it where? Here. My very first application to get my feet wet I believe was for the GS New Analyst program (2018) but I didn't get that. My school's a non-target and the only bank that I remember being there was City National Bank. I thought I'd just focus on school and nothing else since I've dropped and added classes so many times that I needed to prove something to myself.
- My family stressed healthcare and government jobs for "safety" and I have always tried new things so nobody including myself know anything about business degrees and financial education except real-world stuff (saving and purchasing). They all seemed content. I was too at my gov job but I knew I would regret not pushing myself. Getting in the industry would be a first-step.
SO NOW WHAT?
I applied to many programs since now that I found out about recruiting season courtesy of WSO:
- IB analyst programs at JPM, WF, and GS, TD; will be checking out CS
- Applied for DE Shaw FRA Intern program due to basic requirements although they give priority to students
- Canvas (Point 72) FRA
- non IB related but still involved financial analysis: JPM and WF middle markets, CITI PCB Analyst
- cold-emailed approach RIA firms in my area for intern opps.
I tried my best to tailor my resume and CL for the position such as:
- DCF and Comp models and industry research to value two companies for a project
- Class group leadership (finance-related)
At thee near-end I just made a list of my job and sports I was once involved in and only focused on commendations received for "dedication" and "teamwork". I also added cfa level 1 candidate for certifications
1. From now on and realizing that my resume doesn't have any pull, should I even bother looking for more IB opps and other analyst research roles in investment management/advisory? Give it to me straight. I'll take the CFA enrollment payment loss and walk away from it all and go down the list of jobs I want to get into
- No job for the past two years since my resignation and I've been applying and studying. Should I bother even applying for a teller position (even WF didn't hire me for pt position. I'll try them again + other banks)? Would this make it worse in terms of dings on a resume since it's non-analyst related? PWM may also be an option but I really don't like sales.
My interests so far in order of importance to me (jobs I want to get into):
Why? 1. F*** the pay, I want to know if I got what it takes and I'll probably stay as analyst for as long as it takes I just want to learn. I'll take the lowest salary that enables me to survive (still need to eat right? plus I've lived a simply life) 2. 30% ego stroking for being part of an elite bank, 70% learning as much as I can with modeling and analysis. 3. Mentorship. 4. network to get analyst positions in funds and hopefully save enough to manage my own money applying what I learned. Getting seeded is an option too if I become great.
2.) Corporate Finance (from startups to big names) as long as I am in an analyst capacity
3.) Back Office
4.) Government: Analyst capacity comes first then regular admin assistant b******t
Any advice would do. My plan was to only live back with my parents for two years (almost there in Nov.) I have a place I am renting out to get some income (not a lot trust me). I could barely go out 'cause my savings would be depleted (so gave up dating there). I don't have insurance. Everyday I'd wake up between 5-8a to look for analyst related jobs but the requirements has to have either: internship exp, 1-3 years exp, still in school and/or any combination of the three . The opps I do find I have to spend hours tailoring CL and resume. It's frustrating and I'm stuck at home most of the time and losing my self-esteem everyday. Hitting the gym and sometimes playing bball help maintain my physical and mental health. I want to play heavy contact sports again. But I even can't push myself there 'cause I'm afraid of getting injured and depend on others to help pay (no med insurance). I feel like I just made a huge mistake and risked job safety 'cause of pipe dreams.
Thank you in advance.