I am a third year Economics major from a non-target school that ranks around 40. I wish to get into Investment Banking at a bulge bracket in divisions, such as sales & trading, research or corporate finance in the future. I have been seeking for an internship during the school year since September. Last week, I finally got an offer for a position at a very small indepedent financial advisory firm. My duty will be some administrative work and making calls trying to set up appointments for my boss. Since they demand at least 15 hours per week without monetary comepsations (but offer to pay for some exam fees), I am not sure if this will be a wise use of time. I am just not sure how releavent this experience is to IB? And what are some ways that I can use this experience to boost my candidancy?
On my resume right now I have two internships experience, one was in high school doing some data entry at an accounting firm. The other one was an internship I did this summer at my father’s friend’s investment firm in Taiwan. I was responsible of documenting some market data and order positions. I also did research in lodging industry and atteneded conference call events. My summer internship is more relevant to IB but I am just not sure if thats enough to get me into IB from a non-target with a 3.5 GPA.
I am also curious that if studying aboard will in any ways helping to get into IB. If I don’t get a summer internship in 2013, I will most likely study in Japan at Keio University and take classes in Finance and Business Administrations. Or should I just take CFA I next June, and apply a middle to small bracket firm after I graduate in around december in 2013. I just feel I need to do as much as possible to compete with students that go to better schools and better connected.
Thank you very much for your time. I really appreciate it.
Don’t let anyone on AF tell you what you can or cannot do. Personally, you seem unsure of your abilities. If you want to work in IB, get after it and do it! Don’t ask for permission.
Short answer is no. Working as an intern at a independent financial advisory firm has absolutely nothing to do with IB. But, that’s not to say you shouldn’t do it. If the FA will pay/sponsor you to get your Series 7 and 66 then I’d do it. Even if you don’t need those for your ideal career, they may come in handy. Plus, once you get them you can always catch on at pretty much any financial advisory shop…if all else fails.
As for studying abroad, it always helps no matter what you want to do. Gaining international experience will set you apart from other job applicants, and that’s ultimately what you want.
Thank you all so much for all of your comments. I just feel really unconfident that I will be even given a chance for interviews under this tough financial environment as someone from a non-target school. I will start maning up and show my desire and capability (lol what capability) when applying to internships. I will take CFA 1 next June just to show my desire/willingness to work.
As for the financial advisory internship, I will probably take because it can’t hurt to be on my resume. I will also try if they would be willing to pay for some or all of my CFA cost.
To 1BigStudMuffin, I am Taiwanese American. I want to go to Japan is because it will be really helpful for me in the future. My dad owns a company that supplies chemicals primarily to large Japanese companies. Its potentially a business I can probably take over so having the ability to speak Japanese and know their culture seem like a must to have… especially most Japanese aren’t fluent in English.
However, before all that I want to get into one of the top 10 business schools so I will probably need to work at some prestigious company for few years first.
Thanks again. I will start maning up and work as hard as I can.
Any job experience is better than no job experience. Chances are, you’re not going to get the career that you’re currently envisioning. However, you should still take any good opportunity that comes around.
Why wouldn’t it be better to go work for you dad’s company for a couple of years after graduation, learn Japanese, and then try to get an MBA? It will be easier to get in that way and you will already have experience in the company you will probably end up running one day. In fact that right there is your pitch, you want to continue your business school education because you expect to move up to a senior management position in the family company.
If you can speak Japanese and know the culture, you will already be more differentiated than 99% of applicants going to b-school. If your scores are high enough (3.5 / 700+) you will almost certainly be a lock at a top 10.
I lived in Japan on and off over an 18 month period and probably met 100 companies during that time, as well as many investment bankers and private equity people. There are not many young non-Japanese people in Japan (Japan is like 97% Japanese), and fewer still getting quality experience (presumably of the kind you could get working at your dad’s company).
That’s what I would do – skip IB, it’s overrated anyway.
Yeah, I was actually going to say also… there’s nothing wrong with going to work for your dad for a few years. If you get to do some meaningful work there (i.e. not typical entry level work that non-affiliated people will get), this will open some doors to business schools that are better than your undergraduate school. I know a few people who have had doors opened due to early quality experience at family firms. In fact, one of these guys is from Taiwan and his dad owns a chemical firm…
I can definitely start working for my father after I finish my study aboard in Japan. However, many have advised me not to because I will be the owner’s son and no one will be butchering me with work/pointing out my mistakes bluntly. So I probably wouldn’t learn as much as I would somewhere else. It does make sense but I don’t know if its that harmful.
IB is just genuinely an industry I want to work at. I also don’t mind doing consulting. Consulting will probably be a better fit for the long term since I learn how to run/improve a business which might help me when I start working at my father’s company.
I will take the internship and stay there as long as I can… and get them to pay for my exam fees.
Anything administrative would not be worth your time if your goal is to get into banking. What you should be doing is actively following the capital markets, knowing your corporate/financial accounting cold, and going gang-busters networking with alumni from your school that work in investment banking.
Realistically, your chances of working in banking are not very high. between the 2 options of working for your dad and banking, I would say it’s 90%/ 10%
I agree with iteracom. I would not plan on getting into IB. With the recent slowdown in hiring and overall collateral damage in the finance sector, virtually all of the people being hired into analyst roles are coming from the summer internship classes. I’ve seen this at both boutique and bulge bracket firms. If you don’t do that, your chance of getting in is virtually nil. I experienced it first hand when I was job hunting in the spring and summer 2011.
Unfortunately, at least in the US, recruiting is really a school by school thing unless you have good personal connections. If you go to a non-target school your chance of even getting an interview is so unlikely. I went to a non-target for undergrad and the few alums I found in front office roles told me war stories of what they had to go through to get out of shitty jobs to get to FO roles.