Hey everyone although I am new to post on here, I have been an avid visitor since the early summer. I have been fascinated how everyone here is really helpful towards one another with a little bit of humor throw in. I guess, it’s my turn to ask for a little advice. Before I talk about myself I want to thank you in advance for your time, reading mye-mail. A little about myself…… I am a graduating senior (May ’08) from a good Midwest university (Problem is, that the university’s reputation is only well known in the Midwest). I will be graduating with a 4.0 in my majors and a 3.9+ overall, and will have a background in Finance, Accounting and Economics. I have taken CFA level 1 in December (Still praying : )…2 more days), I have also various licenses to my name; series 7 and 63 included. I have had experience in finance as a financial representative and working in the fixed income department at a well known company At the beginning of the year I applied to top investment banking institutions, for the analyst position, and feel that I was not given an opportunity to interview due to the lacking name recognition of my school. I feel this way because I believe I possess all the attributes that an analyst should exhibit, except a top 5 undergrad school. Currently, I am trying to get into a corporate finance position (any position at this point in time), so I can work 2 years and apply to a top 5 grad school (I have taken the GMAT and scored 705, but feel that without any experience my test score is worthless; plus with more time to prepare, I can get even higher on the test). After securing a spot at a top 5 grad school I feel all my problems will be solved, hopefully : )! My problem right now, is securing an interview. I am a very personable person, and am very confident that if I can get called to interview, the rest is history. I have been calling companies, and regardless of whether or not they have openings I have sent them my cover letter, resume, and a well written e-mail, in which I address the issue of attending a school with a lacking name recognition. Most of these have been done in the past 2 weeks; through sites like doostang, efinancialcareers and the actual company sites. Should I keep waiting and keep on being patient, as 2-3 weeks is not enough time for recruiters to look through all the resumes they receive? I guess I am getting really discouraged and am running out of options? I have excelled at everything and these events have humbled me to the point where the stress has been affecting me in my everyday life-I can barely go out and have fun anymore without thinking about my lack of a job. Please help, I’m at a loss and have no where to turn! Thank you for reading and any advice I receive, I am truly grateful for! Warm Regards, Michael
Stop trying so hard and be patient. All good things come to him that waits.
^That’s not true. I have been unemployed for 28 months now, while I wait patiently by the phone for Goldman Sachs, KKR or Blackstone to call
Wow…thats harsh…I thought it was mandated that GS has to call the prospective employee within a week of interviewing… (that’s a joke) Anyways? Anyone have any suggestions for what I can do or which sites I need to tap to keep on keeping on? Thanks!!
Most people in this world have attended a school with a lacking name recognition; I bet you have never heard of the one I attended even though it is fairly well-known i my country. Maybe you can broaden your search criteria and give your resume and cold-calling techniques a second look? If it is as you say, that you usually excel at everything you set your mind to achieving, you’ll find a solution to this problem also even though it might mean you’ll have to take up some other job for a while in order to get to where you want to be in the end.
What area of finance are you aiming for? Banking? Research? S&T? Also, I didn’t know you could score anything but a multiple of 10 on the GMAT.
miker2800 Wrote: ------------------------------------------------------- > Hey everyone although I am new to post on here, I > have been an avid visitor since the early summer. > I have been fascinated how everyone here is really > helpful towards one another with a little bit of > humor throw in. I guess, it’s my turn to ask for a > little advice. Before I talk about myself I want > to thank you in advance for your time, reading > mye-mail. > > A little about myself…… I am a graduating senior > (May ’08) from a good Midwest university (Problem > is, that the university’s reputation is only well > known in the Midwest). I will be graduating with a > 4.0 in my majors and a 3.9+ overall, and will have > a background in Finance, Accounting and Economics. > I have taken CFA level 1 in December (Still > praying : )…2 more days), I have also various > licenses to my name; series 7 and 63 included. I > have had experience in finance as a financial > representative and working in the fixed income > department at a well known company > > At the beginning of the year I applied to top > investment banking institutions, for the analyst > position, and feel that I was not given an > opportunity to interview due to the lacking name > recognition of my school. I feel this way because > I believe I possess all the attributes that an > analyst should exhibit, except a top 5 undergrad > school. Currently, > I am trying to get into a corporate finance > position (any position at this point in time), so > I can work 2 years and apply to a top 5 grad > school (I have taken the GMAT and scored 705, but > feel that without any experience my test score is > worthless; plus with more time to prepare, I can > get even higher on the test). After securing a > spot at a top 5 grad school I feel all my problems > will be solved, hopefully : )! > > My problem right now, is securing an interview. I > am a very personable person, and am very confident > that if I can get called to interview, the rest is > history. I have been calling companies, and > regardless of whether or not they have openings I > have sent them my cover letter, resume, and a well > written e-mail, in which I address the issue of > attending a school with a lacking name > recognition. Most of these have been done in the > past 2 weeks; through sites like doostang, > efinancialcareers and the actual company sites. > Should I keep waiting and keep on being patient, > as 2-3 weeks is not enough time for recruiters to > look through all the resumes they receive? I guess > I am getting really discouraged and am running out > of options? I have excelled at everything and > these events have humbled me to the point where > the stress has been affecting me in my everyday > life-I can barely go out and have fun anymore > without thinking about my lack of a job. Please > help, I’m at a loss and have no where to turn! > Thank you for reading and any advice I receive, I > am truly grateful for! > > Warm Regards, > > Michael Are you sure you want to be a banker? Do you know what’s involved? A lot of kids want it because they think it’s prestigious. But they don’t really know what else is out there. I suggest you research other paths in finance. There are many. FYI your writing is horrible. If your cover letters are written in a similar style that may be what’s holding you back. Never use the word “feel”. Readers don’t care about how you feel. They care about what you think. Keep it short and to the point. FYI 705 is not a score on the gmat. The scores are only in increments of 10.
I know my writing is not top-notch right now, but that is because I am pulling an all-nighter for my 3 tests tom. I am much more articulate and elegant in my writing to companies. As far as the GMAT, I took that during the summer and was sure I scored between 700 and 710, so I apologize if I can’t recall the correct number. I want be in I. Banking(pref sell-side), not because of the prestige and the money and definitely not the hours, haha. Long story, short; I find the complexity and competitiveness of the industry irresistible. Thanks for your feedback guys; I’ll try to make my CL more concise. Michael
miker2800 Wrote: ------------------------------------------------------- > I know my writing is not top-notch right now, but > that is because I am pulling an all-nighter for my > 3 tests tom. I am much more articulate and elegant > in my writing to companies. As far as the GMAT, I > took that during the summer and was sure I scored > between 700 and 710, so I apologize if I can’t > recall the correct number. > > I want be in I. Banking(pref sell-side), not > because of the prestige and the money and > definitely not the hours, haha. Long story, short; > I find the complexity and competitiveness of the > industry irresistible. > > Thanks for your feedback guys; I’ll try to make my > CL more concise. > > Michael You don’t need to specify that you want to be a “sell side” banker. Mention that in an interview and you’re toast.
Danteshek, This I am aware of. As I mentioned earlier, I’d take anything…beggers can’t be choosers at this point in the recruiting season. I just thought I’d specify for the post! Michael
He’s saying that because the terms sellside and buyside typically refer to research, not banking. Anyway, I’d consider expanding your search to middle market firms such as Houlihan
Are you sure you understand what I-banking is? I ask this because you seem to think there may be investment bankers on the buy-side, as others have noted. I’m not trying to be insulting, but I really didn’t get how the Street worked when I was graduating from college either, and it would’ve done me a lot of good to try to understand the various roles better. If you get the “why I-banking?” question in an interview, some vague answer of competitiveness, etc. isn’t going to get the job done. Second, is there an alumni network you can tap? Lots of schools have alumni career networks set up. You could at least do some informational interviews and develop some contacts in the field. Maybe even find a job opening or two.
700-710 GMAT? Put it on your resume next to your GPA. It’s a crass thing to do, but it let’s recruiters know that you’re intellectually on par with the Ivy grads. First off, it’s WAY, WAY too early to get discouraged. You’ve spent a few weeks on your search, and sent out a dozen resumes, and you’re ready to quit? Dude, it’s a long, hard process. I recently spoke to an MBA director at a pretty good program. They recommend that each student apply to a minimum of 100 jobs!! Even MBA students at top flight programs devote many hours a week on their job search for a year or two. Just keep working at it! Anyway, breaking into one of the major I-Banks out of undergrad is very tough. My sister had a 3.5 economics degree from an upper level Ivy, and she didn’t get a whiff. I’m by no means telling you to give up on that, but I advise that you broaden your search. Apply to regional banks, small investment shops and financial institutions. You’re undergrad is respected regionally? Then you should have no problem getting an analyst job in your area with a 3.9. Worst case scenario? Get a good (not great) job and work for 5 years. With strong experience, and your academic credentials, you will get into a strong MBA program down the road – the type of program that attracts the major I-Banks. Oh yeah, you’ll need to wait more than 2 years before you can get into a big time MBA program, even with a 700 GMAT and 3.9 GPA. Those programs’ applicants average of 4-6 years of high quality work experience. It’s only January. Keep plugging away. You have 4 months. 100 applications. And don’t lie about your GMAT!!
Thanks again for all your advice, I’ll keep chugging!!! Cfa2grunt-All criticism is constructive in my opinion. I know what I-Banking is and have an answer for that question, but I figured I’d save you guys the reading. Thanks again for your encouragement; I was just worried that by this time all jobs would be filled; no matter the size of the institution. Michael
Asides from your lack of lack of resolve, what worries me the most about your approach is the distinctive tinge of self deprecation… why on earth would you bring up the fact that you are coming from a school lacking name recognition. That more than anything is probably killing your chances as everything else seems to look good. Not trying to be harsh, but confidence counts for a lot and it comes through in your writing. Stick to your achievements and accomplishments and what you can do for them… not how a lack of name recognition holds you back.
Do you follow the market? Maybe its not you…
Most I-banking jobs ARE filled by this point. In my experience, firms descend upon top universities in September and October (at the latest). Most people have offers by November or December. Of course, this year (as in 2001 when I graduated), people may have those offers rescinded. It’s not a good time to be recruiting. Anyway, agree wholeheartedly with darkhelmet. Any recruiter/employer can SEE that your university doesn’t have the top name recognition - they don’t need you to point it out. Focus only on strengths.
Well the reason I mentioned the lacking name recognition of my school, was that I was taught that in a cover letter you should cover areas of potential weakness. My potential weakness relative to someone, who goes to Stanford and is vying for the analyst position, is my school. Am I wrong in this logic? Thanks.
When there is a weakness that demands an explanation, then, maybe. But this is a totally obvious weakness, and your GPA and GMAT (if you list it) are indicators of your academic abilities/intelligence. I don’t think bringing up your school’s lack of name recognition helps your case. Feel free to highlight your academic achievements in the cover letter.
Agreed. Stating that you come from a ‘weaker’ school only serves to highlight this fact, whereas focusing on your strengths may serve to divert attention to your capabilities.