Comments on: No Summer Analyst IB Offer – Is Life Over?

By: IBanker

IBanker — Mon, 26 Jul 2010 17:10:58 +0000

Chris,

Thank you very much for the support. To your question, if you are asking about your position as viewed by bankers, then it would be viewed favorably, but not highly. In other words, it will be seen as a solid position and a great opportunity (if you like those groups), but not terribly relevant to IB, since it is back office. Therefore, although it is a great opportunity, it isn’t going to open a wealth of IB doors for you and pave your way to a front office role. That said, the position can provide you with a solid foundation in finance and accounting, great experience and an opportunity to network. In terms of next potential steps, you could move onto a good MBA program and then push for banking, you could reach out to your contacts, expand your network and push for an IB role (while you are working BO, some BO groups provide more relevant experience and a bit more mobility than others). Additionally, you can look towards small boutiques that often want interested candidates with hard finance and accounting skills. Good luck and email me if you have any other questions.

By: Chris

Chris — Sun, 25 Jul 2010 20:20:48 +0000

Hi,

I very much like your post. It’s good to have a clear overview on all the options and how they are ranked by a real banker.I graduated magna cum laude in a very good continental EU business school. I wasn’t really aware too much on the tricks in applying for IB and I took on a job in the finance/accounting division (BO) of a BB bank in London, which I like very much. My question: how are these kind of rotational programs looked at in the industry and what do you think are career prospects for this position?

Many Thanks

Chris

By: IBanker

IBanker — Thu, 25 Mar 2010 02:54:41 +0000

I can’t argue with much of that – most bankers want to ultimately land at a HF or P/E shop and many would jump at the opportunity to go into a decent HF over a good BB out of U grad. It’s all about what the person is interested in though.

By: IBanker

IBanker — Thu, 25 Mar 2010 02:52:23 +0000

Generally speaking, I would say a “so-so” GPA from a target school is better than a good GPA from a non-target. That said, 1) the 2 target schools you listed are more semi-target (although closer to target on the west coast, so I guess it also depends where you want to work) schools and, more importantly, 2) a “so-so” GPA in my opinion is not a 2.9-31, it is more like a 3.3-3.5 – in other words, a decent GPA, but nothing outstanding. With a 2.9 GPA, you are definitely in the bad range. So breaking the 2.9 out of the range, a 3.0-3.1 is still troublesome, but definitely stronger than a 2.9. I would stick with the target school, but definitely try to get your GPA up to at least a 3.2-3.3 to really get into the decent range.

By: IBanker

IBanker — Thu, 25 Mar 2010 02:48:45 +0000

Strong engineering programs often come with a bit of relaxation on GPA constraints since when it comes to this program, a 3.5 GPA is strong. That said, unless you double major, you can’t really call on your accounting courses as a standalone GPA (5 courses isn’t much as well). With a GPA above 3.0 you aren’t completely screwed, but you will definitely face an uphill battle.

By: SMITHERS

SMITHERS — Wed, 24 Mar 2010 22:34:56 +0000

^^HF’s are BETTER THAN IBANKING. IBANKING IS THE OLD BEST THING SINCE HEDGE FUNDS CAME ALONG (IBANKING=LESS PAY +MORE HOURS).

By: Sandy

Sandy — Tue, 23 Mar 2010 17:59:39 +0000

Great Article! I just had a quick GPA question, what is considered better for investment banking and business school, a top (3.8-4.0) GPA from a non-target school or a so-so (2.9-3.1) GPA from a target school? Say in this case the target school is UC Berkeley or UCLA and the non target is UC Santa Barbara or UC Irvine.

By: AJ

AJ — Tue, 23 Mar 2010 17:22:50 +0000

I’m studying engineering at a midwestern state school with a top 5 BBA program. The engineering program is very reputable as well. My GPA is just over 3.0 and I break out the grades for all the finance and accounting courses I took (5 courses) and that is a 3.7.

By: IBanker

IBanker — Tue, 23 Mar 2010 03:39:43 +0000

On the surface, the experience sounds pretty solid, as far as internships go – the more reputable the company and the bigger the name, the better the experience will look on the resume. That said, strong experience (modeling, documentation drafting, etc), definitely helps to offset a lack of firm pedigree. In your case, if you can point to some concrete examples and experience, it can definitely help you in terms of recruiting. It will not, however, completely offset a poor GPA. In other words, the experience sounds pretty solid, but you will still contend with the difficulties of breaking in with a poor GPA (I’m not sure of the school you attend, but if it is not a target, you will face a slightly greater uphill battle as well).

By: AJ

AJ — Tue, 23 Mar 2010 03:33:16 +0000

How about a business development and investor relations internship at a start up company? I currently work part time and have an option of doing a paid internship. Some things I got to do: negotiate technology licensing deals with CEO’s of other smaller firms (lead negotiator), prepare private placement memoranda, develop financial projections for investors, and perform capital structure analysis for the CEO. The company is valued at about $4MM, and has five employees and about seven or eight other interns.

Would this kind of experience be considered competitive for full-time BB recruiting in the fall? I spent the entire year networking with analysts and associates at major BB and MM firms, but did not get a single interview because of somewhat low GPA.