<p>i just signed up today and this is my first post, so i am bit excited here. currently i am 2nd year at UCSD. unfortunately, UCSD does not have accounting or finance related major (only econ and management science. anyone heard of management science major before? it's under economics dep) and here i am stuck with management science major.</p>
<p>like many of you, i want to set my foot into investment banking field (i do not care how terrible the market is right now), but as many of you know, UCSD is not one of targeted school.</p>
<p>so i was thinking of transfering to private colleges that are more ib targeted in my junior year. i know top tier schools include hyp, upenn, mit, nyu, chicago, berkeley and so on... are the "targeted" schools, but honestly, i think i have pretty slim chance of getting into other UCs (i already have more than 90 units, so i can't transfer anyways within UCs) and top notch ivy schools like hyp, mit, and upenn stuffs.</p>
<p>i was think of schools like nyu, boston college, USC, and maybe Carnegie that are still pretty good and targeted, but not as competitive as hyp or cal.</p>
<p>as for my gpa, i have 3.6, which i think lies somewhere in decent to good range, but my sat was bit low (just under 2000). i believe, for transfer most schools ask your sat scores as well and wondering if i should take my sat again or not.</p>
<p>any comments regarding this would be greatly appreciated and i hope you all have good weekends</p>
<p>I don't think investment banking, as it existed before, will exist for a long time (if it ever does). Some botique banks are catching the slack, but their profit margin isn't nearly as high..With a huge drop in the number of jobs available in the industry, it's going to be extremely difficult to get a job at one of these small banks..there are probably better areas to go into if you want to do finance. But with that said, as you're applying as a junior, your SAT isn't as important. 3.5+ is supposed to be the magic number when it comes to transferring, so you are in good standing in that respect. But transfer schools also weigh heavily your essay, recommendation(s), and EC's. I would say do some research on those schools, and find a good reason to transfer. Find a professor who's willing to write you a strong recommendation, and you should have a good shot at getting into those schools you mentioned.</p>
<p>spartan89, i agree with you and honestly believe investment bankers will make probably what most CPAs will make in next 20 to 30 years. (not exactly CPA salary but will transit into more like CPAs in terms of people regarding investment banking)</p>
<p>there were time when i felt like maybe i should change my major to engineering, pre-med, or pre-law, but i always stuck with ib. chances are, i doubt i will digress from econ department. so i was wondering if you have any alternative prospects similar to ib (i was thinking consulting and broker, but do not really know much other than ib).</p>
<p>again i want to thank you for writing on my post</p>
<p>I work for an IB. I'll give it to you straight - forget it. Your best chance is to be at the top of your class at the Ivy's or another school from the top-15 with a 3.8+ and a 2250+ SAT (and president this, president that, etc). Still, the vast majority of these applican't wont even get an interview. The lucky few will get grilled. The superior might get an offer.</p>
<p>The problem is, many of these "ib" type jobs are extremely difficult to get..there are many people who want to make a ton of money. If you're looking for another long hours/high pay type of job, maybe look into management consulting. I've heard sales and trading is a great career, don't know if it's still around though, or how to get into the field (this is another extremely sought after job).</p>
<p>Management consulting will be more competitive than ever. Well, then again, it was always super-competitive and in some years the top consulting firms would give fewer offers than the top banks. </p>
<p>Sales and trading still exists, but it's also super tough to get in.</p>
<p>Worst of all, ALL top analyst positions will be the most competitive in years. Now all of the wanna be ibankers will be vaying for the consulting, trading, finance, risk, and other jobs. To make matter worse, not only is there significantly more competition, but nearly every industry is hiring fewer and fewer college grads. I sure am glad I graduated when I did...</p>
<p>As a 25 plus year veteran of ibanks, I have to respectfully disagree with Spartan and the others who believe ibanking will soon take on CPA level pay. I must say that gave me a pretty good chuckle though!</p>
<p>Jobs on The Street will be very hard to get for a few years, but the ibanking industry is not going anywhere. Companies will always need to acquire, merge and raise capital. Institutions will always need to invest pension funds.....</p>
<p>Banks have been cutting back for 2 years and before the credit crisis it was presumed most would end up with 15% fewer employees. Looks like it might be even a bit more now. </p>
<p>There's a lot of job movement now as private equity firms cherry pick the best from banks that are undergoing structural changes. The best jobs in the future may well all be under the PE heading, but there will indeed be people doing the exact same things as they did when their employer's were called ibanks.</p>
<p>At this point I would not encourage you to transfer to get an ibanking position. Your resume and transcripts will be parsed at any bank. If you have the type of accomplishments that will be needed to get a job, you can get it out of UCSD. Targets are just a way of having a critical mass of good candidates at one interview site. We don't just offer every Harvard or Stern guy a job. You would need to really stand out there too.</p>
<p>I doubt the pay level is going to be reduced to that of a CPA, but I don't think it's reasonable to conclude that it will, in the near future, be anywhere close to what it has been in the past ten years (at least for most). IBanking is still going to be around, I agree that companies need to acquire, merge, and raise capital, but I think the days of highly levered deals, with enormous profit margins, which were a significant portion of their income, are over, at least for a while. Many banks are changing their business model to reflect what I mentioned above, one of primarily consulting function. It's always been a hard field to get and stay into, but I think the increase in recruitment selectivity (to a point now where it is not just difficult, but extremely difficult), and the uncertainty of the IB's future role in financial markets should make you consider strongly whether or not this is still the right career to pursue.</p>
<p>my conclusion: if IB is the only reason you want to transfer, maybe it's not the best reason. But if you are unhappy, and can transfer to a more academically rigorous university, and do well, I don't see how this could hurt your job prospects. good luck.</p>
<p>I’m from UCSD and have been invited to interview for a Bulge Bracket firm’s Investment Banking Division, as well as a top 3 management consultancy firm (i.e. McKinsey Bain BCG). </p>
<p>It’s definitely possible, but you are going to have to be more creative on how you get there.</p>