<p>I am an Economics major at the University of Pennsylvania and I am looking to go down the OCR path for investment banking come time in January. However, I have found from various interviews I've had with Credit Suisse, Bear Stearns, and two hedge funds etc. that economics majors have a much harder time landing internships with the top banks and my conclusion is that it is because of the lack of finance, accounting, etc. coursework. Additionally, I also attest this to my age (I am a rising junior as opposed to the more heavily recruited rising seniors). Currently, I am interning at UBS Financial Services and I have received great exposure to finance, the market, etc. and I also interned in London for a 20 person Private Equity Fund/Investment Bank two summers ago. This summer I will also become a certified Bloomberg user.</p>
<p>I am therefore seeking advice on how to make myself a more marketable candidate come time in January. I am not sure whether to take Finance at Baruch College for the second summer session and if so whether I should take Principles of Finance or Corporate Finance? I must also add that I would normally take finance at Wharton but I will be studying abroad in Spain for the fall semester and to take it in January might be too late (however I may enroll in Accounting during January and indicate to the banks that I will have the knowledge by the time internships begin in June).</p>
<p>Does anyone have suggestions on what I should do? Are there any other ways for me to get involved in finance in NYC for the summer and/or demonstrate my interest in investment banking?</p>
<p>sorry but i dont know the answer to your question, but i am kinda in the same dilemna as you are. I am deciding between an econ or business admin major and i dont know which one will help me the most to break into ibanking. So you have heard that an econ major does not work the best for ibanking? Is business a better major? Thanks</p>
<p>I think the best response is that it is all relative. From the numerous career/internship fairs I've attended, many have put Math, Econ and Business majors at the top of the list for majors they consider. Generally speaking, physics majors often get thrown in that group. However, within the Math, Econ and Business section, I feel as though Accouting and Finance concentrations get a higher priority over Econ majors simply because their education is more pre-professional and job specific. At the same time that is what I have observed at the sophomore level. It may very well be the case that in junior year all these majors are less differentiated as I have noticed and heard that "it all changes junior year for econ majors." That being said, you should pick a major that best fits what you want to study for four years. Personally, I happen to love Economics and I will pursue Finance in an MBA program. In fact, I believe that there are more econ majors in MBA program nation-wide than finance, accounting, etc. concentrations. This stat could be skewed by the fact that many undergraduate business majors don't end up getting an MBA. However, these are generalities and for internships so much of it has to do with connections.</p>
<p>If you get leadership roles in a couple finance-related clubs at UPenn that would probably be a plus. You should have a good shot though as your internships seem to be impressive, especially for a rising junior.</p>
<p>I know many econ majors (many of my friends) at Penn that have landed banking jobs. Apart from the solid internships that you already have, if you maintain a good GPA and take finance and accouting in the spring then you definitely have a chance to get a banking job. One of the major obstacles that many of my econ friends have faced is the interview question, "being at Penn and wanting to do banking...why didn't you study in Wharton?" Try and have a solid response to this and you should be fine. But definitely take fnce100 and accouting101 asap.</p>
<p>(1) Do you think Corporate Finance at Baruch would suffice for taking Finance 100 at Wharton? Obviously you can take the prestige factor into account here but in terms of material learned and preparation for interviews, do you think that they are somewhat similar?</p>
<p>(2) If I didn't take either finance or accounting this summer and delayed them both to the spring, would that still be okay for my candidacy for i-banking internships? It would certainly show a committment to the industry, but how would taking those classes while simultaneous interviewing help me for any of the finance-related questions/case-interviews that would come up in early January/February? Thank you.</p>
<p>(3) What do you mean by "good" GPA? I'll tell you up front that I have a 3.6 GPA and I am obviously looking to raise it (that's not to say that I am not proud of it because I certainly am), plus I have heard from colleagues at that the mostly everyone tends to do better in upper level economics courses past the intermediate level various reasons. Do you think my experience, grades and other credentials would make me a viable candidate to be granted at least first-round interviews if not better?</p>
<p>(1) Taking it at Baruch might not look so good if you have the option of taking it from the top business school during the year.</p>
<p>(2) you should be fine taking them in the spring...just let the interviewers know or even better on your resume in your academic/education section you could put in a small section of "relevant coursework" or "current coursework" something like that. If they know you haven't taken them yet then they probably wont ask you any of those kinds of financial questions. However, I would definitely read the Vault guide to finance interviews...definitely helps you (or people without a business background) with understanding DCF valuations, basic accouting, basic finance, comps, etc. </p>
<p>(3) You're GPA is amazing for an econ major...so don't even worry about it. I know a lot of people in wharton with 2.8-3.3 GPAs that land good banking jobs. I think that you're excellent academics, decent internships (especially the PE one), and your other credentials are good enough to get you an internship next summer.</p>
<p>How important could the finance related questions possibly be in an interview if I, like so many Econ and non-business majors, can just simply say I am currently taking the course and cannot answer at the time and still have my candidacy move forward?</p>
<p>Then, would reading the Vault and my internship experience be enough to help me in the case/second round interviews?</p>