Beginning a career in Ibanking

<p>Hello,</p>

<p>I am a grad with a BS in Business Administration and like many other post grads, since May 2010 I have been on a job hunt to begin my career. I graduated from an average state university with a high GPA. I am interested in becoming involved with ibanking, particularly within a Hedge Fund.</p>

<p>I have posted resumes on all the major banks websites, I have networked and even pulled what I call the "dad" card and networked with some of his big name clientele (he is a VP at a large bank). I still can barely get an interview, and one interviewer actually told me the only reason I was called into his office was because there was a note at the top of my resume with my fathers name on it - they had no intention of hiring me it was just a "favor." With or without my networking tools, I am really struggling. I am employed, but my current position does not offer any professional growth, it is just a means of keeping myself afloat while I look for career opportunities.</p>

<p>Does anybody have ANY suggestions for a good route? I am starting to think the only way into a bank is to be a teller - but I want NOTHING to do with retail banking which is the path I would take on if I were to consider this. I would be extremely happy in an unpaid internship at a hedge fund, or a leadership development program, or one of those formal training programs of some sort (and yes, I have applied more than once to several). My professional experience is close to non-existent. All I have going for me at this point is a degree and a high GPA.</p>

<p>PLEASE HELP! I want to begin my career and I feel like I can't break through the wall this recession has put up for recent graduates. Any suggestions or referrals I would very much appreciate!</p>

<p>You have a high GPA (that’s subjective, but 3.8+ right?) from an average state university but can’t find a job in the front office? That doesn’t sound so out-of-the-ordinary to me, sorry to be blunt. My suggestion would be to get your MBA after a few years of working in a finance-related area. It probably won’t be investment banking, but if you can get into a top MBA program, your chances for investment banking will be much greater. </p>

<p>These days it’s really difficult to get into banking from a non-target. I mean unless a person goes to a top ten school or an ivy, getting into investment banking is really hard out of the undergraduate level. (Note I didn’t say impossible, it does happen to a comparative few.) One of my friends from high school went to UT Austin’s undergraduate business school, but didn’t get hired into investment banking like he wanted. He worked at a regional bank for three years, and went to UT’s graduate school, and now works in investment banking at a bulge bracket. Keep your head up!</p>

<p>Thanks for your response. I am considering getting my MBA, and understand I need at least 2 years industry experience to do so. I would like to get some experience in finance, even if it is not in ibanking. I have been looking for entry-level analysis positions. Every one of these positions I applied for I have not even received a response back! Any suggestions for getting into an entry-level analyst job? They MUST train people with no experience in these positions- what are they looking for? Internship experience? Top school? How can I catch an eye??</p>

<p>You said your dad was in the industry.
Have you asked him what he suggests doing?
Also, if you have contacts, even ones who have already turned you down for interviews, ask them for advice.</p>

<p>Before all that though, take some time to understand the industry, the roles available and the roles you are interviewing for.
As of right now, even if you get an interview, you won’t be seriously considered.
Hedge funds do not do investment banking.
How can you be sure you want to work at a hedge fund or do investment banking when you clearly do not know what either of these positions entail?</p>

<p>Angryelf, thanks for your response - I have asked for advice from people other than my father and they suggest the “getting my foot in the door” method with customer service or something of that nature. I could be further along if I started that out of high school! Also, Ibanking interests me, and so do Hedge Funds… but you’re exactly right and unfortunately it is apparently obvious I am not that knowledgeable… I am not offended by you calling me out on that and actually appreciate it.</p>

<p>I have been self-educating on trading currencies, would it appeal to a hedge fund if I can display that I have a -somewhat- successful portfolio? Could that count as “experience”? Does anyone think this is a lucrative means of generating an income and “self-employing” myself (obviously would keep my day job…) but I could treat it like an internship I am conducting on my own…? I am beginning to think this is actually an avenue that I could take in my own hands and not have to pray I get a call back for an interview…</p>

<p>Also, I have discovered several trading schools that train you and allow you to trade with their money, and based on your track record at the end of, say, 6 months, promotions are given. The training will be another school expense, which I am hesitant because I am not entirely convinced my return on investment will exist and adding to my school debt is a bit scary. Any thoughts on this?</p>

<p>Your best shot is getting an MBA then transitioning in as an associate. Right now you look like damaged goods to recruiters and if you’re not getting a single call back your resume must suck.</p>

<p>Check out wallstreetoasis you will get better advice there.</p>

<p>Sent from my DROIDX using CC App</p>

<p>I don’t mean to sound rude, but it doesn’t seem as if you know what you want to do.</p>

<p>Working at a hedge fund is completely different than working at an IB firm. :-&lt;/p>

<p>Figure out what you really want to do–and “I just want to work at a famous bank so that I can brag” doesn’t count. </p>

<p>If you want to get into a hedge fund, or PE, go into buy side analysis (find a job as a business analyst, etc). If you’re more interested in IB, which is sales side, work on your pitch, lol.</p>