<p>I'm a Caltech rising junior majoring in applied math and econ. What can i do to set myself apart from other applicants? I have a pretty good gpa already (3.9+). I'm taking finance classes next year and plan on applying for a summer internship after junior year. Any other things i can do to set myself apart from the crowd? Also, do you think quant positions would be a better way to get into the door (due to my math background) or can i still get a sales & trading position or one in Corpfin? In addition, do i-banks look favorably at Caltech (i.e. in the same league as MIT, etc.)?</p>
<p>I would think you have a great shot given your GPA. Even though Caltech may not be as prestigious as HYP/Wharton at least in terms of Wall St/ibanking culture, your strong academics may put your foot in the door. Internship experience is vital, so do something this summer finance-related to help yourself junior year. Since you’re an econ major, it should not be a problem to get into any field of ibanking. With your applied math, it should not be a problem to get into hedge fund/quant positions. I think ur in good shape.</p>
<p>Thanks, Fermat. I was just wondering, because Caltech is generally among the top 5 schools in the country but banks do not recruit here in great numbers. There is not a great emphasis here on business professions. Most go to grad school and become professors. The student body is very intelligent quantitatively, and it seems like Tech would be a good place to recruit for quants and other computationally intensive positions, etc. It is surprising that more firms do not recruit here. Although this might be because Tech gpa’s are notoriously deflated :P.</p>
<p>I have little finance experience. As I said, I am taking my first finance class next year. Will this hurt me when it comes to interviewing, etc.? Would it be better to apply to boutiques or go straight for the BB (Goldman, JP Morgan, etc.)?</p>
<p>Apply everywhere. IMO, your best chances are being a quant. However, with a good background from a good school you have a better chance than most from a non target school when applying to banks. Does Caltech have on campus recruiting? Do banks and other finance firms have special Caltech dropboxes for resumes and stuff? If not then you’re applyiing to the website which is a cluster****. I’ve had a few friends get phone interviews from some BB internship websites, but your chances are far better at any firm that comes on campus to recruit. Most firms probably don’t recruit at Caltech because most students at Caltech don’t want to work in finance. MIT has strong recruiting because it has a very good business school and many students there jump into finance.</p>
<p>Your best bet to get a position might be looking up alumni who work in the industry and trying to contact them.</p>
<p>I interviewed with Jane Street Capital (a quant proprietary trading firm) a few months ago, but did not end up getting a position (due mainly to lack of preparedness for the interview). The interview consisted of many puzzle type questions. Can I expect the same when interviewing for a corpfin or s&t position at an investment bank or will they ask more qualitative questions along with a few finance questions? Although I wouldn’t mind being a quant, I prefer to work in another department (like corpfin). How much will my gpa help my chances? Isn’t a 3.9 gpa at Tech considered on par with a 3.9 from Princeton and Harvard, if not even more respected? Also my gpa is based on a more rigorous major (no offense finance grads).</p>
<p>Whether you like it or not, people carry their own prejudices and stereotypes everywhere with them. The average hiring honcho on the street will equate Caltech with quant. </p>
<p>“Would it be better to apply to boutiques or go straight for the BB (Goldman, JP Morgan, etc.)?” –
What you have to do, esp. in todays climate is network with everyone and apply everywhere. It will be hard to make a lateral move later on. If you are set on not being a quant, then dont take a quant job, although I would guess that would be very difficult for you to get smthng else.</p>
<p>What is your basis for saying it would be very difficult to get any other position besides a quant position? I have an econ background as well, does this not hold any weight?</p>
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<p>It’s not like firms are reporting avg GPAs the way law schools or even business schools do; so I don’t think they’re going to care about lower GPAs coming out of Cal Tech. Firms are going to know that even below 3.0 GPA candidates out of Cal Tech are unbelievably smart. I think firms in the past have seen that the vast majority of Cal Tech grads have not been interested in business related jobs or don’t have the right personality and so their recruiting efforts there have not been fruitful enough to justify the perceived cost. I think you would be in good shape to get a position, although after a certain threshold (say 3.5 GPA), having a 3.9 GPA isn’t really going to incrementally help that much.</p>
<p>My friend’s son who is at Caltech had trouble getting an internship in finance a couple of years ago when the economy was still humming. I think you have to do a lot of legwork on your own besides going through campus career office, searching for companies, contacting them and apply early, like November, December.</p>
<p>Be really prepared when given interviews.</p>
<p>Caltech is indeed a top school, but just as Wharton students aren’t recruited by Google, most banks do not find it worthwhile to recruit at caltech (small student body and very little interest in finance). The typical caltech student also doesn’t fit the mold of a banker. </p>
<p>You can try to get into a quant fund, but you’ll find that lots of people there already have Masters or Phds in math, compsci, etc. Top quant funds like Rentech don’t even recruit undergrads. You might be able to get a S&T position, but those are not particularly quantitative. Prop trading is unlikely.</p>
<p>If you can get an interview and demonstrate that you are a good fit for wall street (most people I know at Caltech are not), I don’t see why an interviewer would doubt your ability to do the job</p>
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Google actually recruits at Wharton for business side positions :)</p>
<p>I concede that Caltech is not a hotbed for finance, but the students who have been interested in finance here have gotten top offers from the BB’s. For instance, of the 4 applied math majors in my hovse, one is on the quant desk at Citi, one is trading currencies for Goldman, and one is on s&t at Deutsche Bank. One kid is working at a firm in LA, not sure exactly which one. I believe I have the personality to be a banker as well (i.e. I’m an outgoing guy, not your typical Caltech nerd) and believe I can show this off when interviewing for s&t positions. Although, I guess it’s a good thing I have a back-up if I don’t find any jobs…law school.</p>
<p>One place in S.CA that you may want to network your way in an internship is PIMCO. They are in Newport Beach and I know they hire many quant people, especially PhDs in math. They are also expanding.</p>
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<p>Another example of Awped being wrong.</p>
<p>DE Shaw and many other trading firms recruit at CalTech.</p>
<p>DE Shaw is not a bank you fruitcake, it’s a quant fund know for its selective recruiting process and usually hires out of grad school</p>
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<p>Nice insult, 7th grader? Obviously is it not a bank. That’s why I said “DE Shaw and many other trading firms.”</p>
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<p>The point is, there are quant funds who recruit directly out of CalTech undergrad. (You were wrong) One of my friends works for DE Shaw and just graduated from CalTech. You don’t need a Masters or PhD to work for them.</p>
<p>You’ve been consistently incorrect with your information:</p>
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Wrong.</p>
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False. Many students are interested in trading.</p>
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<p>“…most BANKS do not find it worthwhile to recruit at caltech”</p>
<p>How many caltech students do you know in ibanking (if you know anyone)?</p>
<p>Any Caltech students that go into finance will most likely be involved trading, but that does not mean there are “many” students interested in finance. Look at their graduation surveys before talking. </p>
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<p>I never said it was impossible to get into a quant fund without grad school, I just that it was uncommon. As an example, James Simons refuses to hire undergrads for his quant fund. Don’t speak on things you know so little about. </p>
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That was a mistake and not meant to be taken literally. It was just a comparison between schools with different areas of focus and different recruiting advantages. I’m sure Google hires from Penn, but it is not a popular career choice for most Wharton students</p>
<p>^Google also recruits Penn Engineers for the types of jobs your average Caltech undergrad is going for at Google too :)</p>
<p>That’s besides the point though.</p>
<p>duke, of the 200 or 300 or so students in each class at Caltech, how many would make up your “many” students interested in finance. My guess would be less than 15 each class, but then again my friends at Caltech are really into engineering and physics and seem more likely to go for PhDs after undergrad instead of banking jobs.</p>
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<p>Thanks for admitting it. I was under the impression you thought you knew everything.</p>
<p>Jane Street, DE Shaw and a number of other quant funds recruit right out of undergrad. Obviously, others only hire those with advanced degrees.</p>