<p>Maybe you don’t realize this but EVERYONE applying to these types of internships has a great GPA. Unless your Jamie Dimon’s kid, your not gonna get a spot with less that a 3.6, 3.7. GPA is used strictly as a initial weed out of resumes. They take out everyone who GPA is below a 3.5 AND THEN start determining who is going to get the internship. Your GPA is nothing more than a easy way for them to filter people into a pool of potentials. Its not even a first step, more like a preliminary one. Its the rest of the resume that actually gets you in, your leadership activities, work experience, interests, and skills are vitally important to having a shot. I interned at JP and spoke to lots of recruiters who all said this exact thing. To succeed on Wall street takes a special breed of person; competitive, teamwork oriented, result driven, well rounded. You have to set yourself apart from the other 100,000 kids who are ivy league econ majors and stat minors. You have to show the ability to be truly passionate about SOMETHING, ANYTHING. And you have to know how to network. Look up your alumni network for people on wall street. 90% of them would be more than happy to help a fellow chicago kid get a job. If a recruiter knows that you’re able to network, it translates as the ability to build personal relationships with clients and coworkers. The true value of a potential intern can simply not be expressed in terms of a GPA. You’re smart, they know you’re smart, who cares, so is every body else. Ask yourself what else you are…then put that on a resume.</p>
<p>oldfort,
Your daughter wouldn’t be a good example to guage. She got an internship experience with a major bank through personal connection. It’d be easier to get another one with that under the belt and if she get anoher, it’s not exactly “by herself”.</p>
<p>OP,
I am not sure if H4 vs F-1 is the problem. Most companies ask “will you now or in the future require sponsorship”; I’d heard that asking about visa type is technically illegal. Did the UChicago system really ask for your visa type? Many recruiters don’t know the difference among different visas and some don’t even know what “permanent resident” is.</p>
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<p>Most in house recruiters from major institutions with global operations ABSOLUTELY know about the work permit issues, visa issues, green card, etc. Many of them even have dedicated lawyers dealing with employees that need to be “sponsored” for work permit, etc.</p>
<p>I can imagine, though, some professional head hunters not knowing a lot about these issues.</p>
<p>This thread is really interesting to me because I know absolutely nothing about IB but I think that might be son’s interest. He’s at Harvard where he has a 3.9+ in economics and is on track to finish his master’s also in stats in four years. The past two summers he’s worked remotely for professors in econ and govt on book manuscripts and data collection. He really hated doing this. We are academics and he always thought he’d go into academics but it looks like he wants the business world instead.</p>
<p>Will it hurt him that he hasn’t interned yet with one of the IB firms? He is a junior. Has some good ECs that demonstrate he is a good speaker, good writer and good at meeting deadlines. Should he already be looking for summer internships? For all I know he already is . . .</p>
<p>he’s at HARVARD with a baller GPA. for god’s sakes, if anybody should be worrying about banking spots, its not him.</p>
<p>I like how I can come accorss a term like “baller GPA” and not think twice about it. Banking is the career for me.</p>
<p>This is sad how some people who go to the top ranked schools just don’t do anything except study and get a a high gpa because they go into investment banking and make a high income.</p>
<p>The other students don’t do anything besides study and party. They also want to go into investment banking and make a high income.</p>
<p>It could be the type A personality which deludes children into thinking they have to have the best scores in order to be successful in life.</p>
<p>I can remember when I was a Freshman and I had over a 3.9 GPA. This was stupid.</p>
<p>ROTCherewego - Go easy on this kid. He has enough to worry about now. It is not his fault that all these visa restrictions can be so complicated. Besides, what makes America strong is the fact that it attracts the best talents from all around the world. Personally I dont see how much stronger Americans are compared to a lot of Europeans and Asians besides having the ability to talk through pretty much everything.
I am pretty sure you are clueless about something critical about your work. And do you want me to say the same thing (I wouldn’t want to hire anybody who is so absolutely clueless about the most important thing for his career) to you and fire you?</p>
<p>Hmmm where did you get the notion that GPA is the most important thing for IBD positions?</p>
<p>Man… i guess it really is unfair. A kid from my school with a GPA barely over 3.0 was rolling in IB interviews from BB banks. But of course people think hes brilliant and people tend to like him right away.
In terms of school we are more famous for our parties then academics. There was a riot during my freshmen year haha. Yet we still maintain a decent alumni network and many of my friends get interviews, mostly… actually 100% from network, both personal and alumni related. In terms of finance knowledge we try hard not to fall behind, since we know exactly who we are competing against… people like you.</p>
<p>Did you network at all? I’m inclined to think no.</p>
<p>GPA is nothing but a screener. Usually the minimum is 3.5, it’s best to be 3.7+. But once you’re past that screen, it doesn’t matter. And they do consider the school and inflation/deflation. I heard a story from a partner at goldman saying how at Dartmouth, when the dartmouth alums look over resumes, a 3.8 is “average” because of the inflation there. Usually its alums looking at your resume btw, if you are at a target school (chicago is I believe).</p>
<p>What matters is showing interest in finance (by being part of club, doing internships), showing leadership, and showing you are more than a bookworm. But most of all, networking.</p>
<p>Why is networking important? Because those alums that you are developing good relationships with are the people picking who to give interviews. Banking is not rocket science, and it involves long hours; naturally, they want to find people who are likable, personable, and can be fun to be around with for a long time. Networking helps put a face and personality to a name, and is absolutely essential.</p>