<p>Hi I am a sophomore in college about to become a junior . I have an internship for this summer which is 40hrs/week for three months and probably I will have one next summer as well. My major is computer engineering but I am very interested in doing Investment Banking. I want to apply to business school as soon as I finish my degree. Since I have some experience as an intern which is full time does that help? and will I get something like NYU if I have a good GMAT score and a gpa of something like 3.5 towards my senior year. I would very much appreciate your response.</p>
<p>Your chance is limited at best. It helps if you minor in finance. Still, it is a long shot. There is no harm trying, just be realistic. </p>
<p>Your chance is absolutely better if you work for at least 2 years before applying. </p>
<p>Having that said, you may have a shoot at an entry position at IB firms after college. If IB firms frequent the b-school in your college, join the IB club and start attending the firms' "briefing" sessions. GPA cutoff for some firms are 3.5 (depends on schools as well) so stay a close eye on your GPA. </p>
<p>Plan to position yourself for an IB internship next summer. During this summer, work with career services on your resume, your story (why IB?) for interview etc before the Fall recruiting season starts. If you somehow manage to secure an internship slot, your senior recruiting season will be a lot easier. Good luck!</p>
<p>Business schools look for post-graduate work experience and internships prior to graduation will not count towards that total.</p>
<p>the AVERAGE amount of work experience for MBA candidates is 4-6 YEARS.</p>
<p>There are stories of people that went straight to an MBA program right out of college but most of those people started numerous business while in college and have the basic equivalent of that "average" experience that most MBA candidates have.</p>
<p>Just to reiterate, even if one could gain admission to an MBA program straight out of college, there will be some serious issues for that student when recruiters visit campus to fill their summer internships and permanent positions. Recruiters at MBA programs will be looking for students with work experience, and who have already proven themselves capable in the working world.</p>
<p>Ok what if I do job for a year or two will that make my chances good</p>
<p>I mean obviously it would but what are my chances after 2 years of work experience
Why would anyone doing I banking require so much experience?
Actually I havent really understood what is I-banking
I would appreciate if somebody can elaborate on this thanks</p>
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Actually I havent really understood what is I-banking
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Google/Wikipedia is your friend.</p>
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I mean obviously it would but what are my chances after 2 years of work experience
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It depends on the quality of the experience ... as well as you can provide a convincing need why you need the MBA at that particular juncture of your career. </p>
<p>Bottom line, I feel like you are catching all these buzzwords floating around CC - MBA, I-banking etc. Just focus on your internship and see the industry/job type is something you enjoy and like to pursue after college.</p>
<p>"I have an internship for this summer which is 40hrs/week for three months and probably I will have one next summer as well. My major is computer engineering but I am very interested in doing Investment Banking."</p>
<p>Why do you want to go into Ibanking if you are only working 40hrs per summer?</p>
<p>well I am willing to work 80 hrs/week if I get a job like that</p>
<p>You are "very interested in doing Investment Banking" but "haven't really understood is I-banking." </p>
<p>Did I miss something here?</p>
<p>I know what it is I am just trying to figure out whether the work experience my internships will be counted as work experience</p>
<p>It'll help you land your first job out of college, but will probably mean very little for MBA programs.</p>
<p>Like others have said before, get some work experience. With a good GPA and assuming you go to a good school, you'll have a shot at landing an analyst position at an IBank upon graduation. Work there for 2 years, then apply for your MBA.</p>
<p>With that being said, do some research on what IBankers actually do. Its a tough and grueling job that offers little satistfaction besides a big fat paycheck. Books I recommend are "The Accidental Investment Banker" by Jonathan Knee and "Monkey Business" by John Rolfe and Peter Troob.</p>
<p>You are "very interested in doing Investment Banking" but "haven't really understood is I-banking." </p>
<p>Did I miss something here?</p>
<p>no you didn't.. it's the "I hear how much money they make and how glamerous it is so i want to do it but have no idea what they actually do"</p>
<p>welsh thanks for the suggestions
I should say I have decided to go for that 2 years but does it make a big difference if I do a job in a Tech Company rather than a financial company.</p>
<p>roto,
You seem to know lot more about I banking so why dont you post useful information here rather than making fun of someone. I would say I know more about I-banking than you do lets see how much you know
I dont wanna waste my time quarreling with people like you..its not that I dont know anything or I cant respond to your statement ..maybe just mind your own business</p>
<p>if you want your feelings protected, dont come to a public forums and ask questions. and dont make claims of interest in IB and in the same breath mention that you're actually ignorant of what IB's do. but i'm sure you can just plagiarize wiki for us.</p>
<p>If you decide to work at a tech company upon graduation, you may want to wait 4-5 years before applying to a top MBA program to be competitive. The reason why i-bankers and former analysts are competitive for top MBA programs after 2 years is because in those two years, they work as much as a normal person does in 4-5 years in an extremely high stress environment.</p>
<p>roto I don't really feel like that's unusual, haha. The term "Investment Banking" has pretty much become synonymous with "prestige" and "lots of money" in the minds of undergraduate students (and most of America for that matter). Everyone wants prestige and money - everyone wants to be an Investment banker. </p>
<p>And poisenedapple: "Why would anyone doing I banking require so much experience?" It's not the job necessarily, there are plenty of analysts at investment banks that get hired straight out of undergrad (from any major even). You asked about MBA programs, and from what I can gather (and all I am is an undergraduate that wastes way too much time on these forums) it's become pretty standard for a number of reasons. For example, if you don't have real work experience, you'll have a hard time contributing to discussion-based classes. You might also have a harder time understanding some of the concepts or relating to the material. I'm sure there are other reasons. A lot of people might try for a more "prestigious" MBA program in chasing after that analyst job at one of the big 4 IBs, or if someone has already been successful (maybe is already an analyst) they'd need an MBA to become an associate.</p>
<p>that's a VERY interesting theory, welsh. can anyone corroborate this? is it even possible lol</p>
<p>it's not entirely accurate. The average american job is 40 hr/week. IB's work 80 hr/week on average, and most of the time pull 90+. it's not that they are actually doing double the work that a "normal" job is doing, but it shows the dedication and work ethic it takes to be in a highly competitive environment. However, that drive is only part of what a school looks at. It's not about the time you put in, but what you can show for it. A school would much rather take a tech worker that has worked his way to a management position in 2 years from an entry level position over an IB that is still an analyst.</p>
<p>Also, it's become the norm for whatever reason for an IB to work 2-3 than to go get an MBA... it's kind of the.. "we dont trust you to handle accounts if you dont have an MBA like me" mentality. and no one wants to stay as a grunt in the IB industry forever.</p>
<p>The problem with that is that how likely is it for a tech worker to work his way into a management position only two years out of college?</p>
<p>Its well documented that its a good rule of thumb to have 4-5 years of WE before applying to a top MBA program to be competitive if you're not coming from the i-banking/consulting industries.</p>