My route to I-Banking

<p>I've always wanted to be an I-Banker. What do I need to do to become one?</p>

<p>1. I'm currently in the University of Washington. Not the best school, but best in Washington, and top 50 in America (I think it was like 40 something)</p>

<p>2. I'm also in the UW undergrad business school. Top 25 in America. Their Finance program is Top 14th last time I checked, and that's my major.</p>

<p>3. Speaking of Major, I'm majoring in Finance and Math. I'm also thinking about minoring in Philosophy, will this help at all?</p>

<p>4. How am I doing? </p>

<p>I completed my 1st 2 years of college in HS at a CC level with a 3.76 GPA.</p>

<p>Last quarter was my 1st quarter at the UW, and had a 3.77. </p>

<p>I have 3 years remaining at UW with all the Math and Finance credits I need to complete. </p>

<p>Do I need to step it up? Or should I continue the pace. Also one of my dreams has always been to go to a Top 5 MBA program such as Stanford. What would I need to do academically to get into a school like Stanford?</p>

<p>5. So now you know my school, majors, and GPA thus far,
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what advice do you have for me on my route to I-Banking?</p>

<p>Can you also address my choice on my majors (Math and Finance) and my Stanford dreams?
**</p>

<p>Here's your problem:</p>

<p>
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1. I'm currently in the University of Washington.

[/quote]
</p>

<p>No banks care if your school is a top 25 undergraduate business school unless you're within the top schools (Wharton, Sloan, Haas, Stern, Ross, and McCombs). All of the others are non-targets. UW is a non-target. Not saying it's impossible to get in to banking from a non-target like UW, but it's going to be extremely difficult in this market.</p>

<p>so other than those mentioned, what else would be target schools?</p>

<p>mcdonough? mendoza? carroll? AEM cornell? marshall?</p>

<p>So having a high GPA and decent majors will not make up for being in "only" a top 25 program? Correct me if I'm mistaken, but they do look past just school right? GPA or Majors count right?</p>

<p>NBA, the vast, vast majority of those hired don't come from schools with business programs. So the business program ranking is not really relevant.</p>

<p>Kids do make it into jobs on Wall Street from non target schools, but they need to fight and be very creative to get there. In this economy it's much harder than normal, even top students at the ivies will have a tough time this year.</p>

<p>In your shoes a typical move would be to either transfer to a target after 2 years or to make the transition to banking following an MBA. Good luck!</p>

<p>Well I'm not graduating right now. </p>

<p>I said I completed my 1st 2 years in CC while in HS. And now I'm in the UW techinically as a "Junior". Also I have 3 years left at UW most probably because of my double major.</p>

<p>So I don't know how I would transfer over to a "Target" school now.</p>

<p>But don't u think the market would clear up 3 years from now? It shouldn't be as tough.</p>

<p>Yes, hopefully the market won't be as tough in 3 years, but it was never easy for a non connected kid not from a target school to get a job. And trust me, there will be a backlog of kids from targets who've been hiding out in grad school or a job waiting for the jobs to open up again. </p>

<p>Wall Street jobs are probably the most notorious for candidates needing to be from elite schools.</p>

<p>I'll also mention that a 3.7 GPA is pretty average on The Street as 3.5 is usually minimum for consideration from any school. Many firms also ask your SAT scores. You'll find many 3.8 plus/2300 plus kids from targets in the pool.</p>

<p>Sorry, I missed the part about the CC. In all honesty, that will also be an issue for you in terms of getting a job right out of college. That's why the MBA is a good transition tool.</p>

<p>Keep in mind that there are also a lot of jobs on the street, not the 'front office' jobs, i.e. you're not an 'investment banker', that go to kids from all schools.</p>

<p>So exactly what do you suggest I right after I graduate to get into a good MBA school and eventually land an I-Banking job?</p>

<p>I've heard in I-Banking you first start as an analyst, get a MBA, then move to associates.
How will it be different for me with your plan to acquire MBA before I get into I-Banking?</p>

<p>To get into a top MBA program you'll need to work 3-5 years after college. Then after the MBA you join a firm as an associate.</p>

<p>FYI, the trend is for analysts who are doing well at an ibank and can get promoted to associate to skip the MBA these days.</p>

<p>Don't know about now, but "back in the day", associate postion required top school MBA; prior analyst work not required.</p>

<p>However: getting into top school MBA program is not that easy.</p>

<p>Analyst position essentially required undergrad from one of the select few undergrad schools they interviewed at. Which were mostly top schools. Others could get in, they even assigned coordinators to handle resumes from grads of non-target schools. But few got in from non-targets.</p>

<p>My "report from the trenches" is not pretty right now; bankers being let go, even first year analysts were let go last year, remaining people not happy campers, do not see promising future, skeptical that things will ever be the same as before, given all the top talent leaving, don't plan to stay. One report, anyway. Nice thing about analyst postition: that you're leaving is the "normal" course of events, so you don't have much 'splaining to do about it, if you want to leave when your two years are up. But then you have to find something else to do.</p>

<p>I would totally disagree that current employees do not see bright futures. Where does everyone think all of the functions ibanks perform will go? To believe there is no future in banking is to believe companies around the world are dead in the water and there will be no new ones. This is a down cycle, a very, very bad one, but it's a cycle.</p>

<p>So becoming an associate, analyst work isn't required? But do most associates have analyst background work or not? Like where does the majority fall under.</p>

<p>So I guess it comes down to getting into a Top 5 MBA Program. Well I've already told some of my undergrad characteristics, what do I have to do to get into a Top 5 MBA Program?</p>

<p>Also is it better instead of majoring in math I major an a engineering program such as electrical engineering? Will this help in increasing my chances at I-Bank or even at a Top 5 MBA program?</p>

<p>Well majoring in EE may be a good idea in terms of having a fall back job. Never go through life aiming at just one job, especially when it's ibanking. It's not for everyone, and even at top MBA programs, everyone who wants one doesn't get an ibanking job. There are personality types, leadership skills and a lot of things looked at besides grades. </p>

<p>Doesn't matter if you have an analyst background, lots of other things can make you attractive to banks. As I said before, the best analysts who want to stay in ibanking are not going to B school in high numbers.</p>

<p>Engineering is a good combo with an MBA. Banks like the quant skills and tech companies like the combo as do management consulting and venture capital firms. You'll find many engineers in MBA programs.</p>

<p>For the 3-5 years you want a job in an organization where you can rise quickly to get experience managing people and budgets. It could be in any industry. Go on to the web sites of programs, they often give student backgrounds.</p>

<p>Keep you GPA as high as possible, make friends with some profs for recs and do really well on the GMAT.</p>

<p>So you are suggesting that I major in EE and Finance instead of math and finance? You think it will help my chances in the future for a I-Bank and Top 5 MBA Program? </p>

<p>I know like you said there are other factors as well, but strictly in the combinations of majors, should I take the Finance + EE route?</p>

<p>By the way thanks for all the help thus far!</p>

<p>I hire English and Philosophy majors in addition to EE's and math majors. Study what you enjoy and can do well at. Your goal needs to be getting the best job you can after college which will have a huge impact on getting into a top MBA program. So start thinking about what you would like that job to be and plan your studies accordingly.</p>

<p>Hmmm thanks for the advice.</p>

<p>So if I major in Finance + Math, can you give some types of jobs that I can do that will give me a good shot at a Top 5 MBA program, and then eventually into I-Banking?</p>

<p>i think you could try applying to risk management positions (these are middle office positions, not FO), which are fairly quantitative, or some corporate finance positions, and then apply to top MBA programs. Try working overseas to get international experience, which will be looked upon favorably by MBA admissions officers.</p>

<p>Things that would (and have) interested me that employees did:</p>

<p>--Work for a good start up as something like assistant to CEO, where you can get your hands wet in all aspects of a business;</p>

<p>--An in house job in a corporation in acquisitions or development;</p>

<p>--Something involving heavy duty quant skills for the quant jobs.</p>

<p>Last year I hired someone who turned out to be amazing. She had worked in a global marketing firm in crisis management. Really, it can be anything you enjoy and do well.</p>

<p>hmom, what exactly do you do? </p>

<p>and nbafan, don't listen to everyone who says you can't be an ibanker. i think that if you're determined enough, you can make it happen. it will be hard and might not be pretty at first, but if that's really what you want to do and you're willing to do anything to get there, you will make it. but therein lies the hard part too....just look at that will smith movie pursuit of happyness....but anyway, i don't see much promise for the ibanking industry in the future. it definitely won't be as lucrative as it was the past few years with all the big investment banks going commerical and considering the fact that they definitely won't be able to leverage at 50 times anymore...wall st isn't gonna be what is was before..</p>

<p>Oh ye of little faith. If it's quick bucks and lots of risky stunts you have in mind, it might be somewhat slow for you for awhile. Bonuses will be smaller and the industry more regulated. But ibanking is not going anywhere. The ibanks are indeed now part of commercial bankers but ibankers have not morphed into commercial bankers. They will continue to do the things they have always done. Very few of the analysts have been layed off at major banks in fact and hiring will continue. You guys are listening to too much hype.</p>

<p>Msl, you can probably take a good guess what I do and have done for 25 years!</p>