| Topic Name: |
What are my CHANCES? |
| Message Name: |
Straight Talk |
| Date Posted: |
06/02/1999 |
| Message: |
While it is not impossible to get a job in IB coming from a top tier school, the odds are certainly stacked against you. You have got to either have a family member who is very well-connected, or you have got to have outstanding internships. A 4.0 will not do it. Why would they choose a 4.0 from a second tier school, when can choose a kid with a 3.5 from a top tier school? Invarialby they wouldn't.
Going to a top school tells the firms something. Sure some kids get in because they are rich, but regardless of your financial situation, doing well at these schools takes a lot. Sure the mateiral in a finance or an economics class may be very similar at a top and second tier school, however the difference lies in the students who attend these different schools. At a top tier school, you are arguably competing against the cream of the crop. While it is not always true, I believe in most cases it does hold true.
Thomas, no offense, but seriously, just because you want to be an i-banker, or you have "insatiable cure to do deals," will not get you in the door. Do you know what a banker does? The lifestyle of an analyst is not as glamorous as you may think. A lot of the work is tedious, repetitive, and annoyning. But you do lean a lot. You are exposed to CFO's, and you are apart of and in thick of financial innovation. Its one thing to say that you can work 110 hours a week, but doing it is completely another.
Because IB jobs are so highly sought after, firms have the luxury of "cherry-picking" the top applicants. Even if they chose kids from the Ivies and the other few top schools, they would still have a ton of kids from those schools left over who didn't get offers.
I've interned for two years now, and have done my time. I can say that my experiences have been great. While I have worked my tail off, I have also learned a great deal. I have had the opportuntiy to meet and learn from really amazing people. Yes, coming from an Ivy did help me get through the front door, however, if I was a wanker, I would have been out the door the first day. Everyone has got to pull their weight in this business. There is no room for slackers.
When it comes down to it, I believe that what helped me get the "job" was not the name of my school, put my ambition, and pursuit. You have to separate yourself from the other applicants. I did not have a 4.0 GPA, however, I was able to amass credible work experience. And I made contacts.
Contacts are pivotal in this business. I am not claiming to know everything, or nearly everything. But what I can say is, the difference between those people who get the internships and jobs, and those who don't, is invariably a matter of desire. I am not denying that some people get things handed to them on a silver platter, but wanting it, really wanting impresses people. Because ultimately, you can teach a monkey finance. But you cannot teach a monkey to work hard.
My biggest to anyone who wants to get in this business, is to really work hard, be determined, and think about how you can distinguish yoourself from the next guy or girl.
Remember, who you know, determines who you become.
Anyone that wants to talk about the business, exchange notes, or who is really interested in banking, e-mail me at the above address.
Good luck to everyone. This is a great business. There are a ton of sacrifices, but the rewards are great. Its a trade-off, and so is life.
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