getting into IB through non target uni

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judehope14
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#1
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This questions probs been asked loads, I plan on going to university of liverpool in september to study business economics with a placement year, since this is not a target or semi target uni by what ive seen on here does this effectively destroy my chances of getting into IB? i have a family connection high up in JP Morgan which I thought could be a route. before anyone also says i should go a differernt uni i cant because all my friends/girlfriend are in Liverpool and i know my mental health would be destroyed if i wasnt there. id just like to know my options thanks
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sumossushibar77_
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This is daft. Family connections don't get you a job. At best it can get you an AC, but if you're not successful in the AC (there is a high chance you won't be), then what? Your family connection isn't going to be in the AC with you. Your family friend can't influence the hiring process, that befalls to the interviewers only, as at an AC you'll be interviewed by seniors who decide whether or not they want you on their desk. So what then? You'll be stuck with nothing. So what you got one AC from a family connection at JPM? What are you going to do if they reject you?

AC's have some 6-12 people in them. In every AC, they hire between 1-3 people or something. Chances are stacked against you at every opportunity. If you're serious about IB, you'd cast a wide net, because it's not about who you know, or how talented you are, it's a numbers game. And you'd be shooting yourself in the foot going to Liverpool.

Either get real and go to a better university or change your career prospects.

Source: Had an AC at JPM from a close connection, didn't get the internship, but went to a decent enough university to get interviews/ACs elsewhere and get an IBD internship
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gr8wizard10
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if mental health is a concern, i'd STRONGLY recommend against banking as a career profession.
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judehope14
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(Original post by sumossushibar77_)
This is daft. Family connections don't get you a job. At best it can get you an AC, but if you're not successful in the AC (there is a high chance you won't be), then what? Your family connection isn't going to be in the AC with you. Your family friend can't influence the hiring process, that befalls to the interviewers only, as at an AC you'll be interviewed by seniors who decide whether or not they want you on their desk. So what then? You'll be stuck with nothing. So what you got one AC from a family connection at JPM? What are you going to do if they reject you?

AC's have some 6-12 people in them. In every AC, they hire between 1-3 people or something. Chances are stacked against you at every opportunity. If you're serious about IB, you'd cast a wide net, because it's not about who you know, or how talented you are, it's a numbers game. And you'd be shooting yourself in the foot going to Liverpool.

Either get real and go to a better university or change your career prospects.

Source: Had an AC at JPM from a close connection, didn't get the internship, but went to a decent enough university to get interviews/ACs elsewhere and get an IBD internship
What other avenues in a finance career do you think is open to me if i cant get into IB?
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judehope14
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(Original post by gr8wizard10)
if mental health is a concern, i'd STRONGLY recommend against banking as a career profession.
No don't worry I've heard of the long working hours and stress it could cause but if I had friends/family nearby that would comfort me, my biggest struggle is loneliness hence why Liverpool is my only realistic location
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DeBeauvoir2
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(Original post by judehope14)
No don't worry I've heard of the long working hours and stress it could cause but if I had friends/family nearby that would comfort me, my biggest struggle is loneliness hence why Liverpool is my only realistic location
Frankly do you expect to be with the people you know now all your life? How many people do you know whose social circle is the same at age 18 and 30?
I would say you are better of dealing with what (I assume) is some form of social anxiety causing you to believe you can't make any new friends. I don't think your mental health would be destroyed by loneliness if you move away from your current friends, since the great majority of students know no one at the beginning of uni, and make much closer friends than before. The only way it would be a serious an issue that i can think of is if such situations are particularly hard for you(everyone finds it a bit stressful), such as with some form of social anxiety, which you should probably try to address instead of ignore. Sorry if this is wrong, but it seems like you are saying that your mental health would be harmed by not going to uni with your current friends/missing out, which thousands of students manage well every year. Is there any reason you wouldn't?
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sumossushibar77_
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(Original post by judehope14)
What other avenues in a finance career do you think is open to me if i cant get into IB?
S&T, CorpBanking, Transaction Banking, Commercial Banking, audit, assurance, accounting, tax ...
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judehope14
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(Original post by DeBeauvoir2)Frankly do you expect to be with the people you know now all your life? How many people do you know whose social circle is the same at age 18 and 30?
I would say you are better of dealing with what (I assume) is some form of social anxiety causing you to believe you can't make any new friends. I don't think your mental health would be destroyed by loneliness if you move away from your current friends, since the great majority of students know no one at the beginning of uni, and make much closer friends than before. The only way it would be a serious an issue that i can think of is if such situations are particularly hard for you(everyone finds it a bit stressful), such as with some form of social anxiety, which you should probably try to address instead of ignore. Sorry if this is wrong, but it seems like you are saying that your mental health would be harmed by not going to uni with your current friends/missing out, which thousands of students manage well every year. Is there any reason you wouldn't?

Well to start with friends its two of my mates who I've been friends with from nursery, so like what 17 years? leaving people like that behind is very tough and knowing they are there living together enjoying life while I'm stuck somewhere unhappy just does not appeal to me. Also my girlfriend of two years is going to Liverpool in September also so it would be even tougher leaving her let alone both of them. I originally asked the question just for an idea if it is genuinely impossible to get into IB if your not with a target uni and if it is then so be it. I do have an uncle who is in a director role with JPM which could help with maybe getting placement/internship. I also dont even know if other top universities could even take me at this stage, they probably close early and most of them require A level maths to do Economics which i didnt do. I'm not 100 percent turned off by the idea of going to a different uni i just dont even know if its even possible at this stage.
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judehope14
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(Original post by sumossushibar77_)S&T, CorpBanking, Transaction Banking, Commercial Banking, audit, assurance, accounting, tax ...

(Original post by sumossushibar77_)
S&T, CorpBanking, Transaction Banking, Commercial Banking, audit, assurance, accounting, tax ...
Its good to know theres other possible routes With my current plan do you think going to a big 4 accountancy firm and transitioning into IB is possible?
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judehope14
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(Original post by DeBeauvoir2)
Frankly do you expect to be with the people you know now all your life? How many people do you know whose social circle is the same at age 18 and 30?
I would say you are better of dealing with what (I assume) is some form of social anxiety causing you to believe you can't make any new friends. I don't think your mental health would be destroyed by loneliness if you move away from your current friends, since the great majority of students know no one at the beginning of uni, and make much closer friends than before. The only way it would be a serious an issue that i can think of is if such situations are particularly hard for you(everyone finds it a bit stressful), such as with some form of social anxiety, which you should probably try to address instead of ignore. Sorry if this is wrong, but it seems like you are saying that your mental health would be harmed by not going to uni with your current friends/missing out, which thousands of students manage well every year. Is there any reason you wouldn't?
Well to start with friends its two of my mates who I've been friends with from nursery, so like what 17 years? leaving people like that behind is very tough and knowing they are there living together enjoying life while I'm stuck somewhere unhappy just does not appeal to me. Also my girlfriend of two years is going to Liverpool in September also so it would be even tougher leaving her let alone both of them. I originally asked the question just for an idea if it is genuinely impossible to get into IB if your not with a target uni and if it is then so be it. I do have an uncle who is in a director role with JPM which could help with maybe getting placement/internship. I also dont even know if other top universities could even take me at this stage, they probably close early and most of them require A level maths to do Economics which i didnt do. I'm not 100 percent turned off by the idea of going to a different uni i just dont even know if its even possible at this stage
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sumossushibar77_
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(Original post by judehope14)
(Original post by sumossushibar77_)S&T, CorpBanking, Transaction Banking, Commercial Banking, audit, assurance, accounting, tax ...


Its good to know theres other possible routes With my current plan do you think going to a big 4 accountancy firm and transitioning into IB is possible?
I think the common path into IB from Big4 is people do Transaction Services, M&A, Advisory etc., and then move into IB. I know of at least one person who did accounting for like 2 years and then got into IBD at a Japanese investment bank but like, this is not common, and actually pretty hard considering the skillsets are very different.

I will say though that IB isn't the be all and end all. There's many different areas of banking. CorpBanking in particular falls under the CIB term (Corporate and Investment Bank), and their bankers earn the same as IBankers, albeit probably less bonus.

If you want to lateral into PE later on, then do the Big4 route of Transaction Services etc., but if you're interested in banking then explore all areas of front office banking (S&T, CorpBank, CommBank, TransBank).

Hope this helps.
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judehope14
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(Original post by sumossushibar77_)
I think the common path into IB from Big4 is people do Transaction Services, M&A, Advisory etc., and then move into IB. I know of at least one person who did accounting for like 2 years and then got into IBD at a Japanese investment bank but like, this is not common, and actually pretty hard considering the skillsets are very different.

I will say though that IB isn't the be all and end all. There's many different areas of banking. CorpBanking in particular falls under the CIB term (Corporate and Investment Bank), and their bankers earn the same as IBankers, albeit probably less bonus.

If you want to lateral into PE later on, then do the Big4 route of Transaction Services etc., but if you're interested in banking then explore all areas of front office banking (S&T, CorpBank, CommBank, TransBank).

Hope this helps.
Thanks my friend, its good to know ill have good options with a good salary after my degree!
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sumossushibar77_
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(Original post by judehope14)
Well to start with friends its two of my mates who I've been friends with from nursery, so like what 17 years? leaving people like that behind is very tough and knowing they are there living together enjoying life while I'm stuck somewhere unhappy just does not appeal to me. Also my girlfriend of two years is going to Liverpool in September also so it would be even tougher leaving her let alone both of them. I originally asked the question just for an idea if it is genuinely impossible to get into IB if your not with a target uni and if it is then so be it. I do have an uncle who is in a director role with JPM which could help with maybe getting placement/internship. I also dont even know if other top universities could even take me at this stage, they probably close early and most of them require A level maths to do Economics which i didnt do. I'm not 100 percent turned off by the idea of going to a different uni i just dont even know if its even possible at this stage
You don't need any specific degree to go into banking. There's a person on my Summer Analyst programme with a degree in Music. University matters far more. Plus, Economics doesn't prepare you at all for an IB or finance job. I know because I study Economics lol. Literally ZERO crossover. Other than something very basic like some people may be risk averse or whatever, but you won't be doing Lagrangeans hahahaha.

If your uncle tried to refer you you would have a much tougher time. Banks have a VERY STRINGENT anti-nepotism code. If it was a family friend with whom you had no relation, yeah sure, you'd be able to be fast tracked to the AC. Your uncle, however? Very tough! Plus, he would need to be in the exact division you wanted.
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judehope14
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(Original post by sumossushibar77_)
You don't need any specific degree to go into banking. There's a person on my Summer Analyst programme with a degree in Music. University matters far more. Plus, Economics doesn't prepare you at all for an IB or finance job. I know because I study Economics lol. Literally ZERO crossover. Other than something very basic like some people may be risk averse or whatever, but you won't be doing Lagrangeans hahahaha.

If your uncle tried to refer you you would have a much tougher time. Banks have a VERY STRINGENT anti-nepotism code. If it was a family friend with whom you had no relation, yeah sure, you'd be able to be fast tracked to the AC. Your uncle, however? Very tough! Plus, he would need to be in the exact division you wanted.
Yeah I've heard degree doesnt matter at all, i just like the look of buisness econ. also he's not my Actual uncle i just call him that for talksake. He,s my dads cousin so whatever that makes him to me lol
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sumossushibar77_
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(Original post by judehope14)
Yeah I've heard degree doesnt matter at all, i just like the look of buisness econ. also he's not my Actual uncle i just call him that for talksake. He,s my dads cousin so whatever that makes him to me lol
case: https://www.exeter.ac.uk/undergradua...omics/busecon/

Business Economics is not that quantitative. Usually A Level maths is not required.
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judehope14
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(Original post by sumossushibar77_)
case: https://www.exeter.ac.uk/undergradua...omics/busecon/

Business Economics is not that quantitative. Usually A Level maths is not required.
Yeah they just wanted gcse maths at A grade. I’m not a massive maths fan
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mnot
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(Original post by judehope14)
No don't worry I've heard of the long working hours and stress it could cause but if I had friends/family nearby that would comfort me, my biggest struggle is loneliness hence why Liverpool is my only realistic location
You dont think you can relocate city for university due to mental health, but you'll be alright in a hyper competitive industry in Central London where you'll arrive at 8am every day and leave at 4am then never see your friends because any time off you'll use to sleep.

Their are plenty of other well paying finance related careers that are far less competitive then Ib...
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Manvith
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(Original post by mnot)
You dont think you can relocate city for university due to mental health, but you'll be alright in a hyper competitive industry in Central London where you'll arrive at 8am every day and leave at 4am then never see your friends because any time off you'll use to sleep.

Their are plenty of other well paying finance related careers that are far less competitive then Ib...
Do Asset Management jobs pay well?
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judehope14
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(Original post by mnot)
You dont think you can relocate city for university due to mental health, but you'll be alright in a hyper competitive industry in Central London where you'll arrive at 8am every day and leave at 4am then never see your friends because any time off you'll use to sleep.

Their are plenty of other well paying finance related careers that are far less competitive then Ib...
Fair enough i guess😂 Will have to start researching other finance careers IB is just the big one everyone wants but suppose it can be too high of an aim, what other routes in finance would you recommend that are high paid?
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mnot
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(Original post by Manvith)
Do Asset Management jobs pay well?
Depends what type of asset management you do, where/what/how, fund managers can make millions... Although I think their are plenty of pretty average income roles in those companies. I think their are still quite a few analyst roles which pay well above average albeit not the same bracket in terms of wage slip as IB (but you tend to get a much nicer work life balance).

Although its not something I have first hand experience with
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