Most of us are aware of the Wall Street stereotype: the classic investment banker. He is usually dressed to the nines in a custom-tailored suit, with perfectly quaffed hair and cologne that smells like freshly minted hundred-dollar bills. Picture Leonardo DiCaprio in “The Wolf of Wall Street” before he devolved into drug-induced mania.
Whether this stereotype is true or not is up for debate, but the reality is that despite other differences, many people on Wall Street have something in common. Most of them went to “target schools”—prestigious universities which produce around 64 percent of Goldman Sachs’ professionals, among other banks.
For University of Connecticut students interested in high finance, this can be a discouraging number. Internship “acceptance rates” are already low, and without an Ivy League background, it can be even harder to prove to banks that you are worthy of the experience. Furthermore, recruitment efforts by these banks on the UConn campus are extremely limited compared to those at schools in the Ivy League, New York University, the University of Chicago and other private schools. At these top institutions, banks go as far as competing to sponsor career programs and ingrain themselves into the career search process.
But UConn students, don’t despair. Despite the uphill battle, UConn alumni have and will continue to land internships and full-time positions at top banks. According to the company profile on LinkedIn, 52 UConn alumni are currently working at Goldman Sachs. For current students, this is a beacon of hope. Not only do these alumni prove it is possible, but they also open opportunities for future students to get their foot in the door.
According to research from the National Association of Colleges and Employers Journal in 2020, of students who had an internship that turned into a full-time offer, 70 percent reported that they landed the internship through cold networking, unsolicited requests to connect, rather than warm networking via a close personal relationship.
Creating relationships with UConn alumni at your target company is crucial to your chances of success. These alumni know how you feel because they’ve been where you are, and more times than not, they are willing to help or send you in the direction of someone who can. Though it might feel superficial at first, these alumni provide useful insights on the industry, job search and interview process that prove useful when it is time to apply to internships.
Despite not being a target school, UConn still has opportunities for you to demonstrate to employers that you possess the capabilities to excel in the world of finance. UConn offers three different investment programs: Hillside Ventures, a venture-capital-focused organization, the Opportunity Fund Project, an investment management program aimed toward women and underrepresented groups and the Student Managed Fund. All three of these opportunities are fantastic ways to get real experience and a tangible product for interviews and resumes. Not only that, but they also fill in the gaps in UConn’s curriculum and give younger students the opportunities to learn technical skills earlier.
Finally, being in the minority of applicants from non-target schools could work to your advantage. Public school students may stand out and offer more diverse viewpoints or thought processes that could be valuable in a competitive and constantly changing environment. The experience of navigating and excelling at a public school also demonstrates the resourcefulness, drive and tenacity that employers are looking for in a new hire.
Proving your worth to employers is hard—even more so when you come from an underestimated university. But while the initial acceptance rates and numbers might look unfortunate, statistics tell us that there always exists a chance for unlikely events to occur. If working at a top bank is your goal, commit yourself to it and leverage every possible opportunity. Be the outlier. Prove to the banks and other UConn students that our perspectives and talents are valuable. We know it, and so should everyone else.