I just heard that one of my favorite undergrads (yes, I do have favorites) just accepted a job offer at a major banking firms (one o0f the ten largest in the country). He's an interesting profile: a so-so GPA (just south of 3.0), that was mostly due being an engineering major his first year and a half before switching to finance. But, he comes across as much better than his GPA - he's really passionate about finance, was president of our local FMA student chapter, and is a heck of a nice guy.
He somehow managed to get an internship at the bank this summer, and totally nailed it. That wasn't surprising, because he always did FAR more work in class than I asked, and always asked for more. He just got the offer (and accepted it ) today, and came into my office to tell me about it about 10 minutes ago. It was a pretty good one - mid 50s , a couple thousand signing bonus, and great benefits.
It just goes to show that internships matter - a lot. After he graduates, he'll be working in a temporary slot at the firm for six months until his training program starts. So, he figures it'll be a good time to knock out the CFA Level 1 exam (did I mention he really likes finance and isn't afraid of extra work?)