FT IB recruiting 2021
Hey guys, I noticed that there were a lot of FT 2021 threads but I wanted to start an actual one now. I networked a lot for an SA offer and am going to a BB trying to lateral into EBs or PE. When would be a good time to start reaching back out. Also, when would FT process kick off? I saw KKR already had application closed in April. Any insights would be appreciated. Also, I'm from a non-target.
I've generally heard August (once firms give out return offers to SAs and see how many accept, they will better know their headcount needs). For PE firms like KKR, it's going to generally be earlier because they aren't worried about converting SA offers.
I'm curious if anyone has any advice on making new connections during FT recruiting. Everyone always recommends to reconnect with your contacts from SA recruiting, but there were some banks I didn't really gun for last year that I want to target for FT. Is it too difficult to forge a connection with someone given the short span of FT recruiting?
Yeah man, I mean I'm at a similar position as you. Prior COVID, I was planning to aggressively recruit FT at 10-12 firms. However, times have changed. Here are my (pessimistic) thoughts on the situation:
1.) Weird & prob looked down upon to reach out to new people for FT networking PRIOR to your internship even starting.
2.) COVID-19 -> Likely recession -> Cost-cutting. I'm sure banks will cut at least a few FT spots, and with FT recruiting, every spot counts.
3.) With a shorter internship (5-6 weeks), banks might find it tough to properly evaluate interns for FT offers. My thinking is that they'll probs fill more of their FT analyst pool w/ summer interns than ever before.
That being said, I'm still planning to reach out to my best contacts at a couple firms at the beginning of August. I'm more focused on securing a FT offer, since the job market is brutal. Lmk if any of you have disagree with any of the points or if you have a more optimistic view of the situation.
In a similar situation. Was planning on heavy FT recruiting at 5-6 EB shops and a few BBs but now may taper it down to just a few firms I am really interested in because of covid/condensed internship.
Agree with what you laid out and that is pretty much the accepted view as of now. Tough to say whether there will be any FT spots but all you can do is keep in touch with a few contacts and get lucky in August. Like you said though, my issue is deciding whether to reach out now (which seems kinda scummy but maybe advantageous) or wait it out after a few weeks of the internship.
In a similar spot and totally agree with everything. One thing I would also add is that with Moelis/Citi/Blair doing automatic FT offers for their SAs, there's now even a few less spots available.
Maybe there's a chance virtual internships just make the interns look bad because it's hard to really shine in an online internship so offer rates end up lower than they should be, but that seems pretty unlikely to me (I assume banks will give kids the benefit of the doubt). Only other hope would be given all the talk on here of banks walking back bonuses and a slow M&A outlook, people might turn down their returns in pursuit of greener pastures, but again given the broader market that seems unlikely.
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