Hey guys,
I am currently still trying to break into IB at a BB firm and have one internship (4 month) opportunity left as a part of my program in university. My most recent internship opportunity consisted of an equity research associate at a well known boutique investment bank. I also have a few finance - equity related extracurricular I am a executive member of at my school. Just wondering what my chances are looking like? and anything I can do improve the position I am in? FYI: looking to stay inside Canada.
So you want to go to a MS/BAML/GS/Barclays/JP/CS in their satellite office in Toronto or do you mean like a big 5 canadian? But honestly your chances are not that high as most recruiting this year was out of the summer interns and recruiting for that has mostly ended by now....
Maybe if the economy turns up and more headcount is required but there is no guarantee for that. Would probably try to stay in that boutique or go for a MM firm like GMP or Canaccord.
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I was talking about the big 5 Canadian banks, and the thing with our program is that we alternate between work and school terms, so I am currently on a winter term for 4 months doing ER, and in the fall I will be on my next term where I get to apply to different places or go back, so as you may notice, the competition isn't as heavy because I'm not competing with people from every school since their programs don't have alternate work and study terms and therefore can only work/apply for the summer. So at the end of the day, Im only competing with people who are on co-op at the same time as I am.
The issue is that FT offers are handed out in the summer at Big 5 banks. Trust me I was in one of those programs (WLU/UW/UofT), if your next co-op is in the fall then offers will have already been extended to the summer intern class. Again the only way you'll get a big 5 FT offer is if you work for them in the winter and are exceptional to the point where they'll be willing to bat for you when summer offers are handed out or you have a summer internship. (Based on what happened for recruiting this year)
The last route is when banks need additional headcount past their summer offers or people rejected their return offers (almost did not happen this year). If this was the case then you would be competing against people who worked in Big 5 banks but didn't get an offer. Not to mention the logistical nightmare of interviewing at different firms for FT while working in an internship....
Sorry to say but it is too late for you at this point. I had to take a few terms off to get my FT offer at a big 5 because of the co-op program so best of luck to you but I wouldn't count on it unless you're willing to do that as well.
Yeah I can see where you're coming from, but then my question to you would be this: can you explain how those older than me (2 to 3 years older, who already graduated and were working in ER/S&T at other firms prior to their last co-op term at a bank) who were able to secure their last co-op term at one of the big 5 banks, and able to get FT offers right after they graduated. These people also had their last term in the fall (as I do) and the large majority (or alteast half) who got a co-op term there, were offered FT offers. How is it possible that they (majority or atleast half) were able to get offers while only being there for their last term?
Im talking about IB as well, im just saying that people who were in S&T/ER were able to likely land IB due to their S&T/ER experience.
So doesn't that mean that it's not as bad as you say it is. If there are many of those with co-op experience similar to mine, who banks apparently want to hire, even if they have finished their last co-op term around the same time as I have (in the fall).
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