Didnt receive dream internship

Hello,

I did not get a bulge bracket S&T internship my junior summer (right now), but I did get a less formal S&T internship with a boutique back home that does not offer full-time positions to interns. I was wondering if I still have a chance at getting a full-time position at a bulge bracket. I go to an Ivy and have a 3.7 and a wealth management internship the summer before this one. I guess my final question is about what % of the full-time S&T class is hired from internships?, and about what % got an offer without a previous summer internship with that bank? Thanks, for the replies I appreciate it!

 
Best Response

Just referencing what I've seen at my semi-target (only for some banks), a few people have gotten FT interviews and offers from Citi this past September and some seniors just decided to gamble on S&T internships. It's certainly not hopeless but from the looks of it the groups were really picky.

If you're at an Ivy there will probably be a few more opportunities, but definitely not even close to what winter recruiting is like.

 

I spent last summer at a BB in S&T and would guess that at a minimum 90% of the class was filled from our SA group. I have a pretty good idea of how many seats were left open after offers were handed out/accepted/declined and there were ~5% left (2-4 spots.) The move can absolutely be made but you have to be one of the rockstars who makes his/her way in.

 

is it possible to apply for that same internship position at all the banks the summer after your senior year? It seems like I would have a better chance of doing this to break in, I just have to wait out that school year before I could actually work. Is this something that could happen or no? ...I was close this last year had a superday for Barclays and a couple of first round in-persons...just didn't get that offer.

 

Definitely doable. Got an offer at the end of the summer for s&t but didn't like the desk. Was able to interview and get an offer at another bank and was also invited to a superday at another BB but I turned it down BC i liked the first offer better. The key is networking, networking, and more networking. Many of these banks don't really publicize that they're hiring full time for S&T so a lot of it is through word of mouth and not necessarily "fall recruiting" per se. I'd recommend start following up with any contacts you've made through interviews (including HR). In July send them emails stating that you're still very interested in the firm and are wondering if there are any full-time opportunities, etc.

Also, from my experience and the few ppl I know who've gotten an S&T offer from fall recruiting, I'll disagree with what rpc about having to be a rockstar to get an offer. Because they're not really public, most ppl who end up interviewing (not many) are just people who had continued networking or are laterals from other divisions at the same bank. I wouldn't say that their quality is stronger than spring recruiting or that in general late summer/fall interviews are more difficult. It's more that getting that first initial interview (hell just knowing if they're recruiting and when to send your resume) is more difficult.

PS - For any future applicants reading this, don't knock your connection with HR. Seriously the most under utilized resource by college students in recruiting. At the end of the day, if a campus recruiter really likes you and your resume doesn't suck, you will get an interview end of story. They can also really help you to get an offer. Most kids spend most of their time trying to suck some analyst/associates dick who realistically probably can't do much for you and probably doesn't really give a shit anyway. MDs can help, but if you're just meeting them at some campus event, they'll probably completely forget about you the next day. In general they're just to busy with their day jobs to really care. On the other hand, its the recruiters JOB to give a shit. Its literally their job to remember your name and face, remember if they liked you or not, highlight your name and give you an interview when it shows up from the resume drop. As an added bonus, they're all typically pretty cute and friendly to talk to.

 

I half agree half disagree with what you said.

Your situation is slightly different as you were already working at a BB. It is much easier to leverage a BB internship, especially if you have an offer in hand vs no offer from a no name boutique like the OP. It is definitely not as easy as you say it is.

I was working in a PE division at a BB; however, I knew the division I was in wasn't going to give out offers at the end of the summer. I had been networking and planning to make a jump to another division within the bank all summer.Even with some strong contacts within the same bank (strong alumni ties with two 20+ year MDs), I was told that I would basically be waitlisted to see if people either took other offers or if the division decided to top off a little bit come winter/spring. BBs recruit extremely heavily from their summer class and as rpc mentioned there are usually very very few spots open for full time. So for example budfox55, because you took another offer that is one spot that would have opened for a guy like the OP.

With all that being said, OP, you're from an Ivy and have good grades. What you'll need to do is kill it on the networking and make sure you have feelers out at all the BB S&T divisions so that when some of those spots potentially open up come next fall, you'll be first in line for the interviews.

Also regarding sucking up to HR you're pretty wrong about that. I would never ignore the HR people, but it is much more valuable to make connections with people you're actually working with. An HR rep MIGHT...key word might be able to give you an interview, but then who is ultimately interviewing you and deciding whether or not they want you on their team? Analysts, associates, VPs, and MDs. HR has absolutely no say in that. After your superday HR reps aren't sitting in the deliberation room, its people you will actually be working with.

Tl:dr network all summer so you'll be in position to take advantage of any potential openings at BBs come next fall.

 

My offer from the summer wasn't at a BB and I wasn't told whether I got an offer there until after I had interviewed and received my offer at another bank, sorry if I made it seem that way. However, the internship was in s&t and not PWM so I did have a leg up in that regard. Also, I wasn't saying that the fall application process was easier than in the spring as much as that the actual interviews and quality of interviewees aren't that much different than for a summer internship. I do agree with you that there are very few spots open which is why I mentioned that the hardest part was getting that first interview or even knowing if a bank was recruiting (This is from my own experience, but I knew a couple of people who would've been interested in full time S&T recruiting but did not think there were any opportunities BC no banks posted listings on my school's career site). What I'm trying to say is that getting these positions isn't so much about being a math/econ major at Harvard with a 4.0 as much as it's about getting lucky that the bank(s) you were networking with happened to be filling full time slots. Since the OP has a 3.7 at an ivy, I think he's fine in that regard and should spend his time expanding and nurturing his network.

As for the HR thing, I'm certainly not saying that having solid contacts with people in the business isn't useful, but that HR, especially at my school and from the looks of it, on this forum, is VERY under-utilized. That paragraph was meant more for anyone reading who would be applying for SA spots next year, but I'm talking more about getting first round interviews and and super days and not final offers. At best, the associate that most students crowd around at networking events or their former frat bro now analyst can only highlight your resume to HR, but at the end of the day it's HR who decides who actually gets an interview. By connecting with HR directly, you're essentially cutting out the middle man. Sure, your analyst/associate contact can connect you with people higher up in the bank, but this is not as likely to occur if it is not a personal connection. MDs and VPs can be different, but unless you have a personal connection to them such as being a family friend, 19/20 times, they're really not going to give a shit about you. And even when it comes to getting a full time offer, unless they say that they will hire you on to their desk, they're not really that much more help than HR. Of course I'm not saying that you shouldn't make these contacts as the larger the net you cast out the more likely you are to find someone who likes you and is interested in you, especially if they're salesmen or traders on a desk that you want to be on, but that getting friendly with HR is a very sure and easy way to get a first round interview.

 

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