Full-time recruitment?
I had a quick question about the recruitment process. I did not get an offer from a bulge for a summer internship position, however I am dead set on doing banking when I graduate. Right now I am looking at a few options for my summer internship and I wanted to know in your opinion, which do you think will make me most competitive for the full-time recruiting process.
My three options are:
Operations Finance at a multi-billon dollar tech company internship
Midmarket (not a leading one, i.e. jefferies) Investment Banking internship
Large Bank, proprietary investment group equities fund
Give a quick background, I've already worked at two bouqitue ibanks during my school year.
The mid-market will be like any banking job, however I feel I will not get substantial modeling experience because they are a smaller midmarket bank, and I might just be working on pitchbooks all day.
The tech company job I will look at the companies operations and activities and look into potential operational investments for the future.
Which of these do you feel would make me the most competitive for full-time recruiting? I know that I will be going up against people who have worked at bulges over their summer, so how can I have a competitive edge in that process?
Also do you feel that with the current market conditions, full time recruitment will be more difficult.
Thanks
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WSO Employment Rate: for those of you searching for a job, have you received an offer yet?
Yes
55%
No
45%
Total votes: 80
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Take my opinions with a
Take my opinions with a grain of salt as I haven't recieved an offer myself but by being involved in so many interviews I would defn say take a job at mid tier IB. Internships to my knowledge will give you a lot of experience. I know Jefferies internship is about 80-100 hours a week and your going to be working your ass off. With 2 small IB interns and 1 mid, it would seem like the next step would be BB which is the step you want to be at when you graduate.
If you know you want to do
If you know you want to do banking, then go work for the MM. No sense moving to a position like corporate finance when you know you want to do banking and you have an offer. In fact, you might find you love working at a smaller (but not tiny) place like a MM and decide to stay after the summer. The pay is usually the same and the quality of living can sometimes be significantly better at a MM.
The company is Wells Faro
The company is Wells Faro IBD which just started a few years ago, so I am worried about the real exposure I'd get
I'd recommend the IBD job,
I'd recommend the IBD job, because it crafts a better story about why you would like to do IBD full time when you interview in the fall. One thing I'm asking myself is what kept you from securing an internship at at a BB given your prior experiences in banking (having two boutique ibanking internships would put you top of mind with many recruiters)?
Also, is this Wells Fargo IBD or is this Barrington Associates?
I keep asking myself that
I keep asking myself that same question...I had 5 final rounds with BB and did not get an offer, coming out I felt I did very well (I am from a target school).
It is Wells Fargo IDB, unfortunately not Barrington
Could be a number of things,
Could be a number of things, but I'd recommend you focus on your weaknesses for full time recruiting next year. You should still remain competitive with your background (including another summer IBD internship).
Given that you have more banking experience, expect more technical valuation questions in your interview process (if you have not gotten this already). If you floundered on this before, it should be a big focus. Another thing that may have kept you out is not being able to communicate effectively the relevance of your prior internships. While it may seem obvious, let's face it - alot of internships in IBD surmount to some pretty terrible work. It's up to you to spin this in the most positive light to your interviewers to convince him you were able to get some solid takeaways, despite having a subpar experience.
Take the MM
At this point ANYBODY that wasn't a SA will be very lucky to receive a FT offer in the fall. Just an educated guess: many banks will simply retain their qualified SAs and not recruit for FT. The market will be flooded with bankers being laid off; meanwhile, hiring will be significantly lower due to the downturn.
Take the MM IBD position and hope you get an offer. Accepting a non-IB internship means you will be taking a big gamble come fall recruiting.
isn't a large prop
isn't a large prop investment group equities fund the best opportunity here? are we talking like a prop hedge fund at a BB? (something along the lines of GSPS, Lehman Equity Strategies...etc)
It is a prop group equities
It is a prop group equities at the likes of RBC capital markets, RBS cap markets, etc...
I thought this too would be the best opportunity, because it adds diversification
Craft a story with your
Craft a story with your resume. What says IBD more? IBD->IBD-> RBS Cap markets or IBD->IBD->IBD?
Quote: I thought this too
I thought this too would be the best opportunity, because it adds diversification
Diversification? This isn't your stock portfolio, pick what you want to do and intern there. If you want to do banking, you should get a banking internship.
Doesn't listen to idiots here who say you should have internship in consulting, PE, and Private Wealth before doing investment banking. Do what you want from the start, not what some "e-friend" says.
Yea, but what if I came out
Yea, but what if I came out of the Wells Fargo IBD internship and really did not get a strong grasp on models or valuation analysis because all I did was pitchbook work. Would it still make me competitive?
Then you will understand
Then you will understand pitchbooks better than any other intern out there.
Most of banking is pitching. Even the best groups pitch for business, it's just part of banking. They're not going to stick you (an unproven intern) on big models and client meetings from day one. That's true anywhere you do your internship.