pebanker:
Okay so someone with a SA stint from a decent bank would have pretty good chances of landing FT offers from other banks during FT recruitment?

Yes. Not only would they have a great shot at landing a FT offer from the bank where they were a SA, but they're usually first in line at other banks for landing FT offers. They also can generally land interviews before FT recruiting officially starts (late August / early September after their SA stint).

 
Best Response

Back when I was getting into banking and recruiting in the 2004-2005 timeframe, it didn't matter as much because the market was still good (and improving from the dot-com bust), and quite a few people were hired without a summer internship.

Nowadays though, unless you go to a boutique it is very difficult to do this without previous summer experience because hiring has slowed and the number of qualified people is up.

Beyond just getting the job, though, a summer internship will tell you (very quickly) whether or not it's right for you - also extremely important.

 

The summer internship is absolutely crucial for full time recruiting. There are a lot of people on this board that would have you believe that unless you summer at Goldman or MS, you will have no chance to land a full time offer anywhere on the street.

WRONG!

I summered at a MM bank, and was head and shoulders above tons of other kids, most with higher GPAs than me. I landed interviews (and some offers) at nearly every BB bank.

Do. A. Summer. Internship. It matters more than you do one, rather than which bank you do it with.

- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

CraftyDragoon, I would know better than you because obviously you have no idea what you are talking about. I know many many people who got FT positions w/o a BB SA sting. Your complaint that quants get discriminated against in interviews clearly demonstrates that you have no idea what you're talking about, and are probably bitter at failing at all your interviews. Also, I would destroy you 1v1 in Starcraft.

 
b:
Also, I would destroy you 1v1 in Starcraft.

I just spit coke out on my desk. I did not see that coming.

- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

I know someone who did not have a bb sa position and ended up with multiple bb offers and ended up going to a top boutique. With that being said, I believe it may be easier to land a ft position if you had interned at a bb.

 

It's obviously easier to get a FT offer w/ a SA gig, but it's still very very possible to get FT offers w/o one as well. Banks recruit at many targets and semi-targets for FT candidates... most people who are interviewing are students who did not have a SA internship, as most SA candidates already had FT offers. Banks do not waste $ recruiting for FT for no reason. There have been multiple candidates from my school in the past several years who went FT @ BBs w/o SA.

 

I would say that the SA line is absolutely critical for targets. Think about it; at Wharton 300 people drop resumes for around 40-50 preselect slots per BB. Not having banking experience on your resume already puts you at a disadvantage to even be selected for first round. The two most important factors I screen for when going through resumes are (1) GPA (within an acceptable range, after that doesn't really matter) and (2) relevant banking experience.

 

Guy... just because you have no personality, doesn't mean banks discriminate against you. I have 800 math SAT I, 95% (50/51) GMAT math, the word "quantitative" in my major, and I have never been "discriminated against". You obviously just know nothing about banking (given your comments here and elsewhere) and suck at interviewing, which is why you got dinged across the board.

 

SA stint is incredibly helpful. but is it necessary? absolutely not. there are many ways to make a resume stick out. SA is a good one but get creative. i did.

 

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