Online Application

Hi,
I was just wondering if the online application for summer analyst positions as some Banks like BNP or SunTrust is actually looked at. I came across someone who told me that going through a current analyst at the Bank improves your chances compared to someone who just applied online. With the right and possibly better resume, would investment banks still hire someone with contacts within the company or hire the person who just applies online.

 

It's always best to just assume that an online application, on its own, will never be acknowledged by anyone at the firm. Obviously that doesn't mean you shouldn't submit these applications, as often they are required for the hiring process but you should always reach out to someone at the firm as well. There are often so many applications online that the only real resumes that get reviewed are ones forwarded through to HR by someone internally.

 
Best Response

Long story short: It works insofar as it does indeed get your resume infront of hiring managers. Which is sometimes all you need. In both the companies I've worked for, they had open requisitions and at both of them, I learned that the resumes and applications submitted online went directly to the hiring manager. I think that everyone has accepted the idea that applying online doesn't work, so very few people do it. And then when few people do it, poof! it suddenly works again because you aren't lost in the crowd. I have a feeling this is probably because there are many many companies with open finance positions, so the companies aren't getting bombarded with resume's like a top IB would.. But I've heard from a handful of people who applied online for CF jobs (and fldps) who get interviews. Obviously, you want to get some phone calls and meet ups to supplement your online app, but applying online isn't a black hole by any stretch.

 

I am also interested in this.

I am going through the interview process for a couple programs I found through on campus recruiting about a month ago, but there are a lot of programs I know about that I am interested in applying online for.

 

In short, yes it works. The guide to finance development programs goes more in depth into this, but it largely depends on your resume (how respected your school is, GPA, major, work experience, leadership activities). The guide is worth checking out for $30, has some good general info as well as some interviews and a list of companies with fdps.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

Yes, I received interviews with F500 rotational applying online. Just make sure your resume matches the job description and minimum requirements.

The last act is tragic, however happy all the rest of the play is; at the last a little earth is thrown upon our head, and that is the end for ever.
 

Think about it as putting your drop in the bucket. They have software that is going to filter on preferences. Is it possible, yes, but no where near as good as a current employee dropping off your resume on a recruiters desk.

Only two sources I trust, Glenn Beck and singing woodland creatures.
 

No, that's not enough, online resume submissions at ANY firm susually enter a black hole never to be seen again. Your best bet is:

1) Contact an alumnus that works at the Bank, preferably someone senior, email him your resume or call him 2) Call the Bank directly and ask to speak someone who handles recruiting

This is the only way to get a response, and I've done this successfully myself in my sophomore year.

 

Well you really have no other option but to apply online, so you might as well! And no Piper is (most likely) not going to interview a kid from Wharton with a 3.8. It makes no sense for them to do this - if the kid is socially normal, they will get offers at much better banks and reject Piper. If the kid is weird/socially awkward then sure they won't get any BB offers, but Piper doesn't want to hire a weird/socially awkward kid either. I have a high GPA at an ivy, and I applied to pretty much everything that said investment banking when I wanted an internship. I got interviews at only about 25% of places like Piper.

And at a school like Wharton which gets absolutely tons of firms recruiting on campus, most people are going to try their luck at those firms first before searching around online for other firms and applying to them. So, you'll have a headstart on those people. If you GPA is below 3.0 leave it off your resume. Try and calculate some other GPA (perhaps a "major" GPA etc.) that is above 3.0 to put on your resume.

 
rat4100:
Most people are going to try their luck at those firms first before searching around online for other firms and applying to them. So, you'll have a headstart on those people.

So those firms hire AFTER the bulge bracket makes offers and all that?

 

No, I would guess that they start reading applications around the same time as the BBs, but that they hire opportunistically since they have such a small summer class. But I would imagine that most students at schools like Wharton aren't thinking about applying to places online when they have 40 banks coming to campus shortly. If they strike out with all those banks, they'll apply online to other places like Piper. You should submit your resume to places like Piper ASAP, no later than the first week in January.

 

you still need a good GPA even at boutiques. You may not need a 3.8 from Wharton...but you won't have much luck with a 3.0 either.


Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

 
aspiringmonkey:
you still need a good GPA even at boutiques. You may not need a 3.8 from Wharton...but you won't have much luck with a 3.0 either.

You're wrong about that, aspiringmonkey. Don't try to give out advice.

 
aspiringmonkey:
you still need a good GPA even at boutiques. You may not need a 3.8 from Wharton...but you won't have much luck with a 3.0 either.

What the fuck are you talking about?

 

wouldn't it make sense that there are still a lot of people trying to get jobs at boutiques? so they might not have 1000 people apply but if they only have 3 spots then they still can be selective right?

 
titanboxer:
wouldn't it make sense that there are still a lot of people trying to get jobs at boutiques? so they might not have 1000 people apply but if they only have 3 spots then they still can be selective right?
precisely. Why would they scrape the bottom of the barrel with people who have 3.0s, when they have hundreds of 3.5-3.8s applying for that same spot. Unlike BBs where they have dozens of spots available, boutiques only have a few positions avilable.

And pretty much every single bouique I looked at, still had 3.5 as a minimum gpa, there were only a few exceptions that wanted a 3.2-3.3.

 

links, i'm tired of the whole my word against others. Show some concrete proof.

Oh and to make it extra challenging, the bank has to be in NYC.


Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

 

I had two friends who got interviews at a boutique from non-top schools. Their GPAs were 2.9 something and 3.1 or so. They didn't get offers, but they both made it to superday. It is possible. And yes, if you apply to just 1 bank you're going to get bounced. However, when you start throwing your resume at dozens upon dozens of boutiques, odds are someone is gonna bite.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

yes thats true, but you still need some basic qualifications to get thru the selection process. And GPA is one of the major factors that can get your resume tossed.


Disclaimer: The post above has been made by someone who is not currently employed in IBD, and has not had an interview yet...

 
aspiringmonkey:
yes thats true, but you still need some basic qualifications to get thru the selection process. And GPA is one of the major factors that can get your resume tossed.

Yeah, a 3.0 from Wharton is just shit out of luck at some boutique. Totally screwed, right?

You're almost in your last semester of college and you don't have any job offers. I think there's a reason that it's someone else's word against yours.

I'm done here. I hope nobody is dumb enough to take the advice you dole out on here.

 

Conclusion: It is great that you're at a feeder school. But low GPA's don't help. Yes, there is always a slim few who make it through the cracks, but the slim few are Ivy and/or have substantial work experience.

A buddy of mine is active with recruiting at JPM. He once told me all the GPA's of the people he took for his summer BA class. Most were 3.7's-3.9's at Ivys. The one rare and the lowest GPA was a "tentative 3.1 GPA" from Princeton. My buddy told me essentially his GPA was shit. However, I think that one had family connections, and was still Princeton at the end of the day.

So go recalculate a nice GPA to put yourself early in the running. Lastly, the online application doesn't hurt you because you have nothing to lose.

 
LotsofVodka:
Conclusion: It is great that you're at a feeder school. But low GPA's don't help. Yes, there is always a slim few who make it through the cracks, but the slim few are Ivy and/or have substantial work experience.

A buddy of mine is active with recruiting at JPM. He once told me all the GPA's of the people he took for his summer BA class. Most were 3.7's-3.9's at Ivys. The one rare and the lowest GPA was a "tentative 3.1 GPA" from Princeton. My buddy told me essentially his GPA was shit. However, I think that one had family connections, and was still Princeton at the end of the day.

So go recalculate a nice GPA to put yourself early in the running. Lastly, the online application doesn't hurt you because you have nothing to lose.

That's nice but I'm not asking about JPMorgan, I'm asking about smaller firms like Thomas Weisel. Btw what do you mean "go recalculate a nice GPA"?

 

Thomas Weisel granted me an interview. I'm non-target, 3.71, and had 0 connections at the firm. Simply sent my cover letter and resume to the name given online.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 
aspiringmonkey:
ok...PROVE ME WRONG...go find me some investment bank websites, which list minimum GPAs below 3.1, I'll be surprised if you find more than 5.

Put your money where your mouth is....cunts like you always call me out for being incorrect...now is a chance for you to prove it.

There are ways to get a job in banking other than sending 1 e-mail to a firm with your resume attached and passing their "official" minimum GPA requirement. Surprised? You are a clueless, stubborn faggot and I am not even going to debate this with you.

 

Just apply to SEO. You'll have a great chance if you're from a top school (the SEO pool is largely non-target, so it's much less competitive versus on campus interviewing at a target school) and their GPA requirements are much more lax than the normal process at BBs. Even if you're not technically a minority, I'd still apply. There's no way anyone can dispute you if you say you're hispanic.

 

This is extremely true. I am a freshman and I cold-called over 30 places to get my offer for the summer. Although many firms just won't hire a freshman (small boutiques really need interns pulling a work load, as the don't have a lot of resources), I've had numerous partners and MDs tell me that "I have guts" for calling. Even when I applied formally online, when calling to speak more about the position, I would often get a response hinting that I was the only applicant to do so. This really helped me, as when I got the offer, the director told me that he enjoyed our initial conversation. It's all about making connections.

 

Did the same thing. Am now working fulltime in an analyst program.

Started getting more interviews immediately after starting this method. Got my first 2 offers about a month after taking this route

Array
 

Still submit the online application. If you end up getting in contact with the analyst and he tries to duck you by saying "submit an online application and it will be reviewed by HR" you can counter him by saying "I actually already submitted my online application but I am very proactive and thought it would be more effective to reach out to you, express my interest, and see if you had a few minutes to discuss the opportunity and the firm."

 

Unless you are a complete shoe-in, you should still apply online so there is a record of your information. If you aren't in the system you might not be assigned to a recruiter and could get lost in the mix.

Opstar lifestyle, might not make it
 

How does this look as an email? Total rough draft (I tweaked my standard cover letter a bit), so am open to input. Also, I'm going to assume its in my best interest to not send it out during business hours...

Dear (name of analyst),

I understand your firm is hiring a research associate for the energy sector and, with that being your sector, I thought I would drop you a message and see if I couldn’t bypass the whole online job portal system as we all know those are virtually impossible to get through.

I have broad exposure to the industry, ranging from field experience on production and stimulation sides, to the logistical side that takes place in the head office. As a business analyst with (current company), I have the benefit of working in virtually all areas of the firm - I model multi-million dollar frac's, report on (firms) ROIC, analyze inconsistent margins and so much more. This position requires an in depth understanding of the industry's costs and drivers, which is a vital part to any research-related position.

I developed the skill set to handle long, unpredictable hours while operating a bulk cement truck for (company). If three hours of my work means the analyst can spend an extra fifteen minutes with a covered company’s management, I'll do it no questions asked.

Given my experience in all sides of the upstream services sector I would make a particularly good fit for this position. I’d like to discuss my qualifications and welcome any advice with respect to (firm name) at your earliest convenience. You can reach me at (phone number), or via email at (email). A copy of my resume is attached for your reference. Thank you for your time and consideration.

Sincerely,

(name)

 

Would you suggest being more casual in my email? Less cover letter more "hey I'm interested, any tips"? The one thing I've heard from the 2 associates that I've managed to get ahold of is to be completely professional in my communications hence using more of a cover letter than just a touch base email.

 

A lot of the people I have talked to have told me that once your resume is submitted online, it will never see the light of day again. I'm sure this is a slight exaggeration, but I'm guessing that unless you have a contact, especially at a BB, then you can pretty much count on no one seeing or caring about your resume. As an aside, do analysts have any ability to pass on a resume to anyone higher up?

 

Yes, analysts do have that ability, so long as they aren't the shittiest ones in the bank. Generally, it would go to HR, who would then actually look at it and figure out what to do from there.

 

I'm at a semi-target, and the banks tell us that we need to fill out the online app regardless of the resume drop so that we are in the HR system. Unless targets have some other setup, I would assume that it is the same deal since it sounds more like an administrative point rather than a recruiting one.

And like the above poster mentioned, filling out an online app isn't going to help you, but it could hurt you (though only if you are extremely unlucky or something) if it was sloppy.

 

In all of the BB and MBB job postings at my school it says that an online application is required. If they want you to fill out an online application, then do it. If it doesn't say anything about applying online (which most MM banks do not) in addition to the resume drop, then don't do it.

 

They need the online app so you are in the system. Just put see resume in the sections that are covered in your resume. Banks will only review the info you submit via your career website for on campus recruiting.

 

They don't either. But if you can prove you are interested, like providing examples of trades in a PA, how you make a decision, risk management, etc, cold networking becomes a lot easier once you can actually make contact.

 
Severus:
Dunno about prop shops, but some smaller MM investment banks definitely look at online aps for S&T positions, check those out

Thanks for the advice. Could you give me some examples of MM investment banks or a link to the list of them?

 

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